# EDGAR Filing Document

**Accession Number:** 0001819584
**File Stem:** 0001628280-23-009966
**Filing Date:** 2023-3
**Character Count:** 1731766
**Document Hash:** df631a98876a5ec88a7012ec95f83d23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-23-009966.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001628280-23-009966

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 367

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Volta Inc.
- **CENTRAL INDEX KEY:** 0001819584
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39508
- **FILM NUMBER:** 23782255

**BUSINESS ADDRESS:**
- **STREET 1:** 155 DE HARO STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94103
- **BUSINESS PHONE:** (415) 583-3805

**MAIL ADDRESS:**
- **STREET 1:** 155 DE HARO STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tortoise Acquisition Corp. II
- **DATE OF NAME CHANGE:** 20200729

?xml version="1.0" ? vlta-20221231

 **UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM 10-K**

**(Mark One)**

**☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the** Year ended **December 31, 2022** 

**or** 

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

**For the transition period from to** 

**Commission file number 001-39508**<br>

**Volta Inc.** 

**(Exact name of registrant as specified in its charter)**<br>

---

| | |
|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware** <br>(State or other jurisdiction of incorporation or organization) | **35-2728007** <br>(I.R.S. Employer Identification No.) |
| **155 De Haro Street, San Francisco, CA** <br>(Address of principal executive offices) | **94103** <br>(Zip Code) |

---

 **(888) 264-2208**

(Registrant's telephone number, including area code)

 **N/A**

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Class A common stock, par value of $0.0001 per share** | **VLTA** | **New York Stock Exchange** |
| **Warrants, each exercisable for one share of Class A common stock for $11.50 per share** | **VLTA WS** | **New York Stock Exchange** |

---

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

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

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;Large accelerated filer ☐ Accelerated filer ☐

Non-accelerated filer ☒ Smaller reporting company ☒

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☒

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

------

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

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

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant was approximately $200.2 million as of June 30, 2022 (the last business day of the registrant's most recently completed second fiscal quarter) based upon the closing sale price on The New York Stock Exchange reported for such date. Shares of Class A common stock held by each officer and director and by each person who may be deemed to be an affiliate have been excluded. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

The registrant had outstanding 175,786,686 shares of Class A common stock, par value $0.0001 per share, and 0 shares of Class B common stock, par value $0.0001 per share, outstanding as of March 27, 2023.

------

**TABLE OF CONTENTS**

<u>[PART I](#i8a95ef9d5ce34968b2f50deb52bd4710_10)</u>

<u>[Item 1. Business](#i8a95ef9d5ce34968b2f50deb52bd4710_16)</u>

<u>[Item 1A. Risk Factors](#i8a95ef9d5ce34968b2f50deb52bd4710_19)</u>

<u>[Item 1B. Unresolved Staff Comments](#i8a95ef9d5ce34968b2f50deb52bd4710_22)</u>

<u>[Item 2 Properties](#i8a95ef9d5ce34968b2f50deb52bd4710_25)</u>

<u>[Item 3 Legal Proceedings](#i8a95ef9d5ce34968b2f50deb52bd4710_28)</u>

<u>[Item 4 Mine Safety Disclosures](#i8a95ef9d5ce34968b2f50deb52bd4710_31)</u>

<u>[PART II](#i8a95ef9d5ce34968b2f50deb52bd4710_34)</u>

<u>[Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity](#i8a95ef9d5ce34968b2f50deb52bd4710_37)</u>

<u>[Item 6. Reserved](#i8a95ef9d5ce34968b2f50deb52bd4710_40)</u>

<u>[Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i8a95ef9d5ce34968b2f50deb52bd4710_43)</u>

<u>[Item 7A. Quantitative and Qualitative Disclosures About Market Risk](#i8a95ef9d5ce34968b2f50deb52bd4710_142)</u>

<u>[Item 8. Financial Statements and Supplementary Data](#i8a95ef9d5ce34968b2f50deb52bd4710_151)</u>

<u>[Item 9 Changes in Disagreements with Accounting and Financial Disclosure](#i8a95ef9d5ce34968b2f50deb52bd4710_322)</u>

<u>[Item 9A. Controls and Procedures](#i8a95ef9d5ce34968b2f50deb52bd4710_325)</u>

<u>[Item 9B. Other Information](#i8a95ef9d5ce34968b2f50deb52bd4710_328)</u>

<u>[I](#i8a95ef9d5ce34968b2f50deb52bd4710_331)[tem 9C.](#i8a95ef9d5ce34968b2f50deb52bd4710_331)[Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](#i8a95ef9d5ce34968b2f50deb52bd4710_331)</u>

<u>[PART III](#i8a95ef9d5ce34968b2f50deb52bd4710_334)</u>

<u>[Item 10. Directors, Executive Officers and Corporate Governance](#i8a95ef9d5ce34968b2f50deb52bd4710_337)</u>

<u>[Item 11. Executive Compensation](#i8a95ef9d5ce34968b2f50deb52bd4710_340)</u>

<u>[Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i8a95ef9d5ce34968b2f50deb52bd4710_343)</u>

<u>[Item 13. Certain Relationships and Related Transactions, and Director Independence](#i8a95ef9d5ce34968b2f50deb52bd4710_346)</u>

<u>[Item 14. Principal Accounting Fees and Services](#i8a95ef9d5ce34968b2f50deb52bd4710_349)</u>

<u>[PART IV](#i8a95ef9d5ce34968b2f50deb52bd4710_352)</u>

<u>[Item 15. Exhibits and Financial Statement Schedules](#i8a95ef9d5ce34968b2f50deb52bd4710_355)</u>

<u>[Item 16.](#i8a95ef9d5ce34968b2f50deb52bd4710_358)</u>Form 10-K<u>[Summary](#i8a95ef9d5ce34968b2f50deb52bd4710_358)</u>

<u>[SIGNATURES](#i8a95ef9d5ce34968b2f50deb52bd4710_361)</u>

------

**CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS**

*The discussions in this Annual Report on Form 10-K ("Annual Report" or "Form 10-K") contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which involve substantial risks and uncertainties. These statements reflect the current views of management with respect to future events and our financial performance. In some cases, you can identify these statements by forward-looking words such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "mission," "plans," "potential," "projects," "will," "would" or the negative version of these words or other comparable words or phrases, but the absence of these words does not mean that a statement is not forward-looking. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. Moreover, our forward-looking statements may be affected by known, unknown or currently unforeseen risks, events or circumstances that may be outside our control.* 

*The forward-looking statements contained in this Annual Report are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.*

------

**ITEM 1. *BUSINESS*.**

**Overview**

Volta Inc. is a holding company for its wholly owned subsidiaries, Volta Charging Industries, LLC, Volta Charging, LLC, Volta Charging Services, LLC, Volta Canada Inc., Volta Charging Germany GmbH, Volta France SARL, Volta Rakko B.V., Rakko Holding B.V., and Volta Media, LLC (inactive) (collectively, the "Company" or "Volta"). Volta's mission is to build the fueling infrastructure of the future. Volta's vision is to create an electric vehicle ("EV") charging network that capitalizes on and catalyzes the shift from gas cars to electric cars. Volta places its charging stations in high traffic public locations that driver and consumer behavior data suggest are stopping points in EV drivers' daily routines. Generally located near the front door entrances of the retail and other commercial facilities at these locations, the digital display screens on Volta's media enabled stations offer its media partners the opportunity to advertise to potential consumers, both EV drivers and non-EV drivers, just before they enter that facility. By both attracting EV drivers to a particular location to run an errand that was on their to-do list and providing a high impact advertising opportunity just before a purchasing decision may be made, Volta's charging stations allow it to enhance its site and media partners' core commercial interests.

Founded in 2010, Volta primarily owns, operates and maintains EV charging stations and has expanded its network across the United States to include over 3000 chargers across 31 states and territories that generated over 259,000 estimated charging sessions per month on average for year ended December 31, 2022, forming one of the most utilized charging networks in the United States on a station-by-station basis. On August 26, 2021 ("Closing Date"), Tortoise Acquisition Corp. II ("Tortoise Corp II") consummated the reverse recapitalization contemplated by the Business Combination Agreement ("Reverse Recapitalization"), by and among Tortoise Corp II, SNPR Merger Sub I, Inc., SNPR Merger Sub II, LLC, and Legacy Volta (the "Business Combination Agreement"). On the Closing Date, and in connection with the closing of the Business Combination Agreement (the "Closing"), Tortoise Corp II was renamed Volta Inc. and began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "VLTA". The Company's public warrants also trade on the NYSE under the ticker symbol "VLTA WS" (the "Public Warrants"). Additionally, in 2021, Volta expanded its international footprint, opening business offices in Paris, France, and Berlin, Germany, and a technical development office in Montreal, Canada and commenced installation of its first stations in Europe.

Volta's business entails partnering with real estate and retail partners with national and regional multi-site portfolios of commercial and retail properties, as well as communities, municipalities, and local business owners, to locate and deploy its EV charging stations in premier locations. These site hosts span a wide array of industries and locations, including retail centers, grocery stores, pharmacies, movie theaters, parking lots, healthcare/medical facilities, municipalities, sport and entertainment venues, parks and recreation areas, restaurants, schools and universities, certain transit and fueling locations and office buildings and other locations. Volta generally signs long-term contracts to locate its charging stations at site host properties and grows its footprint over time as its station utilization justifies further capital investment in its EV charging infrastructure. Volta also sells charging stations to certain business partners, while continuing to perform related installation, operation and maintenance services. For both Volta-owned and partner-owned media-enabled charging stations, Volta sells media display time on the charging stations' digital displays to its media and advertising partners.

Volta's business model includes pay-per-use by the driver across a portion of its direct current fast charging ("DCFC") stations, as well as free charging services to drivers who use its Level 2 charging stations as well as select DCFC stations (meaning that drivers can charge their EVs at no cost to them). Volta's network has a distinguished business model among other competitors in the EV charging industry, as it can draw on several sources of revenue to build earlier and stronger unit economics than other solutions currently available in the market, by tapping into multiple commercial opportunities, consisting of the sale of advertising content on its charging station digital displays to its commercial partners, installation, operation and maintenance services related to its charging stations, license or service fees from the licensing of Volta's proprietary software tools, the sale of low-carbon fuel standard ("LCFS") credits and fees associated with pay-for-use by the driver charging services.

------

**Recent Developments**

*Agreement and Plan of Merger*

On January 17, 2023, Volta entered into an Agreement and Plan of Merger (the "Merger Agreement") with Shell USA, Inc., a Delaware corporation ("Shell"), and SEV Subsidiary, Inc., a Delaware corporation, a direct, wholly-owned subsidiary of Shell ("Merger Sub"). The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Volta, with Volta continuing as the surviving corporation and as a wholly-owned subsidiary of Shell.

*Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing*

On November 23, 2022, Volta was notified by the NYSE that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company's Class A common stock was less than $1.00 over a consecutive 30 trading-day period. The notice did not result in the immediate delisting of the Company's Class A common stock from the NYSE.

The Company notified the NYSE that it intends to cure the stock price deficiency and return to compliance with the NYSE continued listing standard. The Company can regain compliance at any time within the six-month period following receipt of the NYSE notice if on the last trading day of any calendar month during the cure period the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. The Company intends to consider available alternatives, including, but not limited to, a reverse stock split, subject to stockholder approval no later than at the Company's next annual meeting of stockholders, if necessary to cure the stock price non-compliance. Under the NYSE's rules, if the Company determines that it will cure the stock price deficiency by taking an action that will require stockholder approval at its next annual meeting of stockholders, the price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above that level for at least the following 30 trading days.

The Company's Class A common stock will continue to be listed and trade on the NYSE during this period, subject to the Company's compliance with other NYSE continued listing standards. The notice from the NYSE does not affect ongoing business operations of the Company or its reporting requirements with the Securities and Exchange Commission (the "SEC").

*Department of Energy Loan Programs Office Invitation*

On March 20, 2023, Volta received a letter from the U.S. Department of Energy's ("DOE") Title XVII Innovative Clean Energy Loan Guarantee Program under the Renewable Energy Projects and Efficient Energy Projects Solicitation No. DE-SOL-0007154 inviting Volta to enter into the due diligence process. Volta first applied for a loan under this program on August 2, 2021. The DOE Loan Programs Office ("LPO") invitation includes LPO performing its due diligence of Volta's electric vehicle charging station installation project.

Volta's management believes that the due diligence stage would likely take between three and six months. There is no assurance that Volta's application will proceed beyond the due diligence stage and receive a conditional commitment or an eventual loan.

**Volta's Solution**

Volta's solution is to provide a differentiated model that uses media and EV charging to draw drivers to Volta's site partners' locations and influence purchasing or other behavior. By choosing Volta charging stations, charging becomes more than just an amenity that a site host can offer its customers — it can serve as an independent driver of revenue, loyalty and driver engagement for site hosts. Volta's content partners similarly benefit from access to unique locations served by Volta's EV charging stations, reaching audiences when they are about to enter retail or

------

commercial facilities. Finally, Volta believes its EV charging stations' role in slowing climate change by reducing greenhouse gas emissions by enabling EV transportation closely aligns with the values of its site hosts, content partners and the drivers that use Volta chargers.

Volta's principal products and services are its EV charging stations and related services, including its content delivery activities for its media and advertising partners. Volta's EV charging equipment consists of a managed network of Alternate Current ("AC") and DCFC chargers equipped with digital displays (which Volta refers to as its "content-driven" or "media-enabled" charging stations) and chargers without digital displays. Volta's EV charging network is facilitated by proprietary software that operates, maintains, and monitors its EV charging stations and associated charging data. Volta remotely monitors and manages its EV charging stations to assist with driver engagement at host sites to provide EV drivers with vital station information, including charger location and availability. Volta's media-enabled charging stations also provide its commercial partners with an extensive network of digital displays in prime locations that drivers visit on a day-to-day basis.

**Competitive Strengths**

Volta's competitive strengths include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Market opportunity that capitalizes on the burgeoning demand for EV charging stations.** The macroeconomic shift to electric mobility provides a significant opportunity to redefine how drivers and businesses view EV charging infrastructure, positioning Volta to take advantage of a compelling disruption story in a new addressable market in the United States and internationally that is not yet fully saturated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Some of the highest charging utilization among competitors**. Driven by its differentiated business model, Volta's well-located charging stations are among the most utilized in the EV charging industry on a station basis, providing Volta with a competitive advantage in further expanding its footprint with site hosts and securing additional commercial partners, enabling further expansion and growth as Volta's network scales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Revenue diversity and unit economics**. Volta's charging stations can deliver multiple revenue streams, currently consisting of the sale of advertising content on its charging station digital displays to its commercial partners, installation, operation and maintenance services related to its charging stations, license or service fees from the licensing of Volta's proprietary software tools, the sale of LCFS credits and, through fees associated with pay-for-use charging services, which Volta plans to expand upon in the future, enabling Volta to maximize its deployment of capital to achieve compelling value per unit and dollars per electric mile delivered. In addition, Volta also sells content-driven EV charging stations to select business partners and continues to perform the related installation, operation and maintenance services, generating recurring revenue while retaining the exclusive right to sell media display time on the media-enabled charging stations for the duration of the contract term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Robust partnerships create ample opportunity for growth.** Volta has robust relationships with numerous site partners with national and international real estate portfolios. Volta has master service agreements with a number of such partners, which provide the framework for deploying Volta charging stations to such national and international partners' sites by establishing a mutual agreement with such partners to work with Volta to agree upon such partner's sites for installation of Volta charging stations with the execution of a specific further agreement governed by the terms of the master service agreement. Volta continues to pursue commercial relationships under both master service agreements and site-specific agreements as part of its ordinary course of business and believes these opportunities will lead to growth as Volta deploys additional capital to scale its network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Differentiated EV charging business model**. Volta believes its differentiated business model will allow it to leverage the benefits delivered to its site hosts and commercial partners to continue to grow its business at even greater rates as the Volta network scales. More site hosts could lead to more chargers, more paid charging revenue, more screens and a continuously expanding network opportunity for Volta's content partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **International presence.** In 2021, Volta opened offices in France, Germany and Canada and the Netherlands in 2022. The Company deployed chargers to meet the needs of the increasing EV driver population in Europe and introduce its differentiated business model.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Experienced management team**. As Volta has grown, it has assembled a talented leadership team with extensive industry experience who are dedicated to continuing to innovate and shape how drivers view and experience EV charging and to leverage the shift to electric mobility for the benefit of Volta's commercial partners.

**Suppliers and Service Providers**

Volta has invested in and maintains long-term relationships with suppliers and service providers. Volta designs its EV charging stations in-house with the assistance of professional design consultants and outsources production to contract manufacturers. At this stage of the industry, equipment can be unique to each supplier with respect to components and aftermarket maintenance and warranty services. Volta relies on a limited number of suppliers and manufacturers, and in some cases only a single supplier for some components, for the manufacture and supply of its charging stations. Peerless-AV ("Peerless"), which assembles Volta's charging stations, was Volta's principal supplier for the years ended December 31, 2021 and 2022, accounting for 53% and 64% of Volta's supply-related expenditures for such periods, respectively. For the years ended December 31, 2021 and 2022, no other supplier or manufacturer for the supply or manufacture of Volta's charging stations accounted for greater than 10% of Volta's supply-related expenditures for the applicable period.

Volta's and Peerless' supply relationship is governed by a Supply Agreement under which Volta has the right to place orders for the purchase of charging stations and related equipment (the "Peerless Supply Agreement"). The materials purchased from Peerless pursuant to any purchase order are covered by terms within the Peerless Supply Agreement customary for these types of arrangements, including customary warranty, delivery, payment and liability provisions. The Peerless Supply Agreement requires Volta to purchase at least 60 and no more than 200 charging stations a quarter unless otherwise agreed by Volta and Peerless. The Peerless Supply Agreement may be terminated by either party by notice given at least thirty days before its annual renewal date, by Peerless on six months' notice, and at any time by the giving of not less than 30-days' notice upon breach by a party (subject to customary cure rights), except that termination of the Peerless Supply Agreement will not terminate any then-existing purchase order (other than due to breach by the applicable party, subject to customary cure rights). The Peerless Supply Agreement does not require Volta to deal exclusively with Peerless.

In addition, Volta is typically responsible for the installation of its charging stations at its partners' sites. These installations are generally performed by electrical and civil contractors, consistent and in accordance with accepted industry practices. Those electrical and civil contractors are engaged and managed by Volta under the oversight of Volta's construction project managers. To facilitate its installation and maintenance activities, Volta has formed relationships with construction and maintenance companies that have significant experience building and maintaining EV charging sites.

**Competition**

*EV Charging*

The EV charging market is relatively new and is increasingly competitive with many newcomers. Volta currently faces competition from a number of companies. Volta believes its current competitors to its EV charging owner-operator business activities include EVgo Services LLC, Electrify America LLC, Allego N.V., Tesla Inc., and Rivian Automotive Inc. There are also many other large and small EV charging companies that offer non-networked or "basic" chargers that have limited customer leverage but could provide a low-cost solution for basic charger needs in commercial and retail locations, such as Pod Point Limited, EVConnect, Inc., Power Dot SA, SemaConnect, Inc., and Engie SA, as well EV charging equipment manufacturers that also compete with Volta, like ChargePoint, Inc., EVBox Group, FLO Services USA Inc., Revel Transit Inc., and Blink Charging Co., in addition to charging networks being developed by original equipment manufacturers ("OEMs"), such as IONITY GmbH, and utilities, such as EDF Group, or in partnership with any of the aforementioned competitors.

The principal competitive factors in the EV charging industry include the number of stations in a network; capital deployment efficiency; number of revenue lines and diversity of revenue opportunities, charger utilization and pricing to drivers; charger connectivity to EVs and ability to charge all models and standards; charger network reliability, scale and local density; charger locations and accessibility; speed of charging relative to expected vehicle dwell times at the location; software-enabled service offerings and overall business partner and driver user

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experience; operator brand, track record and reputation; access to equipment vendors and service providers; installation expertise and costs; brand recognition and reputation; mobile application interface and ease of use; partnerships with OEMs; and policy incentives. Large initial stage markets require significant early capital expenditures, engagement across verticals and driver engagement to gain market share and a continued effort to scale product and service offerings, channels, installers, teams and processes. There are also competitors who may have limited funding, experience or commitment to quality assurance, which could cause poor experiences, hampering overall EV adoption or trust in any particular provider of charging services. Volta believes these additional competitors may struggle with gaining the necessary network traction but could gain momentum in the future. Further, Volta's current or potential competitors may be acquired by third parties with different commercial objectives and imperatives and greater available resources.

Volta believes it has a competitive advantage in delivering charging services driven by its differentiated business model, EV charging station design, charging station placement, network tools and the additional value Volta's charging stations can deliver to its site hosts and business partners by combining content display offerings with charging services to drive higher utilization as compared to Volta's competitors.

*Content*

The place-based digital media industry is fragmented, consisting of a few traditional companies operating on a national and international basis, such as Outfront Media, Inc., Amscreen, Clear Channel Outdoor, Lamar, JCDecaux, Intersection and GSTV, as well as newer, digitally-forward, omni-channel platforms like Google, Facebook and Twitter, and hundreds of smaller regional and local companies operating a limited number of displays in a single or a few local geographic markets. Volta competes with all of these companies for its content customers. Volta also competes with other content, including broadcast and cable television, radio, podcasts, OTT print media, internet and mobile and direct mail marketers, within their respective markets. In addition, Volta competes with a wide variety of out-of-home media, including media in shopping centers, grocery stores, movie theaters, transit locations and sports and entertainment venues. Advertisers compare relative costs of available media, cost per thousand impressions of a piece of content, the efficacy of the media, as well as markets, locations and audiences, particularly when delivering a message to customers with distinct demographic characteristics. In competing with other content, Volta intends to rely on its differentiated product and its media-enabled charging station placement which can provide access to a high-value audience, historically unavailable locations, an uncluttered media experience, the opportunity to influence purchase and brand decisions immediately prior to site visitors entering a retail environment, a compelling halo effect for brands desiring alignment with sustainability and the growing ability to prove efficacy of digital content in the real world.

**Governmental Regulation and Incentives**

Government regulations for installation and operation of EV charging stations and place-based media content vary from jurisdiction to jurisdiction and may include, but are not limited to, permitting and sign code requirements, inspection requirements, licensing of contractors, certifications, environmental requirements, health and safety requirements and restrictions around digital display placement and content.

Compliance with such regulations is an important aspect of Volta's ability to continue its operations and avoid additional costs and installation delays for its EV charging stations. The descriptions that follow are summaries and should be read in conjunction with the texts of the regulations described herein, which are subject to change. The descriptions do not purport to describe all present and proposed regulations affecting Volta's business. Volta is not currently materially dependent on any government programs supporting EV technology.

*Grants and Incentives*

Volta continuously pursues public grants, subsidies and incentives to reduce its capital expenditures. This includes the $7.5 billion that has been allocated to deploy 500,000 EV chargers by 2030 as part of the Bipartisan Infrastructure Law ("BIL"), the National Electric Vehicle Infrastructure Formula Program ("NEVI") which includes $5 billion to build out a national electric vehicle charging network and the Inflation Reduction Act ("IRA") which includes nearly $400 billion in federal funding to clean energy that will be delivered through a mix of tax incentives, grants and loan guarantees. To this end, Volta has dedicated, and plans to further dedicate, a number of internal and external resources to monitor, apply for and utilize available grant, subsidy and incentive funding for the

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development of charging infrastructure on a state, local, national and international level. Volta may inform its network expansion and local build plans based on expected timing for and availability of funding of this type. Volta has received grants from a number of third parties.

Volta intends to continue to seek additional grants, rebates, subsidies and incentives as an effective avenue to reduce its capital investment in the promotion, purchase and installation of charging stations where applicable.

**Government Regulations to Enhance EV Adoption**

Some governments provide incentives to end users and purchasers of EVs and EV charging stations in the form of rebates, tax credits and other financial incentives, such as payments for regulatory credits, as discussed in more detail below. The EV market relies on these governmental rebates, tax credits and other financial incentives to significantly lower the effective costs associated with EVs and EV charging stations.

For example, in the U.S., the regulations mandated by the Corporate Average Fuel Economy ("CAFE") standards set the average new vehicle fuel economy, as weighted by sales, that a manufacturer's fleet must achieve. The United States Environmental Protection Agency ("EPA") has established vehicle carbon dioxide emissions standards through model year 2026 for light-duty vehicles; however, the Biden Administration has announced plans to reconsider these standards and the EPA has restored California's authority to establish its own more stringent standards, which several other states have elected to follow. Although Volta is not a car manufacturer, and thus not directly subject to the CAFE standards, such standards may still indirectly affect Volta's business. The adoption of more stringent standards may create further incentives for vehicle manufacturers to increase their EV offerings, which would likely result in increased demand for charging services. Additionally, several states, such as California, Massachusetts and New York, have adopted or are considering adopting bans on the sale of internal combustion engine vehicles by 2035 and a number of European countries, including France, Norway and the United Kingdom, have adopted or are considering adopting bans on the sale of new internal combustion engine vehicles between 2025 and 2040.

**Regulatory Credits**

Volta earns various tradable regulatory credits, in particular California's LCFS credits, as well as carbon credits under comparable LCFS programs in other states. Volta earns credits for the kilowatt-hours distributed by its stations and, in certain cases, the installation of DCFC infrastructure under California's Fast Charging Infrastructure program. Volta earns revenue from the sale of these credits, and expects to continue to sell future credits, to entities that generate deficits under the LCFS programs and are obligated to purchase the credits and use them to offset their deficits or emissions, primarily petroleum refiners and marketers, and other entities that can use the credits to comply with the program requirements, or through exchanges. Volta actively seeks to maximize the number of regulatory credits generated per kilowatt hour of energy dispensed. Volta's management is actively monitoring proposed and newly enacted LCFS programs in other jurisdictions (including, for example, states, such as Massachusetts, New York, Colorado and Washington) as potential future revenue streams. The availability of such credits depends on continued governmental support for these programs and regulatory frameworks that make it possible for Volta to participate in these credit markets. There is no guarantee that such credits will continue to be available for sale or that regulatory restrictions would not be imposed on the proceeds from the sale of such credits in the future. Additionally, to the extent government incentives result in increased build-out of electric or other low-carbon fuel dispensing infrastructure that also produce LCFS or similar regulatory credits, the revenue received from the sale of such credits may diminish.

**Other EV Charging Regulations**

On December 16, 2019, California adopted amendments to the state's electric vehicle supply equipment specifications that prohibit, or will prohibit, public-charging operators from billing customers by the minute within the state. The prohibition on per-minute billing currently applies to all new AC chargers installed or replaced on or after January 1, 2021 and to new DCFCs installed or replaced on or after January 1, 2023. Chargers installed before 2021 can continue time-based billing until 2031 for AC chargers and 2033 for DCFCs.

California, Colorado, Florida, Hawaii, Illinois, Maryland, Massachusetts, Minnesota, New York, Oregon, Pennsylvania, Utah, Virginia, Washington and the District of Columbia have determined that companies that sell EV

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charging services to the public will not be regulated as utilities. While these individual state determinations are not binding on any other regulator or jurisdiction, they demonstrate a trend in the way states view the nascent EV charging industry. Other jurisdictions are in the process of adopting such reforms.

*Manufacturing and Safety Regulations*

Volta does not directly manufacture or assemble its charging stations; however, Volta may still be subject to the Occupational Safety and Health Act of 1970, as amended ("OSHA") in the United States and occupational health and safety regulations in Europe. OSHA establishes certain employer responsibilities, including maintenance of a workplace free of recognized hazards likely to cause death or serious injury, compliance with standards promulgated by the Occupational Safety and Health Administration and various record keeping, disclosure and procedural requirements. Various standards, including standards for notices of hazards, safety in excavation and demolition work and the handling of asbestos, may apply to Volta's operations.

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

Several states, including California, have adopted variations of the national guidelines governing electric vehicle fueling systems set forth in the National Institute of Standards and Technology Handbook 44, which provide safety, pricing, labeling, testing, certification, and other requirements for electric vehicle charging stations that charge fees to users for the delivery of electricity. As Volta introduces charging fees for the receipt of electricity from its stations, the regulatory burden will likely increase and Volta will likely need to expend additional resources to meet such increased regulatory burden. A failure of Volta to timely meet regulatory requirements in its design or implementation of stations or in implementing updates to its stations that are already installed in order to meet these regulatory requirements could delay Volta's ability to implement fees for users and have a material impact on its business.

*Waste Handling and Disposal*

Volta is subject to environmental laws and regulations regarding the handling and disposal of hazardous substances and solid wastes, including electronic wastes and batteries. These laws regulate the generation, storage, treatment, transportation and disposal of solid and hazardous waste and may impose strict, joint and several liability for the investigation and remediation of areas where hazardous substances may have been released or disposed. For instance, the U.S.'s Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") and comparable state laws impose liability, without regard to fault or the legality of the original conduct, on certain classes of persons that contributed to the release of a hazardous substance into the environment. These persons include current and prior owners or operators of the site where the release of the hazardous substance occurred as well as companies that disposed or arranged for the disposal of hazardous substances found at the site. Under CERCLA, these persons may be subject to joint and several strict liability for the costs of cleaning up the hazardous substances that have been released into the environment, for damages to natural resources and the costs of certain health studies. CERCLA also authorizes the EPA and, in some instances, third parties to act in response to threats to the public health or the environment and seek to recover costs incurred from the responsible classes of persons. In the course of ordinary operations, Volta, through third parties and contractors, may handle hazardous substances within the meaning of CERCLA and similar state statutes and, as a result, may be jointly and severally liable for all or part of the costs required to clean up sites as which these hazardous substances have been released into the environment.

Volta may also be subject to the Resource Conservation and Recovery Act ("RCRA") in the U.S. and comparable state statutes for the generation or disposal of solid wastes, which may include hazardous wastes. RCRA regulates both solid and hazardous wastes, but in particular, imposes strict requirements on the generation, storage, treatment, transportation and disposal of hazardous wastes. Provided that certain requirements are met, certain components of our charging stations may be excluded from RCRA's hazardous waste regulations; however, if these components do not meet all established requirements for the exclusion to apply, or if the requirements for the exclusion change, Volta may be required to treat such products as hazardous waste which are subject to more rigorous and costly

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disposal requirements. Any changes in the laws or regulations, or any changes in Volta's ability to qualify the materials used for exclusions under such laws and regulations, could adversely affect Volta's operating expenses.

In Europe, Volta may be subject to additional environmental regulations.

*Place-Based Media Industry Regulations*

The place-based media and outdoor media industry is subject to governmental regulation and enforcement at all levels of government in the United States and Europe. These regulations have a significant impact on the outdoor media industry and may have an impact on Volta's content sales activities.

In particular, construction, repair, maintenance, lighting, upgrading, height, size, spacing, the location and permitting of outdoor digital displays and the use of new technologies for changeable displays, such as digital displays, are regulated by governments, and, from time to time, governments have prohibited or significantly limited the construction of new outdoor media displays or structures. Since digital displays have been developed and introduced relatively recently into the market on a large scale, existing regulations that currently do not apply to them by their terms could be revised or new regulations could be enacted to impose greater restrictions on digital displays due to alleged concerns over aesthetics or driver safety.

In recent years, outdoor media also has become the subject of other targeted taxes and fees and, from time to time, legislation has been introduced attempting to impose taxes on revenue from outdoor media or for the right to use outdoor media assets. In particular, a number of U.S. governments have implemented or initiated taxes, fees and registration requirements in an effort to decrease or restrict the number of outdoor signs and/or to raise revenue. Several U.S. jurisdictions have imposed such taxes as a percentage of outdoor media revenue generated in that jurisdiction or based on the size and type of display technology. These laws may affect prevailing competitive conditions in specified markets in a variety of ways. Such laws may reduce Volta's expansion opportunities or may increase or reduce competitive pressure from other members of the outdoor media industry.

In addition, restrictions on the use of outdoor media to display certain products, services or other content have been imposed by laws and regulations. For example, in the U.S. and Germany, tobacco products have been effectively banned from outdoor media in most jurisdictions and state and local governments in some cases limit outdoor advertising of alcohol. Further, certain municipalities may limit issue-based outdoor advertising or place restrictions on advertising off-site or off-premises products or services. Additional restrictions on outdoor media of certain products and services are or may be imposed by laws and regulations.

**Intellectual Property**

Volta protects its intellectual property and proprietary rights through patent, trademark, copyright, trade secret and unfair competition laws, augmented by its own confidentiality protocols. Volta undertakes actions as necessary to ensure that its proprietary rights are protected while at the same time respecting the intellectual property rights of other persons.

Volta has a number of issued design patents, pending design patent applications, issued utility patents and pending utility patent applications in both the United States and internationally. Volta continues to regularly assess opportunities for seeking patent protection for those aspects of its technology, designs and methodologies that it believes provide a meaningful competitive advantage.

**Employees**

As of December 31, 2022, Volta had 208 total employees, comprised of 176 full-time employees in the U.S., 6 full-time employees in Canada and 26 full-time employees in Europe.

**Item 1A. *Risk Factors***

As a smaller reporting company, we are not required to provide the information required by this item.

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**Item 1B. *Unresolved Staff Comments***

None.

**Item 2. *Properties***

Volta's primary office is located at 155 De Haro St, San Francisco, California 94103, where Volta occupies facilities totaling approximately 8,480 rentable square feet under a lease that, as currently amended, expires in August 2025. Volta uses this facility for office space and warehouse purposes. Volta also maintains facilities in New York, New York; Montreal, Canada; Berlin, Germany; Paris, France and Amsterdam, Netherlands. Volta believes its existing facilities are adequate for its current requirements.

**Item 3. *Legal Proceedings***

From time to time, Volta may become involved in actions, claims, suits and other legal proceedings arising in the ordinary course of its business, including assertions by third parties relating to intellectual property infringement, breaches of contract or warranties or employment-related matters.

*Northern District of California Class Action*

On March 30, 2022, a putative class action complaint was filed against the Company and two of the Company's officers (collectively, the "Defendants") in the United States District Court for the Northern District of California. The lawsuit alleges that Defendants violated the Exchange Act by making materially false and misleading statements regarding the Company's business, operations and prospects. Plaintiffs seek to represent a class of persons or entities that purchased Volta securities between August 2, 2021 and November 14, 2022. The complaint seeks unspecified damages, attorneys' fees, and other costs. While the Company believes that the claims are without merit and it intends to vigorously defend against them, however, any litigation is inherently uncertain, and any judgment or injunctive relief entered against the Company or any adverse settlement could materially and adversely impact its business, results of operations, financial condition, and prospects.

*Merger-Related Actions*

Following the announcement of the Merger Agreement with Shell and through the filing date of this report, Volta has received ten demand letters (three of which included draft complaints) from purported Volta stockholders, and purported Volta stockholders have filed six complaints, related to the transactions contemplated by the Merger Agreement. One of the demand letters also includes a demand to inspect books and records pursuant to 8 Del. C. § 220. In addition, the Stockholder 220 Action discussed below seeks to compel the production of certain Board materials related to the transactions contemplated by the Merger Agreement.

Two of the complaints were filed in federal court in California, and four of the complaints were filed in federal court in New York. The California complaints are captioned Small v. Volta Inc., et al., No. 3:23-cv-00685-SK (N.D. Cal.) (filed on February 15, 2023) and Arndt v. Volta Inc., et al., No. 3:23-cv-00699- KAW (N.D. Cal.) (filed on February 16, 2023). The New York complaints are captioned O'Dell v. Volta Inc., et al., No. 1:23-cv-01378 (S.D.N.Y.) (filed on February 17, 2023), Belcher v. Volta Inc., et al., No. 1:23-cv-01406 (S.D.N.Y.) (filed on February 21, 2023) (the "Belcher complaint"), Surin v. Volta Inc., et al., No. 1:23-cv-01460 (S.D.N.Y.) (filed on February 22, 2023), and Wang v. Volta Inc. et al., No. 1:23-cv-01564 (S.D.N.Y.) (filed on February 24, 2023). With the exception of the Belcher complaint, all of the complaints are individual suits. The Belcher complaint is a putative class action on behalf of Volta stockholders. All the complaints name Volta and all of its directors as defendants.

These complaints and demand letters generally allege that the preliminary Proxy Statement and/or the Proxy Statement related to the acquisition of the Company by Shell fail to disclose certain material information and that, as a result, the preliminary Proxy Statement and/or the Proxy Statement are materially misleading in violation of

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Sections 14(a) and 20(a) of the Exchange Act and Rule 14a-9 promulgated thereunder. The Belcher complaint also alleges that Volta's directors are liable for breaches of their fiduciary duties.

The alleged undisclosed information identified in the complaints and demand letters includes: (1) a reconciliation of non-GAAP measures to comparable GAAP measures; (2) line items used to calculate non-GAAP measures; (3) certain information about Volta's projections; (4) certain information relating to the financial analyses performed by Raymond James & Associates, Inc.; and (5) certain other information relating to (i) the services performed and compensation received by Goldman Sachs & Co. LLC and Barclays Capital Inc. in their capacities as Volta's financial advisors , (ii) non-disclosure and standstill agreements executed by Volta, and (iii) discussions of post-transaction employment by members of Volta's management.

The complaints seek, among other things, to enjoin Volta from consummating the transactions contemplated by the Merger Agreement or, in the alternative, rescission or damages. Legal proceedings from such purported Volta stockholders relating to the remaining demand letters may be filed in the future. Volta may receive additional demand letters, and additional lawsuits may be filed, arising out of the transactions contemplated by the Merger Agreement in the future.

Volta believes that the allegations in these complaints and demand letters are without merit and that no supplemental disclosure is required under applicable law. However, in order to avoid the risk of these complaints and demand letters delaying or adversely affecting the merger and the other transactions contemplated by the Merger Agreement and to minimize the costs, risks and uncertainties inherent in litigation, and without admitting any liability or wrongdoing, Volta has determined voluntarily to address certain of the alleged undisclosed information identified in the complaints and demand letters and to supplement the Proxy Statement with the supplemental disclosure on Schedule 14A filed with the SEC on March 16, 2023. The plaintiff in the Belcher complaint has agreed that this supplemental disclosure addresses his concerns, and, as a result, he will not seek preliminary injunctive relief.

Volta may receive additional demand letters, and additional lawsuits may be filed, arising out of the transactions contemplated by the Merger Agreement in the future.

*Stockholder 220 Action*

On March 29, 2023, a purported Volta stockholder filed an action in the Court of Chancery for the State of Delaware to compel inspection of certain books and records pursuant to 8 Del. C. § 220 for the purported purposes of (i) investigating possible mismanagement and breaches of fiduciary duty by the board and certain officers of Tortoise Corp II in connection with the Reverse Recapitalization, (ii) investigating the independence and disinterestedness of the directors of Tortoise Corp II and Volta, and (iii) evaluating possible litigation with respect to these matters. Among other documents, this action and the demand letter that preceded it seek the production of Board materials related to the transactions contemplated by the Merger Agreement. The action is captioned Jennifer Gatto v. Volta Inc. (Del. Ch.).

Please refer to "Note 14 - Commitments and Contingencies", of the accompanying consolidated financial statements for additional information.

**Item 4. *Mine Safety Disclosures***

Not Applicable.

**Part II**

**Item 5. *Market For The Registrant's Common Equity, Related Stockholder Matters And Issuer Purchases of Equity Securities***

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**Market Information**

Our Class A common stock and Public Warrants trade on NYSE under the symbols "VLTA" and "VLTA WS," respectively, since August 27, 2021. Prior to that date, our Class A common stock and warrants traded under the symbols "SNPR" and "SNPR WS," respectively, since September 10, 2020.

**Holders**

As of March 27, 2023, there were 150 holders of record of our Class A common stock. The number of record holders is based upon the actual number of holders registered on our books at such date and does not include holders of shares in street name or persons, partnerships, associations, corporations or other entities identified in security position listings maintained by depository trust companies.

**Dividend Policy**

We have never declared or paid any cash dividends on our common stock. We currently intend to retain any future earnings and do not expect to pay any dividends in the foreseeable future. Any future determination to declare cash dividends will be made at the discretion of our board of directors, subject to applicable laws, and will depend on a number of factors, including our financial condition, results of operations, capital requirements, contractual restrictions, including under any future loan facilities, general business conditions and other factors that our Board may deem relevant.

**Recent Sales of Unregistered Securities**

None.

**Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

None.

**Item 6. [Reserved]**

**Item 7. *Management's Discussion and Analysis of Financial Condition and Results of Operations***

*The following discussion and analysis provides information which Volta's management believes is relevant to an assessment and understanding of its consolidated results of operations and financial condition. You should read the following discussion and analysis of Volta's financial condition and results of operations in conjunction with the consolidated financial statements and notes thereto contained in this Annual Report on Form 10-K.*

*Certain of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to plans and strategy for Volta's business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, Volta's actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Factors that could cause or contribute to such differences include, but are not limited to, capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, as well as those factors discussed below and elsewhere in this Annual Report on Form 10-K. We assume no obligation to update any of these forward-looking statements. Please also see the section entitled "Forward-Looking Statements."*

*Percentage amounts included in this Annual Report on Form 10-K have not in all cases been calculated on the basis of rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this Annual Report on Form 10-K may vary from those obtained by performing the same calculations using the figures in the consolidated financial statements included elsewhere in this Annual Report on Form 10-K. Certain other amounts that appear in this Annual Report on Form 10-K may not sum due to rounding.*

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**Basis of Presentation**

Substantially all of Volta's long-lived assets are maintained in, and its losses are attributable to, the United States. The consolidated financial statements include the accounts of Volta and its wholly owned subsidiaries. See, "Note 2 - Summary of Significant Accounting Policies" of the accompanying consolidated financial statements for more information.

**Components of Results of Operations**

**Revenue**

***Media***

Media revenue is principally generated through the delivery of paid content across the charging network.

***Network Development***

Network Development revenue is generated from installation, operating and maintenance services of the charging stations to select site partners. Network Development also includes revenue from select site partners related to the sale of Volta's charging products and the performance of development work necessary to prepare a site for EV infrastructure as well as revenue from contracts with utility companies for installing electrical infrastructure.

***Charging Network Operations***

Charging Network Operations revenue is generated by utilization of Volta's charging stations and through the sale of LCFS credits.

***Network Intelligence***

Network Intelligence revenue consists of license or service fee revenue from proprietary software tools derived from the charging network. Volta offers access to the PredictEV<sup>TM</sup> tool to utility companies, channel partners and other third parties through a SaaS business model.

***Cost of Services***

Cost of services consist primarily of contracted labor for sales of installation and maintenance services and costs related to station rent, electricity, insurance, communication, and business property taxes related to Volta's site leases. Volta expects cost of services to increase in future periods primarily due to increased costs associated with operating a national charging network due to increasing rent and electricity costs as site hosts seek to monetize customer parking spaces.

***Cost of Products***

Cost of products consist primarily of hardware related costs of AC and DCFC stations which includes the station chassis, high-resolution, outdoor screen displays on media-enabled stations, the EV chargers, routers, and computers. While the cost of products has increased for the current generation of Volta's award-winning charging stations, which include intuitive lighting features and a new chassis design, Volta seeks to drive cost down of the next generation of stations through scaling purchasing with its manufacturing partners.

***Selling, General and Administrative Expenses***

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Selling, general and administrative expenses primarily consist of personnel-related expenses, share based compensation, professional fees for legal, accounting, other consulting services, software and licenses, and information technology development services costs. During 2022, Volta incurred additional general and administrative expenses as a result of operating as a public company, including expenses related to compliance with the rules and regulations of the SEC and NYSE listing standards, additional insurance expenses (including directors' and officers' insurance), investor relations activities and other administrative and professional services.

***Depreciation and Amortization***

Depreciation and amortization primarily relate to the depreciation of Volta-owned charging stations and its tenant improvements, technology equipment and other tools. Volta anticipates these expenses will continue to increase over time as it continues to build its network.

***Other Operating Expenses***

Other operating expenses primarily relate to write offs of expenses related to projects discontinued prior to construction disposal of assets, and obsolete inventory.

***Interest Expense***

Interest expense primarily consists of interest related to its loan interest, amortization of debt issuance costs and costs related to early termination of debt.

***Other (Income) Expense, net***

Other (income) expense, net primarily consists of changes in the fair value of the Company's warrant liabilities, gain or loss on foreign exchange transactions and sublease income related to subleased office space.

***Income Tax Expense***

Volta's income tax provision consists of an estimate of federal and state taxes, as adjusted for allowable credits, deductions, uncertain tax positions, changes in deferred tax assets and liabilities and changes in tax law and valuation allowance.

**Results of Operations**

***Comparison of the years ended December 31, 2022 and 2021***

The results of operations presented below should be reviewed in conjunction with Volta's consolidated financial statements for the years ended December 31, 2022 and 2021 and the related notes included elsewhere in this document. The following tables set forth Volta's consolidated results of operations data for the years ended December 31, 2022 and 2021:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Variance** |
| *in thousands* | **2022** | **2021** | $**%** |
| **REVENUES** |  |  |  |
| Service revenue | $52767 | $29881 | 77% |
| Product revenue | 398 | 1199 | (67)% |
| Other revenue | 1435 | 1231 | 17% |
| **Total revenues** | $54600 | $32311 | 69% |
| **COSTS AND EXPENSES** |  |  |  |
| Costs of services (exclusive of depreciation and amortization shown below) | 38749 | 23029 | 68% |
| Costs of products (exclusive of depreciation and amortization shown below) | 440 | 1678 | (74)% |
| Selling, general and administrative | 165328 | 262628 | (37)% |
| Depreciation and amortization | 19280 | 11153 | 73% |
| Other operating expense | 2877 | 2026 | 42% |
| **Total costs and expenses** | $226674 | $300514 | (25)% |
| **Loss from operations** | $**(172074)** | $**(268203)** | **(36)%** |
| **OTHER EXPENSES (INCOME)** |  |  |  |
| Interest expense, net | 5535 | 6402 | (14)% |
| Other expense, net |  | 712 | (100)% |
| Change in fair value of warrant liability | (22978) | 1239 | (1955)% |
| **Total other expenses (income)** | $**(17443)** | $**8353** | (309)% |
| **LOSS BEFORE INCOME TAXES** | $**(154631)** | $**(276556)** | **(44)%** |
| Income tax expense | 2 | 39 | (95)% |
| **NET LOSS** | $**(154633)** | $**(276595)** | **(44)%** |

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***Revenues***

The following table summarizes the changes in revenue from the years ended December 31, 2022 and 2021:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Variance** |
| *in thousands* | **2022** | **2021** | $**%** |
| **Revenues** |  |  |  |
| Media | $44008 | $25961 | 70% |
| Network Development | 9246 | 5224 | 77% |
| Charging Network Operations | 748 | 676 | 11% |
| Network Intelligence | 598 | 450 | 33% |
| **Total revenues** | $**54600** | $**32311** | **69%** |

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Media revenue increased by $18.0 million, or 70%, from December 31, 2021 to December 31, 2022 primarily due to the expansion of our media-enabled station network and new media campaigns with national brands, including new and existing advertisers. Media revenue is recorded in service revenue.

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Network Development revenue increased by $4.0 million, or 77%, from December 31, 2021 to December 31, 2022, primarily due to the construction performed on active projects in connection with our new infrastructure development service contracts. Network development revenue is recorded in part in service revenue and in part in product revenue. (see Note 2 - Summary of Significant Accounting Policies).

***Cost of Revenues***

The following table summarizes cost of revenues by products and services:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Variance** |
| *in thousands* | **2022** | **2021** | $**%** |
| **Costs of services** | $38749 | $23029 | 68% |
| **Costs of products** | $440 | $1678 | (74)% |

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Costs of services increased by $15.7 million, or 68%, to $39 million for the year ended December 31, 2022 as compared to the year ended December 31, 2021. This was primarily due to an increase of $6.3 million in station rent as a result of an increase in the cumulative number of leases that commenced over the prior four quarters, an increase of $5.9 million in installation and services costs largely driven by an increase in construction and engineering fees, an increase of $1.3 million in advertising and media costs attributable to commission fees and other costs owed to agents, an increase of $1.1 million in freight costs due to the continued growth in active construction projects, and an increase of $0.7 million in network costs due to an increase in purchases from vendors.

Costs of products decreased by $1.2 million, or 74%, from the years ended December 31, 2021 to December 31, 2022, primarily due to fewer customer-owned stations going live in 2022 compared to 2021.

***Operating Expenses***

*Selling, General and Administrative*

Selling, general and administrative expenses decreased by $97.3 million, or 37%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021. This decrease primarily relates to a $144.0 million decrease in stock-based compensation expense due to the Company issuing fewer equity awards, an increase in equity award forfeitures and a decrease in the fair value of new equity grants caused by a decrease in the Company's stock price compared to the year ended December 31, 2021. Refer to Note 11 - Stockholders' (Deficit) Equity and Stock-Based Compensation of the accompanying financial statements for further discussion. Additionally, there was a decrease of $1.7 million in bonus and commissions due to the change in calculation of the bonus accrual from 20% of annualized salary to 10%. This amount was partially offset by a $21.5 million increase in payroll-related costs largely driven by an increase in our average employee headcount to 355 from 254. Additionally, there was an increase of $13.9 million in outside services, an increase of $7.3 million in other selling, general and administrative expense primarily due to insurance costs, an increase of $2.2 million in software, hardware, and hosting costs due to prepaid software amortization and prototyping expenses, an increase of $1.3 million in travel, meals and related expenses due to the easing of COVID-19 travel restrictions, and an increase of $1.2 million in rent and facilities expense.

*Depreciation and Amortization*

Depreciation and amortization expenses increased by $8.1 million, or 73%, to $19 million for the year ended December 31, 2022 from $11 million for the year ended December 31, 2021. This was primarily due to an increase of 803 Volta-owned installations in service during the year ended December 31, 2022 as compared to the year ended December 31, 2021.

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*Other Operating Expense*

Other operating expense increased by $0.9 million for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to costs associated with disqualified projects prior to construction during the year ended December 31, 2022 compared to the year ended December 31, 2021.

*Loss from Operations*

Loss from operations decreased by $96.1 million, or 36%, from December 31, 2021 to December 31, 2022. This was primarily due to a decrease in selling, general and administrative expenses of $97.3 million of which, $144.0 million was attributable to a decrease in stock-based compensation, an increase in other operating expense of $0.9 million, an increase in costs of services of $15.7 million, a decrease in costs of products of $1.2 million and an increase in depreciation and amortization expenses of $8.1 million, partially offset by an increase in revenue of $22.3 million.

*Interest Expense, net*

Interest expense decreased by $0.9 million, or 14% from the year ended December 31, 2021 to the year ended December 31, 2022. The decrease is primarily due to lower average outstanding balance under our term loan during the year ended December 31, 2022 compared to the prior year period.

*Other Expense, net*

Other expense, net decreased by $25.8 million or 309% from the year ended December 31, 2021 to the year ended December 31, 2022. The decrease was primarily attributed to the change in the fair value of the warrant liability. The change in the fair value of the warrant liability was primarily attributable to the decrease in the Company's stock price used as an input in determining the fair value of the Public and Private Warrants. Warrants issued to TortoiseEcofin Borrower, LLC in a private placement simultaneously with the closing of the Company's initial public offering are referred to as the "Private Warrants".

*Income Tax Expense*

Income tax expense was $39 thousand and $2 thousand for the year ended December 31, 2021 and 2022, which was primarily attributable to state taxes.

*Net Loss*

Net loss decreased $122.0 million, or 44%, from December 31, 2021 to December 31, 2022, primarily due to a decrease of $73.8 million in total costs and expenses, partially offset by an increase in revenue of $22.3 million.

**Liquidity and Capital Resources**

***Sources of Liquidity***

Volta has incurred net losses and negative cash flows from operations since its inception. To date, Volta has funded its operations primarily with proceeds from the issuance of Volta preferred stock, common stock issued in "at-the-market" offerings, borrowings under its loan facilities, including its term loan, a Paycheck Protection Program loan under the Small Business Administration (SBA), and other term loans. Until Volta is cash-flow positive, Volta may need to consider raising funds through the issuance of debt or equity securities or additional borrowings in the future.

Volta's operations are dependent on its ability to generate meaningful long-term revenue and will highly depend on driver behavior trends, media industry trends, as well as increased and sustained driver demand for EVs and related

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charging services. If the market for EVs does not develop as Volta expects or develops more slowly than it expects, or if there is a decrease in driver demand for EV charging services or demand for Volta's Media offerings, Volta's business, prospects, financial condition and results of operations will be harmed. The market for EV charging is relatively new, rapidly evolving, characterized by rapidly changing technologies, volatile electricity pricing, additional competitors, evolving government regulation (including carbon credits) and industry standards, frequent new vehicle announcements and changing driver demands and behaviors. Any number of changes in the industry could negatively affect revenue generation from Media and EV charging.

For the year ended December 31, 2022, the Company incurred a net loss of $154.6 million and had negative cash flows from operating activities of $117.2 million. Volta has a cash balance of $2.6 million as of December 31, 2022.

The Company entered into the Business Combination Agreement with Tortoise Acquisition Corp. II. on February 7, 2021 and following the Closing on August 26, 2021, Volta Inc. began trading on the NYSE. On September 12, 2022, the Company filed a registration statement on Form S-3 (File No. 333-267374) with the SEC (declared effective by the SEC on September 20, 2022) which permits the Company to offer up to 500 million shares of Class A common stock, preferred stock, depositary shares, debt securities, warrants and rights in one or more offerings and in any combination, including in units from time to time (the "Shelf Registration Statement"). Please refer to "Note 1 - Description of Business" of the accompanying consolidated financial statements for the year ended December 31, 2022 for additional information. Additional cash obligations in the next twelve months are expected to include investments in the operations and purchases to expand the business. Management has considered conditions and events which provide substantial doubt about the Company's ability to continue as a going concern for the 12 months following the issuance of the consolidated financial statements. While Volta has engaged in significant cost-cutting efforts, the Company concluded that there is substantial doubt that the Company cannot continue as a going concern in the next twelve months based on reasonable information available to us as of the date of this analysis. No assurances can be provided that additional funding will be available at terms acceptable to the Company, if at all. If the Company is unable to raise additional capital, the Company may significantly curtail its operations, modify strategic plans and/or dispose of certain operations or assets.

***Liquidity Policy***

As an early-stage company, Volta maintains a focus on liquidity and defines its liquidity risk tolerance based on sources and uses to maintain a sufficient liquidity position to meet its obligations under both normal and stressed conditions. Volta manages its liquidity to provide access to sufficient funding to meet its business needs and financial obligations, as well as capital allocation and growth objectives.

***Debt Profile***

The following table summarizes Volta's debt balances and key related loan information:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Net Carrying Value** | **Net Carrying Value** |
| *in thousands* | **Principal Amount** | **Issuance Date** | **Maturity Date** | **Interest Rate** | **December 31, 2022** | **December 31, 2021** |
| Term loans payable | $49000 | 6/19/2019 | 6/19/2024 | 12%<sup>1</sup> | $12923 | $40833 |
| **Total outstanding loans payable** | **Total outstanding loans payable** | **Total outstanding loans payable** | **Total outstanding loans payable** | **Total outstanding loans payable** | **12923** | **40833** |
| Less current maturities, net of debt issuance costs | Less current maturities, net of debt issuance costs | Less current maturities, net of debt issuance costs | Less current maturities, net of debt issuance costs | Less current maturities, net of debt issuance costs | 12483 | 15998 |
| Less unamortized deferred issuance fees | Less unamortized deferred issuance fees | Less unamortized deferred issuance fees | Less unamortized deferred issuance fees | Less unamortized deferred issuance fees | 440 | 838 |
| **Total loans payable, net of unamortized debt issuance costs** | **Total loans payable, net of unamortized debt issuance costs** | **Total loans payable, net of unamortized debt issuance costs** | **Total loans payable, net of unamortized debt issuance costs** | **Total loans payable, net of unamortized debt issuance costs** | $**—** | $**23997** |

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<sup>(1)</sup> The interest rate on the term loan as of June 19, 2019 was a fixed rate of 12% per annum. Please see Note 9 - Debt Facilities to the accompanying consolidated financial statements for additional information.

On June 19, 2019, Volta entered into a senior secured term loan agreement, and has drawn a total of $49 million over the life of the term loan. Volta drew an initial amount of $24 million under the term loan during the year ended December 31, 2019 and drew an additional $25 million under the term loan during the year ended December 31, 2020 to help fund network expansion and operating activities. The term loan agreement is fully funded based on

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capital expenditures and is secured by stations and other assets. Interest on the outstanding balance of the term loan is equal to 12% per annum, and principal payments are due in equal monthly installments which began on July 1, 2021.

The following table summarizes Volta's financing obligations:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31** |
| *in thousands* | **2022** | **2021** |
| Financing obligation, long-term portion | $2361 | $3050 |
| Plus: current portion of financing obligation | 916 | 896 |
| Total financing obligation | $**3277** | $**3946** |

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Volta entered into multiple sale-leaseback arrangements of digital media screens that do not qualify as asset sales and are accounted for as financing obligations. These financing obligations have been amortized over the 5-year term at Volta's incremental borrowing rate at the time of the transaction which has ranged between 6.0% - 17.9%.

Please refer to "Note 9 - Debt Facilities", of the accompanying consolidated financial statements for additional information.

***Material Cash Requirements***

In the normal course of business, Volta enters into obligations and commitments that require future contractual payments. The commitments result primarily from operating leases and long-term debt. The following table summarizes Volta's contractual obligations and commercial commitments as of December 31, 2022:

The Company's material cash requirements include the following commitments and contractual obligations:

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| | | | |
|:---|:---|:---|:---|
| *in thousands* | **Total** | **Less than 1 <br>year** | **More than 1 year** |
| Lease Liability | $132309 | $18795 | $113514 |
| Long-Term Debt | 12923 | 12923 |  |
| Financing Obligations | 4160 | 1198 | 2962 |
| Total | $149392 | $32916 | $116476 |

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***Cash Flow Summary***

The following table summarizes Volta's cash flows for the years ended December 31, 2022 and 2021:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Variance** |
| *in thousands* | **2022** | **2021** | $**%** |
| &nbsp;&nbsp;Net cash used in operating activities | $(117156) | $(94934) | 23% |
| &nbsp;&nbsp;Net cash used in investing activities | (102938) | (55638) | 85% |
| &nbsp;&nbsp;Net cash (used in) provided by financing activities | $(39836) | $353813 | (111)% |

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*Operating Activities*

Net cash used in operating activities increased by $22.2 million for the year ended December 31, 2022 as compared to the year ended December 31, 2021. The increase is primarily due to the increase of $29.5 million in net loss adjusted for non-cash items, partially offset by a decrease of $10.0 million in net working capital and a $6.1 million decrease in operating lease liability.

With the use of cash for operating activities to expand the business, Volta has considered conditions and events which provide substantial doubt about the Company's ability to meet cash requirements to support its operations over the 12 months following the issuance of the consolidated financial statements. See Note 3 - Liquidity, of Volta's of the accompanying consolidated financial statements for additional information.

*Investing Activities*

Net cash used in investing activities increased by $47 million, or 85%, to $102.9 million for the year ended December 31, 2022, as compared to $55.6 million for the year ended December 31, 2021, primarily due to $42.5 million increase in purchases of property and equipment, a $4.1 million increase in expenditures on internal-use software development, and a cash payment of $0.9 million related to the acquisition of technology patents during the period.

*Financing Activities*

Net cash used in financing activities increased by $394 million, or 111%, to $39.8 million for the year ended December 31, 2022, as compared to net cash provided by financing activities for the year ended December 31, 2021. The increase was primarily due to a lower amount of proceeds raised from financing during the year ended December 31, 2022, fully offset by principal repayments on the Term Loan Facility of $12.2 million and $16.6 million in taxes paid related to the settlement of equity. During the year ended December 31, 2021, $350.1 million in proceeds were received from the completion of the Reverse Recapitalization and $28.7 million was raised from the issuance of Volta Industries, Inc. ("Legacy Volta") Series D preferred stock, partially offset by a $8.3 million payment of taxes on promissory notes for employees, $9.0 million in payments for transaction costs related to the Reverse Recapitalization, and $4.1 million in principal repayments on the Term Loan Facility.

**Subsequent Events**

Please refer to "Note 17 - Subsequent Events," of the accompanying consolidated financial statements for additional information.

**Critical Accounting Policies and Estimates**

Volta prepares its consolidated financial statements in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires it to make estimates, assumptions and judgments that can significantly impact the amounts it reports as in its financial statements and the related disclosures. Volta bases its estimates on historical experience and other assumptions that it believes are reasonable under the circumstances. Volta's actual results could differ significantly from these estimates under different assumptions and conditions. Volta believes that the accounting policies discussed below are critical to understanding its historical and future performance as these policies involve a greater degree of judgment and complexity.

Please refer to "Note 2 - Summary of Significant Accounting Policies," of the accompanying consolidated financial statements for a description of Volta's accounting policies in detail. Volta believes the following accounting policies require the most significant judgments and estimates used in the preparation of its consolidated financial statements.

***Emerging Growth Company Status***

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Pursuant to Section 107(b) of the JOBS Act, an emerging growth company is provided the option to adopt new or revised accounting standards that may be issued by FASB or the SEC either (a) within the same periods as those otherwise applicable to non-emerging growth companies or (b) within the same time periods as private companies. Volta intends to take advantage of the exemption for complying with certain new or revised accounting standards within the same time periods as private companies, such as current expected credit losses and income tax.

Volta also intends to take advantage of some of the reduced regulatory and reporting requirements of emerging growth companies pursuant to the JOBS Act, including, but not limited to not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation and exemptions from the requirements of holding non-binding advisory votes on executive compensation and golden parachute payments.

Volta will cease to be an emerging growth company on the date that is the earliest of (a) the last day of the fiscal year in which it has total annual gross revenues of $1.07 billion or more; (b) the last day of its fiscal year following the fifth anniversary of the date of its initial public offering; (c) the date on which it has issued more than $1.0 billion in nonconvertible debt during the previous three years; or (d) the last day of the fiscal year in which it is deemed to be a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of its common stock held by non-affiliates equals or exceeds $700 million as of the last business day of the second fiscal quarter of such fiscal year.

***Network Development Revenue***

Volta generates Network Development revenue from the sales of products, including charging stations to select site partners and infrastructure to utility companies as well as related installation services and operations and maintenance services on charging stations owned by third parties. Some of Volta's agreements include non-standard terms and conditions and include promises to transfer multiple goods and services. As a result, significant interpretation and judgment is required to determine the appropriate accounting for these transactions, including: (1) whether performance obligations are considered distinct that should be accounted for separately versus together, how the price should be allocated among the performance obligations, and when to recognize revenue for each performance obligation; (2) developing an estimate of the stand-alone selling price ("SSP") of each distinct performance obligation; (3) combining contracts that may impact the allocation of the transaction price between product and services; and (4) estimating the consideration payable to a customer as a reduction of the transaction price.

When an agreement contains multiple performance obligations, Volta identifies each component to the contract and allocates the transaction price based on a relative SSP. If the arrangement contains a lease it is accounted for in accordance with ASC 842, *Leases*. In some arrangements, Volta has executed a sale and leaseback of the digital media screens (sale leaseback) and has also acquired the right to control the use of the location to advertise over a set term (location lease). During the construction phase, Volta does not control the underlying asset on the customer's property. When the sale leaseback qualifies as a financing lease, Volta will not record a sale for accounting purposes of the digital media screen and depreciates that asset over its useful life. For contractual lease payments that do not exceed the fair value of the location lease obligation, Volta records a lease liability and an associated right-of-use ("ROU") asset based on the discounted lease payments. In some instances, Volta may receive a lease incentive from the lessor which is recorded as a reduction to the lease payments. In arrangements where Volta pays consideration to a customer for a distinct good or service, the consideration payable to a customer is limited to the fair value of the distinct good or service received by the customer. If the contractual payments for the location lease of this arrangement are in excess of fair value, then Volta will estimate the excess contractual payments over fair value and record that amount as a reduction to the transaction price in the arrangement. The reduction to transaction price for consideration payable to a customer is recognized at the later of when Volta pays or promises to pay the consideration or when Volta recognizes the related revenue for the transferred products and services.

The determination of SSP for performance obligations to customers is judgmental and is based on the price that Volta would charge for the same good or service if sold separately on a standalone basis to similar clients in similar circumstances. Volta estimates SSP based on reasonably available data that maximizes the use of observable inputs that may vary over time. Typically, the SSP of Volta's performance obligations are based on expected cost plus a

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margin. The margin reflects what the market would be willing to pay adjusted for differences in products, geographies, customers, and other factors.

Sales of charging stations and installed infrastructure is recognized at a point in time when control has been transferred to the customer and is classified as product revenue on our statement of operations. Installation services are recognized over time using an input method based on costs incurred to measure progress toward complete satisfaction of the performance obligation. Revenue from operation and maintenance services is recognized ratably over the term of the arrangement as the services are performed. Payments are typically due within one month after billed.

Changes in judgments with respect to these assumptions and estimates could impact the timing or amount of revenue recognition. Please refer to "Note 2 - Summary of Significant Accounting Policies," of the accompanying consolidated financial statements for the year ended December 31, 2022 for additional information on revenue recognition.

***Equity Based Compensation***

Volta's stock-based compensation consists of options and RSUs that are granted to employees and non-employees as part of their compensation package. As the Company does not have a trading history for its common stock prior to the Reverse Recapitalization, Volta's management must make assumptions to estimate the fair value.

The grant-date fair value of employee and non-employee stock options are determined using the Black-Scholes option-pricing model using various inputs, including estimates of expected volatility, term, risk-free rate, and future dividends. Forfeitures are recognized as they occur. Compensation cost is recognized over the vesting period of the applicable award using the straight-line method.

Changes in the following assumptions can materially affect the estimate of fair value and ultimately how much stock-based compensation expense is recognized. These inputs are subjective and generally require significant analysis and judgment to develop.

Given Volta's limited public trading history, the Board considers numerous objective and subjective factors to determine the fair value of Volta common stock. These factors include, but are not limited to (i) contemporaneous valuations of Volta common stock performed by an independent valuation specialist; (ii) developments in the business and stage of development; (iii) operational and financial performance and condition; (iv) issuances of Volta Preferred Stock and the rights and preferences of Volta preferred stock relative to Volta common stock; (v) the current condition of capital markets and the likelihood of achieving a liquidity event, such as an initial public offering or sale of Volta; (vi) the lack of marketability of the Volta common stock; and (vii) experience of management and hiring of key personnel.

The grant date fair value of Volta common stock was determined using valuation methodologies which utilize certain assumptions, including probability weighting events, volatility, time to liquidation, a risk-free interest rate, and an assumption for a discount for lack of marketability.

Volta used the market approach to determine the fair value of the Volta common stock. This approach measures the value of an asset or business through an analysis of recent sales or offerings of comparable investments or assets and gives consideration to the financial condition and operating performance of an entity relative to those of public entities operating in the same or similar lines of business. Volta applies the market approach by utilizing the Backsolve method, which uses a Black-Scholes option pricing model to calculate the implied value based on the recent transaction price. For purposes of allocating the fair value of common stock, Volta used the Option Pricing Method ("OPM"). Under the OPM, shares are valued by creating a series of call options with exercise prices based on the liquidation preferences and conversion terms of each equity class. The estimated fair values of the Preferred and common stock are inferred by analyzing these options. This method is appropriate to use when the range of possible future outcomes is so difficult to predict that estimates would be highly speculative, and dissolution or liquidation is not imminent.

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For financial reporting purposes, Volta considers the amount of time between the valuation date and the grant date to determine whether to use the latest common stock valuation or a straight-line interpolation between the two valuation dates. The determination includes an evaluation of whether the subsequent valuation indicates that any significant change in valuation had occurred between the previous valuation and the grant date.

The following table summarizes the key share-based payment valuation assumptions for the year ended December 31, 2021:

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| | |
|:---|:---|
| | **Year ended December 31,** |
| | **2021** |
| Expected dividend yield | —% |
| Risk-free interest rate | 0.7% |
| Expected volatility | 60.4% |
| Expected term (in years) | 5.8 |

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During the year ended December 31, 2022, the Company did not issue any additional options.

*Expected Dividend Yield*

Volta does not expect, and is not contractually obligated, to pay dividends in the foreseeable future.

*Risk-free Interest Rate*

The risk-free interest rate is based on the implied yields currently available from the U.S. Treasury zero-coupon yield curve over the expected term.

*Expected Volatility*

Expected volatility is a measure of the amount of fluctuation in the value of Volta's share price over a specific time period. Volatility is generally calculated as the standard deviation of the continuously compounding rates of return on the share over a specified period and is typically expressed as annualized returns. Judgment is required to select a method to estimate expected volatility for nonpublic companies. As Volta does not have a trading history prior to the Reverse Recapitalization, sufficient historical information related to the fair value of Volta's options is not available. Nonpublic entities may use average volatility for comparable public companies to form a reasonable basis for the assumption of expected volatility. To identify similar entities, Volta considered characteristics of each, such as industry, stage of life cycle, size and financial leverage. The average volatility actually used in the fair value determination for stock options was 58%-68% for grants issued in the year ended December 31, 2021.

*Expected Term (in years)*

Volta uses the practical expedient in ASC 718, *Compensation- Stock Compensation,* which allows nonpublic entities to follow a simplified approach for calculating expected term. For service vesting conditions, the expected term is the midpoint between the requisite service period and the contractual term of the option. For performance vesting conditions, the expected term is determined based on the probability of occurrence. When the occurrence is probable, the expected term is the midpoint between the requisite service period and the contractual term of the option. If the occurrence is other than probable, the expected term is the contractual term when the service period is not stated, or the midpoint between the requisite service period and the contractual term if the requisite service period or vesting period is stated.

***Fair Value of Warrant Liabilities***

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Volta classifies the Private Warrants as liabilities at their estimated fair value. The liability is subject to remeasurement at each consolidated balance sheet date, with changes in fair value recorded in change in fair value of warrant liability in the consolidated statement of operations and comprehensive loss. Volta will continue to revalue all warrants until exercise, expiration, conversion or until they are no longer redeemable. As of December 31, 2022, 8,621,440 Public Warrants and 5,933,333 Private Warrants remain outstanding.

Volta estimates the fair value of the Public and Private Warrants using the Binomial Lattice Valuation Model ("BLM"). Volta is required to make assumptions and estimates in determining an appropriate risk-free interest rate, volatility, term, dividend yield, discount due to exercise restrictions and the fair value of Volta common stock. Any significant adjustments to the unobservable inputs would have a direct impact on the fair value of the warrant liability. Please refer to "Note 6 - Fair Value Measurements," of the accompanying consolidated financial statements for additional information.

***Long Lived Assets***

Property and equipment, net, which primarily consists of charging stations and construction in progress station hardware, is reported at historical cost less accumulated depreciation. Volta estimates the useful lives of the stations to be between five and ten years, based on its historical experience and its plans regarding how it intends to use those assets.

Volta's experience indicates that the estimated useful lives applied to its portfolio of assets have been reasonable, and it does not expect significant changes to the estimated useful lives of its long-lived assets in the future. When Volta determines that stations or other equipment will be disposed of prior to the end of their initially estimated useful lives, it estimates the revised useful lives and depreciates the assets over the revised period.

Volta also reviews property and equipment for impairment when events and circumstances indicate that depreciable property and equipment might be impaired, and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value.

Volta uses various assumptions in determining the remaining useful lives of assets to be disposed of prior to the end of their useful lives and in determining the current fair market value of long-lived assets that are determined to be unrecoverable. Estimated useful lives and fair values are sensitive to factors including contractual commitments, regulatory requirements and future expected cash flows. Volta's impairment loss calculations require management to apply judgment in estimating future cash flows, including forecasting useful lives of the assets and selecting the discount rate that reflects the risk inherent in future cash flows.

***Leases***

The charging stations have two units of account: the charging station and digital media screen. Volta recognizes a financing transaction on the digital media screen, which remains on Volta's consolidated balance sheet based on the cost of the digital media screen and is depreciated over its useful life. Volta also leases the location of the charging stations and this is recognized as an operating lease arrangement, with a lease liability and ROU asset under ASC 842. Volta voluntarily early adopted accounting standards for the treatment of leases under ASC 842 prior to the required adoption after December 15, 2021 given its business and operations in relation to leased properties on a go-forward basis.

Volta uses significant estimates in accounting for lease liabilities and ROU assets, which are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The lease interest rate used to determine the present value of future lease payments is based on Volta's incremental borrowing rate. Volta's leases are all long-term, extending beyond a twelve-month period, and include periods under options to extend or terminate the lease when it is reasonably certain Volta will exercise such options. Volta identifies separate

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lease and non-lease components, and the non-lease components are typically composed of electricity reimbursements to the landlord.

Volta has elected the practical expedient to account for lease and non-lease components as a combined single lease component, increasing the amount of Volta's lease liabilities and ROU assets.

Please refer to "Note 2 - Summary of Significant Accounting Policies," and "Note 13 - Leases," of the accompanying consolidated financial statements for additional information about leases.

***Income Taxes***

Volta utilizes the liability method in accounting for income taxes. Deferred tax assets and liabilities reflect the estimated future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expense or benefit is the result of changes in the deferred tax asset and liability. Valuation allowances are established when necessary to reduce deferred tax assets where it is more likely than not that the deferred tax assets will not be realized. Volta makes estimates, assumptions and judgments to determine its provision for its income taxes, deferred tax assets and liabilities and any valuation allowance recorded against deferred tax assets. Volta assesses the likelihood that its deferred tax assets will be recovered from future taxable income, and to the extent it believes that recovery is not likely, it establishes a valuation allowance.

Volta recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement.

**Off-Balance Sheet Arrangements**

As of the consolidated balance sheet dates of December 31, 2022 and 2021, Volta has not engaged in any off-balance sheet arrangements, as defined in the rules and regulations of the SEC.

**Recent Accounting Pronouncements**

Refer to "Note 2 - Summary of Significant Accounting Policies," of the accompanying consolidated financial statements for a discussion of the impact of recent accounting pronouncements.

**Related Party Transactions**

Refer to "Note 16 - Related Party Transactions," of the accompanying consolidated financial statements for additional information for related party transactions.

***Item 7A.* Quantitative and Qualitative Disclosures About Market Risk**

Volta's operations include activities substantially based in the United States. These operations expose Volta to a variety of market risks, including the effects of changes in interest rates and changes in consumer attitudes. Volta monitors and manages these financial exposures as an integral part of its overall risk management program.

***Interest Rate Risk***

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Volta had a cash balance totaling $2.6 million as of December 31, 2022. Volta manages its cash through zero balance accounts and demand deposit accounts for which the amount held is equal to the fair value. Volta's total principal long-term debt balance was $12.9 million as of December 31, 2022 and had a fixed interest rate of 12% per annum for its senior secured loan. Because the rates are fixed, a change in market rates would have no impact on Volta's financial position or results of operations.

***Foreign Exchange Risk***

Volta is currently exposed to an immaterial risk for changes in foreign currency exchange rates, however, its operations will likely be subject to fluctuations in foreign currency exchange rates as a result of its international offices and business activities in locations where it might incur expenses or generate revenues in currencies other that U.S. dollars.

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**Item 8. *Financial Statements***

<u>Consolidated Financial Statements</u>

<u>Reports of Independent Registered Public Accounting Firm (PCAOB ID Number 248)</u>

Consolidated Balance Sheets<u>[as of](#i8a95ef9d5ce34968b2f50deb52bd4710_157)</u>December 31, 2022<u>[and](#i8a95ef9d5ce34968b2f50deb52bd4710_157)</u> 2021<u>&nbsp;&nbsp;&nbsp;&nbsp;3</u>

Consolidated Statements of Operations and Comprehensive Loss<u>[for the](#i8a95ef9d5ce34968b2f50deb52bd4710_160)</u>years ended December 31, 2022<u>[and](#i8a95ef9d5ce34968b2f50deb52bd4710_160)</u>2021<u>&nbsp;&nbsp;&nbsp;&nbsp;5</u>

Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' (Deficit) Equity<u>[for the](#i8a95ef9d5ce34968b2f50deb52bd4710_163)</u>years ended December 31, 2022<u>[and](#i8a95ef9d5ce34968b2f50deb52bd4710_163)</u>2021<u>&nbsp;&nbsp;&nbsp;&nbsp;6</u>

Consolidated Statements of Cash Flows<u>[for the](#i8a95ef9d5ce34968b2f50deb52bd4710_166)</u>years ended December 31, 2022<u>[and](#i8a95ef9d5ce34968b2f50deb52bd4710_166)</u>2021<u>&nbsp;&nbsp;&nbsp;&nbsp;9</u>

Notes to Consolidated Financial Statements<u>&nbsp;&nbsp;&nbsp;&nbsp;11</u>

------

**Report of Independent Registered Public Accounting Firm**

Board of Directors and Shareholders

Volta Inc.

***Opinion on the financial statements***

We have audited the accompanying consolidated balance sheets of Volta Inc. (a Delaware corporation) and subsidiaries (the "Company") as of December 31, 2022 and 2021, the related consolidated statements of operations and comprehensive loss, changes in redeemable convertible preferred stock and stockholders' (deficit) equity, and cash flows for each of the two years in the period ended December 31, 2022, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

***Going concern***

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the consolidated financial statements, the Company has an accumulated deficit of $583.4 million as of December 31, 2022 and incurred a net loss of $154.6 million during the year ended December 31, 2022. These conditions, along with other matters set forth in Note 3, raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 3. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

***Basis for opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Grant Thornton LLP

We have served as the Company's auditor since 2019.

San Francisco, California

March 30, 2023

------

**Volta Inc.**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
|  | *(in thousands, except share amounts and par value)* | *(in thousands, except share amounts and par value)* |
| **ASSETS** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2642 | $262260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, less allowance for doubtful accounts; $42 and $0 | 16749 | 12587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 2132 | 2726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid partnership costs | 8360 | 8982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 8383 | 12091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 38266 | 298646 |
| Operating lease right-of-use assets, net | 93630 | 76364 |
| Property and equipment, net | 207346 | 97728 |
| Other non-current assets | 674 | 321 |
| Intangible assets, net | 1175 | 643 |
| Goodwill | 221 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**341312** | $**473923** |
| **LIABILITIES** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 46998 | 18461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 19445 | 20168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability - current portion | 9533 | 5952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 13584 | 8450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term loans payable - current | 12483 | 15998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant liability | 386 | 27071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 102429 | 96100 |
| Term loans payable, net of unamortized debt issuance costs and current term loan payable |  | 23997 |
| Operating lease liability - non-current portion | 79075 | 64422 |
| Other non-current liabilities | 8484 | 7268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $**189988** | $**191787** |
| **STOCKHOLDERS' EQUITY** |  |  |
| Class A and Class B common stock, par value $0.0001 and $0.0001, respectively: 400,000,000 (Class A 350,000,000, Class B 50,000,000) shares authorized as of each of December 31, 2022 and 2021; 174,198,246 (Class A 174,198,246, Class B 0) and 162,105,399 (Class A 152,218,214, Class B 9,887,185) shares issued and outstanding as of December 31, 2022 and 2021, respectively | 18 | 16 |
| Additional paid-in capital | 734146 | 710638 |
| Accumulated other comprehensive income | 524 | 213 |
| Accumulated deficit | (583364) | (428731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | **151324** | **282136** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**341312** | $**473923** |

---

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**Volta Inc.** 

**Consolidated Statements of Operations and Comprehensive Loss**

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2022** | **2021** |
|  | *(in thousands, except share amounts and per share data)* | *(in thousands, except share amounts and per share data)* |
| **REVENUES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service revenue | $52767 | $29881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Product revenue | 398 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 1435 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | **54600** | **32311** |
| **COSTS AND EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costs of services (exclusive of depreciation and amortization shown below) | 38749 | 23029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Costs of products (exclusive of depreciation and amortization shown below) | 440 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 165328 | 262628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 19280 | 11153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expense | 2877 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total costs and expenses** | **226674** | **300514** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss from operations** | **(172074)** | **(268203)** |
| **OTHER EXPENSE (INCOME)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 5535 | 6402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net |  | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | (22978) | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other expense (income)** | **(17443)** | **8353** |
| **LOSS BEFORE INCOME TAXES** | **(154631)** | **(276556)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 2 | 39 |
| **NET LOSS** | $**(154633)** | $**(276595)** |
| **OTHER COMPREHENSIVE INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | 311 | 213 |
| **TOTAL COMPREHENSIVE LOSS** | $**(154322)** | $**(276382)** |
| Weighted-average Class A common stock outstanding, basic and diluted (Note 12 - Net Loss Per Share) | 165762888 | 59034393 |
| Net loss per Class A common stock, basic and diluted (Note 12 - Net Loss Per Share) | $(0.91) | $(4.10) |
| Weighted-average Class B common stock outstanding, basic and diluted (Note 12 - Net Loss Per Share) | 4545964 | 8393797 |
| Net loss per Class B common stock, basic and diluted (Note 12 - Net Loss Per Share) | $(0.91) | $(4.10) |

---

------

**Volta Inc.**

**Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' (Deficit) Equity**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Redeemable Convertible Preferred Stock** | **Redeemable Convertible Preferred Stock** | | | **Additional Paid-in Capital** | **Accumulated Other** | **Accumulated Deficit** | **Total Stockholders' <br>(Deficit) Equity** |
| *<u>(in thousands)</u>* | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in Capital** | **Comprehensive Income** | **Accumulated Deficit** | **Total Stockholders' <br>(Deficit) Equity** |
| **Balance at December 31, 2020** | 76494 | $182599 | 24696 | $1 | $13233 | **—** | $(152136) | $(138902) |
| Issuance of Series D preferred stock | 4722 | 13721 |  |  |  |  |  |  |
| Issuance of Series D preferred stock - related party |  | 15000 |  |  |  |  |  |  |
| Issuance Costs - Series D |  | (1290) |  |  |  |  |  |  |
| Issuance of restricted stock awards - related party |  |  | 6917 | 1 | 40236 |  |  | 40237 |
| Reverse recapitalization | (81216) | (210030) | 81216 | 8 | 210030 |  |  | 210038 |
| TAC shares recapitalized, net of redemptions and equity issuance costs |  |  | 48907 | 5 | 327124 |  |  | 327129 |
| Transaction costs related to reverse recapitalization |  |  |  |  | (9048) |  |  | (9048) |
| Recognition of exercise of options, net of forfeiture of shares, upon settlement of promissory notes |  |  | (1983) |  | (9368) |  |  | (9368) |
| Issuance of common stock upon exercise of options |  |  | 1545 | 1 | 1508 |  |  | 1509 |
| Issuance of common stock upon net exercise of warrant |  |  | 254 |  | 1948 |  |  | 1948 |
| Stock-based compensation expense - options |  |  |  |  | 133753 |  |  | 133753 |
| Issuance of common stock upon exercise of warrants - related party |  |  | 371 |  | 2 |  |  | 2 |
| Issuance of common stock for acquisition of 2Predict |  |  | 182 |  | 1220 |  |  | 1220 |
| Other comprehensive income |  |  |  |  |  | 213 |  | 213 |
| Net loss |  |  |  |  |  |  | (276595) | (276595) |
| **Balance at December 31, 2021** | **—** | $**—** | **162105** | $**16** | $**710638** | $**213** | $**(428731)** | $**282136** |

---

------

**Volta Inc.**

**Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' (Deficit) Equity**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Redeemable Convertible Preferred Stock** | **Redeemable Convertible Preferred Stock** | | | **Additional Paid-in Capital** | **Accumulated Other** | **Accumulated Deficit** | **Total Stockholders' <br>(Deficit) Equity** |
| *<u>(in thousands)</u>* | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in Capital** | **Comprehensive Income** | **Accumulated Deficit** | **Total Stockholders' <br>(Deficit) Equity** |
| **Balance at December 31, 2021** |  | $— | 162105 | $16 | $710638 | $213 | $(428731) | $282136 |
| Issuance of common stock upon exercise of options |  |  | 1535 |  | 894 |  |  | 894 |
| Issuance of common stock upon equity offering |  |  | 4251 | 1 | 4507 |  |  | 4508 |
| Issuance of common stock upon release of vested restricted stock units |  |  | 885 |  |  |  |  |  |
| Stock-based compensation expense |  |  |  |  | 30586 |  |  | 30586 |
| Issuance of common stock upon the settlement of vested restricted stock units, net of shares withheld for taxes |  |  | 5343 | 1 | (16555) |  |  | (16554) |
| Issuance of common stock for patent acquisition |  |  | 150 |  | 369 |  |  | 369 |
| Change in warrant classification from liability to equity |  |  |  |  | 3707 |  |  | 3707 |
| Forfeiture of shares to settle promissory notes |  |  | (71) |  |  |  |  |  |
| Other comprehensive income |  |  |  |  |  | 311 |  | 311 |
| Net loss |  |  |  |  |  |  | (154633) | (154633) |
| **Balance at December 31, 2022** | **—** | $**—** | **174198** | $**18** | $**734146** | $**524** | $**(583364)** | $**151324** |

---

------

**Volta Inc.**

**Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2022** | **2021** |
|  | *(in thousands)* | *(in thousands)* |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(154633) | $(276595) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reduction in the carrying amount of ROU assets | 11511 | 4718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 19280 | 11153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 30015 | 173989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 398 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion expense | 198 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revaluation of warrant liability to estimated fair value | (22978) | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment and inventory | 3679 | 1896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (4086) | (6436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 594 | 2844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 3408 | (11154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid partnership costs | (700) | (2245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use asset | (448) | (1076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | (353) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 21725 | 8985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related party |  | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | (24268) | (1538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 4444 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease incentive liability | 5 | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | (9409) | (3292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent liabilities | 4462 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | $**(117156)** | $**(94934)** |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | (97352) | (54812) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization of internal-use software | (4711) | (626) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for acquisition of 2Predict |  | (200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of OpConnect patent | (875) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | $**(102938)** | $**(55638)** |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from employees for taxes paid on partial recourse notes |  | (8341) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Series D Preferred Stock |  | 28721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of short-term debt | (4083) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of long-term debt | (12250) | (8167) |
| &nbsp;&nbsp;&nbsp;&nbsp;EIP Loan reimbursement | (11577) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of PPP Loan |  | (3195) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 894 | 1497 |

---

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**Volta Inc.**

**Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of issuance costs related to Series D and D-1 Preferred Stock |  | (1290) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock upon equity offering, net of fees | 4508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of financing activity principal | (774) | (620) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Reverse Recapitalization and PIPE Financing |  | 350146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of common stock warrants - related party |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes paid related to net share settlement of equity awards | (16554) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from refunds of transaction costs related to Reverse Recapitalization |  | 4108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of transaction costs related to Reverse Recapitalization |  | (9048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used in) provided by financing activities** | $**(39836)** | $**353813** |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 312 | 213 |
| Net increase in cash and cash equivalents | (259618) | 203454 |
| Cash and cash equivalents, beginning of period | 262260 | 58806 |
| **Cash and cash equivalents, end of period** | $**2642** | $**262260** |
| **Supplemental disclosures of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | 5155 | 6534 |
| **Non-cash investing and financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment not yet settled | 39545 | 10136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of redeemable convertible Preferred Stock into common stock in connection with the Reverse Recapitalization |  | 210030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial recognition of operating lease right-of-use asset |  | 30612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in warrant classification from liability to equity | 3707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ROU assets obtained in exchange for operating lease liabilities | 27644 | 29036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B common stock warrants issued in satisfaction of services rendered |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeiture of shares to settle promissory notes collateralized to common stock |  | 9359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cashless exercise of Legacy Volta Preferred Stock Warrants |  | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issued for acquisition of 2Predict |  | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock for patent acquisition | 369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation capitalized to internal-use software | 571 |  |

---

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**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

**Note 1 - Description of Business**

Volta Inc. is a holding company for its wholly-owned subsidiaries, Volta Charging Industries, LLC, Volta Charging, LLC, Volta Charging Services, LLC, Volta Canada Inc., Volta Charging Germany GmbH, Volta France SARL, and Volta Media, LLC (inactive) (collectively, the "Company" or "Volta"). The new wholly owned subsidiaries, Rakko Holding B.V. and Volta Rakko B.V. were incorporated on August 22, 2022 and September 3, 2022, respectively. The Company is headquartered in San Francisco, California. The Company operates a network of smart media-enabled charging stations for electric vehicles across the U.S. In addition, the Company utilizes the network to decarbonize the transportation sector and accelerate electric vehicle adoption by providing sponsored charging to drivers. Revenue is derived primarily by selling paid content on the media-enabled charging station network, installing and maintaining charging stations.

On August 26, 2021, Tortoise Corp II consummated the Reverse Recapitalization contemplated by the Business Combination Agreement, by and among Tortoise Corp II, SNPR Merger Sub I, Inc., SNPR Merger Sub II, LLC, and Legacy Volta. On the Closing Date, and in connection with the Closing (the "Business Combination"), Tortoise Corp II was renamed Volta Inc. and began trading on the NYSE under the ticker symbol "VLTA". The Company's Public Warrants also trade on the NYSE under the ticker symbol "VLTA WS".

On September 12, 2022, the Company filed a registration statement on Form S-3 (File No. 333-267374) with the SEC (declared effective by the SEC on September 20, 2022) which permits the Company to offer up to 500 million shares of Class A common stock, preferred stock, depository shares, debt securities, warrants and rights in one or more offerings and in any combination, including in units from time to time. As part of the Shelf Registration Statement, the Company filed a prospectus supplement registering for sale from time to time up to 150 million shares of our Class A common stock, par value $0.0001 per share, in "at-the-market" offerings pursuant to a Controlled Equity Offering Sales Agreement<sup>SM</sup> (the "Sales Agreement") entered into on September 26, 2022, with a designated sales agent. As of December 31, 2022, the Company received $4.9 million of net proceeds from the sale and issuance of 4,251,284 shares of Class A common stock under the Sales Agreement, resulting in $0.4 million of equity issuance costs.

A substantial portion of the Company's operations, assets and revenue are located in the U.S. or derived from customers in the U.S.

**Note 2 - Summary of Significant Accounting Policies**

***Basis of presentation and consolidation***

The accompanying consolidated financial statements have been prepared in conformity with GAAP and include the accounts and operations of Volta Inc. and its wholly-owned subsidiaries. Volta Charging, LLC is the primary U.S. operating subsidiary of the Company. All intercompany accounts and transactions have been eliminated upon consolidation.

***Use of estimates***

The preparation of consolidated financial statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires the Company to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to management's estimates and assumptions include, but are not limited to, assumptions underlying the determination of the stand-alone selling ("SSP") prices for performance obligations within revenue arrangements, the fair value of consideration payable to a customer in revenue arrangements, allowance for doubtful accounts, inventory valuation, stock-based compensation, tax valuation allowance, warrant valuation, incremental borrowing rate for right-of-use ("ROU") assets and lease liabilities, lease term, the valuation and useful lives of property and equipment, goodwill and intangibles, term loan payable, and the valuation of assets acquired and liabilities assumed for the Reverse Recapitalization.

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

The Company believes that the estimates and judgments upon which it relies are reasonable based upon information available to the Company at the time that these estimates and judgments are made. The Company periodically evaluates such estimates and adjusts prospectively based upon such periodic evaluation. Actual results could differ materially from those estimates using different assumptions or under different conditions.

***Segment reporting***

For the years ended December 31, 2022 and 2021, the Company was managed as one operating segment as we only report financial information on an aggregate and consolidated basis to the interim CEO, our Chief Operating Decision Maker ("CODM"), who regularly reviews financial operating results on a consolidated basis for purposes of allocating resources and evaluating financial performance. Although the Company has different revenue streams, the CODM managed the Company as a whole and made decisions at the consolidated level. There are no segment managers who are held accountable for operations, operating results, and plans for components or types of products or services below the consolidated unit level. As of December 31, 2022, a substantial portion of our long-lived assets were located in the United States and a majority of our revenue was earned in the United States.

***Reclassifications***

Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications have no material effect on previously reported results of operations or loss per share.

***Cash, cash equivalents, and restricted cash***

Cash and cash equivalents include on-demand deposits with banks and a mutual fund, respectively, for which cost approximates the fair value and restricted cash. As of December 31, 2022 and December 31, 2021, there was $0 and $0.1 million restricted cash, respectively, held in escrow related to payments to contractors.

***Accounts receivable and allowance for doubtful accounts***

Accounts receivable primarily include amounts related to receivables from our sales of media and installation of stations. We provide an allowance against accounts receivable for the amount we expect to be uncollectible. We write-off accounts receivable against the allowance when they are deemed uncollectible.

Unbilled receivables result from amounts recognized as revenues but not yet invoiced as of the consolidated balance sheet date. The Company had $0.8 million in unbilled receivables as of December 31, 2022 and 2021 related to network development revenue, which are included in the accounts receivable balance on the accompanying consolidated balance sheets.

The Company recorded $42 thousand allowance for doubtful accounts in the year ended December 31, 2022. The Company had no allowance for doubtful accounts in the year ended December 31, 2021.

***Concentration of risk***

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and accounts receivable. The Company's cash is held on deposit with high-credit quality financial institutions. Such deposits may at times exceed federally insured limits. The Company has not experienced losses in accounts.

As of December 31, 2022, four customers accounted for 22.0%, 13.0%, 13.0%, and 11.0% of the Company's accounts receivable balance, respectively. As of December 31, 2021, three customers accounted for 30.5%, 22.0% and 18.7% of the Company's accounts receivable balance, respectively. For the year ended December 31, 2022, two customers accounted for 21.3% and 16.2% of the Company's revenue, respectively. For the year ended December 31, 2021, two customers accounted for 27.4% and 12.1% of the Company's revenue, respectively.

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

Revenue generated by these customers arises from a portfolio of contracts with multiple, separate, legal entities. The Company mainly mitigates concentration risk as all contracts are executed with these separate, legal entities.

As of both December 31, 2022 and December 31, 2021, no vendor accounted for more than 10% of the Company's accounts payable orders. The Company mitigates concentration risk by maintaining contracts and agreements with alternative suppliers and is actively expanding its supplier network.

***Fair value of financial instruments***

The Company evaluates the fair value measurements of all financial assets and liabilities. Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability.

A three-tiered hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires that the Company use observable market data, when available, and minimize the use of unobservable inputs when determining fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1, observable inputs such as quoted prices in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2, inputs other than the quoted prices in active markets that are observable either directly or indirectly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3, unobservable inputs in which there is little or no market data, which requires that the Company develop its own assumptions.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

***Foreign currency***

The functional currency of our foreign subsidiaries is the local currency or U.S. dollar depending on the nature of the subsidiaries' activities. Monetary assets and liabilities, and transactions denominated in currencies other than the functional currency are remeasured to the functional currency at the exchange rate in effect at the end of the period and are recorded in the current period consolidated statement of operations and comprehensive loss. Gains and losses resulting from remeasurement are recorded in foreign exchange gains (losses), net within other expense, net in the accompanying consolidated statement of operations and comprehensive loss. Subsidiary assets and liabilities with non-U.S. dollar functional currencies are translated at the month-end rate, retained earnings and other equity items are translated at historical rates, and revenues and expenses are translated at average exchange rates during the year. Cumulative translation adjustments are recorded within accumulated other comprehensive income, a separate component of total shareholders' (deficit) equity.

***Inventory***

Inventory consists of finished goods in the form of assembled charging stations. Inventory is measured using the first-in, first-out ("FIFO") method and stated at the lower of cost or net realizable value as of December 31, 2022 and 2021. The value of inventories is reduced by estimates for excess and obsolete inventories. The estimate for excess and obsolete inventories is based upon management's review of utilization of inventories in light of projected sales, current market conditions, and market trends. The Company monitors inventory to identify events that would require impairment due to obsolete inventory and adjusts the value of inventory when required. Inventory losses of $0.6 million were incurred during both the years ended December 31, 2022 and 2021.

***Prepaid partnership costs***

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

Prepaid partnership costs consist of licensing fees paid to site partners in Network Development arrangements for the exclusive right to display media on media-enabled charging stations in advance of the lease commencement date. Upon lease commencement, the costs are included in the right-of-use asset ("ROU") asset balance.

***Property and equipment***

Property and equipment are stated at cost, less accumulated depreciation and amortization. The cost of maintenance and repairs is expensed as incurred, and expenditures that extend the useful lives of assets are capitalized. Charging stations, digital media screens, capitalized research and development equipment, computers and equipment, and furniture are depreciated and amortized using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are depreciated using the straight-line method over the shorter of the estimated useful lives of the assets or the lease term, ranging from two to five years. Depreciation and amortization expense (excluding intangibles amortization) for the years ended December 31, 2022 and 2021 is $18.6 million and $10.6 million, respectively.

---

| | |
|:---|:---|
| **Asset** | **Useful Lives**<br>**(In Years)** |
| Charging stations and digital media screens | 5-10 |
| Capitalized research and development equipment | 2-5 |
| Computers and equipment | 3-5 |
| Furniture | 5 |
| Leasehold improvements | 2-5 |
| Capitalized software | 3 |

---

Construction in progress includes all costs capitalized related to projects, primarily related to installation of assets that have yet to be placed in service and in-process engineering activities. When assets are retired or otherwise disposed of, the cost and accumulated depreciation or amortization are removed from the consolidated balance sheets, and any resulting gain or loss is reflected in the consolidated statements of operations and comprehensive loss in the period realized.

For the years ended December 31, 2022 and 2021, losses of $3.6 million and $1.9 million, respectively, related to construction in progress that was damaged or abandoned were recognized in other operating expenses in the accompanying consolidated statements of operations and comprehensive loss.

***Capitalization of software costs and software implementation costs in a cloud computing arrangement***

The Company accounts for the costs of software developed for internal use by capitalizing costs incurred during the application development stage to property and equipment, net on the accompanying consolidated balance sheets. Costs related to preliminary project activities and post-implementation activities are expensed as incurred. The Company amortizes the capitalized costs of internal-use software on a straight-line basis over the estimated useful lives of the assets. The Company recognizes the amortization in depreciation and amortization in the accompanying consolidated statements of operations and comprehensive loss.

The Company capitalizes qualified implementation costs incurred in a cloud computing or hosting arrangement that is a service contract for which it is the customer. These capitalized implementation costs are recorded within property and equipment, net, on the consolidated balance sheets and are amortized over the fixed, non-cancellable term of the associated hosting arrangement or the estimated useful life of the asset on a straight-line basis. Costs incurred during the preliminary project stage, and post-implementation activities, are expensed as incurred.

***Intangible assets***

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

Definite-lived intangible assets primarily consist of intellectual property, for which the weighted-average useful life is 1.5 to 9 years. Total amortization expense for capitalized software and capitalized software implementation costs within depreciation and amortization for the years ended December 31, 2022 and 2021 is $0.7 million and $0.6 million, respectively.

***Impairment of long-lived assets and intangibles***

Intangible assets with finite lives are amortized over their useful lives and reported net of accumulated amortization. The Company evaluates its long-lived assets and intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is assessed by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Although the Company has accumulated losses, the Company believes that the future cash flows will be sufficient to exceed the carrying value of the Company's long-lived and intangible assets. As of December 31, 2022 and 2021, the Company determined that no events or changes in circumstances existed that would otherwise indicate any impairment of its long-lived or intangible assets.

***Goodwill***

Goodwill represents the excess of the cost of an acquired entity over the fair value of the acquired net assets. The Company accounts for goodwill in accordance with Accounting Standards Update ("ASU") 350, *Intangibles - Goodwill and Other Intangible assets*, which among other things, addresses financial accounting and reporting requirements for acquired goodwill and other intangible assets having indefinite useful lives. ASC 350 requires goodwill to be carried at cost, prohibits the amortization of goodwill and requires the Company to test goodwill for impairment at least annually. Volta evaluates its goodwill for impairment annually, in the fourth quarter, or more frequently if impairment indicators are present. A qualitative assessment is performed to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If, based on the evaluation, it is determined to be more likely than not that the fair value is less than the carrying value, then the goodwill is tested further for impairment. If the implied fair value of goodwill is lower than its carrying amount, an impairment loss is recognized in an amount equal to the difference. There was no impairment of goodwill for the year ended December 31, 2022.

***Leases***

The Company accounts for leases in accordance with ASC 842, *Leases*. The lease liabilities and corresponding ROU assets are recognized on the consolidated balance sheets. The Company determines if an arrangement contains a lease at inception. The Company recognizes an ROU asset and a lease liability at the lease commencement date for operating leases with terms greater than 12 months. ROU assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. The initial measurement of ROU assets is comprised of the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred, less any lease incentives received. ROU assets are subsequently measured throughout the lease term at the carrying amount of the lease liability, plus any initial direct costs, plus (less) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. The lease expense is recognized on a straight-line basis over the lease term. The Company does not have material financing leases as of December 31, 2022.

The interest rate used to determine the present value of the future lease payments is the Company's incremental borrowing rate as the Company generally cannot determine the implicit rate because it does not have access to the lessor's residual value or the amount of the lessor's deferred initial costs. The incremental borrowing rate is the interest rate the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms.

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

Lease terms include the noncancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor.

Variable lease payments associated with the Company's leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are recognized in other operating (income) expenses in the consolidated statements of operations and comprehensive loss.

The Company identifies separate lease and non-lease components within the contract. Non-lease components primarily include payments for electricity reimbursements made to the landlord. The Company has elected the practical expedient to combine lease and non-lease payments and account for them together as a single lease component, which increases the amount of the Company's ROU assets and lease liabilities.

During the fourth quarter of 2021, Volta changed the calculation of the short-term lease liability from a method that determines the short-term liability, net of interest, on a monthly basis to a method that determines the balance on a yearly basis, resulting in a decreased short-term liability balance and increased long-term liability balance. Diversity in practice exists in the absence of specific guidance on the method of calculating the short-term liability under ASC 842, and both the former and current approaches are considered acceptable. The impact from this change arises due to some monthly payments, net of interest, falling below zero and out of short-term liability classification, while those amounts would be included in short-term liability in an annual calculation of payments, net of interest. While the short-term and long-term lease liability balances are impacted by the change, the impact extends to classification and presentation only, and the total lease liability remains the same.

This change is due to the implementation of a new lease accounting system in Q4 2021 and is considered a change in accounting methodology that does not have a material impact on our consolidated financial statements. We applied this change prospectively in accordance with GAAP.

***Debt issuance costs***

The Company accounts for the costs incurred in connection with borrowings under financing facilities as deferred and amortized over the life of the related financing on a straight-line basis which approximates the effective interest method. During the years ended December 31, 2022 and 2021, the Company deferred and capitalized costs related to the issuance of the term loans approximating $0.6 million and $0, respectively, and amortized $0.4 million and $0.3 million for the years ended December 31, 2022 and 2021, respectively, of deferred debt issuance costs as interest expense, net, in the accompanying consolidated statements of operations and comprehensive loss (see Note 9 - Debt Facilities).

***Equity issuance costs***

Transaction costs related to issuing an equity instrument are accounted for as equity issuance costs and presented as a deduction from the carrying value of the equity instrument. Equity issuance costs are a reduction to the proceeds allocated to the equity component. For the year ended December 31, 2021, the Company raised $28.7 million through sales of Legacy Volta Series D Preferred Stock, resulting in $1.3 million of equity issuance costs, which was paid in cash. As a part of the Closing, all Legacy Volta Series D, Legacy Volta D-1 Preferred Stock, and Legacy Volta Class B common stock were converted to Volta Inc. Class A common stock (Note 11 - Stockholders' (Deficit) Equity and Stock-Based Compensation).

On September 12, 2022, the Company filed a registration statement on Form S-3 (File No. 333-267374) with the SEC (declared effective by the SEC on September 20, 2022) which permits the Company to offer up to 500 million shares of Class A common stock, preferred stock,depository shares, debt securities, warrants and rights in one or more offerings and in any combination, including in units from time to time (the "Shelf Registration Statement"). As part of the Shelf Registration Statement, the Company filed a prospectus supplement registering for sale from time

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

to time up to 150 million shares of our Class A common stock, par value $0.0001 per share, in "at-the-market" offerings pursuant to a Controlled Equity Offering Sales Agreement<sup>SM</sup> (the "Sales Agreement") entered into on September 26, 2022, with a designated sales agent. As of December 31, 2022, the Company received $4.9 million of net proceeds from the sale and issuance of 4,251,284 shares of Class A common stock under the Sales Agreement, resulting in $0.4 million of equity issuance costs.

***Stock warrants***

The Company's common stock warrants are freestanding warrants that were issued by Legacy Volta in connection with certain debt and equity financing transactions ("Legacy Volta Warrants"). At the Closing, the Legacy Volta Warrants were converted into warrants to purchase Volta Class A common stock ("Converted Warrants"). The Converted Warrants were classified as equity instruments at the grant date fair value calculated using the OPM Backsolve approach and were not subject to revaluation at the consolidated balance sheet date. Additionally, Tortoise Corp II sold Public Warrants and issued Private Warrants. The warrants are convertible to Volta Class A common stock. As of December 31, 2022, the Public Warrants are classified as equity instruments and are not subject to revaluation at the consolidated balance sheet date. As the Private Warrants do not meet the criteria for equity treatment, they are recorded as liabilities on the consolidated balance sheets. Accordingly, the Company classifies the Private Warrants as liabilities and records them at fair value, with the change recorded in the change in fair value of warrant liability in the accompanying consolidated statements of operations and comprehensive loss.

***Revenue recognition*** 

Revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services by following a five-step process, (i) identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price, and (v) recognize revenue when or as the Company satisfies a performance obligation.

The Company generally considers a sales contract and/or agreement with an approved purchase order as a customer contract provided that collection is considered probable, which is assessed based on the creditworthiness of the customer. The Company combines contracts with a customer if contracts are entered into at or near the same time with the same customer and are negotiated with a single commercial substance or contain price dependencies. As it enters contracts with customers, the Company evaluates distinct goods and services promised in the contract to identify the appropriate performance obligations. The performance obligations include advertising services, charging stations, which include AC and DCFC stations, installation services, operation and maintenance services, installed infrastructure, regulatory credits and SaaS. The Company generally contracts with customers at fixed amounts and has not experienced significant returns or price concessions and discounts to contacted terms. To the extent the Company is entitled to variable consideration on the sale of goods or services, it will estimate the amount it expects to collect as part of the transaction price provided it is probable that a significant reversal of revenue will not occur when the uncertainty related to variable consideration is resolved.

When a contract contains multiple performance obligations, the Company allocates the transaction price to each performance obligation using the relative SSP method. The determination of SSP is judgmental and is based on the price the Company would charge for the same good or service if it were sold separately in a standalone sale to similar customers in similar circumstances. As the charging stations, installation and operation and maintenance services are never sold separately, the Company utilizes an expected cost plus a margin approach to determine the SSP for each of the separate performance obligations. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services.

For revenue generated from contracts with customers involving another party, the Company considers if we maintain control of the specified goods or services before they are transferred to the customer, as well as other indicators such as the party primarily responsible for fulfillment, collection risk, and discretion in establishing

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

prices. When the Company controls the performance of contractual obligations to the customer, it records revenue at the gross amount paid by the customer with amounts paid as commissions to Agents as cost of services.

*Disaggregation of revenue* 

The Company's operations represent a single operating segment based on how the Company and its CODM manage its business. The Company disaggregates revenue by major category in the table below based on what it believes are the primary economic factors that impact the nature, amount, timing, and uncertainty of revenue and cash flows from these customer contracts.

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2022** | **2021** |
| **Revenues** | *(in thousands)* | *(in thousands)* |
| &nbsp;&nbsp;Media | $44008 | $25961 |
| &nbsp;&nbsp;Network Development | 9246 | 5224 |
| &nbsp;&nbsp;Charging Network Operations | 748 | 676 |
| &nbsp;&nbsp;Network Intelligence | 598 | 450 |
| **Total revenues** | $**54600** | $**32311** |

---

*Media*

Media revenue is generated based on the number of advertising impressions delivered over the contract term, which is typically less than one year. Media revenue is recorded in service revenue in the accompanying consolidated statements of operations and comprehensive loss.

*Network Development*

Network Development revenue consists of revenue generated through installation services, operation and maintenance services offered over the contract term, installed infrastructure for utility companies and charging station products. Revenue from installation services is recognized over time using an input method based on costs incurred to measure progress toward complete satisfaction of the performance obligation. Revenue from operation and maintenance services is recognized over the term of the arrangement as the services are performed. Revenue from the sale of installed infrastructure is recognized at a point in time when control of the installed infrastructure is transferred to the customer. Revenue from charging stations is recognized at the point in time when control of the charging station is transferred to the customer, which is typically when the charging station is delivered at the designated customer site.

If the arrangement contains a lease, it is accounted for in accordance with ASC 842, *Leases*. In some arrangements, the Company has executed a sale and leaseback of the digital media screens (sale leaseback) and has also acquired the right to control the use of the location to advertise over a set term (location lease) (see Note 9 - Debt Facilities). During the construction phase, the Company does not control the underlying asset on the customer's property. As the leaseback qualifies as a financing arrangement, the Company will not record a sale for accounting purposes of the digital media screen and will depreciate that asset over its useful life. For contractual payments that do not exceed the fair value of the location lease obligation, the Company records a lease liability and an associated ROU asset based on the discounted lease payments. In some instances, the Company may receive a lease incentive from the lessor which is recorded as a reduction to the ROU asset.

The determination of the transaction price for Network Development revenue may require judgment and can affect the amount and timing of revenue. The transaction price is based on the consideration that the Company expects to be entitled to for providing the Network Development products and services on a standalone basis. Almost all the transaction price is based on fixed cash consideration received from customers. The transaction price is allocated

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**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

between lease and non-lease components based on a relative-selling price basis. However, in arrangements where the Company pays consideration to a customer for a distinct good or service, the consideration payable to a customer is limited to the fair value of the distinct good or service received by the customer. If the contractual payments for the location lease of this arrangement are in excess of fair value, then the Company will estimate the excess contractual payments over fair value and record that amount as a reduction to the transaction price in the arrangement. The reduction to transaction price for consideration payable to a customer is recognized at the later of when the Company pays or promises to pay the consideration or when the Company recognizes the related revenue for the transferred products and services. The Company reduced the transaction price and recognized consideration payable to a customer of $0.4 million and $0.6 million for the years ended December 31, 2022 and 2021, respectively.

The Company typically bills the customer upon contract inception for charging stations and installation services and bills the customer on a quarterly basis for operation and maintenance services. Payments are typically due within one month after billing. Revenue generated through infrastructure development services, installation services, operation and maintenance services and installed infrastructure is recorded in service revenue in the accompanying consolidated statements of operations and comprehensive loss. Revenue generated through charging station products is recorded in product revenue in the accompanying consolidated statements of operations and comprehensive loss.

*Charging Network Operations*

Charging Network Operations revenue correlates to usage of stations, and are currently, primarily generated by selling regulatory credits or LCFS credits to other regulated entities. The Company recognizes revenue from regulatory credits at the point in time when the regulatory credits are sold to the customer. Costs associated with Charging Network Operations are composed of a minor amount of personnel-related costs which is presented in selling, general and administrative in the accompanying consolidated statements of operations and comprehensive loss. Charging Network Operations revenue is recorded in other revenue in the accompanying consolidated statements of operations and comprehensive loss.

*Network Intelligence*

Network Intelligence revenue is generated through the delivery of SaaS to the customer as well as set up and one time fees. The Company recognizes Network Intelligence revenue ratably over the contract term on a time-elapsed basis as the SaaS is performed over the license period. Network Intelligence revenue is recorded in other revenue in the consolidated statements of operations and comprehensive loss. Most costs associated with Network Intelligence revenue qualify as internal use software and are capitalized and recorded within property and equipment, net on the accompanying consolidated balance sheets.

*Practical expedient and policy elected*

The Company utilized the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component if the Company generally expects, at contract inception, that the period between when the Company transfers control of the promised good or service and when the Company receives payment from the customer is within one year or less. At contract inception, the Company expects to complete installation and transfer control of media-enabled charging stations to customers and receive payment within one year of contract execution. The Company generally expects to fulfill media campaigns and receive payment for advertising sales within one year.

The Company has elected to present revenue net of sales taxes remitted to government authorities.

*Remaining performance obligations*

Transaction price allocated to the remaining performance obligation represents contracted revenue that has not yet been recognized, which includes deferred revenue and unbilled receivable amounts that are expected to be recognized as revenue in future periods and excludes the performance obligations that are subject to cancellation

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**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

terms. The remaining performance obligations related to advertising services, the sale of media-enabled charging stations, installation services and SaaS are expected to be recognized as revenue within the next twelve months and are recorded within deferred revenue on the accompanying consolidated balance sheets. The unbilled receivable amount was $0.8 million for both the years ended December 31, 2022 and 2021. The total remaining performance obligations, excluding advertising services contracts that have a duration of one year or less, was $30.6 million as of December 31, 2022. As of December 31, 2022, the Company expects to recognize approximately 51.0% of its remaining performance obligations as revenues in the next twelve months, and the remainder thereafter.

***Deferred revenue***

Deferred revenue primarily consists of billings or payments received from customers in advance of revenue recognized for the sale of media-enabled charging stations, and of installation and operation and maintenance services, and is recognized as revenue upon transfer control or as services are performed. The Company generally invoices customers in advance or in milestone-based installments. Revenue recognized for the years ended December 31, 2022 and 2021 that was included in the deferred revenue balance as of December 31, 2021 and 2020 was $8.1 million and $2.9 million, respectively. As of December 31, 2022, deferred revenue related to such customer payments amounted to $14.4 million, of which $13.6 million is expected to be recognized during the succeeding twelve-month period and is therefore presented as current.

***Costs to obtain a contract with a customer***

The Company elected to apply the practical expedient available under ASC 340-40, *Other Assets and Deferred Costs - Contracts with Customer*s, to not capitalize incremental costs of obtaining a contract, such as sales commissions, if the amortization period is less than one year. Commissions paid for certain sales of advertising are expensed as incurred because the amortization period would have been one year or less as most media campaigns are scheduled to run less than one year.

Sales commissions are also paid for obtaining a network development contract with a site host that purchases media-enabled charging stations and related services. As the typical contract term for these agreements exceeds one year, the Company does not apply this practical expedient. Sales commissions that are considered incremental and recoverable costs of obtaining a contract with a customer are capitalized and included in prepaid expenses and other current assets and other non-current assets on the consolidated balance sheets. The deferred costs are then amortized over the period of benefit consistent with the transfer of the goods and services to the customer to which the asset relates and is included in selling general, and administrative in the consolidated statements of operations and comprehensive loss.

The ending balances of assets recognized from costs of obtaining a contract with a customer were $0.04 million included in prepaid expenses and other current assets for both years as of December 31, 2022 and 2021, respectively, and $0.2 million and $0.3 million included in other non-current assets for the years ended as of December 31, 2022 and 2021, respectively. Amortization expense related to assets recognized from costs to obtain a contract with a customer was $0.01 million and $0.1 million for the years ended December 31, 2022 and 2021, respectively. The Company did not recognize any contract cost impairment losses for the years ended December 31, 2022 and 2021.

***Cost of revenues (excluding depreciation and amortization)***

*Costs of services* 

Costs of services consist of costs attributable to the Network Development revenue and Media revenue. Costs associated with Network Development consist of costs associated with providing installation, operations and maintenance services, including personnel-related costs associated with delivering services, such as salaries and benefits, and costs to install infrastructure for utility companies. Costs associated with Media revenue consist of costs associated with providing advertising services, including related rental payments on location leases for the

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**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

advertising displays, charging sites, station electricity, and labor costs directly related to service revenue-generating activities.

*Costs of products* 

Costs of products consists primarily of hardware cost and shipping cost. Hardware cost primarily relates to AC and DCFC stations which includes the cost of station chassis, the electric vehicle chargers, media screens, sensors, routers, and computers.

***Selling, general and administrative***

Selling, general and administrative consists primarily of employee-related costs, including salaries, employee benefits, and stock-based compensation, repair and maintenance expenses on corporate facilities and equipment and marketing. Selling, general and administrative also consist of rebates and incentives received from utility companies for the installation of electric vehicle charging stations and related infrastructure. Additionally, for the years ended December 31, 2022 and 2021 research and development expenses included in selling, general and administrative were $0.9 million and $1.2 million, respectively.

***Advertising expenses***

The Company expenses advertising expenses as they are incurred. For both the years ended December 31, 2022 and 2021, advertising expenses were $1.3 million, and are included in selling, general and administrative in the accompanying consolidated statements of operations and comprehensive loss. The Company does not capitalize any advertising expenses.

***Other expenses, net***

Other expenses, net, consist primarily of the miscellaneous expenses or income that are not related to core business operations. For the years ended December 31, 2022 and 2021, other expenses, net primarily relate to property taxes.

***Income taxes***

The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not expected to be realized.

Management regularly assesses the ability to realize deferred tax assets recorded based upon the available evidence, including such factors as recent earnings history and expected future taxable income on a jurisdiction-by-jurisdiction basis. In the event that the Company changes its determination as to the amount of realizable deferred tax assets, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.

The Company accounts for uncertain tax positions in accordance with accounting standards which clarifies the accounting for uncertainty in income taxes in an enterprise's financial statements by defining the criterion that an individual tax position must meet for any part of the benefit of that position to be recognized in an enterprise's financial statements. The accounting standard prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return as well as guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As of December 31, 2021, the Company recorded $2.0 million as an uncertain tax position related to deferred revenue. This uncertain tax position was released during the year ended December 31, 2022. The

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**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

Company's policy is to include penalties and interest related to income tax matters within the Company's benefit from (provision for) income taxes.

***Stock-based compensation***

The Company accounts for all share-based payment awards granted to employees and non-employees based on the fair value of the awards on the date of the grant. For service-based awards, stock-based compensation is recognized in the consolidated statements of operations and comprehensive loss over the period during which the employee is required to perform service in exchange for the award (generally the vesting period of the award). The Company estimates the fair value of stock options on the date of grant using the Black-Scholes OPM. The grant-date fair value of option awards is based upon the fair value of the Company's common stock as of the date of grant, as well as estimates of the expected term of the awards, expected common stock price volatility over the expected term of the option awards, risk-free interest rates and expected dividend yield. Forfeitures are recognized as they occur. Compensation cost is recognized over the vesting period of the applicable award using the straight-line method. For service and performance-based restricted stock units and awards, the fair value is based on the closing price for the Company's common stock on the date of the grant. Compensation cost for service-based awards is recognized on a straight-line basis over the requisite service period. Compensation cost for performance-based awards is recognized on a straight-line basis over the requisite service period if it is probable that the performance condition will be satisfied given the awards vest upon achievement of the performance condition. For market-based awards, the fair value is measured on the grant date using a Binomial Lattice Valuation Model ("BLM"). The requisite service period is also determined through the use of a BLM. Compensation cost associated with awards granted with market-based vesting conditions is recognized over the requisite service period for each tranche using the accelerated attribution method even if the market condition is never satisfied.

***Comprehensive loss and accumulated other comprehensive income***

The components of comprehensive loss consist of net loss and changes in foreign currency exchange rate translation. The changes in foreign currency exchange rate translation are excluded from earnings and reported as a component of stockholders' (deficit) equity. The foreign currency translation adjustment results from those subsidiaries not using the United States dollar as their functional currency since the majority of their economic activities are primarily denominated in their applicable local currency. Accordingly, all assets and liabilities related to these operations are translated at the current exchange rates at the end of each period, whereas revenues and expenses are translated at average exchange rates in effect during the period. The resulting cumulative translation adjustments are recorded directly to the accumulated other comprehensive income account in stockholders' (deficit) equity. For the years ended December 31, 2022 and 2021, the Company had total comprehensive loss of $154.3 million and $276.4 million, respectively, and accumulated other comprehensive income of $0.5 million and $0.2 million, respectively.

***COVID-19 impact***

On January 30, 2020, the World Health Organization ("WHO") announced a global health emergency because of COVID-19. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The COVID-19 pandemic may continue to have a negative impact on the operations and customers of the Company. The impact on the business and the results of operations included decreased customer demand for advertising space due to the decrease in foot traffic at the site hosts as consumers were subject to stay at home and shelter-in-place orders around the United States, as well as the temporary halting of construction activities of the charging stations. In addition, the ability of the employees and the suppliers' and customers' employees to work may be impacted by individuals contracting or being exposed to COVID-19, which may significantly hamper the operations. Despite the adverse impacts, there are no indications that the COVID-19 pandemic has resulted in a material decline in the carrying value of any assets, or a material change in the estimate of any contingent amounts recorded in the consolidated balance sheet as of December 31, 2022. However, there is uncertainty as to the duration and overall impact of the COVID-19 pandemic. The consolidated financial statements reflect estimates and assumptions made by management as of December 31, 2022 and management continues to monitor the potential impact. Events and changes in circumstances arising after December 31, 2022, including those resulting from the

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

impacts of the COVID-19 pandemic, will be reflected in management's estimates for future periods. The Company applied for and received a $3.2 million loan under SBA as a part of the PPP Loan. While the Company received full forgiveness for the loan, the full amount of the loan was repaid in the year ended December 31, 2021 (see Note 9 - Debt Facilities).

***Recent accounting pronouncements***

In June 2016, the FASB issued ASU 2016-13, *Financial Instruments-Credit Losses (Topic 326)*: *Measurement of Credit Losses on Financial Instruments*. The ASU was subsequently amended by ASU 2018-19, ASU 2019-05 and ASU 2019-10. The guidance amended reporting requirements for credit losses for assets held at amortized cost basis and available-for-sale debt securities. For available-for-sale debt securities, credit losses will be presented as an allowance rather than as a write-down. In addition, the length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists. ASU 2016-13, as subsequently amended for various technical issues, is effective for public, smaller reporting companies after December 15, 2022, and for interim periods within those fiscal years. The Company will adopt this ASU effective January 1, 2023 and does not expect it will have a material impact on its unaudited condensed consolidated financial statements.

**Note 3 - Liquidity**

The Company's consolidated financial statements are prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The accompanying Consolidated Financial Statements do not reflect any adjustments relating to the recoverability and reclassifications of assets and liabilities that would be necessary if the Company is unable to continue as a going concern. Additional cash obligations in the next twelve months are expected to include investments in the operations and purchases to expand the business. Management has considered conditions and events which provide substantial doubt about the Company's ability to continue as a going concern over the 12 months following the issuance of the consolidated financial statements. The Company concluded that there is substantial doubt that the Company can continue as a going concern in the next twelve months based on reasonable information available to us as of the date of this analysis. No assurances can be provided that additional funding will be available at terms acceptable to the Company, if at all. If the Company is unable to raise additional capital, the Company may significantly curtail its operations, modify strategic plans and/or dispose of certain operations or assets. For the year ended December 31, 2022, the Company incurred a net loss of $154.6 million and had negative cash flows from operating activities of $117.2 million. As of December 31, 2022, the Company had an accumulated deficit of 583.4 million and cash of $2.6 million.

*ATM Proceeds*

During the year ended December 31, 2022, the Company received $4.9 million of proceeds, net of commissions, from the sale and issuance of 4,251,284 shares of Class A common stock issued in "at-the-market" offerings pursuant to a Controlled Equity Offering Sales Agreement<sup>SM</sup> dated September 26, 2022. The offer and sale of these shares has been registered under the Securities Act, pursuant to the Company's Registration Statement on Form S-3 (File No. 333-267374), which was originally filed with the SEC on September 12, 2022 and declared effective by the SEC on September 20, 2022, the base prospectus contained within the Registration Statement, and a prospectus supplement that was filed with the SEC on September 26, 2022. For more information, see Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations - Financial Condition, Liquidity, and Capital Resources - Shelf Registration Statement and At-the-Market Equity Offerings.

*Agreement and Plan of Merger*

On January 17, 2023, Volta entered into the Merger Agreement with Shell and Merger Sub. The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Volta, with Volta continuing as the surviving corporation and as a wholly-owned subsidiary of Shell. See Note 17 - Subsequent Events for further more details. In the event the Merger Agreement is not adopted

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

by Volta stockholders, or if the merger is not completed for any other reason (other than pursuant to Volta's acceptance of a superior proposal), it is likely that Volta would be required to promptly raise additional debt or equity capital, which may not be available, or commence voluntary bankruptcy proceedings.

As of December 31, 2022, the Company had $12.9 million outstanding on a term loan. The term loan agreement requires the Company to be in compliance with certain financial covenants, including maintaining a minimum cash balance and total and average revenue covenants. If the Company does not raise additional capital it is unlikely the financial requirements will be met in future periods and the lenders will have the right to exercise remedies, including an increase in the interest rate by 3.0% per annum, and an option to require repayment of the loan in the event of default. For more information on the term loan agreement, see Note 9 - Debt Facilities.

**Note 4 - Acquisitions**

On April 21, 2021, the Company completed its acquisition of certain assets of 2Predict, from Praveen Mandal, the Company's former Chief Technology Officer. 2Predict uses artificial intelligence techniques to run next-level analytics on large data sets. 2Predict's data scientists provide advanced machine learning solutions and some of them will continue to assist in developing Volta's technology. The purchase price was $1.4 million, comprising $0.2 million cash and 182,188 issued shares of Volta Class A common stock valued at $1.2 million, paid on the acquisition date.

The acquisition of 2Predict was accounted for as a Business Combination according to ASC 805-10, *Business Combinations*. This method requires, among other things, that assets acquired and liabilities assumed in a Business Combination be recognized at their fair values as of the acquisition date. During 2021, the Company incurred immaterial third-party acquisition costs. These expenses were included in general and administrative expense of the consolidated statements of operations and comprehensive loss for the year ended December 31, 2021.

The Company recorded net assets acquired of $1.4 million, including definite-lived intangible assets of $1.2 million and goodwill of $0.2 million. Definite-lived intangible assets primarily consist of intellectual property of 2Predict, for which the weighted-average useful life is 1.5 years. Goodwill is primarily attributed to the future economic benefits arising from assets acquired that could not be individually identified and separately recognized, such as assembled workforce.

The results of operations of 2Predict are included in the accompanying consolidated statements of operations and comprehensive loss from the date of acquisition. Pro forma results of operations for this acquisition have not been presented because the results of operations are not material to the consolidated statements of operations and comprehensive loss.

**Note 5 - Reverse Recapitalization**

As discussed in Note 1 - Description of Business, on the Closing Date, Volta Inc. (formerly Tortoise Corp II) consummated the Reverse Recapitalization and Legacy Volta received proceeds of $350.1 million. The proceeds included $300.0 million from certain accredited investors that agreed to purchase 30,000,000 shares of Volta Class A common stock in a private placement in connection with the Reverse Recapitalization (the "PIPE Financing"), and is net of $242.2 million in redemptions from issuance of common stock upon the Closing and includes $9.0 million of transaction costs of which the entire amount was paid by Legacy Volta as of December 31, 2021. Subsequent to the Closing, the Company received refunds for the over-payment of transaction costs of $4.1 million as of December 31, 2021. These transaction costs consist of legal, accounting, and other professional services directly related to the Reverse Recapitalization. These one-time direct and incremental transaction costs incurred by the Company were recorded based on the activities to which the costs relate and the structure of the transaction; cost relating to the issuance of equity is recorded as a reduction of the amount of equity raised, presented in additional paid in capital, while all costs related to the warrants were estimated and charged to expense. The cash outflows related to these costs were presented as financing activities on the Company's consolidated statement of cash flows.

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

On the Closing Date, each holder of Legacy Volta's Class A common stock received approximately 1.2135 shares of Volta's Class B common stock, par value $0.0001 per share, and each holder of Legacy Volta's Class B common stock received approximately 1.2135 shares of the Company's Class A common stock, par value $0.0001 per share. See Note 10 - Warrants and Note 11 - Stockholders' (Deficit) Equity and Stock-Based Compensation for additional details of the Company's stockholders' equity prior to and subsequent to the Reverse Recapitalization.

All equity awards of Legacy Volta were assumed by the Company and converted into comparable equity awards that are settled or exercisable for shares of the Company's Class A or Class B common stock based on an exchange ratio of approximately 1.2135.

Each Public Warrant and Private Warrant was unexercised at the time of the Reverse Recapitalization and was assumed by the Company and represents the right to purchase shares of the Company's Class A common stock. Please refer to Note 10 - Warrants for additional detail.

The Reverse Recapitalization was accounted for with Legacy Volta as the accounting acquirer and Tortoise Corp II as the acquired company for accounting purposes. Legacy Volta was determined to be the accounting acquirer since Legacy Volta's stockholders prior to the Reverse Recapitalization had the greatest voting interest in the combined entity, Legacy Volta comprises all of the ongoing operations and Legacy Volta's senior management directs operations of the combined entity. Accordingly, all historical financial information presented in the consolidated financial statements represents the accounts of Legacy Volta and its wholly owned subsidiaries. Net assets were stated at historical cost consistent with the treatment of the transaction as a reverse recapitalization of Volta Inc.

**Note 6 - Fair Value Measurements**

The Company uses a three-tier fair value hierarchy to prioritize the inputs used in the fair value measurements. All of the Company's cash and cash equivalents are classified within Level 1 as they are valued using quoted market prices or alternative pricing sources. The Public Warrants were classified as Level 1 due to the use of an observable market quote in an active market. The senior secured term loan is classified within Level 2 as it is valued using market-based risk measurements that are indirectly observable, such as credit risk. Private Warrants are classified within Level 3. In determining the fair value of the private placement warrant liability, the Company used the BLM that assumes optimal exercise of the Company's redemption option at the earliest possible date.

The following tables present information about the Company's liabilities that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Carrying Amount** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| **December 31, 2021** |  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;Senior secured term loan | $39995 | $41242 | $— | $41242 | $— |
| &nbsp;&nbsp;Private warrants | 11036 | 11036 |  |  | 11036 |
| &nbsp;&nbsp;Public warrants | 16036 | 16036 | 16036 |  |  |
| **Total** | $**67067** | $**68314** | $**16036** | $**41242** | $**11036** |
| **December 31, 2022** |  |  |  |  |  |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;Senior secured term loan | $12483 | $12923 | $— | $12923 | $— |
| &nbsp;&nbsp;Private warrants | 386 | 386 |  |  | 386 |
| **Total** | $**12869** | $**13309** | $**—** | $**12923** | $**386** |

---

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

***Level 2 valuation - senior secured term loan***

The Company measures the fair value of the senior secured term loan using discounted cash flows and market-based expectations for credit risk and market risk.

***Level 3 valuation - Private Warrants***

As of December 31, 2022 and 2021, the Company has Private Warrants defined and discussed in Note 10 - Warrants. The warrants are measured at fair value on a recurring basis at the end of each reporting period using a BLM. The BLM's primary unobservable input utilized in determining the fair value of the Private Warrants is the expected volatility of the common stock. The expected volatility as of the Closing was derived from observable Public Warrants pricing. The expected volatility as of subsequent valuation dates was implied from the Company's own Public Warrants pricing. Accordingly, the Private Warrants are classified as Level 3 financial instruments. The Private Warrants were valued as of December 31, 2022 using the estimated fair value price of $0.07 per Private Warrant, and valued as of December 31, 2021 using the estimated fair value price of $1.86 per Private Warrant. The following table provides quantitative information regarding Level 3 Private Warrants fair value measurement inputs at their measurement dates:

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| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| Expected dividend yield | —% | —% |
| Risk-free interest rate | 4.10% | 1.18% |
| Expected volatility | 214.40% | 132.50% |
| Expected term (in years) | 3.65 | 4.5 |

---

The changes in the fair value of the Private Warrants were as follows:

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| | |
|:---|:---|
|  | *(in thousands)* |
| **December 31, 2020** | $**698** |
| Increase in fair value of Preferred Stock warrants | 1246 |
| Release of liability upon exercise of Preferred Stock warrants | (1944) |
| Addition of Private Warrants | 11036 |
| Decrease in fair value of Private warrants |  |
| **December 31, 2021** | $**11036** |
| Decrease in fair value of Private warrants | (10650) |
| **December 31, 2022** | $**386** |

---

There were no transfers of financial instruments between levels of the hierarchy for the years ended December 31, 2022 and 2021.

**Note 7 - Property and Equipment, Net**

Property and equipment, net, as of December 31, 2022 and 2021, consists of the following:

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**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
|  | *(in thousands)* | *(in thousands)* |
| Charging stations and digital media screens | $131107 | $79104 |
| Construction in progress: station hardware | 100895 | 33434 |
| Capitalized research and development equipment | 2451 | 2689 |
| Leasehold improvements | 1990 | 856 |
| Computer and office equipment | 1727 | 1459 |
| Capitalized software | 1622 | 888 |
| Development in progress: software | 4573 | 86 |
| Furniture | 229 | 229 |
| Other fixed assets | 4573 | 3736 |
| &nbsp;&nbsp;**Total property and equipment** | **249167** | **122481** |
| Less accumulated depreciation and amortization | (41821) | (24753) |
| &nbsp;&nbsp;**Property and equipment, net** | $**207346** | $**97728** |

---

Construction in progress is primarily composed of the charging stations that are pending installation completion. Depreciation and amortization expenses, excluding intangible amortization, were $18.6 million and $10.6 million for the years ended December 31, 2022 and 2021, respectively.

**Note 8 - Accrued Expenses and Other Current Liabilities**

Accrued expenses and other current liabilities as of December 31, 2022 and 2021 consists of the following:

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| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
|  | *(in thousands)* | *(in thousands)* |
| Charging station expenses | $10499 | $5393 |
| Lease incentive liability | 1746 | 2354 |
| Employee related expenses | 6374 | 9239 |
| Deposit liability |  | 850 |
| Accrued interest |  | 1294 |
| Severance | 325 |  |
| Other | 501 | 1038 |
| **Total accrued expenses and other liabilities** | $**19445** | $**20168** |

---

Charging station expenses consist primarily of accrued installation costs and rent expenses. Accrued employee expenses consist of accrued bonuses and commissions. Lease incentive liability consists of payments received in excess of the SSP for performance obligations related to Network Development arrangements. These liabilities are recorded in ROU assets upon lease commencement.

**Note 9 - Debt Facilities**

The Company's outstanding debt instruments as of December 31, 2022 and 2021 are as follows:

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**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
|  | *(in thousands)* | *(in thousands)* |
| Term loans payable | $12923 | $40833 |
| Less current maturities, net of debt issuance | 12483 | 15998 |
| Less unamortized debt issuance costs, non-current portion | 440 | 838 |
| **Total loans payable, net of unamortized debt issuance costs and current term loan payable** | $**—** | $**23997** |

---

***Term loans payable***

On June 19, 2019, the Company entered into a term loan agreement that provides for senior secured term loan facilities of up to $44.0 million, and on November 25, 2020, the maximum borrowings were increased to $49.0 million. The term loan bears interest on the total outstanding balance at 12% per annum and is secured by certain qualifying assets of the Company. Principal payments are due in equal monthly installments which began on July 1, 2021, and the term loan matures on June 19, 2024. Total payments on the principal balance for the years ended December 31, 2022 and December 31, 2021 were $27.9 million and $8.2 million, respectively. The term loan agreement contains certain covenants pertaining to reporting and financial requirements, as well as negative and affirmative covenants. If the Company does not meet its reporting requirements, the lenders have the right to request remedies, including an increase in the interest rate by 3.0% per annum, and an option to call the loan in the event of default. The lenders agreed to waive their right to call the debt as a result of violations of certain covenants. These provisions expire on the earlier of loan termination, when the facility is fully drawn on, or two years after the Closing Date. The Company is in compliance with all covenants in relation to the year ended December 31, 2022. In March 2022 certain additional covenants pertaining to investments by the Company in its foreign subsidiaries Volta Canada Inc., Volta Charging Germany GmbH and Volta France SARL were implemented through an amendment to the term loan agreement. The amendment requires that investments in such foreign subsidiaries shall not exceed 125% of funds held in escrow. As of September 30, 2022, the Company had funded $12.9 million into an escrow account to cover projected investments in such foreign subsidiaries, which was presented as restricted cash on the consolidated balance sheets as of September 30, 2022. The term loan agreement was further amended in September 2022 to permit the Company to sell shares of its common stock in at-the-market offerings. In October 2022, pursuant to a limited waiver to the term loan agreement, the Company released all of the funds in the escrow account of $12.9 million to the agent as a voluntary prepayment of the obligations owed under the term loan. The limited waiver maintains the funding requirement for the escrow account and extends it to include Volta Rakko B.V. and Rakko Holding B.V. in the Netherlands. As of December 31, 2022 and 2021, $12.9 million and $40.8 million of the principal was outstanding, and there was a debt discount of $0.4 million and $0.8 million, related to debt issuance costs, respectively. As of December 31, 2022, there was no accrued interest. As of December 31, 2021, accrued interest was $1.3 million.

Term loan payments by period as of December 31, 2022 are as follows:

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| | |
|:---|:---|
| **Fiscal Year** | *(in thousands)* |
| 2023 | 12923 |
|  | $**12923** |

---

***PPP loan***

In April 2020 the Company applied for and received a small business loan of $3.2 million through the PPP Loan. Although the Company received full forgiveness for the loan as the entire amount was used for eligible expenses under the program, the Company paid the entire balance of the PPP loan on October 12, 2021.

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**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

***Financing obligations***

For one customer, the Company has entered into multiple contracts to sell media-enabled charging stations and leaseback the digital media screens for a period of up to 10 years. The leaseback of the digital media screen is in excess of its useful life of 5 years. Therefore, the consideration received equal to relative standalone selling price for the digital media screens has been recorded as a financing transaction. This financing arrangement has been amortized over its 5-year term at the Company's incremental borrowing rate at the time of the transaction. As of both December 31, 2022 and 2021, the current portions of the financing obligation were $0.9 million, which were included within accrued expenses and other current liabilities in the accompanying consolidated balance sheets. Non-current portions as of December 31, 2022 and 2021 were $2.4 million and $3.1 million, respectively, which were included within other non-current liabilities on the accompanying consolidated balance sheets. The Company's incremental borrowing rate for each of these transactions has ranged between 6.0%-17.9%.

As of December 31, 2022 future payments under financing obligations were as follows:

---

| | |
|:---|:---|
| **Fiscal Year** | *(in thousands)* |
| 2023 | $1198 |
| 2024 | 1215 |
| 2025 | 810 |
| 2026 | 408 |
| Thereafter | 529 |
| **Total future payments** | **4160** |
| Less amount representing interest | 883 |
| **Total financing obligations** | $**3277** |

---

**Note 10 - Warrants**

**Legacy Volta Preferred Stock warrants**

In connection with the Company's prior debt financing agreements, Legacy Volta issued preferred stock warrants to purchase shares of Legacy Volta Series B preferred stock. During 2015, the Company issued warrants to purchase up to 209,029 shares of Series B preferred stock at an exercise price of $1.0475 per warrant expiring in July 2025.

On August 25, 2021, 208,993 shares of Legacy Volta preferred stock warrants were converted through a cashless exercise in accordance with the terms of the original warrant agreement to 253,613 shares of Class A common stock due to the application of the exchange ratio of approximately 1.2135.

As of December 31, 2022 and 2021, none of the Legacy Volta Preferred Stock warrants remain outstanding.

***Legacy Volta common stock warrants***

In connection with the Legacy Volta Series D issuance, the Company issued equity classified warrants to purchase 381,679 shares of Legacy Volta Class B common stock at an exercise price of $1.31, to the existing investors, during the year ended December 31, 2020. The Company valued the warrants at $0.76 per share upon issuance for a total amount of $0.3 million. As the warrants were issued in connection with the issuance of Legacy Volta preferred stock, the Legacy Volta preferred stock had equal and offsetting equity issuance costs of $0.3 million recorded in the consolidated balance sheet as of December 31, 2020. At Closing, each warrant to purchase Legacy Volta common stock was automatically converted to a warrant to purchase a number of shares of Volta Class A common stock equal to the product of (a) the number of shares of Legacy Volta common stock subject to such Legacy Volta warrant and (b) 1.2135, rounding down to the nearest whole number of shares, at an exercise price per share equal to

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**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

(i) the exercise price per share for the shares of Legacy Volta common stock subject to such Legacy Volta warrant divided by (ii) 1.2135, rounding up to the nearest whole cent.

During the year ended December 31, 2021, 182,025 shares of Volta Class A common stock warrants were exercised at an exercise price of $0.01 per share for an immaterial amount.

During the year ended December 31, 2021, 188,638 shares of Volta Class A common stock warrants were exercised through a cashless exercise. As of December 31, 2022 and 2021, 9,773,835 Volta Class A common stock warrants remained outstanding.

***Public and Private warrants***

As the accounting acquirer, Legacy Volta, is deemed to have assumed 8,621,715 Public Warrants and 5,933,333 Private Warrants that were held by TortoiseCorp II at an exercise price of $11.50. In accordance A&R Warrant Agreement, dated August 26, 2021, between Volta, Computershare Inc. and Computershare Trust Company, N.A., collectively as warrant agent, the Public Warrants and Private Warrants for Class A common shares became exercisable on September 15, 2021. The warrants will expire five years after the completion of the Reverse Recapitalization, or earlier upon redemption or liquidation.

The Private Warrants do not meet the criteria for equity treatment and must be recorded as liabilities on the consolidated balance sheets. Accordingly, the Company classifies the Private Warrants as liabilities and records them at fair value. The Public Warrants did not meet the criteria for equity treatment from the issuance date through June 2022. During June 2022, changes in the Company's capital stock structure caused the Public Warrants to be eligible for equity classification. Accordingly the Company reclassified the fair value of the Public Warrants as of the date of the change in classification to additional paid-in-capital and was no longer required to make any additional fair value assessments in future periods. There was no warrant exercise activity during the year ended December 31, 2022. For the year ended December 31, 2021, 275 Public and no Private Warrants were exercised.

---

| | | | |
|:---|:---|:---|:---|
| | **Private Warrants** | **Public Warrants** | **Total Public and Private Common Stock Warrants** |
| **Outstanding at December 31, 2020** |  |  |  |
| Common stock warrants added upon the Reverse Recapitalization | 5933333 | 8621715 | 14555048 |
| Warrants exercised |  | (275) | (275) |
| **Outstanding at December 31, 2021** | **5933333** | **8621440** | **14554773** |
| Warrants exercised |  |  |  |
| **Outstanding at December 31, 2022** | **5933333** | **8621440** | **14554773** |

---

The Private Warrants and the Public Warrants have substantially similar terms, except that the Private Warrants and Class A shares upon exercise of the Public Warrants were not transferable, assignable or salable until 30 days after the completion of the Reverse Recapitalization, subject to certain limited exceptions. Additionally, the Private Warrants will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable and exercisable by such holders and the same basis as the Public Warrants.

Once the warrants become exercisable, the outstanding warrant can be redeemed in whole not in part and upon a minimum of 30 days' prior written notice of redemption in the following two options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the last sale price of Class A shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within

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**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. In that case, the Company can redeem the outstanding warrants at a price of $0.01 per warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commencing 90 days after the warrants become exercisable, if the last sale price of Class A shares equal or exceeds $10.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalization and the like) on the trading day prior to the date on which the Company sends a notice of redemption to the warrant holders. The Company can redeem the outstanding warrants for Volta Class A common shares a price equal to a number of Class A shares to be determined by reference to an agreed table based on the redemption date and the "fair market value" of Class A shares.

No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number the number of shares of Class A common stock to be issued to the warrant holder.

**Note 11 - Stockholders' (Deficit) Equity and Stock-Based Compensation**

Prior to the Reverse Recapitalization, Legacy Volta had two classes of authorized common stock: Legacy Volta Class A common stock and Legacy Volta Class B common stock. Unvested shares issued upon early exercise of stock options for cash were not considered outstanding for accounting purposes because the employees holding these awards were not entitled to the rewards of stock ownership. There have been no early exercises other than those issued in exchange for partial recourse notes as of December 31, 2021. The holders of Legacy Volta Class A common stock were entitled to one vote per share on any matter submitted to a vote of the stockholders of the Company; holders of Legacy Volta Class B common stock were entitled to receive dividends whenever funds were legally available and when declared by the Board.

***Reverse Recapitalization***

On the Closing Date and in accordance with the terms and subject to the conditions of the Reverse Recapitalization, each share of the Legacy Volta Class A common stock and Legacy Volta Class B common stock, par value $0.0001 per share, was canceled and converted into the right to receive the applicable portion of the Reverse Recapitalization composed of the Company's Class B common stock and Company's Class A common stock, par value $0.0001 per share, respectively, as determined pursuant to the share conversion ratio. The share conversion ratio is approximately 1.2135.

***PIPE Financing***

Concurrently with the execution of the Business Combination Agreement, certain accredited investors entered into subscription agreements, each dated February 7, 2021, pursuant to which the investors agreed to purchase 30,000,000 shares of the Company's Class A common stock in a private placement for aggregate gross proceeds of $300.0 million.

***Convertible Preferred Stock***

Prior to the Closing, Legacy Volta had shares of Series A, Series B, Series C, Series C-1, Series C-2, Series D, and Series D-1 convertible preferred stock outstanding. Upon the Closing, the outstanding shares of Legacy Volta preferred stock were converted into shares of Legacy Volta Class B common stock then converted into Class A common stock of the Company at approximately 1.2135 per share, the exchange ratio established in connection thereof the Reverse Recapitalization. The following summarized the Company's Preferred Stock conversion immediately after the Reverse Recapitalization:

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**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

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| | | | |
|:---|:---|:---|:---|
| | **Preferred Shares** | **Conversion Ratio** | **Common stock** |
| Series A redeemable convertible Preferred Stock | 7363856 | 1.2135 | 8936039 |
| Series B redeemable convertible Preferred Stock | 11090568 | 1.2135 | 13458404 |
| Series C redeemable convertible Preferred Stock | 18581768 | 1.2135 | 22548976 |
| Series C-1 redeemable convertible Preferred Stock | 665428 | 1.2135 | 807497 |
| Series C-2 redeemable convertible Preferred Stock | 7675798 | 1.2135 | 9314581 |
| Series D redeemable convertible Preferred Stock | 13266042 | 1.2135 | 16098342 |
| Series D-1 redeemable convertible Preferred Stock | 8283574 | 1.2135 | 10052117 |
| Total | 66927034 |  | 81215956 |

---

***Company's common stock outstanding***

---

| | | |
|:---|:---|:---|
| | **Authorized Shares** | **Issued and Outstanding Shares** |
| **December 31, 2022** | | |
| Volta Class A common stock | 350000000 | 174198246 |
| Volta Class B common stock | 50000000 |  |
| Total Common Stock | **400000000** | **174198246** |
| **December 31, 2021** |  |  |
| Volta Class A common stock | 350000000 | 152218214 |
| Volta Class B common stock | 50000000 | 9887185 |
| Total Common Stock | **400000000** | **162105399** |

---

***Volta Class A and Volta Class B common stock***

Each holder of Volta Class A common stock has the right to one vote per share of Volta Class A common stock, and each holder of Volta Class B common stock has the right to ten votes per share of Volta Class B common stock held of record by such holder. Any dividends or distributions will be treated on a per share basis for each class. In the event a dividend is paid in the form of shares of Volta Class A common stock or Volta Class B common stock then holders of Volta Class A common stock will receive shares of Volta Class A common stock and holders of Volta Class B common stock will receive shares of Volta Class B common stock, with holders of shares of Volta Class A common stock and Volta Class B common stock receiving, on a per share basis, an identical number of shares of Volta Class A common stock or Volta Class B common stock, as applicable.

Subject to any preferential or other rights of any holders of Volta Preferred Stock then outstanding, upon the liquidation, dissolution or winding up of Volta, whether voluntary or involuntary, holders of Volta Class A common stock and Volta Class B common stock are entitled to receive ratably all assets of Volta available for distribution to its stockholders. The holders of Volta Class A and Class B common stock do not have preemptive, subscription, redemption or conversion rights. The Volta Class B common stock is convertible into shares of Volta Class A common stock on a one-to-one basis at the option of the holders or automatically upon predetermined events of the Volta Class B common stock at any time upon written notice to Volta.

***Volta Preferred Stock***

The Certificate of Incorporation of Volta filed with the Secretary of State of the State of Delaware on August 26, 2021, as the same may be amended, supplemented or modified from time to time provides that shares of Volta

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

preferred stock may be issued from time to time in one or more series up to 10,000,000 shares. No such shares have been issued as of December 31, 2022.

***Shares reserved for issuance***

The Company has the following shares of common stock reserved for future issuance, on an as-if converted basis:

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| 2022 ATM Plan Reserve | 70748716 |  |
| Shares available for grant – 2021 Equity incentive plan | 25500119 | 14357382 |
| Unvested restricted stock units | 18391859 | 29688046 |
| Legacy Volta Class A common stock warrants | 9773835 | 9773835 |
| Options outstanding | 6336542 | 11464745 |
| Outstanding Public Warrants | 8621440 | 8621440 |
| Outstanding Private Warrants | 5933333 | 5933333 |
| Shares available for purchase - 2021 ESPP plan | 3715944 | 3715944 |
| Vested restricted stock units, not yet released | 173303 |  |
| Total shares of common stock reserved | **149195091** | **83554725** |

---

***Employee Stock Purchase Plan***

In connection with the Reverse Recapitalization, effective on August 26, 2021, the Board and Tortoise Corp II's shareholders adopted the 2021 Employee Stock Purchase Plan (the "2021 ESPP") to allow employees of Volta, under Section 423 of the Internal Revenue Code of 1986 (the "Code"), and its service providers (outside Section 423 of the Code) to purchase shares of Class A common stock at a discount through payroll deductions and to benefit from stock price appreciation, thus enhancing the alignment of employee and stockholder interests.

The 2021 ESPP allows eligible employees and service providers to purchase shares of the Company's common stock with a percentage or maximum dollar amount discounted through payroll deductions of up to 15% of eligible employee compensation, subject to any plan limitations. The purchase price of shares of common stock acquired by eligible employees or service providers will not be less than the lesser of: (i) an amount equal to 85% of the fair market value of the shares of common stock on the offering date; or (ii) an amount equal to 85% of the fair market value of the shares of common stock on the applicable purchase date. No offerings or purchases of common stock shares have taken place as of December 31, 2022. Subject to capitalization adjustments, the 2021 ESPP provides for the issuance of up to 3,715,944 shares of common stock as of December 31, 2022.

***Equity Incentive Plans***

Upon the Closing Date, Volta's Board adopted a new plan (which amended and restated the prior plan), the 2021 Equity Incentive Plan ("2021 EIP") effective as of August 26, 2021. The 2021 EIP authorizes stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs") and performance-based awards, as well as certain other awards. As of December 31, 2022, 25,500,119 shares of common stock were available and reserved for issuance under the 2021 EIP. The number of shares available and reserved for issuance under the 2021 EIP include the shares reserved for issuance under the Legacy Volta 2014 Equity Incentive Plan ("2014 EIP"). On the first day of each fiscal year beginning with the 2022 fiscal year and ending on (and including) the first day of the 2031 fiscal year, the number of shares available for issuance under the 2021 EIP will automatically increase in an amount equal to the lesser of (i) five percent (5%) of the outstanding shares on the last day of the immediately preceding fiscal year and (ii) such number of shares determined by the Board, with such shares to be Class A common stock. Under the 2021 EIP, the Company can grant stock options, stock appreciation rights, restricted stock, RSUs and certain other awards which are settled in the form of common shares under the 2021 EIP. No further awards will be granted under the Legacy Volta 2014 EIP. Additionally, upon the Closing Date, the Board adopted the Founder Incentive

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

Plan ("FIP") effective August 26, 2021. The FIP authorizes the grant of up to 10,500,000 aggregate RSUs to Scott Mercer and Christopher Wendel (the "Founders").

***Stock option activity***

Stock option activity and activity regarding shares available for grant under the Plan is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of options outstanding** | **Weighted-average exercise price per share** | **Weighted-average remaining contractual life** | **Aggregate intrinsic value** |
|  |  |  | *(in years)* | *(in thousands)* |
| **January 1, 2021** | 17558731 | $0.93 | 8.2 | $30881 |
| &nbsp;&nbsp;Options granted | 7248934 | 3.93 |  |  |
| &nbsp;&nbsp;Options exercised | (12796353) | 0.79 |  |  |
| &nbsp;&nbsp;Options forfeited | (544526) | 2.53 |  |  |
| &nbsp;&nbsp;Options expired | (2022) | 0.73 |  |  |
| **December 31, 2021** | **11464764** | $**2.66** | **8.3** | $**53695** |
| &nbsp;&nbsp;Options granted |  |  |  | $— |
| &nbsp;&nbsp;Options exercised | (1743072) | 0.70 |  |  |
| &nbsp;&nbsp;Options forfeited | (2770238) | 3.76 |  |  |
| &nbsp;&nbsp;Options expired | (598689) | 2.74 |  |  |
| **December 31, 2022** | **6352765** | $**2.70** | **7.0** | $**16** |
| **Options vested and exercisable as of December 31, 2021**  | 4830158 | $1.30 | 7.4 | $29176 |
| **Options vested and exercisable as of December 31, 2022** | 4828793 | $2.37 | 6.8 | $16 |

---

The aggregate intrinsic value of employee options exercised during the years ended December 31, 2022 and 2021 was $2.3 million and $103.4 million, respectively. The intrinsic value is the difference between the fair value of the Company's common stock at the date of the exercise and the exercise price for in-the-money options.

The total fair value of options vested during the years ended December 31, 2022 and 2021 was $8.5 million and $7.1 million, respectively.

***RSUs***

In accordance with the FIP, the Company granted 10,500,000 RSUs to the founder and co-founder in August 2021. The fair value of the RSUs is measured on the grant date based on the value of the shares on the Closing Date. These grants vest on the earlier of January 1, 2022 or a qualified termination as defined in the FIP. The FIP was adopted upon Closing to replace that certain Volta Management Carve-Out Plan (the "Carve-Out-Plan"), pursuant to which in the event of a "liquidity transaction" (as defined in the Carve-Out Plan), Mr. Mercer and Mr. Wendel would each be eligible to receive 2% of the "aggregate proceeds" (as defined in the Carve-Out Plan), subject to their execution of a release of claims in favor of Legacy Volta. The terms and conditions of the FIP and the grant of RSUs to Mr. Mercer and Mr. Wendel were proposed to be adopted in exchange for the termination of the Carve-Out Plan, and such proposal was approved by the shareholders of Tortoise Corp II.

In accordance with the 2021 EIP, the Company granted RSUs to certain officers, executives, new hires, and key employees in November 2021 and December 2021. The fair value of the RSUs is measured on the grant date based

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

on the closing price for the Company's Class A common stock. Typically, these grants vest over a three-year period from the date of issuance.

In addition to RSUs granted with service-based vesting conditions, the Company also granted RSUs with performance-based and market-based vesting conditions. Performance-based RSUs vest on the date that the Company achieves the targets specified within the grant agreements. The fair value of the awards is measured on the grant date based on the closing price of the Company's common stock. The Company also granted RSUs with market-based vesting conditions to certain executives and designated employees in November and December 2021. Market-based RSUs vest on the date that the Company's stock price reaches certain thresholds specified within the grant agreements. The fair value of RSUs with market-based vesting conditions is measured on the grant date using a BLM. The requisite service period is also determined through the use of a BLM. Compensation cost associated with awards granted with market-based vesting conditions is recognized using an accelerated attribution method over the requisite service period even if the market condition is never satisfied.

A summary of the RSU activity for the year ended December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| | **Number of shares** | **Weighted-average grant date fair value** |
| **January 1, 2021** |  | $— |
| &nbsp;&nbsp;RSUs granted | 29763009 | 10.70 |
| &nbsp;&nbsp;RSUs vested |  |  |
| &nbsp;&nbsp;RSUs forfeited | (75000) | 12.10 |
| **December 31, 2021** | **29688009** | $**10.70** |
| &nbsp;&nbsp;RSUs granted | 15127877 | 2.89 |
| &nbsp;&nbsp;RSUs vested | (11558324) | 8.90 |
| &nbsp;&nbsp;RSUs forfeited | (14865703) | 8.44 |
| **December 31, 2022** | **18391859** | $**7.83** |

---

The weighted-average grant-date fair value of RSUs granted during the twelve months ended December 31, 2022 was $2.89 per share.

In addition to the awards outlined above, the Company approved the grant of 111,168 market-based RSUs and 1,340,974 service-based RSUs that were not yet communicated to employees as of December 31, 2021. As a result, these awards were not considered granted for accounting purposes during the year ended December 31, 2021. No additional market-based RSUs were awarded during 2022.

***Restricted Stock Awards***

In accordance with the 2014 EIP, the Company granted restricted stock awards ("RSAs") to certain officers in February 2021. The fair value of the RSAs is measured on the grant date based on the closing price for the Company's common stock. These awards vested immediately on the date of issuance.

A summary of the restricted stock award activity for the year ended December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| | **Number of shares** | **Weighted-average grant date fair value** |
| **January 1, 2021** | | |
| &nbsp;&nbsp;RSAs granted | 6916950 | $5.82 |
| &nbsp;&nbsp;RSAs vested | (6916950) | $5.82 |
| &nbsp;&nbsp;RSAs forfeited |  | $— |
| **December 31, 2021** | **—** | $**—** |

---

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

There were no RSAs granted during the year ended December 31, 2022.

***Stock-based compensation*** 

Stock-based compensation for options is estimated using the Black-Scholes option pricing model on the date of grant. The fair value of all options is amortized on a ratable basis over the required service periods of the awards, which are generally the vesting periods.

The weighted-average assumptions that were used in calculating such values during the year ended December 31, 2021 were as follows:

---

| | |
|:---|:---|
| | **Year ended** <br>**December 31, 2021** |
| Expected dividend yield | —% |
| Risk-free interest rate | 0.7% |
| Expected volatility | 60.4% |
| Expected term (in years) | 5.8 |

---

The Company has limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. Therefore, the expected term of options granted is based on the "simplified method" of expected life. There were no options granted during the year ended December 31, 2022 and therefore no fair value calculations were required.

The risk-free interest rate is based on the U.S. Treasury yield for a term consistent with the expected life of the awards in effect at the time of grant.

As the Company does not have a trading history for its common stock prior to the Reverse Recapitalization, the expected stock price volatility for the Company's common stock was estimated by taking the historic stock price volatility for industry peers based on their price observations over a period equivalent to the expected term of the stock option grants. The Company has no history or expectation of paying cash dividends on its common stock.

In accordance with the 2021 EIP and the FIP, the Company has granted RSUs that are subject to service-based vesting conditions, performance-based vesting conditions and market-based vesting conditions established by the Company's Compensation Committee at the grant date. Compensation cost for the performance-based RSUs is recognized over the requisite service period if it is probable that the performance condition will be satisfied. The Company interprets the term "probable" to represent a greater than 70% likelihood that an event will occur. As of December 31, 2022, the Company determined that it is not probable that the performance conditions would be satisfied and has not recorded compensation cost associated with the performance-based awards.

Compensation cost associated with market-based RSUs is recognized over the requisite service period using the accelerated attribution method even if the market condition is never satisfied. For the year ended December 31, 2022 and 2021, the Company recognized $9.5 million and $21.6 million in compensation costs associated with market-based RSUs.

The unrecognized compensation expense related to stock options and RSUs was $4.7 million and $24.4 million, at December 31, 2022 respectively, and is expected to be recognized over a weighted average period of 1.93 and 2.93 years, respectively.

The Company estimated the fair value of its market-based RSUs on the grant date using a BLM incorporating the assumptions noted in the table below:

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2022** | **2021** |
| Expected dividend yield | —% | —% |
| Risk-free interest rate | 1.5% | 1.3% |
| Expected volatility | 90.0% | 95.0% |
| Expected term (in years) | 4.6 | 4.8 |

---

***Significant modifications***

In July 2021, in connection with the resignation of the Company's former chief financial officer, the Board approved the acceleration of 458,314 unvested stock options on the date of her resignation. The exercise period for 140,000 of the options not previously exercised with partial recourse notes was extended such that the vested shares will remain outstanding and exercisable through the original 10-year term of each respective option. The maturity date of the partial recourse notes issued in exchange for early exercises was also extended from the termination date of July 31, 2021 to December 15, 2021. The Company recorded incremental stock-based compensation expense of approximately $2.4 million for this combination of stock option modifications.

In addition, in August 2021, the Board approved the acceleration of all 110,418 stock options for two individuals in connection with their terminations. The modified options post-termination exercise period was extended such that the vested shares will remain outstanding and exercisable through the original 10-year term. The Company recorded incremental stock-based compensation expense of approximately $0.5 million for these stock option modifications.

The stock option modifications were measured as the excess of the fair value of the modified awards over the fair value of the original awards immediately before the modifications. The incremental stock-based compensation was recorded in selling, general and administrative expense, on the consolidated statement of operations for the year ended December 31, 2021.

*James DeGraw Modification*

Effective June 2, 2022, James DeGraw resigned as an employee and officer of the Company and, in connection therewith, entered into a settlement and consulting agreement with the Company, dated as of June 2, 2022.

In accordance with Mr. DeGraw's settlement and consulting agreement, unvested RSU awards and stock options were modified on the date of termination of Mr. DeGraw's employment to accelerate the vesting in full and to extend the post-termination exercise period upon the condition that Mr. DeGraw serve as a consultant to the Company through the first anniversary of the termination date. With the exception of two option grants held by Mr. DeGraw, all of the stock options had previously been exercised with a partial recourse note which was settled prior to the completion of the Reverse Recapitalization. The unvested portion of those early exercised option grants was also modified to accelerate vesting; the effect of this modification was to release the repurchase right for those early exercised options. The stock option modifications were measured as the excess of the fair value of the modified awards over the fair value of the original awards immediately before the modifications. The fair values immediately after these modifications were determined using the closing price of the Company's common stock on the modification date for the shares already held by Mr. DeGraw through exercise with and settlement of partial recourse notes, which shares were released from the Company's repurchase right under the respective early exercise agreements.

Additionally, vested unexercised stock options were modified on the termination date to extend the post-termination exercise period from 90 days to the contractual term of the options. The vested stock option modifications were measured as the excess of the fair value of the modified awards over the fair value of the original awards immediately before the modification determined using a Black-Scholes model. Assumptions used to calculate

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

incremental expense for the modified vested stock options during the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| | **Year Ended December 31, 2022** |
| Expected dividend yield | —% |
| Risk-free interest rate | 1.2% - 2.9% |
| Expected volatility | 52.4% - 61.9% |
| Expected term (in years) | 0.3 - 8.6 |

---

The incremental stock-based compensation expense relating to these modifications was recognized in full in the period of Mr. DeGraw's termination as there is no further substantive service required for the awards to vest. Further, the Company reversed the expense previously recorded for the RSUs in accordance with Accounting Standards Codification ("ASC") Topic 718 as the awards were unvested and effectively forfeited and replaced by new RSUs with no service requirement before the completion of the derived requisite service period of the original awards. There was no previously recorded expense for unvested options.

The components of stock-based compensation expense recorded with respect to the modified awards are as follows:

---

| | |
|:---|:---|
| *(in thousands)* | **Year Ended December 31, 2022** |
| Reversal of previously recorded RSU expense | $(605) |
| Incremental expense for modified RSUs | 1018 |
| Incremental expense for modified stock options | 804 |
| **Total stock-based compensation expense** | $**1217** |

---

*Scott Mercer and Chris Wendel Modification*

On March 26, 2022, Scott Mercer and Chris Wendel resigned from the Board, and Mr. Wendel also resigned as an employee and officer of the Company. Mr. Mercer's resignation as an employee and officer of the Company was effective as of April 15, 2022.

In accordance with the separate settlement and release agreements, dated as of March 26, 2022, between the Company and Mr. Mercer and Mr. Wendel, respectively, unvested RSU awards with market-based vesting conditions, 5,250,000 of which were held by Mr. Mercer and 4,500,000 of which were held by Mr. Wendel, granted on November 15, 2021, were modified on their respective termination dates to eliminate the service requirement (to be an active employee on the date of achievement of the market condition). Additionally, the unvested stock options held by Mr. Mercer as of April 15, 2022 were modified to accelerate the vesting and vest in full on April 15, 2022. Substantially all of the stock options for the Founders had previously been exercised with partial recourse notes, which were settled prior to the completion of the Reverse Recapitalization. The unvested portion of those early exercised option grants was also modified to accelerate vesting as of each Founder's termination date; the effect of this modification was to release the repurchase right for those early exercised options. The stock option and market-based RSU modifications were measured as the excess of the fair value of the modified awards over the fair value of the original awards immediately before the modifications. The fair values immediately after these modifications were determined using a BLM for the market-based RSUs, the Black-Scholes model for the unexercised stock option for Mr. Mercer, and the closing price of the Company's common stock on the modification date for the shares already held by the Founders through exercise with and settlement of partial recourse notes, which shares were released from the Company's repurchase right under the respective early exercise agreements.

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

The incremental stock-based compensation expense relating to these modifications has been recorded in full in the period of each Founder's respective termination as there is no further service requirement from either Founder. Further, the Company has reversed expense previously recorded for the market-based RSUs in accordance with ASC Topic 718 as the awards were unvested and effectively forfeited and replaced by new market-based RSUs with no service requirement before the completion of the derived requisite service period of the original awards.

The components of stock-based compensation expense recorded for modified awards are as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
| *(in thousands)* | Chris Wendel | Scott Mercer <sup>(a)</sup> |
| Reversal of previously recorded market-based RSU expense | $(9879) | $(11526) |
| Incremental expense for modified market-based RSUs | 13290 | 15505 |
| Incremental expense for modified stock options | 3662 | 3451 |
| **Total stock-based compensation expense** | $**7073** | $**7430** |

---

(a) For Mr. Mercer's stock options, the Company recorded stock-based compensation expense of 0.1 million for the year ended December 31, 2022 for awards that continued to vest until his termination on April 15, 2022.

Assumptions used to calculate incremental expense for the modified market-based RSUs using a Monte Carlo valuation during the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| | **Year Ended December 31, 2022** |
| Expected dividend yield | —% |
| Risk-free interest rate | 2.5% |
| Expected volatility | 90.0% |
| Expected term (in years) | 4.4 |

---

All other outstanding unvested equity awards held by the Founders, consisting of 4,000,000 RSUs granted in the fourth quarter of 2021 and 923,695 RSUs granted in the first quarter of 2022 to Mr. Mercer and 2,750,000 RSUs granted in the fourth quarter of 2021 and 742,972 RSUs granted in the first quarter of 2022 to Mr. Wendel were forfeited as of March 26, 2022. This resulted in the reversal of previously recognized stock-based compensation expense of approximately $0.7 million for Mr. Wendel and $1.0 million for Mr. Mercer related to the grants of RSUs for the year ended December 31, 2022.

The incremental stock-based compensation and reversal of previously recorded stock-based compensation was recorded in selling, general and administrative in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2022.

***Compensation expense***

Compensation expense related to stock-based awards was recorded in selling, general and administrative in the accompanying consolidated statements of operations and comprehensive loss for $30.0 million and $174.0 million for the years ended December 31, 2022 and 2021, respectively.

***Partial recourse promissory notes***

As of December 31, 2021, the Company had $0.2 million of promissory notes outstanding from employees and former employees, issued for 186,124 restricted stock purchases of Legacy Volta Class A common stock, and 365,605 shares of stock options exercisable for Legacy Volta Class B common stock, respectively. The two remaining outstanding promissory notes for the exercise of stock options represent the aggregate exercise price of the options and carry an interest rate of 2.26%, and the principal and interest are due upon the earlier of (i) the tenth

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

anniversary of the note's issuance, or (ii) the date of a change of control. The promissory notes issued are collateralized by the shares issued in exchange for the note and were considered to be partial recourse as they may be surrendered at the then fair market value of a share of common stock as determined by the Board. The remainder up to 50% of the value of the original principal of the notes is collateralized by the assets of the borrowers. The amount payable is not limited to the fair value of the shares at the time of default or maturity. As such, the shares are not considered exercised for accounting purposes and the shares issued are not reflected as outstanding in the consolidated financial statements until the notes are repaid and the underlying stock options have vested.

The promissory notes with current employees were required to be settled upon the Closing. The notes associated with three former employees were not required to be settled upon the change of control and going public and two remained outstanding as of December 31, 2021 in accordance with the terms of each respective note. During the year ended December 31, 2022, amounts due from these former executives were settled by forfeiture of 71,454 shares value at $0.2 million.

**Note 12 - Net Loss Per Share**

Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. For stock options that were exercised by employees issuing promissory notes to the Company, the shares of common stock issued under such exercises are not included in the calculation of basic net loss per share until the underlying promissory notes are fully paid or forgiven.

Diluted net loss per share is computed in a similar manner, but it also includes the effect of potential common shares outstanding during the period, when dilutive. Potential common shares include outstanding stock options, warrants and RSUs. The dilutive effect of potentially dilutive common shares is reflected in diluted net loss per share by application of the treasury stock method for RSUs, stock options, and warrants. To the extent these potential common shares are antidilutive, they are excluded from the calculation of diluted net loss per share.

The following table presents the computation of basic and diluted net loss per share for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2022** | **2022** | **2021** | **2021** |
| | **Class A Common Shares** | **Class B Common Shares** | **Class A Common Shares** | **Class B Common Shares** |
| **Numerator:** |  |  |  |  |
| Net loss | $(150505) | $(4128) | $(242163) | $(34432) |
| **Denominator:** |  |  |  |  |
| Basic shares: |  |  |  |  |
| &nbsp;&nbsp;Weighted-average common shares, basic | 165762888 | 4545964 | 59034393 | 8393797 |
| Diluted shares: |  |  |  |  |
| &nbsp;&nbsp;Weighted-average common shares, diluted | 165762888 | 4545964 | 59034393 | 8393797 |
| **Net loss per share attributable to common stockholders:** |  |  |  |  |
| Basic | $(0.91) | $(0.91) | $(4.10) | $(4.10) |
| Diluted | $(0.91) | $(0.91) | $(4.10) | $(4.10) |

---

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**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

The following weighted average shares of the potentially dilutive outstanding securities for the year ended December 31, 2022 were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive given the net loss attributable to common shares. Therefore, the diluted net loss per share is the same as the basic net loss per share for the periods presented.

As a result of the Reverse Recapitalization, the Company has retroactively adjusted the weighted-average number of shares of common stock outstanding then by multiplying them by the exchange ratio of approximately 1.2135 used to determine the number of shares of common stock into which they converted. The common stock issued as a result of the redeemable convertible preferred stock conversion on the Closing Date was included in the basic and diluted net loss per share calculation.

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2022** | **2021** |
| **Anti-dilutive securities** |  |  |
| &nbsp;&nbsp;Outstanding stock options | 6336542 | 30602803 |
| &nbsp;&nbsp;Warrants for common stock | 24328608 | 24328608 |
| &nbsp;&nbsp;Options and RSAs exercised under notes receivables |  | 669522 |
| &nbsp;&nbsp;Unvested RSUs | 18391859 | 29688046 |
| &nbsp;&nbsp;Vested RSUs not yet released | 173303 | **—** |
| **Total anti-dilutive securities** | **49230312** | **85288979** |

---

**Note 13 - Leases**

The Company is a lessee in several noncancellable operating leases, primarily for office space and the use of spaces for the installation of its electric vehicle charging stations ("site leases"). These leases generally have an initial term ranging from five to ten years, with the option to extend the lease for one to five years. In connection with the leases, the Company had asset retirement obligations for the restoration of lease sites of $2.1 million and $1.4 million as of December 31, 2022 and 2021, respectively, in other non-current liabilities within the accompanying consolidated balance sheets.

Supplemental information related to leases within the consolidated balance sheets is as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| **Other operating leases information** | | |
| &nbsp;&nbsp;Weighted-average remaining lease term (years) | 8.0 | 8.0 |
| &nbsp;&nbsp;Weighted-average discount rate | 11.2% | 11.7% |

---

The Company received COVID-19 related rent concessions indicating that (i) the Company was not obligated to pay rent, or the entirety of the contractual rent, or (ii) the Company received interest-free rent deferrals for the period affected by lockdown measures. There were no such concessions recognized as negative variable lease cost for the years ended December 31, 2022 and 2021. The following lease costs were recognized in other operating (income) expenses within the accompanying consolidated statements of operations and comprehensive loss:

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2022** | **2021** |
|  | *(in thousands)* | *(in thousands)* |
| **Operating lease costs** |  |  |
| &nbsp;&nbsp;Fixed lease cost | $17675 | $11944 |
| &nbsp;&nbsp;Variable lease cost | 479 | 252 |
| **Total operating lease costs** | $**18154** | $**12196** |

---

Supplemental cash flow information related to leases is as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2022** | **2021** |
|  | *(in thousands)* | *(in thousands)* |
| **Cash paid for amounts included in the measurement of lease liabilities** |  |  |
| &nbsp;&nbsp;Operating cash outflows from operating leases | $15641 | $10495 |
| **ROU assets obtained in exchange for lease obligations** |  |  |
| &nbsp;&nbsp;ROU assets obtained in exchange for operating lease liabilities | $27644 | $29036 |

---

Amounts disclosed for ROU assets obtained in exchange for lease obligations include amounts added to the carrying amount of ROU assets resulting from lease modifications and reassessments.

Maturities of lease liabilities as of December 31, 2022 are as follows:

---

| | |
|:---|:---|
| **Fiscal Year** | **Leases** |
|  | *(in thousands)* |
| 2023 | 18795 |
| 2024 | 18332 |
| 2025 | 16807 |
| 2026 | 15745 |
| 2027 | 15569 |
| Thereafter | 47061 |
| **Total undiscounted lease payments** | **132309** |
| &nbsp;&nbsp;Less imputed interest | (43701) |
| **Total lease liabilities** | $**88608** |

---

As of December 31, 2022, there are additional operating leases that have not yet commenced of $8.3 million. These operating leases are expected to commence between fiscal year 2023 and fiscal year 2025 with lease terms of five to nine years.

**Note 14 - Commitments and Contingencies**

***Contingencies***

From time to time, the Company may become involved in claims and other legal matters, either asserted or unasserted, arising in the ordinary course of business. While the outcome of these claims cannot be predicted with certainty, management does not believe that the outcome of any of these ongoing legal matters, individually and in aggregate, will have a material adverse effect on the Company's consolidated financial statements.

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

***Employee benefit plan***

The Company has a 401(k) defined contribution savings plan that covers substantially all of its employees. The Company contributes a matching contribution of 4% of the employee's salary each month under applicable safe harbor rules. Employee contribution is also limited by annual maximum amount determined by the Internal Revenue Service. The Company made contributions of $1.1 million and $1.0 million for the years ended December 31, 2022 and 2021, respectively.

***Purchasing Obligations***

In the normal course of business, Volta enters into contractual agreements of the purchase of goods and services to ensure availability and timely delivery. As of December 31, 2022, the Company does not have any firm, noncancellable, and unconditional purchase commitments with contract manufacturers and suppliers and therefore has not recorded a liability for any such commitments.

**Note 15 - Income Taxes**

Loss before income taxes for the years ended December 31, 2022 and 2021 are as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2022** | **2021** |
|  | *(in thousands)* | *(in thousands)* |
| United States | $(152250) | $(274809) |
| Foreign | (2381) | (1747) |
| **Loss before income taxes** | $**(154631)** | $**(276556)** |

---

The provision for income taxes for the years ended December 31, 2022 and 2021 was immaterial, and the individual components (current and deferred, federal and state) were all individually immaterial as well.

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2022** | **2021** |
|  | *(in thousands)* | *(in thousands)* |
| **Current:** |  |  |
| &nbsp;&nbsp;Federal | $— | $— |
| &nbsp;&nbsp;State | 2 | 24 |
| &nbsp;&nbsp;International |  | 15 |
| **Deferred:** |  |  |
| &nbsp;&nbsp;Federal |  |  |
| &nbsp;&nbsp;State |  |  |
| **Total income tax provision** | $**2** | $**39** |

---

The difference between the tax provision at the statutory federal income tax rate and the provision for (benefit from) income tax as a percentage of loss before income taxes (effective tax rate) for the years ended December 31, 2022 and 2021 was as follows:

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2022** | **2021** |
|  | *(in thousands)* | *(in thousands)* |
| Benefit from income taxes at U.S. federal statutory rate | $(31741) | $(58027) |
| State statutory rate | 2160 | (12014) |
| Foreign tax rate at statutory rate |  | 15 |
| Foreign tax rate differential | (193) | (207) |
| Change in valuation allowance | 13128 | 65996 |
| Stock-based compensation | 20137 | 1987 |
| Permanent differences | 60 | 1750 |
| Change in fair value of warrant liability | (5486) | 260 |
| Alternative fuel vehicle credit | (14274) | (2706) |
| Executive Compensation | 10367 |  |
| Tax accounting method changes | 2468 |  |
| Other | 3376 | 2985 |
| **Total provision for (benefit from) income taxes** | $**2** | $**39** |

---

The Company's effective tax rate differs from the federal statutory rate primarily due to the change in valuation allowance and the alternative fuel vehicle credit.

The components of net deferred tax assets as of December 31, 2022 and 2021 consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2022** | **2021** |
| **Deferred tax assets:** | *(in thousands)* | *(in thousands)* |
| &nbsp;&nbsp;Net operating loss carryovers | $100751 | $67756 |
| &nbsp;&nbsp;Accruals, deferrals, and reserves | 3076 | 5775 |
| &nbsp;&nbsp;Operating lease liabilities | 22128 | 18446 |
| &nbsp;&nbsp;Stock compensation | 6400 | 32601 |
| &nbsp;&nbsp;Credits | 25776 | 11502 |
| &nbsp;&nbsp;Research and development expenses | 85 |  |
| &nbsp;&nbsp;Interest Expense | 1205 |  |
| &nbsp;&nbsp;Gross deferred tax assets | 159421 | 136080 |
| &nbsp;&nbsp;Valuation allowance | (124741) | (111613) |
| **Gross deferred tax assets after valuation allowance** | $34680 | $24467 |
| **Deferred tax liabilities** |  |  |
| &nbsp;&nbsp;Fixed Assets and intangibles | $(10260) | $(5068) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | (22950) | (19399) |
| &nbsp;&nbsp;Section 481(a) Adjustment | (1470) |  |
| **Gross deferred tax liabilities** | $**(34680)** | $**(24467)** |
| **Net deferred tax assets** | $**—** | $**—** |

---

Management regularly assesses the ability to realize deferred tax assets recorded based upon the weight of available evidence, including such factors as recent earnings history and expected future taxable income on a jurisdiction by jurisdiction basis. In the event that the Company changes its determination as to the amount of realizable deferred tax assets, the Company will adjust its valuation allowance with a corresponding impact to the provision for income

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

taxes in the period in which such determination is made. During the years ended December 31, 2022 and 2021, the valuation allowance increased by $13.1 million and $66.0 million, respectively.

Utilization of the net operating loss and tax credit carryforwards may be subject to a substantial annual limitation due to the "ownership change" limitations provided by Section 382 and 383 of the Code and other similar state provisions. Any annual limitation may result in the expiration of net operating loss and tax credit carryforwards before utilization.

As of December 31, 2022, the Company had federal, state, and foreign NOL carryforwards of approximately $393.5 million, $269.5 million (post apportionment), and $4.2 million respectively, as reported on its tax returns available to reduce future taxable income, if any. If not utilized, these federal and state NOL carryforwards will begin to expire in the year ending December 31, 2036. As a result of the Tax Cuts and Jobs Act of 2017, $376.0 million in federal NOL carryforwards do not have an expiration date. As of December 31, 2022, the Company also has Alternative Fuel Vehicle Credit carryforwards of $25.8 million that will begin to expire in the year ending December 31, 2036 if not utilized.

The Company accounts for uncertain tax positions in accordance with accounting standards which clarifies the accounting for uncertainty in income taxes in an enterprise's financial statements by defining the criterion that an individual tax position must meet for any part of the benefit of that position to be recognized in an enterprise's financial statements. The accounting standard prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return as well as guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company filed a tax accounting method change with its 2021 tax return. As a result, the Company released its uncertain tax position related to deferred revenue. As of December 31, 2022, the Company had no uncertain tax positions.

The Company's policy is to include penalties and interest related to income tax matters within the Company's benefit from (provision for) income taxes. As of December 31, 2022, the Company had no material accrued interest and penalties related to uncertain tax positions.

A reconciliation of beginning and ending amount of the gross unrecognized tax benefit is as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2022** | **2021** |
|  | *(in thousands)* | *(in thousands)* |
| **Unrecognized Tax Benefits as of beginning of year** | $1980 | $— |
| Gross Increases - tax positions in prior period |  | 1980 |
| Gross decreases - tax positions in prior period | (1980) |  |
| Gross increases - tax positions in current period |  |  |
| Settlement |  |  |
| Lapse of statute of limitations |  |  |
| **Unrecognized Tax Benefits as end of year** | $**—** | $**1980** |

---

**Note 16 - Related Party Transactions**

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

***2Predict, Inc.***

Prior to April 2021, the Company received services from 2Predict, a firm where a former Volta officer was a co-founder and Chief Executive Officer, and recognized expenses of $0.6 million for the year ended December 31, 2021, respectively, in selling, general and administrative in the consolidated statements of operations and comprehensive loss. As of December 31, 2021 the Company had no balance in accounts payable - due to related party for consulting services received as 2Predict, is no longer a related party as certain of its assets were acquired by the Company in April 2021 (see Note 4 - Acquisitions).

***Related party loans&nbsp;&nbsp;&nbsp;&nbsp;***

During the year ended December 31, 2021, the Company issued 3,891,256 shares of Legacy Volta Series D preferred stock which upon the Closing, were converted into shares of Legacy Volta Class B common stock, which were then converted into 4,722,039 shares of Class A common stock of the Company through a cashless exercise. Of the 3,891,256 shares of Legacy Volta Series D preferred stock, 2,032,271 shares were issued to 19 York Ventures, which Board member Martin Lauber is an officer of, and Energize Ventures, LLC, which Board member John Tough is an officer of, at $7.38 per share for total proceeds of $15.0 million, which upon the Closing, were converted into shares of Legacy Volta Class B common stock, which were then converted into 2,466,161 shares of the Company's Class A common stock (see Note 11 - Stockholders' (Deficit) Equity and Stock-Based Compensation).

***Promissory notes***

During the year ended December 31, 2021, the Company entered into promissory note agreements with certain executives where the Company loaned $8.6 million at an interest rate of 3.25%.

The promissory notes with current employees were required to be settled upon the Closing. The notes associated with three former employees were not required to be settled upon the Reverse Recapitalization, however one of the notes has been settled while the other two remained outstanding as of December 31, 2021. (see Note 11 - Stockholders' (Deficit) Equity and Stock-Based Compensation).

As of December 31, 2021, the Company had partial recourse promissory notes due from two former executives totaling $0.2 million. During the second quarter of 2022, amounts due from these former executives were settled by way of forfeiture of 71,454 shares valued at $0.2 million with an immaterial balance forgiven.

**Note 17 - Subsequent Events**

The Company has evaluated events subsequent to December 31, 2022 and through the date the financials are made available. The following events occurring subsequent to the consolidated balance sheet date merited recognition or disclosure in these statements.

*Agreement and Plan of Merger*

On January 17, 2023, Volta entered into the Merger Agreement with Shell and Merger Sub. The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Volta, with Volta continuing as the surviving corporation and as a wholly-owned subsidiary of Shell.

*Loan Agreement*

On January 17, 2023, Volta entered into a term loan, guarantee and security agreement (the "Equilon Loan Agreement") with Equilon Enterprises LLC d/b/a Shell Oil Products US, an affiliate of Shell ("Equilon"),

------

**Volta Inc.**

<u>Notes to Consolidated Financial Statements</u>

concurrently with the execution of the Merger Agreement, pursuant to which Equilon has provided a subordinated secured delayed draw term loan facility to Volta and certain of Volta's subsidiaries of up to $20 million, of which $20 million has been drawn as of March 30, 2023 (the "Equilon Loans"). Additional amounts are to be drawn in minimum increments of $5 million. The Equilon Loans shall mature on the earliest of (i) the acceleration of obligations by Equilon under the Equilon Loan Agreement, (ii) the later to occur of (x) the date that is 60 days after termination of the Merger Agreement in compliance with Article IX of the Merger Agreement (other than pursuant to a superior proposal), and (y) the date that is 91 days following maturity of the company's existing senior credit facilities with EICF Agent LLC (the "EICF Loan Agreement"), (iii) the effective time of the merger with Shell and (iv) termination of the Merger Agreement in connection with a superior proposal.

The Equilon Loans will bear interest at 15% per annum, increasing to 18% per annum three months after signing. Interest is capitalized (with monthly compounding). The default interest rate is an additional 2.0% per annum.

Volta's obligations under the Equilon Loan Agreement are secured by a second priority security interest in the assets securing Volta's obligations under the EICF Loan Agreement.

The Equilon Loan Agreement contains certain representations, covenants and events of default which are substantially based on the analogous provisions of the EICF Loan Agreement. Prior to a "trigger date", only certain "key" representations, covenants and defaults are to be applicable under the Equilon Loan Agreement. A "trigger date" occurs upon the earlier of: (x) the date of acceptance of a superior proposal under the Merger Agreement and (y) the date of termination of the Merger Agreement.

**Item 9. *Changes in and Disagreements with Accountants on Accounting and Financial Disclosure***

None.

**Item 9A. *Controls and Procedures***

**Evaluation of Disclosure Controls and Procedures**

------

Our management, with the participation of our Interim Chief Executive Officer ("CEO") and Principal Financial Officer ("PFO") has evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2022. We have established and currently maintain disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, designed to provide reasonable assurance that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Based on an evaluation of our disclosure controls and procedures, our CEO and PFO concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of December 31, 2022.

**Management's Report on Internal Control over Financial Reporting**

Management, under the supervision of our CEO and PFO, is responsible for establishing and maintaining adequate internal control over our financial reporting, as defined in Rules 13a-15(f) and 15(d)-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our management, under the supervision of our CEO and PFO, evaluated the design and operating effectiveness of our internal control over financial reporting based on the criteria established in the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the "2013 COSO framework"). Based on this evaluation, our management concluded that we maintained effective internal control over financial reporting as of December 31, 2022.

All internal control systems, no matter how well designed, have inherent limitations. Accordingly even effective internal controls and procedures can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

**Previously Reported Material Weaknesses**

As previously disclosed, in connection with the preparation of Volta's consolidated financial statements as of and for the years ended December 31, 2021 and 2020, certain material weaknesses were identified in Volta's internal control over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of Volta's interim or annual consolidated financial statements will not be prevented or detected on a timely basis. The material weaknesses were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volta did not design and maintain formal accounting policies, procedures and controls over significant accounts and disclosures to appropriately analyze, record and disclose complex technical accounting matters, including equity transactions and asset retirement obligations, commensurate with its accounting and reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volta did not maintain a sufficient complement of personnel to ensure appropriate segregation of duties to ensure that all journal entries and reconciliations were reviewed by an individual other than the preparer. Additionally, the Chief Financial Officer had inappropriate access rights in the general ledger system.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volta did not design and maintain formal accounting policies, procedures and controls over significant accounts and disclosures to appropriately prevent, detect or correct material misstatements which resulted in a high volume of correcting journal entries recorded subsequent to year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volta did not design and maintain effective controls over certain information technology general controls for information systems that are relevant to the preparation of its consolidated financial statements. Specifically, Volta did not design and maintain program change management controls to ensure that information technology program and data changes affecting financial IT applications and underlying accounting records are identified, tested, authorized and implemented appropriately during migration.

**Remediation of Weaknesses of Internal Controls**

Subsequent to the evaluation made in connection with filing our Annual Report on Form 10-K for the year ended December 31, 2021, and our Quarterly Reports on Form 10-Q for the interim periods ended March 31, 2022, June 30, 2022, and September 30, 2022 management with the oversight of the Audit Committee of the Board, continued the process of remediating the material weaknesses.

During the year ended December 31, 2022, we completed our plans to remediate these material weaknesses by performing the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hired experienced executives and personnel within our accounting and IT functions to strengthen the Company's expertise and segregate key functions in financial close, technical accounting and reporting and IT capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hired experienced personnel to enhance and operate our internal control program and execute related remediation efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Developed and maintained internal controls documentation, including as it relates to key accounting policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Conducted a formal financial reporting risk assessment with the assistance of third-party specialists, and monitored such risk assessment for ongoing relevance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Designed and implemented additional business cycle processes and controls, including reviews of account reconciliations and journal entries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Designed and implemented a comprehensive IT general controls framework covering financial reporting-relevant IT systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Engaged an experienced, nationally recognized Big Four public accounting firm to aid in our evaluation of the accounting for complex transactions as they arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Executed and considered the results of a comprehensive management testing program which evaluated the operating effectiveness of all key controls implemented to support to our remediation efforts, as supported by an experienced, nationally recognized Big Four public accounting firm.

The foregoing efforts have effectively remediated the material weaknesses as of December 31, 2022. As we continue to evaluate and work to maintain and improve our internal control over financial reporting, we may execute additional measures to enhance the overall design of our internal controls.

**Changes in Internal Control over Financial Reporting**

------

Other than the remediation efforts in relation to the remediated previously disclosed material weaknesses described above, there were no changes to our internal control over financial reporting during the quarter ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B. *Other Information***

None.

**Item 9C. *Disclosure Regarding Foreign Jurisdictions that Prevent Inspections***

Not applicable.

**Part III**

**Item 10. *Directors, Executive Officers and Corporate Governance***

The following table sets forth certain information, including ages as of March 27, 2023, of our executive officers and members of the Board.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| ***Executive Officers*** | | |
| Vincent Cubbage | 58 | Interim Chief Executive Officer and Director <sup>(1)</sup> |
| Michelle Kley | 51 | Executive Vice President, Chief Legal Officer and Corporate Secretary |
| Brandt Hastings | 43 | Chief Commercial Officer <sup>(1)</sup> |
| Andrew Lispher | 56 | Chief Development Officer |
| Stephen Pilatzke | 44 | Chief Accounting Officer |
| ***Non-Employee Directors*** |  |  |
| Katherine J. Savitt | 59 | Chairperson <sup>(3) (4)</sup> |
| Eli Aheto | 47 | Director <sup>(2)</sup> |
| John J. Tough | 37 | Director <sup>(2) (3)</sup> |
| Bonita C. Stewart | 65 | Director <sup>(2) (3) (4)</sup> |
| Martin Lauber | 54 | Director <sup>(3)</sup> |

---

____________

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The Board appointed Brandt Hastings, the Company's Chief Revenue Officer, to serve as the Company's Interim Chief Executive Officer effective upon Scott Mercer's departure in March 2022. In June 2022, Mr. Cubbage was appointed the Interim Chief Executive Officer and Mr. Hastings remained as the Company's Chief Commercial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Member of the audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Member of the compensation committee.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> Member of the nominating and corporate governance committee.

**Information about Executive Officers and Directors**

**Executive Officers**

------

**Vincent Cubbage.** Mr. Cubbage has served as Volta's Interim Chief Executive Officer since June 2022. Mr. Cubbage has served on the Board since its incorporation as Tortoise Acquisition Corp. II in July 2020. Mr. Cubbage has served as Chief Executive Officer and Chairman of the doard of directors of TortoiseEcofin Acquisition Corp. III since February 2021. Mr. Cubbage served as Chief Executive Officer and Chairman of Tortoise Acquisition Corp. from March 2019 to the completion of its initial business combination with Hyliion Inc. on October 1, 2020, and he continues to serve on the board of directors of Hyliion Holdings Corp. He has served as Managing Director — Private Energy of Tortoise Capital Advisors, L.L.C. since January 2019. Mr. Cubbage served as the Founder and Chief Executive Officer of Lightfoot Capital Partners from its formation in 2006 through its wind up in December 2019. He served as Chief Executive Officer and Chairman of the general partner of Arc Logistics Partners LP (NYSE: ARCX), from October 2013 to the date of its sale in December 2017. Prior to founding Lightfoot Capital, Mr. Cubbage was a Senior Managing Director in the Investment Banking Division of Banc of America Securities from 1998 to 2006; and prior to that was a Vice President at Salomon Smith Barney where he worked from 1994 to 1998. Mr. Cubbage holds an M.B.A. from the American Graduate School of International Management and a B.A. from Eastern Washington University.

**Michelle Kley.** Ms. Kley has served as Volta's Executive Vice President, Chief Legal Officer and Corporate Secretary since July 2022. Ms Kley served as Executive Vice President, Chief Legal Officer, General Counsel and Secretary of Virgin Galactic Holdings, Inc. (NYSE: SPCE) from December 2019 to July 2022. Prior to that, Ms. Kley served as Senior Vice President, Chief Legal and Compliance Officer and Secretary of Maxar Technologies Inc. (NYSE: MAXR, TSX: MAXR). Prior to Maxar, Ms. Kley worked as an associate for law firms Wilson Sonsini Goodrich & Rosati and Morrison & Foerster LLP. Ms. Kley holds a J.D. degree from the University of California Berkeley Law School and B.A. in Psychology from Sonoma State University.

**Andrew Lipsher.** Mr. Lipsher has served as Volta's Chief Development Officer since June 2022. Mr. Lipsher previously served as Volta's Chief Revenue Officer and Chief Strategy Officer from July 2016 through November 2020 and most recently served as Chief Strategy Officer from December 2020 until his appointment as the Chief Development Officer. Prior to Volta, he served as the Chief Revenue Officer at Glamsquad and previously held senior leadership roles in operations, corporate development and M&A at Clear Channel, Interscope Geffen A&M Records, News Corporation, BMG and Warner Music. Mr. Lipsher was also a Partner at Greycroft Partners, a leading venture capital firm. Mr. Lipsher holds a B.A. from Yale University and an M.B.A. from Northwestern's Kellogg Graduate School of Management.

**Brandt Hastings.** Mr. Hastings has served as Volta's Chief Commercial Officer since June 2022. Mr. Hastings served as Interim Chief Executive Officer of the Company from March 2022 to June 2022, and he served as the Chief Revenue Officer of the Company from November 2020 until his appointment as Chief Commercial Officer. Prior to joining Volta, Mr. Hastings served as Senior Vice President of iHeartMedia Inc. from April 2014 to October 2020. Prior to that, Mr. Hastings served as Vice President at Clear Channel International from September 2007 to April 2014, Senior Account Executive from 2005 to 2007 and Account Executive from 2002 to 2005. Mr. Hastings holds a B.S. in management and a B.A. in Spanish from Gettysburg College.

**Stephen Pilatzke.** Mr. Pilatzke has served as Volta's Chief Accounting Officer since July 2022. Mr. Pilatzke served as Chief Accounting Officer of Falcon Minerals Corporation from October 2018 to June 2022. Prior to that, Mr. Pilatzke served as Chief Accounting Officer for Lightfoot Capital Partners GP, LLC from January 2010 to December 2019 and for Arc Logistics Partners GP, LLC from October 2013 to December 2017. He also served as Chief Financial Officer and Controller of Paramount BioSciences LLC from December 2005 to January 2010. Mr. Pilatzke also has worked as an auditor at EisnerAmper LLP, an accounting and advisory firm, from November 2001 to December 2005. He is a Certified Public Accountant and hold a B.S. in accounting from Binghamton University.

**Non-Employee Directors**

**Eli Aheto.** Mr. Aheto has served on the Board since August 2021 and served on the Legacy Volta board of directors from October 2016 until the Closing. Mr. Aheto has served as a Managing Director at General Atlantic since July 2021 and on the board of directors of Greenlight Planet Inc. since April 2022. He has served on the boards of directors of the following private companies: 80 Acres Urban Agriculture, Inc. d/b/a "80 Acres Farm," an indoor

------

farming company from December 2018 to January 2021, 4AM Midstream, a midstream oil and gas gathering company, from July 2017 to June 2021 and Nautilus Solar Energy Inc., a community solar project developer from October 2015 to July 2019. Mr. Aheto was a Partner with Virgo Investment Group, a private investment firm, from 2015 to June 2021. Mr. Aheto holds an A.B. in economics from Harvard University and an M.B.A. from Harvard Business School.

**Martin Lauber.** Mr. Lauber has served on the Board since August 2021 and served on the Legacy Volta board of directors from June 2020 until the Closing. Since June 2013, Mr. Lauber has served as a Managing Partner at 19York, LLC, a marketing communications investing and strategic advisory firm, which he also founded. Mr. Lauber is also the Managing Partner of 19Y Ventures VI, LLC and has been active in technology and mobility investing and advising for several years. Prior, Mr. Lauber was Founder and CEO of Swirl, a pioneering digital marketing agency from 1997 to 2017. Mr. Lauber holds a B.A. in American Studies from the University of California, Los Angeles.

**Katherine J. Savitt**. Ms. Savitt has served on the Board since August 2021 and served on the Legacy Volta board of directors from December 2018 until the Closing. Ms. Savitt has served as President and Chief Business Officer of Boom Supersonic, an aviation and aerospace company, since January 2021. From 2016, Ms. Savitt served as a founding General Partner of Perch Partners, LLC, a management consulting firm. Prior to that, Ms. Savitt served as Chief Marketing Officer and Head of Global Media at Yahoo Inc. From 2009 to 2012, Ms. Savitt served as CEO of Lockerz, Inc., a shoppable digital magazine company, which she co-founded. Prior to this, Ms. Savitt served as Executive Vice President and Chief Marketing Officer of American Eagle Outfitters Inc. Ms. Savitt holds an A.B. in history and government from Cornell University.

**Bonita C. Stewart.** Ms. Stewart has served on the Board since August 2021 and served on the Legacy Volta board of directors from March 2021 until the Closing. Since 2006, Ms. Stewart has served in various roles at Google, Inc., a wholly owned subsidiary of Alphabet Inc., a global technology company, including most recently as Board Partner at Gradient Ventures, Google's early stage venture arm focused on AI enabled companies, since June 2021. At Google, Ms. Stewart previously served as Vice President, Global Partnerships from July 2016 to June 2021; as Vice President, Americas, Partner Business Solutions from August 2012 to December 2015; as Vice President, U.S. Sales and Operations from 2011 to 2012; as Managing Director, U.S. Sales from 2009 to 2010; and as Industry Director, U.S. Automotive from 2006 to 2009. Prior to Google Ms. Stewart held management and brand executive roles at IBM and DaimlerChrysler. Ms. Stewart has served on the board of directors of Deckers Outdoor Corporation, a footwear design and distribution company, since September 2014 where she currently chairs the Corporate Responsibility, Sustainability and Governance Committee and PagerDuty, a digital operations management company, since January 2021. Ms. Stewart holds a B.A. in journalism from Howard University and an M.B.A. from Harvard Business School.

**John J. Tough.** Mr. Tough has served on the Board since August 2021 and served on the Legacy Volta board of directors from May 2019 until the Closing. Mr. Tough has worked at Energize Ventures as a Managing Partner since September 2019 and as a Partner from February 2017 to August 2019. Prior to this, Mr. Tough worked at Choose Energy, Inc., a consumer services technology company, as Chief Revenue Officer from 2016 to May 2017, Vice President of Business Development & Operations from January 2014 to 2016 and Director — Business Development from June 2012 to January 2014. He also currently serves as a member or observer on the boards of directors of the following private computer software companies: Matroid, Inc., Aurora Solar Inc., and Sitetracker, Inc. In addition, Mr. Tough also currently serves as a member or observer on the boards of directors of the following private companies: DroneDeploy, Inc., an aerial analytics information technology company, and Nozomi Networks Inc., a computer and network security company. Mr. Tough holds a B.S. in biology, chemistry and markets and management from Duke University and an M.B.A. from The University of Chicago — Booth School of Business.

**Family Relationships**

There are no familial relationships among the Volta directors and executive officers.

**Involvement in Certain Legal Proceedings**

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To Volta's knowledge, there have been no events under any bankruptcy act, no criminal proceedings and no federal or state judicial or administrative orders, judgments or decrees or findings, no violations of any federal or state securities law, and no violations of any federal commodities law material to the evaluation of the ability and integrity of any director or executive officer of Volta during the past ten years.

**Board Composition**

The Board is composed of six directors and is divided into three classes with staggered three-year terms. At each annual meeting of stockholders, the successors to directors whose terms then expire are elected to serve from the time of election and qualification until the third annual meeting following election. Volta's directors are divided among the three classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class I directors are Martin Lauber and John Tough, and their terms will expire at the annual meeting of stockholders to be held in 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class II directors are Vincent Cubbage and Bonita Stewart, and their terms will expire at the annual meeting of stockholders to be held in 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class III directors are Eli Aheto and Katherine Savitt, and their terms will expire at the annual meeting of stockholders to be held in 2024.

Directors in a particular class are elected for three-year terms at the annual meeting of stockholders in the year in which their terms expire. As a result, only one class of directors is elected at each annual meeting of Volta stockholders, with the other classes continuing for the remainder of their respective three-year terms. Each director's term continues until the election and qualification of his or her successor, or the earlier of his or her death, resignation or removal. This classification of the Board may have the effect of delaying or preventing changes in Volta's control or management.

The Board can fill vacant directorships, including newly created seats. Any additional directorships resulting from an increase in the authorized number of directors would be distributed pro rata among the three classes so that, as nearly as possible, each class would consist of one-third of the authorized number of directors. Volta's directors may only be removed for cause and by the affirmative vote of the holders of at least two-thirds of the voting power of the then-outstanding shares entitled to vote in the election of directors, voting together as a single class.

**Director Independence**

The Board has determined that each of the directors serving on the Board, qualify as an independent director, as defined under the listing rules of NYSE, and the Board consists of a majority of "independent directors," as defined under the applicable rules of the SEC and NYSE relating to director independence requirements. In addition, Volta is subject to certain rules of the SEC and NYSE relating to the membership, qualifications and operations of the audit committee, as discussed below.

**Board Leadership Structure**

The Company's bylaws prohibit the positions of Chairperson of the Board and Chief Executive Officer being held by the same individual. The Board has adopted Corporate Governance Guidelines which provide for the appointment of a lead independent director at any time when a Chairperson is not independent. Katherine J. Savitt currently serves as Chairperson of the Board.

**Board Committees**

The Board has established an audit committee, a compensation committee and a nominating and corporate governance committee, each of which has the composition and responsibilities described below. The Volta Board and its committees set schedules for meeting throughout the year and can also hold special meetings and act by written consent from time to time, as appropriate. The Board delegates various responsibilities and authority to its committees and the committees regularly report on their activities and actions to the full Board. Members serve on

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these committees until their resignation or until otherwise determined by the Board. The Board may establish other committees to facilitate the management of Volta's business as it deems necessary or appropriate from time to time.

Each committee of the Board operates under a written charter approved by the Board. Copies of each charter are posted on the Investor Relations section of Volta's website at *www.voltacharging.com*. The inclusion of Volta's website address or the reference to Volta's website in this Annual Report does not include or incorporate by reference the information on Volta's website into this Annual Report.

**Audit Committee**

Volta's audit committee is composed of Eli Aheto, Bonita Stewart and John Tough, with Mr. Aheto serving as audit committee chairperson. The Board has determined that Mr. Aheto, Ms. Stewart and Mr. Tough each meet the requirements for independence and financial literacy under the current NYSE listing standards and SEC rules and regulations, including Rule 10A-3. In addition, the Board determined that Mr. Aheto is an "audit committee financial expert" within the meaning of Item 407(d) of Regulation S-K promulgated under the Securities Act. This designation does not impose any duties, obligations or liabilities that are greater than are generally imposed on members of the audit committee and the Board. The audit committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting a qualified firm to serve as the independent registered public accounting firm to audit Volta's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• helping to ensure the independence and overseeing the performance of the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing the results of the audit with the independent registered public accounting firm and reviewing, with management and that firm, Volta's interim and year-end operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing Volta's financial statements and critical accounting policies and estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the adequacy and effectiveness of Volta's internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing procedures for employees to submit concerns anonymously about questionable accounting, internal accounting controls or audit matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing Volta's policies on risk assessment and risk management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing compliance with Volta's code of business conduct and ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing related party transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving or, as permitted, pre-approving all audit and all permissible non-audit services (other than de minimis non-audit services) to be performed by the independent registered public accounting firm.

The audit committee operates under a written charter which satisfies the applicable rules of the SEC and the listing standards of the NYSE, and which is available on Volta's website. All audit services to be provided to Volta and all permissible non-audit services, other than de minimis non-audit services, to be provided to Volta by Volta's independent registered public accounting firm is approved in advance by the audit committee.

**Compensation Committee**

Volta's compensation committee is composed of John Tough, Martin Lauber, Katherine Savitt and Bonita Stewart, and Mr. Tough is the chairperson of the compensation committee. The Board has determined that each member of the compensation committee meets the requirements for independence under the current NYSE listing standards and SEC rules and regulations. Each member of the committee is a non-employee director, as defined in Rule 16b-3 promulgated under the Exchange Act. The compensation committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing, approving and determining, or making recommendations to the Board regarding, the compensation of Volta's executive officers, including the Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making recommendations regarding non-employee director compensation to the full Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• administering Volta's equity compensation plans and agreements with Volta executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing, approving and administering incentive compensation and equity compensation plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving Volta's overall compensation philosophy.

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The compensation committee operates under a written charter which satisfies the applicable rules of the SEC and NYSE listing standards, and is available on Volta's website.

**Nominating and Corporate Governance Committee**

The nominating and corporate governance committee is composed of Bonita Stewart, Martin Lauber, and Katherine Savitt, and Ms. Stewart is the chairperson of the nominating and corporate governance committee. The Board has determined that each member of the nominating and corporate governance committee meets the requirements for independence under the current NYSE listing standards and SEC rules and regulations. The nominating and corporate governance committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying, evaluating and selecting, or making recommendations to the Board regarding nominees for election to the Board and its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• considering and making recommendations to the Board regarding the composition of the Volta Board and its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and making recommendations to the Board regarding corporate governance guidelines and matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing Volta's corporate governance practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the evaluation and the performance of the Board and individual directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contributing to succession planning.

The nominating and corporate governance committee operates under a written charter which satisfies the applicable rules of the SEC and the NYSE listing standards and is available on Volta's website.

**Code of Business Conduct and Ethics**

The Board has adopted a Code of Business Conduct and Ethics that applies to all of Volta's directors, officers and employees, including Volta's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Business Conduct and Ethics is available on the Corporate Governance section of Volta's website. In addition, Volta posted on the Corporate Governance section of Volta's website all disclosures that are required by law or the listing standards of the NYSE concerning any amendments to, or waivers from, any provision of the Code of Business Conduct and Ethics.

**Nomination Process**

As of December 31, 2022, we did not affect any material changes to the procedures by which our stockholders may recommend nominees to our Board. Our Board does not have a policy with regards to the consideration of any director candidates recommended by our stockholders. Our Board has determined that it is in the best position to evaluate our company's requirements as well as the qualifications of each candidate when the Board considers a nominee for a position on our Board. If stockholders wish to recommend candidates directly to our Board, they may do so by sending communications to the chair of the Nomination and Governance Committee of our Board at the address on the cover of this Annual report.

**Delinquent Section 16(a) Reports**

Section 16(a) of the Exchange Act requires our directors, executive officers and persons who own more than 10% of a registered class of our securities to file initial reports of ownership and reports of changes in ownership with the SEC and to furnish us with copies of all Section 16(a) forms they file.

To our knowledge, based solely on our review of the copies of such reports furnished to us or written representations from such persons, we believe that, with respect to the year ended December 31, 2022, such persons complied with all such filing requirements except Mr. Hastings, who inadvertently filed one late Form 4 with respect to one transaction.

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**Item 11. *Executive Compensation***

Volta is a smaller reporting company and an "emerging growth company" within the meaning of the JOBS Act and has opted to comply with the executive compensation disclosure rules applicable to such companies. These rules provide for reduced compensation disclosure for the principal executive officer and the two most highly compensated executive officers other than the principal executive officer (the "named executive officers"). This section provides an overview of Volta's executive compensation programs, including a narrative description of the material factors necessary to understand the information disclosed in the summary compensation table below.

Volta's named executive officers for fiscal year 2022 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vincent Cubbage, Interim Chief Executive Officer<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brandt Hastings, former Interim Chief Executive Officer and current Chief Commercial Officer<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scott Mercer, former Chief Executive Officer<sup>(2)</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Andrew Lipsher, Chief Development Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Christopher Wendel, former President<sup>(3)</sup>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Francois Chadwick, former Chief Financial Officer<sup>(4)</sup>.

<sup>(1)</sup> On April 16, 2022, the Company announced that Mr. Hastings was named as the Interim Chief Executive Officer while continuing as the Chief Revenue Officer. On June 12, 2022, the Company announced that Mr. Cubbage would become the Interim Chief Executive Officer and Mr. Hastings would become the Chief Commercial Officer.

<sup>(2)</sup> On March 28, 2022, the Company announced that Mr. Mercer resigned as an officer, director and employee of the Company. Mr. Mercer served as Chief Executive Officer for a transition period which ended on April 15, 2022.

<sup>(3)</sup> On March 28, 2022, the Company announced that Mr. Wendel resigned as an officer, director and employee of the Company.

<sup>(4)</sup> On June 10, 2022, the Company announced that Mr. Chadwick intended to resign as an officer and employee of the Company. Mr. Chadwick served as Chief Financial Officer for a transition period which ended on August 22, 2022.

The Board, with input from Volta's Chief Executive Officer, has historically determined the compensation for Volta's named executive officers. The Board has designed, and intends to modify as necessary, its compensation and benefits programs to attract, retain, incentivize and reward talented and qualified executives who share its philosophy and desire to work towards achieving Volta's goals. Volta believes its compensation programs should promote the success of the company and align executive incentives with the long-term interests of its stockholders. Volta's current compensation programs reflect its startup origins and consist primarily of salary, bonus and equity awards. As Volta's needs evolve, it intends to continue to evaluate its philosophy and compensation programs as circumstances require.

The following table provides information concerning compensation awarded to, earned by and paid to each of Volta's named executive officers for services rendered to Volta in all capacities during 2021 and 2022:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary** | **Bonus**<sup>(1)</sup> | **Stock Awards**<sup>(2)</sup> | | **Option Awards**<sup>(3)</sup> | **All Other Compensation** | | **Total** |
| Vincent Cubbage <sup>(4)</sup> | 2022 | $276603 | $— | $772800 | (5) | $— | $320878 | (6) | $1370281 |
| *Interim Chief Executive Officer and Director* | 2021 | $— | $— | $— |  | $— | $— |  | $— |
| Scott Mercer \* | 2022 | $137500 | $— | $4609238 | (7) | $— | $253100 | (8) | $4999838 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Former Chief Executive Officer* | 2021 | $437500 | $500000 | $178402500 | (9) | $— | $83048 | (10) | $179423048 |
| Brandt Hastings | 2022 | $462499 | $— | $2293137 | (11) | $— | $17967 | (12) | $2773603 |
| *Chief Commercial Officer and Former Interim CEO* | 2021 | $350000 | $400000 | $439731 | (13) | $355339 | $9911 | (14) | $1554981 |
| Francois Chadwick | 2022 | $269631 | $— | $2390466 | (15) | $— | $9319 | (16) | $2669416 |
| *Former Chief Financial Officer* | 2021 | $280000 | $400000 | $6464697 | (17) | $2515000 | $11915 | (18) | $9671612 |
| Andrew Lipsher | 2022 | $345833 | $— | $601205 | (19) | $— | $4417 | (20) | $951455 |
| *Chief Development Officer* | 2021 | $300000 | $200000 | $2198638 | (21) | $513701 | $5367 | (22) | $3217706 |
| Christopher Wendel | 2022 | $97917 | $— | $3707430 | (23) | $— | $226250 | (24) | $4031597 |
| *Former President* | 2021 | $391667 | $450000 | $151041000 | (25) | $— | $83048 | (26) | $151965715 |

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\* On March 28, 2022, the Company announced that Mr. Mercer resigned as an officer and employee of the Company. Mr. Mercer served as Chief Executive Officer for a transition period ending on April 15, 2022.

\*\* On June 10, 2022, the Company announced that Mr. Chadwick intended to resign as an officer and employee of the Company. Mr. Chadwick served as Chief Financial Officer for a transition period which ended on August 22, 2022.

\*\*\* On March 28, 2022, the Company announced that Mr. Wendel resigned as an officer, director and employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Amounts reflect discretionary cash bonuses paid to the applicable named executive officers in the applicable fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Represents the aggregate grant date fair value for financial statement reporting purposes of stock awards granted in 2021 and 2022, as determined in accordance with the provisions of FASB ASC Topic 718. The amounts in the stock awards column include the fair market value of performance stock unit awards assuming maximum achievement of the performance and market goals at target levels resulting in the following fair market values for the performance stock unit awards: Mr. Mercer – $83,367,500 (fiscal 2021) and $0 (fiscal 2022), Mr. Wendel – $67,352,500 (fiscal 2021) and $0 (fiscal 2022), Mr. Chadwick $194,832 (fiscal 2021) and $0 (fiscal 2022), Mr. Hastings $194,832 (fiscal 2021) and $0 (fiscal 2022) and Mr. Lipsher $965,153 (fiscal 2021) and $0 (fiscal 2022).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Represents the aggregate grant date fair value for financial statement reporting purposes of option awards granted in 2021 and 2022, as determined in accordance with the provisions of FASB ASC Topic 718. The amount reflects Volta's accounting expense for these option awards and does not represent the actual economic value that may be realized by the named executive officer. There can be no assurance that the amount will ever be realized. For the assumptions used in valuing these awards, see Note 12 - Net Loss Per Share of the audited consolidated financial statements for the year ended December 31, 2022 included elsewhere in this Annual Report. As required by the SEC rules, the amount shown excludes the impact of estimated forfeitures related to service-based vesting conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Mr. Cubbage became the Interim Chief Executive Officer on June 13, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The amount is comprised of the following:

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| | | | |
|:---|:---|:---|:---|
| **Grant Date** | **Number of RSUs** | **Grant Date Fair Value\*** | **Vesting Schedule at Grant †** |
| July 2022 | 420000 | $772800 | 50% vested on December 13, 2022 and 50% vests on June 13, 2023 |

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\* As determined in accordance with the provisions of FASB ASC Topic 718.

† See "Outstanding Equity Awards at Fiscal Year-End Table" below for further information regarding vesting schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The amount is comprised of compensation received as a non-employee Director before being appointed the Interim Chief Executive Officer in June 2022. For further details on this amount, see "Director Compensation."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The amount is comprised of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Grant Date** | **Number of RSUs** | **Grant Date Fair Value\*** | | **Vesting Schedule at Grant †** |
| February 2022 | 923695 | $4609238 | (a) | Vests equally over three years on annual anniversary |

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\* As determined in accordance with the provisions of FASB ASC Topic 718.

† See "Outstanding Equity Awards at Fiscal Year-End Table" below for further information regarding vesting schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Forfeited pursuant to the terms of the Separation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Represents the sum of (i) $600 in subsidies for the lease or purchase of an EV, (ii) $2,500 in matching 401(k) contributions, and (iii) $250,000 of severance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.The amount is comprised of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Grant Date** | **Number of RSUs** | **Grant Date Fair Value\*** | | **Vesting Schedule at Grant †** |
| February 2021 | 3100000 | $22010000 |  | Fully vested |
| August 2021 | 5250000 | $48825000 |  | Vested in full on January 1, 2022 |
| November 2021 | 5250000 | $59167500 |  | Performance-based vesting upon attainment of specified stock price targets |
| November 2021 | 2000000 | $24200000 | (a) | Performance-based vesting upon attainment of a revenue target of $239 million by December 31, 2023 |
| November 2021 | 2000000 | $24200000 | (a) | Performance-based vesting upon attainment of specified stock price targets |

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\* As determined in accordance with the provisions of FASB ASC Topic 718.

† See "Outstanding Equity Awards at Fiscal Year-End Table" below for further information regarding vesting schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Forfeited pursuant to the terms of the Separation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Represents the sum of (i) $2,400 in subsidies for the lease or purchase of an EV; (ii) $11,600 in matching 401(k) contributions and (iii) legal expenses paid for the benefit of Mr. Mercer in the amount of $69,048.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.The amount is comprised of the following:

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| | | | |
|:---|:---|:---|:---|
| **Grant Date** | **Number of RSUs** | **Grant Date Fair Value\*** | **Vesting Schedule at Grant †** |
| February 2022 | 381527 | $1903820 | 1/3rd of the total number of shares will vest on the one-year anniversary of the grant date, and 1/12th of the shares will vest on each quarterly (3-month) anniversary thereafter |
| May 2022 | 188076 | $389317 | 50% vests on April 29, 2023, then 1/8 will vest quarterly thereafter. |

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\* As determined in accordance with the provisions of FASB ASC Topic 718.

† See "Outstanding Equity Awards at Fiscal Year-End Table" below for further information regarding vesting schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Represents the sum of (i) $1,800 in subsidies for the lease or purchase of an EV, and (ii) $16,167 in matching 401(k) contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.The amount is comprised of the following:

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| | | | |
|:---|:---|:---|:---|
| **Grant Date** | **Number of RSUs** | **Grant Date Fair Value\*** | **Vesting Schedule at Grant †** |
| December 2021 | 24704 | $194832 | Performance-based vesting upon attainment of specified stock price targets |
| December 2021 | 24704 | $219866 | 1/3rd of the total number of shares will vest on the one-year anniversary of the grant date, and 1/12th of the shares will vest on each quarterly (3-month) anniversary thereafter |

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\* As determined in accordance with the provisions of FASB ASC Topic 718.

† See "Outstanding Equity Awards at Fiscal Year-End Table" below for further information regarding vesting schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.Represents the sum of (i) $750 in subsidies for the lease or purchase of an EV, and (ii) $9,161 in matching 401(k) contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.The amount is comprised of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Grant Date** | **Number of RSUs** | **Grant Date Fair Value\*** | | **Vesting Schedule at Grant †** |
| February 2022 | 381527 | $1903820 | (a) | 1/3rd of the total number of shares will vest on the one-year anniversary of the grant date, and 1/12th of the shares will vest on each quarterly (3-month) anniversary thereafter |
| May 2022 | 235095 | $486647 | (a) | 50% vests on April 29, 2023, then 1/8 will vest quarterly thereafter. |

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\* As determined in accordance with the provisions of FASB ASC Topic 718.

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† See "Outstanding Equity Awards at Fiscal Year-End Table" below for further information regarding vesting schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Forfeited pursuant to the terms of the Separation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.Represents the sum of (i) $1,200 in subsidies for the lease or purchase of an EV, and (ii) $8,119 in matching 401(k) contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.The amount is comprised of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Grant Date** | **Number of RSUs** | **Grant Date Fair Value\*** | | **Vesting Schedule at Grant †** |
| November 2021 | 500000 | $6050000 | (a) | 1/3rd of the total number of shares will vest on the one-year anniversary of the grant date, and 1/12th of the shares will vest on each quarterly (3-month) anniversary thereafter |
| December 2021 | 24704 | $194832 | (a) | Performance-based vesting upon attainment of specified stock price targets |
| December 2021 | 24704 | $219866 | (a) | 1/3rd of the total number of shares will vest on the one-year anniversary of the grant date, and 1/12th of the shares will vest on each quarterly (3-month) anniversary thereafter |

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\* As determined in accordance with the provisions of FASB ASC Topic 718.

† See "Outstanding Equity Awards at Fiscal Year-End Table" below for further information regarding vesting schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Forfeited pursuant to the terms of the Separation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.Represents the sum of (i) $1,200 in subsidies for the lease or purchase of an EV and (ii) $10,715 in matching 401(k) contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.The amount is comprised of the following:

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| | | | |
|:---|:---|:---|:---|
| **Grant Date** | **Number of RSUs** | **Grant Date Fair Value\*** | **Vesting Schedule at Grant †** |
| February 2022 | 120482 | $601205 | 1/3rd of the total number of shares will vest on the one-year anniversary of the grant date, and 1/12th of the shares will vest on each quarterly (3-month) anniversary thereafter |

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\* As determined in accordance with the provisions of FASB ASC Topic 718.

† See "Outstanding Equity Awards at Fiscal Year-End Table" below for further information regarding vesting schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.Represents the sum of (i) $250 award for a patent and (ii) $4,167 in matching 401(k) contributions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.The amount is comprised of the following:

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| | | | |
|:---|:---|:---|:---|
| **Grant Date** | **Number of RSUs** | **Grant Date Fair Value\*** | **Vesting Schedule at Grant †** |
| December 2021 | 98815 | $770321 | Performance-based vesting upon attainment of specified stock price targets |
| December 2021 | 24704 | $194832 | Performance-based vesting upon attainment of specified stock price targets |
| December 2021 | 24704 | $219866 | 1/3rd of the total number of shares will vest on the one-year anniversary of the grant date, and 1/12th of the shares will vest on each quarterly (3-month) anniversary thereafter |
| December 2021 | 98815 | $879454 | 1/3rd of the total number of shares will vest on the one-year anniversary of the grant date, and 1/12th of the shares will vest on each quarterly (3-month) anniversary thereafter |

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\* As determined in accordance with the provisions of FASB ASC Topic 718.

† See "Outstanding Equity Awards at Fiscal Year-End Table" below for further information regarding vesting schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.Represents $5,367 in matching 401(k) contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.The amount is comprised of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Grant Date** | **Number of RSUs** | **Grant Date Fair Value\*** | | **Vesting Schedule at Grant †** |
| February 2022 | 742972 | $3707430 | (a) | Vests equally over three years on annual anniversary |

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\* As determined in accordance with the provisions of FASB ASC Topic 718.

† See "Outstanding Equity Awards at Fiscal Year-End Table" below for further information regarding vesting schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Forfeited pursuant to the terms of the Separation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.Represents the sum of (i) $1,250 in matching 401(k) contributions and (ii) $225,000 in severance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.The amount is comprised of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Grant Date** | **Number of RSUs** | **Grant Date Fair Value\*** | | **Vesting Schedule at Grant †** |
| February 2021 | 2600000 | $18226000 |  | Fully vested |
| August 2021 | 5250000 | $48825000 |  | Vested in full on January 1, 2022 |
| November 2021 | 4500000 | $50715000 |  | Performance-based vesting upon attainment of specified stock price targets |
| November 2021 | 1375000 | $16637500 | (a) | Performance-based vesting upon attainment of a revenue target of $239 million by December 31, 2023 |
| November 2021 | 1375000 | $16637500 | (a) | Performance-based vesting upon attainment of specified stock price targets |

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\* As determined in accordance with the provisions of FASB ASC Topic 718.

† See "Outstanding Equity Awards at Fiscal Year-End Table" below for further information regarding vesting schedules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Forfeited pursuant to the terms of the Separation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.Represents the sum of (i) $2,400 in subsidies for the lease or purchase of an EV, (ii) $11,600 in matching 401(k) contributions and (iii) legal expenses paid for the benefit of Mr. Wendel in the amount of $69,048.

**Narrative Disclosure to Summary Compensation Table**

For 2021 and 2022, the compensation program for Volta's named executive officers consisted of base salary, bonus and equity awards as well as benefits including 401(k) matching contributions and subsidies for the lease or purchase of an EV.

***Offer Letters and Employment Agreements***

Mr. Cubbage entered into an offer letter with Volta on July 27, 2022, Mr. Lipsher entered into an employment agreement with Volta on February 6, 2019, and Mr. Hastings entered into an employment agreement with Volta on November 20, 2020. On March 26, 2022, each of Messrs, Mercer and Wendel entered into a settlement and release agreement with Volta. Mr. Chadwick entered into an employment agreement with Volta on April 19, 2021, however, Mr. Chadwick resigned effective as of August 22, 2022 and his employment agreement with Volta is no longer in effect. The narrative below summarizes the payments and benefits that each named executive officer is currently eligible to receive on an annualized basis.

***Settlement and Release Agreements***

On March 28, 2022, the Company announced that it and Scott Mercer and Christopher Wendel agreed to the resignation of each of Mr. Mercer and Mr. Wendel as an officer and employee of the Company. Mr. Wendel's resignation was effective as of March 26, 2022. Mr. Mercer served as Chief Executive Officer for a transition period ending on April 15, 2022. Mr. Mercer will serve as an independent advisor to the Board through March 31, 2023.

In connection with their resignations, the Company entered into settlement and release agreements with each of Mr. Mercer and Mr. Wendel (the "Separation Agreements"). Under the Separation Agreements, (i) each of Mr. Mercer and Mr. Wendel received continued payment of his base salary for six months, and continued healthcare coverage at active employee rates for up to twelve months, following his resignation; (ii) through December 31, 2025, each of Mr. Mercer and Mr. Wendel agreed that he will vote all of his beneficially-owned voting stock of the Company in accordance with the recommendations of Institutional Shareholder Services Inc., except with respect to proposals for or against a transaction that would result in a change of control of the Company and certain similar transactions, and

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will not attempt to influence, form a group with or support other Company shareholders (and will not transfer any of his shares of the Company's capital stock to his affiliates or associates unless the affiliate or associate agrees to be bound by the requirement described in this clause (ii)); (iii) each of Mr. Mercer and Mr. Wendel agreed not to stand for reelection to the Board (in Mr. Mercer's case, until after December 31, 2025); (iv) each share of Class B Common Stock and any equity awards or convertible securities denominated in shares of Class B common stock held by each of Mr. Mercer and Mr. Wendel was converted into an equal number of shares of Class A common stock or securities convertible into Class A common stock, as applicable; (v) the awards of 5,250,000 vested restricted stock units held by each of Mr. Mercer and Mr. Wendel settled into shares of Class A common stock; (vi) the unvested awards of 5,250,000 market-vesting restricted stock units held by Mr. Mercer and 4,500,000 market-vesting restricted stock units held by Mr. Wendel, in each case granted on November 15, 2021, will remain outstanding and subject to vesting and settlement into shares of Class A common stock based on achievement of the applicable share price thresholds; one third of these awards will vest if the price of the Company's Class A common stock equals or exceeds $15.00, one third of these awards will vest if the price of the Company's Class A common stock equals or exceeds $20.00, and one third of these awards will vest if the price of the Company's Class A common stock equals or exceeds $25.00 (in each case for 20 trading days within any 30-trading-day period on or prior to August 26, 2026), and the awards are subject to full acceleration upon a change in control of the Company (as defined in the Company's FIP); (vii) the outstanding, unvested portion of equity-based awards granted to each of Mr. Mercer and Mr. Wendel prior to August 26, 2021, became fully vested; (viii) all other outstanding unvested Company equity awards held by each of Mr. Mercer and Mr. Wendel, consisting of 4,923,695 restricted stock units held by Mr. Mercer and 3,492,972 restricted stock units held by Mr. Wendel were immediately forfeited; and (ix) each of Mr. Mercer and Mr. Wendel were entitled to reimbursement of reasonable expenses in connection with their entry into the Separation Agreements. The Separation Agreements also include customary mutual release and non-disparagement provisions on behalf of the Company and each of Mr. Mercer and Mr. Wendel. In addition, under his Separation Agreement, Mr. Mercer agrees to serve as an independent advisor to the Board through March 31, 2023 in exchange for a $375,000 consulting fee.

***Base Salary***

In 2021 and 2022, each of Volta's named executive officers received an annual base salary to compensate them for services rendered to Volta. On February 1, 2021, the base salary of each of Mr. Mercer and Mr. Wendel increased from $300,000 to $450,000 and $300,000 to $400,000, respectively. Mr. Hastings and Mr. Lipsher each received an annual base salary of $350,000 and $300,000, respectively, during the year ended December 31, 2021. Mr. Chadwick joined Volta on April 1, 2021 at a base salary of $400,000.

On March 1, 2022, the base salary of each of Mr. Mercer, Mr. Wendel, Mr. Chadwick, Mr. Hastings and Mr. Lipsher increased from $450,000 to $500,000, $400,000 to $450,000, $400,000 to $425,000, $350,000 to $400,000, and $300,000 to $350,000, respectively. Mr. Cubbage entered into an offer letter with the Company as the Interim Chief Executive Officer on July 27, 2022, effective as of June 13, 2022, at a base salary of $500,000.

The actual base salary received by each named executive officer is set forth above in the Summary Compensation Table in the column titled "Salary."

***Cash Bonus***

Each named executive officer's employment agreement or offer letter provides that the named executive officer will be eligible to earn a discretionary annual bonus equal to a percentage of their base salary as determined by the Board. In 2021 and 2022, each named executive officer that remained employed with Volta at the time of the bonus determination was eligible to earn annual cash bonuses based on their performance, as determined by the Board, in its discretion.

The actual annual cash bonuses awarded to each of Volta's named executive officers for 2021 and 2022 performance are set forth above in the Summary Compensation Table in the column titled "Bonus."

***Equity Awards***

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*2021 Equity Awards*

In January 2021, Mr. Hastings and Mr. Lipsher received options to purchase 140,450 and 203,044 shares, respectively, of Class A common stock, In April 2021, Mr. Chadwick received options to purchase 606,750 shares of Class A common stock.

In 2021, each of the following named executive officers received RSUs covering shares of Class A common stock as follows: (a) in November 2021, Mr. Mercer received RSUs covering (i) 5,250,000, (ii) 2,000,000 and (iii) 2,000,000 shares of Class A common stock (see footnote 9 of the Summary Compensation Table above for further information relating to these awards), (b) in November 2021, Mr. Wendel received RSUs covering (i) 4,500,000, (ii) 1,375,000 and (iii) 1,375,000 shares of Class A common stock (see footnote 25 of the Summary Compensation Table above for further information relating to these awards), (c) Mr. Chadwick received RSUs in November and December 2021 covering (i) 500,000, (ii) 24,704 and (iii) 24,704 shares of Class A common stock (see footnote 17 of the Summary Compensation Table above for further information relating to these awards), (d) in December 2021, Mr. Hastings received RSUs covering (i) 24,704 and (ii) 24,704 shares of Class A common stock (see footnote 13 of the Summary Compensation Table above for further information relating to these awards), and (e) in December 2021, Mr. Lipsher received RSUs covering (i) 98,815, (ii) 24,704, (iii) 24,704, and (iv) 98,815 shares of Class A common stock (see footnote 21 of the Summary Compensation Table above for further information relating to these awards).

Additionally, in August 2021 Mr. Mercer and Mr. Wendel received RSUs covering 5,250,000 and 5,250,000 shares of Class B common stock, respectively, granted at Closing pursuant to the FIP, which was adopted upon Closing to replace the Carve-Out Plan, under which Mr. Mercer and Mr. Wendel would each be eligible to receive 2% of the "aggregate proceeds" (as defined in the Carve-Out Plan), subject to their execution of a release of claims in favor of Legacy Volta.

In February 2021, Mr. Mercer and Mr. Wendel received RSA's of 3,100,000 and 2,600,000 shares of Class A common stock, respectively.

*2022 Equity Awards*

In 2022, each of the following named executive officers received RSUs covering shares of Class A common stock as follows: (a) in July 2022, Mr. Cubbage received RSUs covering 420,000 shares of Class A common stock (see footnote 5 of the Summary Compensation Table above for further information relating to this award), (b) in February 2022, Mr. Mercer received RSUs covering 923,695 shares of Class A common stock (see footnote 7 of the Summary Compensation Table above for further information relating to this award), (c) in February and May 2022, Mr. Hastings received RSUs covering (i) 381,527 and (ii) 188,076 shares of Class A common stock (see footnote 11 of the Summary Compensation Table above for further information relating to these awards), (d) in February and May 2022, Mr. Chadwick received RSUs covering (i) 381,527 and (ii) 235,095 share of Class A common stock (see footnote 15 of the Summary Compensation Table above for further information relating to these awards), (e) in February 2022, Mr. Lipsher received RSUs covering 120,482 shares of Class A common stock (see footnote 19 for further information relating to this award), and (f) in February 2022, Mr. Wendel receive RSUs covering 742,972 shares of Class A common stock (see footnote 23 of the Summary Compensation Table above for further information relating to this award).

*Volta Equity Incentive Plan*

<u>General.</u> The 2021 EIP is a continuation of the Legacy Volta 2014 EIP, which the Board originally adopted, and Volta's stockholders approved, the Volta Option Plan on December 15, 2014. The 2021 EIP was amended and restated, and renamed, effective on August 26, 2021. The 2021 EIP provides for the grant of incentive stock options to Volta employees (and employees of any parent or majority-owned subsidiary of Volta), and for the grant of non-statutory stock options, restricted stock, RSUs and stock appreciation rights to Volta employees, directors and consultants (and employees and consultants of any parent or majority-owned subsidiary of Volta).

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<u>Share Reserve.</u> Volta initially reserved an aggregate of 45,187,241 shares of Volta Class A common stock and 134,993 shares of Volta Class B common stock under the 2021 EIP. There are no longer any shares of Class B common stock reserved for issuance under the 2021 EIP and no outstanding awards are exercisable or otherwise issuable for shares of Class B common stock. The number of shares available for issuance under the 2021 EIP will be automatically increased on the first day of each fiscal year commencing with the 2022 fiscal year in an amount equal to the lesser of (x) five percent (5%) of the outstanding Shares on the last day of the immediately preceding fiscal year and (y) an amount determined by the Board, with such shares to be comprised of Volta Class A Common Stock. Such shares may be authorized but unissued, or reacquired, common stock. The Board determined that number of shares available under the 2021 EIP would not be increased on January 1, 2023.

<u>Plan Administration.</u> The compensation committee of the Board administers the 2021 EIP.

<u>Types of Awards.</u> The Volta Equity Incentive Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock, RSUs,stock appreciation rights, and perforamance-based awards.

<u>Stock Options.</u> The Board has discretion to grant incentive or non-statutory stock options under the 2021 EIP, provided that incentive stock options may only be granted to employees. The exercise price per share applicable to such stock options must generally be equal to at least the fair market value per share of Volta Class A common stock or Volta Class B common stock, as applicable, on the date of grant. The term of stock options may not exceed ten years; provided, however, that any incentive stock option granted to a participant who owns more than 10% of the total combined voting power of all classes of Volta common stock, or of certain of Volta's subsidiary corporations, may not have a term in excess of five years and must have an exercise price per share equal to at least 110% of the fair market value per share of Volta Class A common stock or Volta Class B common stock, as applicable, on the grant date. Subject to the provisions of the 2021 EIP, the Board has discretion to determine the remaining terms of the stock options (e.g., vesting). After the termination of a participant's service, the participant may only exercise his or her stock option, to the extent vested, for a specified period of time stated in his or her option agreement. Generally, if termination is due to death or disability, the stock option will remain exercisable for 12 months following the termination of service. In all other cases except for a termination for cause, the stock option will generally remain exercisable for 3 months following the termination of service. In the event of a termination for cause, the stock option will immediately terminate. However, in no event may a stock option be exercised later than the expiration of its maximum term.

<u>Restricted Stock.</u> The Board has discretion to grant Volta restricted stock under the 2021 EIP. Volta restricted stock are generally shares of Volta Class A common stock or Volta Class B common stock that are issued or sold to a participant pursuant to the 2021 EIP and subject to repurchase by Volta under certain circumstances and that are fully vested at grant or that will vest in accordance with terms and conditions established by the Board, in its sole discretion. The Board has discretion to determine the number of shares that the participant may receive or purchase, the price to be paid (if any) and the time by which the participant must accept the shares/offer.

<u>RSUs.</u> The Board has discretion to grant RSUs under the 2021 EIP. Each RSU is a bookkeeping entry representing an amount equal to the fair market value of one share of Volta Class A common stock or Volta Class B common stock, as applicable. The Board, in its discretion, determines whether RSUs should be granted, the total units granted and/or the vesting terms applicable to such units. Participants holding RSUs will hold no voting rights by virtue of such RSUs. The Board may, in its sole discretion, award dividend equivalents in connection with the grant of RSUs. RSUs may be settled in cash, shares of Volta Class A common stock or Volta Class B common stock, as applicable, or any combination thereof or in any other form of consideration, as determined by the Board, in its sole discretion.

<u>Stock Appreciation Rights.</u> The Board has discretion to grant stock appreciation rights under the 2021 EIP and to determine the terms and conditions of each stock appreciation right, except that the exercise price for each stock appreciation right cannot be less than 100% of the fair market value of the underlying shares of Volta Class A common stock or Volta Class B common stock, as applicable, on the date of grant. Upon exercise of a stock appreciation right, a participant will receive payment from Volta in an amount determined by multiplying the difference between the fair market value of a share on the date of exercise over the exercise price by the number of shares with respect to which the stock appreciation right is exercised. Stock appreciation rights may be paid in cash,

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shares of Volta Class A common stock or Volta Class B common stock, as applicable, or any combination thereof, or in any other form of consideration, as determined by the Board in its discretion. Stock appreciation rights are exercisable at the times and on the terms established by the Board, in its discretion.

<u>Non-transferability of Awards.</u> Unless the Board provides otherwise, awards granted under the 2021 EIP are generally not transferable.

<u>Certain Adjustments.</u> In the event of certain corporate events or changes in Volta's capitalization, to prevent diminution or enlargement of the benefits or potential benefits available under the 2021 EIP, the Board will make adjustments to one or more of the number, kind and class of securities that may be delivered under the 2021 EIP and/or the number, kind, class and price of securities covered by each outstanding award.

<u>Dissolution or Liquidation.</u> In the event of Volta's dissolution or liquidation, each outstanding award will terminate immediately prior to the consummation of such action, unless otherwise determined by the Board.

<u>Change in Control.</u> The 2021 EIP provides that in the event of a change in control, unless otherwise provided in the applicable award agreement or as determined by the Board at the time of grant, outstanding awards will be assumed, cancelled if not exercised/settled or cashed out in lieu of exercise as determined by the Board.

<u>Amendment or Termination.</u> The Board may amend or terminate the 2021 EIP at any time, provided such action does not impair the rights or obligations of any participant without his or her consent. In addition, stockholder approval must be obtained to the extent necessary and desirable to comply with applicable laws.

*Benefits and Perquisites*

Volta provides benefits to its named executive officers on the same basis as provided to all of its employees, including health, dental and vision insurance; health savings account; life insurance; subsidies in the form of reimbursements up to $200 per month for the lease or purchase of EVs; and a tax-qualified Section 401(k) plan for which Volta matches 100% of contributions up to 4% of the employee's salary. In fiscal years 2021 and 2022, Volta paid legal expenses for each of Mr. Mercer and Mr. Wendel related to executive compensation matters, including reasonable expenses incurred in connection with their entry into the Separation Agreements.

**Outstanding Equity Awards at Fiscal Year-End Table**

The following table provides information regarding each outstanding Volta stock option award or unvested stock award held by each named executive officer as of December 31, 2022.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Option Awards**<sup>(1)</sup> | **Option Awards**<sup>(1)</sup> | **Option Awards**<sup>(1)</sup> | **Stock Awards**<sup>(2)</sup> | **Stock Awards**<sup>(2)</sup> | **Stock Awards**<sup>(2)</sup> |
| **Name** | **Number of Securities Underlying Unexercised Options (#) Exercisable** | **Number of Securities Underlying Unexercised Options (#) Unexercisable** | **Option Exercise Price** <sup>(3)</sup> | **Option Expiration Date** | **Number of Securities that Have Not Vested (#)** | | **Market Value of Securities that Have Not Vested** |
| **Vincent Cubbage** |  |  |  |  | 15949 | (4) | $5662 |
|  |  |  |  |  | 210000 | (5) | $74550 |
|  |  |  |  |  | 92206 | (6) | $32733 |
| **Scott Mercer** |  |  |  |  | 5250000 | (7) | $1863750 |
| **Brandt Hastings** | 67299 | 73151 | $2.53 | 1/21/2031 |  | (8) | $— |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  | 24704 | (7) | $8770 |
| |  |  |  | 16469 | (9) | $5846 |
| |  |  |  | 381527 | (10) | $135442 |
| |  |  |  | 188076 | (11) | $66767 |
| **Francois Chadwick** | 202253 | $6.17 | 4/22/2031 |  | (12) | $— |
| **Andrew Lipsher** | 184364 | $0.57 | 2/5/2029 |  | (13) | $— |
|  | 242699 | $2.53 | 1/21/2031 |  | (14) | $— |
|  |  |  |  | 24704 | (7) | $8770 |
|  |  |  |  | 98815 | (7) | $35079 |
|  |  |  |  | 82345 | (9) | $29232 |
|  |  |  |  | 120482 | (10) | $42771 |
| **Christopher Wendel** |  |  |  | 4500000 | (7) | $1597500 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Except as otherwise set forth below, all options reflected herein cover shares of Volta Class A common stock granted under the 2021 EIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Except as otherwise set forth below, all stock awards reflected herein cover shares of Volta Class A common stock granted under the 2021 EIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.This column represents the fair market value of a share of Volta Class A common stock and on the date of grant, as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Represents shares of Volta Class A common stock underlying an RSU. The RSU was awarded to Mr. Cubbage as a part of his service on the Board prior to becoming the Interim Chief Executive Officer. The RSU will vest as to 1/2 of the total number of shares on August 26, 2023 and the remaining shares will vest on August 26, 2024, subject to the director serving on the Board through each vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Represents shares of Volta Class A common stock underlying an RSU. The RSU will fully vest on June 13, 2023 subject to the named executive officer's continued service through the vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Represents shares of Volta Class A common stock underlying an RSU. The RSU was award to Mr. Cubbage as a part of his service on the Board prior to becoming the Interim Chief Executive Officer. The RSU will fully vest on the earlier of (i) the one-year anniversary of the date of grant and (ii) the date of the first Annual Meeting (as defined in the Director Compensation policy) following the date of grant, subject to the director serving on the Board through such vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Represents shares of Volta Class A common stock underlying an RSU. The RSU will vest based on the achievement of specified stock price targets on or before August 26, 2026; provided that, any shares subject to the RSU which have not vested on or before August 26, 2026 shall no longer be eligible to vest and shall automatically be forfeited and returned to the 2021 EIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Volta stock option is subject to a four-year vesting schedule, with 25% of the option shares vesting on January 22, 2022 and 1/48<sup>th</sup> of the remaining shares vesting monthly thereafter, subject to the option holder's continuous service through each vesting date..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Represents shares of Volta Class A common stock underlying an RSU. The RSU will vest as to 1/3 of the total number of shares on November 15, 2022, and 1/12th of the total number of shares will vest on each quarterly anniversary thereafter, subject to the named executive officer's continued service through each vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Represents shares of Volta Class A common stock underlying an RSU. The RSU will vest as to 1/3 of the total number of shares on March 1, 2023, and 1/12th of the total number of shares will vest on each quarterly anniversary thereafter, subject to the named executive officer's continued service through each vesting date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Represents shares of Volta Class A common stock underlying an RSU. The RSU will vest as to 1/2 of the total number of shares on April 29, 2023, and 1/8th of the total number of shares will vest on each quarterly anniversary thereafter, subject to the named executive officer's continued service through each vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Represents a fully vested stock option with an exercise price of $6.17 that expires on April 22, 2031.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Represents a fully vested stock option with an exercise price of $0.57 that expires on February 5, 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.Represents a fully vested stock option with an exercise price of $2.53 that expires January 21, 2031.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.These option shares are part of a stock option originally covering a total of 500,000 shares of Volta Class B common stock. The stock option is subject to a four-year vesting schedule, with 25% of the option shares vesting on April 19, 2022 and 1/48th of the shares vesting monthly thereafter, subject to the option holder's continuous service through each vesting date. As of December 31, 2021, 0 shares subject to the stock option are vested.

**Additional Narrative Disclosure**

*Retirement Benefits*

Volta currently maintains a retirement plan intended to provide benefits under section 401(k) of the Code where employees, including the named executive officers, are allowed to contribute portions of their base compensation to a tax-qualified retirement account. Volta matches 100% of contributions of up to 4% of the employee's salary. The contributions made on behalf of the named executive officers for fiscal years 2021 and 2022 are disclosed above in the notes to the Summary Compensation Table.

*Potential Payments on Termination or Change in Control*

The following discussion describes the amounts and benefits that would have been owed to the named executive officers in the event of certain terminations of employment or change in control as of the end of fiscal year 2021 under the employment agreements and Carve-Out Plan.

<u>Offer Letters and Employment Agreements.</u> Messrs. Cubbage, Hastings and Lipsher have entered into an offer letter or employment agreement with Volta as described above in the section titled "Narrative Disclosure to Summary Compensation Table." Each of Messrs. Hastings's and Lipsher's employment agreements has an initial one-year term that will be automatically extended for successive one-year periods thereafter unless either Volta or the executive officer gives a written notice at least 90 days prior to the end of the applicable term. Mr. Cubbage's offer letter has an indefinite term, which provide for employment at will.

Messrs. Hastings and Lipsher are entitled to the following payments and benefits under each of their respective employment agreements, subject to the executive officer executing a general release of claims in favor of Volta:

&nbsp;&nbsp;&nbsp;&nbsp;• If Volta terminates the executive officer's employment without "cause" (as defined in the employment agreement) or the executive officer resigns for "good reason" (as defined in the employment agreement), the executive officer will be entitled to: (1) base salary continuation for in Mr. Hastings's case, two months, and in Mr. Lipsher's case, the lesser of (a) the balance of the term of the employment agreement or (b) six months; (2) acceleration of all of the executive officer's outstanding and unvested equity grants under Volta's equity-based compensation plans; (3) any unpaid annual bonus for any year completed prior to the effective date of the termination; and (4) the value of COBRA reimbursements until the earlier of (a) 12 months following the termination date and (b) the date upon which the executive officer receives benefits coverage under similar plans.

• Upon the consummation of a "change in control" (as defined in their employment agreement), all of the executive officer's outstanding and unvested equity grants under Volta's equity-based compensation plans will fully vest.

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Pursuant to each of the employment agreements with Messrs. Hastings and Lipsher, each is also entitled to full acceleration of all outstanding unvested equity awards if Volta consummates a "change in control" (as defined in the applicable employment agreement) during the term of the employment agreement. Mr. Cubbage's offer letter provides that upon a "change in control" (as defined in the offer letter), certain of his unvested Volta RSU awards will fully vest on account of such transaction.

Messrs. Cubbage, Hastings and Lipsher are not entitled to receive any excise tax gross-up under Sections 280G and 4999 of the Code.

<u>Management Incentive Plan</u>*.*** Volta maintains a management incentive plan ("MIP"), which provides for payments upon the consummation of a "change in control" (as defined in the MIP) to the employees who participate in the MIP (the "Participants") (subject to the participant's continued service with Volta) and payments and benefits upon a termination of a participant's employment with Volta without "cause" or resignation by the Participant for "good reason" (as defined in the MIP) within the 90-day period before or two years following the consummation of a "change in control" (as defined in the MIP) (any such termination or resignation, "Qualifying Termination"). Each of Messrs. Cubbage, Hastings and Lipsher participate in the MIP.

Eligible Participants may earn a retention bonus, subject to their continued service with Volta through and until the consummation of a change in control. The retention bonus will be paid from a retention pool of up to 3% of the merger consideration paid to Volta stockholders in a potential transaction, reduced by the amount of any net proceeds received by a Participant in connection with the accelerated vesting of any Volta RSU awards or Volta options on account of the change in control. Each share of the retention pool will be allocated at the discretion of Volta's chief executive officer and must be ratified by the chair of Volta's compensation committee.

Additionally, in the event of a Qualifying Termination, an executive officer will be entitled to receive the following benefits, subject to the Participant executing a general release of claims in favor of Volta:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a lump sum payment equal to the sum of the Participant's base salary on the termination date and the Participant's target annual cash bonus for the year in which the termination date occurs, multiplied by a severance multiplier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a prorated amount of the Participant's annual bonus through the termination date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a lump sum payment equal to the value of benefits continuation for a certain period following the termination date.

Under the MIP, any severance benefits (as defined in the MIP) payable to a Participant will be reduced by any severance payments to which the Participant would otherwise be entitled to under any general severance policy or plan maintained by Volta or any agreement between the Participant and Volta that provides for severance payments, unless the policy, plan or agreement expressly provides for severance payments to be in addition to those provided under the MIP.

*Executive Compensation Arrangements*

This section describes the plans and arrangements Volta maintains for the benefit of its employees, including the named executive officers.

<u>Volta Equity Incentive Plan.</u> The 2021 EIP facilitates the grant of equity awards to attract, retain and incentivize employees (including the named executive officers), independent contractors and directors of Volta and its affiliates, which is essential to Volta's long-term success.

<u>Volta Founder Incentive Plan.</u> The FIP facilitated the grant of equity awards to Mr. Mercer and Mr. Wendel and was terminated by the Board in May 2022.

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<u>Volta 2021 Employee Stock Purchase Plan.</u> The 2021 ESPP allows employees of Volta and its affiliates to purchase shares of Volta Class A common stock at a discount through payroll deductions and to benefit from stock price appreciation, thus enhancing the alignment of employee and stockholder interests.

**Director Compensation**

In November 2021, the compensation committee of the Board, comprised solely of independent directors, recommended to the Board for approval a compensation policy for non-employee directors (the "Director Compensation Policy") after consideration of market data and based on the recommendation of its independent compensation consultant. Our Board subsequently approved the Director Compensation Policy. The Director Compensation Policy consists of cash compensation and equity awards as described below in the section titled "Non-Employee Director Compensation Arrangements."

The following table sets forth information concerning the compensation of our non-employee directors for 2022. Mr. Cubbage received compensation as a member of the Board until he was named as Interim Chief Executive Officer in June 2022.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Fees Earned or Paid in Cash** | **Restricted Stock Awards** <sup>(1)</sup> | **Total** |
| Katherine J. Savitt | $102500 | $268704 | $371204 |
| Vincent Cubbage | $52174 | $268704 | $320878 |
| Eli Aheto | $80000 | $268704 | $348704 |
| John J. Tough | $85000 | $268704 | $353704 |
| Bonita C. Stewart | $76250 | $268704 | $344954 |
| Martin Lauber | $72500 | $268704 | $341204 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents the grant date fair value of restricted stock units received during 2022 determined in accordance with FASB ASC Topic 718, based upon the closing sale price of the Company's Class A common stock on the grant date.

**Narrative Disclosure to Director Compensation Table**

***Non-Employee Director Compensation Arrangement*s**

Volta has a Director Compensation Policy designed to attract and retain high quality non-employee directors by providing competitive compensation and to align their interests with the interests of Volta stockholders through equity awards.

Specifically, the Director Compensation Policy provides for the following annual cash retainers, which are payable quarterly in arrears and pro-rated for partial quarters of service:

*Annual Board Member Service Retainer*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All non-employee directors: $60,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-employee director serving as chairperson or lead outside director: $30,000 (in addition to above)

*Annual Committee Member Service Retainer*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Member of the audit committee: $10,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Member of the compensation committee: $7,500

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Member of the nominating and corporate governance committee: $5,000

*Annual Committee Chair Service Retainer (in lieu of Annual Committee Member Service Retainer)*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chairperson of the audit committee: $20,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chairperson of the compensation committee: $15,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chairperson of the nominating and corporate governance committee: $10,000

*Equity Compensation*

As described below, non-employee directors will receive equity awards under the 2021 EIP annually and upon their initial appointment to the Board, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Upon initial election or appointment to the Volta Board, a stock option or RSU award, as determined by the Board, with a grant date value of $200,000, which will vest in three equal annual installments beginning on the first anniversary of the date of grant, subject to the non-employee director's continuous service through each applicable vesting date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.At each annual stockholder meeting following the non-employee director's appointment to the Board and such director's service on the Board for a minimum of six months, an additional stock option or RSU award, as determined by the Board, with a grant date value of $150,000, which will vest in full upon the earlier of the first anniversary of the date of grant or the next annual stockholder meeting, subject to the non-employee director's continuous service through the applicable vesting date.

Notwithstanding the foregoing, for each non-employee director who remains in continuous service as a member of the Board until immediately prior to the consummation of a "change in control" (as defined in the 2021 EIP), any unvested portion of an equity award granted in consideration of such non-employee director's service as a member of the Board will vest in full immediately prior to, and contingent upon, the consummation of such change in control.

The Board will also have discretion to grant additional equity awards to certain outside directors for services to Volta that exceed the standard expectations for an outside director or for other circumstances determined to be appropriate by the Board. Volta will also reimburse directors for their reasonable out-of-pocket expenses in connection with attending Board and committee meetings.

**Director Options**

Volta's non-employee directors held the following aggregate number of stock options as of December 31, 2022:

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| | |
|:---|:---|
| **Name** | **Shares Subject to Outstanding Stock Options** |
| Katherine J. Savitt | 394,387 |
| Vincent Cubbage |  |
| Eli Aheto | 212,362 |
| John J. Tough | 242,700 |
| Bonita C. Stewart | 212,362 |
| Martin Lauber | 156,745 |

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Certain of Volta's non-employee directors are affiliated with entities which hold Volta securities. See "Beneficial Ownership of Securities" and "Certain Relationships and Related Party Transactions - Volta's Related Party Transactions" contained elsewhere in this Annual report for further information.

**Item 12. *Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters***

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The following table sets forth information regarding the beneficial ownership of shares of Volta common stock as of March 27, 2023 by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known by Volta to be the beneficial owner of more than 5% of the Volta common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of Volta's executive officers and directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all executive officers and directors of Volta as a group.

Beneficial ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power over that security, including options, warrants and time-based RSU awards that are currently exercisable or exercisable within 60 days.

The beneficial ownership of the Volta Class A common stock is based on 175,786,686 shares of Volta common stock outstanding as of March 27, 2023 Shares of Volta Class A common stock that may be acquired by an individual or group within 60 days of March 27, 2023 pursuant to the exercise of options, warrants or time-based RSU awards that are currently exercisable or exercisable within 60 days of March 27, 2023 are deemed to be outstanding for the purpose of computing the percentage ownership of such individual or group, but are not deemed to be outstanding for the purpose of computing the percentage ownership of any other person shown in the table.

Unless otherwise indicated, the address for each Volta stockholder listed is: 155 De Haro Street San Francisco, CA 94103.

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| | | |
|:---|:---|:---|
| | **Shares Beneficially Owned**<sup>(1)</sup> | **Shares Beneficially Owned**<sup>(1)</sup> |
|<br>**Name and Address of Beneficial Owners** | **Number** | **Percentage**<sup>(2)</sup> |
| ***Directors and Named Executive Officers:*** | | |
| Vincent Cubbage <sup>(3)</sup> | 2010090 | 1.1% |
| Eli Aheto <sup>(4)</sup> | 369753 | \* |
| Martin Lauber <sup>(5)</sup> | 573308 | \* |
| Katherine J. Savitt <sup>(6)</sup> | 510517 | \* |
| Bonita C. Stewart <sup>(7)</sup> | 328492 | \* |
| John J. Tough <sup>(8)</sup> | 10417503 | 5.6% |
| Francois Chadwick <sup>(9)</sup> | 202253 | \* |
| Brandt Hastings <sup>(10)</sup> | 618522 | \* |
| Scott Mercer <sup>(11)</sup> | 7963913 | 4.3% |
| Christopher Wendel <sup>(12)</sup> | 8150487 | 4.4% |
| Andrew Lipsher<sup>(13)</sup> | 2535440 | 1.4% |
| ***All executive officers and directors as a group (13 persons)***<sup>(14)</sup> | 36859151 | 20.6% |
| ***5% or Greater Beneficial Owners:*** |  |  |
| Entities Affliated with Energize Ventures <sup>(15)</sup> | 10417503 | 5.6% |
| TortoiseEconfin Borrower LLC <sup>(16)</sup> | 9818890 | 5.6% |
| Virgo Hermes, LLC <sup>(17)</sup> | 16222891 | 9.2% |
| Blackrock, Inc. <sup>(18)</sup> | 8987633 | 5.1% |

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\* Less than one percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.This table is based upon information supplied by officers, directors, principal stockholders and Volta's transfer agent, and information contained in Schedules 13D and 13G filed with the SEC. Unless otherwise noted in the footnotes to this table, Volta believes each of the stockholders named in this table has sole

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voting and investment power with respect to the shares indicated as beneficially owned by such stockholder. Applicable percentages for named executive officers and directors are based on 175,786,686 shares of Volta Class A common stock outstanding as of March 27, 2023, adjusted as required by the rules promulgated by the SEC. Applicable percentages for the 5% stockholders are as reflected in the most recent Schedules 13D and 13G filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.For purposes of determining percentages of shares beneficially owned, Volta does not include in the number of outstanding shares those shares subject to performance-based RSU awards which are not scheduled to vest within 60 days of March 27, 2023, because the holders of such shares have no voting or disposition rights with respect to the shares. All shares subject to time-based RSU awards and Volta options which are scheduled to vest within 60 days of March 27, 2023 and have voting rights, are included in the number of outstanding shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Shares beneficially owned by Vincent T. Cubbage consist of (i) 489,900 shares held by 3 Chiefs Family Trust ("3 Chiefs"), (ii) 633,091 shares issuable upon the settlement of time-based RSU awards , and (iii) 1,202,035 shares of Volta Class A common stock held directly by Mr. Cubbage. Charlene M. Cubbage is the trustee and a beneficiary of 3 Chiefs, along with her children, and has sole voting and investment power over the shares held by 3 Chiefs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Shares beneficially owned by Eli Aheto consist of (i) 41,261 shares of Volta Class A common stock held directly by Pacific Premier Trust Custodian FBO Eli Aheto IRA, (ii) 212,362 shares of Volta Class A common stock issuable upon the exercise of Volta options currently exercisable or exercisable within 60 days of March 27, 2023, (iii) 108,155 shares issuable upon the settlement of time-based Volta RSU awards, and (iv) 7,975 shares of Volta Class A common stock held directly by Eli Aheto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Shares beneficially owned by Martin Lauber consist of (i) 136,521 shares of Volta Class A common stock issuable upon the exercise of Volta options currently exercisable or exercisable within 60 days of March 27, 2023, (ii) 108,155 shares issuable upon the settlement of time-based RSU awards, and (iii) 328,632 shares of Volta Class A common stock held directly by Martin Lauber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Shares beneficially owned by Katherine J. Savitt consist of (i) 394,387 shares of Volta Class A common stock issuable upon the exercise of Volta options currently exercisable or exercisable within 60 days of March 27, 2023, (ii) 108,155 shares issuable upon the settlement of time-based RSU awards, and (iii) 7,975 shares of Volta Class A common stock held directly by Katherine J. Savitt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Shares beneficially owned by Bonita C. Stewart consist of (i) 65,987 shares of Volta Class A common stock held directly by Bonita K. Coleman Living Trust (the "Living Trust"), (ii) 141,576 shares of Volta Class A common stock issuable upon the exercise of Volta options currently exercisable or exercisable within 60 days of March 27, 2023, (iii) 108,155 shares issuable upon the settlement of time-based RSU awards, and (iv) 7,975 shares of Volta Class A common stock held directly by Bonita C. Stewart. Ms. Stewart is the trustee for the Living Trust and has sole voting and investment power over the shares held by the Living Trust. As such, Ms. Stewart may be deemed to be the beneficial owner of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Shares beneficially owned by John J. Tough include (i) 242,700 shares of Volta Class A common stock issuable upon the exercise of Volta options currently exercisable or exercisable within 60 days of February 17, 2023, (ii) 108,155 shares issuable upon the settlement of time-based RSU awards, and (iii) 7,975 shares of Volta Class A common stock held directly by John J. Tough. (See also the shares beneficially owned by entities affiliated with Energize Ventures in footnote 14, below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Shares beneficially owned by Francois Chadwick include 202,253 shares of Volta Class A common stock issuable upon the exercise of Volta options currently exercisable or exercisable within 60 days of March 27, 2023. As of August 22, 2022, Mr. Chadwick was no longer the Chief Financial Officer or an employee of Volta.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Shares beneficially owned by Brandt Hastings include (i) 76,078 shares of Volta Class A common stock issuable upon the exercise of Volta options currently exercisable or exercisable within 60 days of March 27, 2023, (ii) 456,839 shares issuable upon the settlement of time-based RSU awards, and (iii) 85,605 shares of Volta Class A common stock held directly by Brandt Hastings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Shares beneficially owned by Scott Mercer as set forth in his Amendment No. 3 to Schedule 13D filed with the SEC on February 6, 2023 consist of (i) 7,304,610 shares of Volta Class A common stock held directly

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by Scott Mercer and (ii) 659,303 shares of Volta Class A common stock issuable upon the exercise of stock Volta options. Excludes 5,250,000 performance-based RSU awards which would not vest within 60 days of March 27, 2023 and are subject to the achievement of applicable share price thresholds: one third of these awards will vest if the price of Volta Class A common stock equals or exceeds $15.00, one third of these awards will vest if the price of Volta Class A common stock equals or exceeds $20.00, and one third of these awards will vest if the price of Volta Class A common stock equals or exceeds $25.00 (in each case for 20 trading days within any 30-trading-day period on or prior to August 26, 2026). Scott Mercer is a former Director and Chief Executive Officer of Volta. On March 28, 2022, Volta announced that Mr. Mercer resigned as an officer, a director, and employee of Volta. Mr. Mercer continued to serve as Chief Executive Officer of Volta for a transition period ending on April 15, 2022. Accordingly, Mr. Mercer is a named executive officer with respect to Volta's fiscal year ending December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Shares beneficially owned by Christopher Wendel as set forth in his Amendment No. 2 to Schedule 13D filed with the SEC on November 15, 2022 consist of 8,150,487 shares of Volta Class A common stock held directly by Christopher Wendel. Excludes 4,500,000 performance-based RSU awards which would not vest within 60 days of March 27, 2023 and are subject to the achievement of applicable share price thresholds: one third of these awards will vest if the price of Volta Class A common stock equals or exceeds $15.00, one third of these awards will vest if the price of Volta Class A common stock equals or exceeds $20.00, and one third of these awards will vest if the price of Volta Class A common stock equals or exceeds $25.00 (in each case for 20 trading days within any 30-trading-day period on or prior to August 26, 2026). Christopher Wendel is the former president of Volta. On March 28, 2022, Volta announced that Mr. Wendel resigned as an officer, director, and employee of Volta. Mr. Wendel is a named executive officer with respect to Volta's fiscal year ending December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Shares beneficially owned by Andrew Lipsher include (i) 427,063 shares of Volta Class A common stock issuable upon the exercise of Volta options currently exercisable or exercisable within 60 days of March 27, 2023, (ii) 162,666 shares issuable upon the settlement of time-based RSU awards, (iii) 1,858,811 shares of Volta Class A common stock held directly by Andrew Lipsher, and (iv) 86,900 shares of Volta common stock held indirectly by Andrew Lipsher through Little Rose Partners, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.Shares held by all executive officers and directors as a group include (i) 2,360,776 shares of Volta Class A common stock issuable upon the exercise of Volta options currently exercisable or exercisable within 60 days of March 27, 2023 and (ii) 2,294,848 shares issuable upon the settlement of time-based Volta RSU awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.Shares beneficially owned by entities affiliated with Energize Ventures consist of (i) 8,414,566 shares held by Energize Ventures Fund LP ("EVF"); (ii) 1,644,107 shares held by Energize Growth Fund I LP ("EGF"), (iii) 1,848,507 shares held by EV Volta SPV LLC ("Volta SPV" and, together with EVF and EGF, the "Energize Funds") and (iv) 663,394 shares issuable upon exercise of legacy warrants held by EVF. John Tough is the Managing Partner of EVF and has sole voting and investment power over the shares held by EVF and as such may be deemed to be the beneficial owner of such shares. Mr. Tough disclaims any beneficial ownership of the shares held by EVF. Energize Growth I GP LLC ("Growth GP") is the general partner of EGF and Energize Ventures GP LLC ("Ventures GP") is the manager of Volta SPV. John Tough is the Managing Partner of Growth GP and Ventures GP and has sole voting and investment power over the shares held by the Energize Funds. As such, Mr. Tough may be deemed to be the beneficial owner of such shares. Mr. Tough disclaims any beneficial ownership of the shares held by the Energize Funds. Also includes (i) 242,700 shares of Volta common stock issuable upon the exercise of Volta options currently exercisable or exercisable within 60 days of February 17, 2023, and (ii) 7,975 shares of Volta Class A Class A common stock held directly by John J. Tough (see footnote 8, above). The principal address of the Energize Funds is 1 South Wacker Drive, Suite 1620, Chicago, Illinois 60606.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.Shares beneficially owned by TortoiseEcofin Borrower LLC ("TortoiseEcofin Borrower"), which is affiliated with Vincent T. Cubbage, includes 5,933,333 shares of Volta Class A common stock issuable upon exercise of private placement warrants. TortoiseEcofin Parent Holdco LLC ("TortoiseEcofin Parent") is the sole member of TortoiseEcofin Borrower, and TortoiseEcofin Investments, LLC ("TortoiseEcofin Investments", and together with TortoiseEcofin Borrower and TortoiseEcofin Parent, the "Tortoise Entities") is the sole member of TortoiseEcofin Parent. TortoiseEcofin Investments is controlled by a board

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of directors, which consists of Robert M. Belke, Brad Armstrong, H. Kevin Birzer, Gary P. Henson, Brad Hilsabeck, Ron Cordes and Rehana Nathoo. Tortoise Capital Advisors, L.L.C. ("Tortoise Capital Advisors") is an investment adviser to the Tortoise Entities. Primary responsibility for the day-to-day management of the Tortoise Entities is the joint responsibility of a team of portfolio managers consisting of Brian A. Kessens, James R. Mick, Matthew G.P. Sallee, Robert J. Thummel, Stephen Pang and Nicholas S. Holmes. Tortoise Capital Advisors has sole voting and dispositive power over the shares and warrants held by TortoiseEcofin Borrower. The address of TortoiseEcofin Borrower is 6363 College Boulevard, Overland Park, Kansas 66211.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.Shares beneficially owned by Virgo Hermes, LLC ("Virgo LLC") consist of (i) 7,112,449 shares of Volta Class A common stock and (ii) 9,110,442 shares of Volta common stock subject to a Volta warrant exercisable within 60 days of February 17, 2023, all of which are held directly by Virgo LLC. Jesse Watson is the Managing Partner and Chief Investment Officer of Virgo LLC. The principal address of Virgo LLC is 1201 Howard Avenue, Burlingame, California 94010.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.Shares beneficially owned by Blackrock, Inc. as set forth in its Schedule 13G filed with the SEC on February 10, 2023 consist of 8,987,633 shares of Volta Class A common stock. The principal address of Blackrock, Inc. is 55 East 52nd Street New York, NY 10055.

**Changes in Control**

Except for the proposed merger with Shell described elsewhere in this Annual Report, Volta's management knows of no arrangements, including any pledge by any person or securities of Volta, the operation of which may at a subsequent date result in a change in control of Volta.

**Item 13. *Certain Relationships and Related Transactions, and Director Independence***

*The following includes a summary of transactions since January 1, 2021 to which we have been a party, in which the amount involved in the transaction exceeded $120,000, and in which any of our directors, executive officers or, to our knowledge, beneficial owners of more than 5% of our capital stock or any member of the immediate family of any of the foregoing persons had or will have a direct or indirect material interest, other than equity and other compensation, termination, change of control, and other arrangements, which are described under the section entitled "Executive Compensation."*

**Stockholder Support Agreement**

On February 7, 2021, Tortoise Corp II, Legacy Volta and certain shareholders of Legacy Volta entered into a Stockholder Support Agreement (the "Stockholder Support Agreement") pursuant to which such shareholders agreed to vote all of their shares of Legacy Volta Common Stock and Legacy Volta Preferred Stock in favor of the approval and adoption of the Reverse Recapitalization. Under the Stockholder Support Agreement, the shareholders agreed to execute and deliver a written consent with respect to their outstanding shares in favor of the approval and adoption of the merger agreement with TortoiseCorp and the Reverse Recapitalization within forty-eight hours of Tortoise Corp II's registration statement on Form S-4 becoming effective. In addition, the Stockholder Support Agreement prohibited the shareholders from engaging in activities that have the effect of soliciting a competing acquisition proposal. The Stockholder Support Agreement terminated as of the effective time of the Reverse Recapitalization pursuant to the terms thereof.

**Amended and Restated Registration Rights Agreement**

In connection with the Closing, that certain Registration Rights Agreement, dated September 10, 2020, among Tortoise Corp II and certain persons and entities holding securities of TortoiseCorp (the "IPO Registration Rights Agreement"), was amended and restated and Tortoise Corp II, certain persons and entities holding securities of Tortoise Corp II prior to the Closing (the "Initial Holders") and certain persons and entities receiving Volta Class A Common Stock or instruments exercisable for Volta Class A common stock in connection with the Reverse Recapitalization (the "New Holders" and, together with the Initial Holders, the "Registration Rights Holders") entered into an amended and restated registration rights agreement (the "A&R Registration Rights Agreement").

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Pursuant to the A&R Registration Rights Agreement, Volta agreed to, within 30 calendar days after the consummation of the Reverse Recapitalization, file with the SEC (at Volta's sole cost and expense) a registration statement registering the resale of certain securities held by or issuable to the Registration Rights Holders (the "Resale Registration Statement"), and use its commercially reasonable best efforts to have the Resale Registration Statement declared effective as soon as reasonably practicable after the filing thereof. In certain circumstances, certain of the Registration Rights Holders could demand up to three underwritten offerings, and all of the Registration Rights Holders were to be entitled to customary piggyback registration rights. The A&R Registration Rights Agreement did not provide for the payment of any cash penalties by Volta if it failed to satisfy any of its obligations under the A&R Registration Rights Agreement.

**Lock-Up Arrangements**

On February 7, 2021, the Founders of Volta entered into the Lock-Up Agreement (the "Lock-Up Agreement") with Tortoise Corp II and Volta, pursuant to which they agreed, subject to certain customary exceptions, not to (a) effect any direct or indirect sale, assignment, pledge, hypothecation, disposition, loan or other transfer, or entry into any agreement with respect to any sale, assignment, pledge, hypothecation, disposition, loan or other transfer, with respect to any shares of Volta Class A common stock or Volta Class B common stock held by them immediately after the Effective Time, including any shares of Volta Class A common stock or Volta Class B common stock issuable upon the exercise of Volta Options or Volta Warrants to purchase shares of Volta Class A common stock or Volta Class B common stock held by them immediately following the Closing or (b) publicly announce any intention to effect any transaction specified in clause (a), in each case, until the date that is the earlier of (i) one year after the Closing Date and (ii) the earlier to occur of, subsequent to the Closing Date, (x) the first date on which the last reported sale price of the Volta Class A common stock equaled or exceeded $12.00 per share (as equitably adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Closing and (y) the date on which there is consummated a subsequent liquidation, merger, share exchange or other similar transaction which results in all of Volta's stockholders having the right to exchange their shares of Volta Class A common stock for cash, securities or other property.

Additionally, the Volta Bylaws include transfer restrictions on our securities issued to Legacy Volta stockholders in connection with the Reverse Recapitalization for a period of six months after the Closing.

**Pre-Reverse Recapitalization Related Party Transactions of Tortoise Corp II**

***Forward Purchase Agreement***

Tortoise Corp II entered into a forward purchase agreement (the "Forward Purchase Agreement") pursuant to which Tortoise Corp II could elect, in its sole and absolute discretion, to offer CIBC National Trust Company ("CIBC National Trust") the opportunity to purchase forward purchase units, consisting of one Class A ordinary share of Tortoise Corp II (the "Forward Purchase Shares") and one-fourth of one redeemable warrant (the "Forward Purchase Warrants"), where each whole redeemable warrant is exercisable to purchase one Class A ordinary share of Tortoise Corp II at an exercise price of $11.50 per share (the "Forward Purchase Units"), and, if CIBC National Trust accepted such offer, it commited to purchase at least a minimum aggregate amount equal to either (a) 10% of the gross proceeds from a private placement that may close simultaneously with the closing of the Initial Reverse Recapitalization or (b) 10% of the gross proceeds from the Initial Public Offering (the "Minimum Aggregate Amount"), and up to $100,000,000 of Forward Purchase Units at a price per unit equal to the public offering price (the "Maximum Aggregate Amount"). The Forward Purchase Shares were identical to the Class A Ordinary Shares included in the Units sold in the Initial Public Offering and the Forward Purchase Warrants were to have the same terms as the Public Warrants, except the Forward Purchase Shares and the Forward Purchase Warrants were subject to transfer restrictions and certain registration rights. The funds from the sale of the Forward Purchase Units could be used as part of the consideration to the sellers in the Initial Reverse Recapitalization, and any excess funds could be used for the working capital needs of the post-transaction company. The Forward Purchase Agreement was subject to conditions, including CIBC National Trust specifying the amount of Forward Purchase Units between the Minimum Aggregate Amount and Maximum Aggregate Amount (the "Specified Amount") it wishes to purchase after Tortoise Corp II notifies CIBC National Trust of its intention to offer CIBC National Trust the opportunity to

------

purchase Forward Purchase Units. Tortoise Corp II could specify, in its sole and absolute discretion and at any time prior to or after CIBC National Trust has indicated its Specified Amount, an amount below the Specified Amount that Tortoise Corp II was willing to sell to CIBC National Trust. CIBC National Trust could choose to accept Tortoise Corp II's offer to purchase the Forward Purchase Units entirely within CIBC National Trust's sole discretion. Accordingly, if CIBC National Trust did not accept Tortoise Corp II's offer to purchase the Forward Purchase Units, it would not be obligated to purchase the Forward Purchase Units. On February 8, 2021, and in connection with CIBC National Trusts entering into of a subscription agreement to purchase shares of Volta Class A Common Stock in the PIPE Financing, Tortoise Corp II delivered a notice to CIBC National Trust stating that Tortoise Corp II will not elect to offer CIBC National Trust the opportunity to purchase Forward Purchase Units pursuant to the Forward Purchase Agreement.

***Letter Agreement***

The Founder Shares, Private Warrants and any Volta Class A common stock issued upon conversion or exercise thereof were each subject to transfer restrictions pursuant to a letter agreement entered into by the Sponsor and Tortoise Corp II's officers and directors. This letter agreement provided that the Founder Shares may not be transferred, assigned or sold until the earlier of (x) one year after the Closing or earlier if, subsequent to the Closing, the last sale price of Volta's Class A common stock equaled or exceeded $12.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Closing, or (y) the date on which we completed a liquidation, merger, share exchange, reorganization or other similar transaction after the Closing that results in all of Volta's stockholders having the right to exchange their shares for cash, securities or other property.

The letter agreement provided that the Private Warrants may not be transferred, assigned or sold until 30 days following the Closing.

**Pre-Reverse Recapitalization Related Party Transactions of Legacy Volta**

***Legacy Volta Series D and D-1 Preferred Stock***

Between December 2020 and February 2021, Legacy Volta sold an aggregate of 13,266,042 shares of Legacy Volta Series D Preferred Stock at a per-share issuance price of $7.3809 to accredited investors for an aggregate purchase price of approximately $97.9 million. In December 2020, Legacy Volta also issued an aggregate of 8,283,574 shares of Legacy Volta Series D-1 Preferred Stock at a per-share issuance price of $3.7731 through the conversion of certain promissory notes for an aggregate value of approximately $31.2 million. Each outstanding share of Legacy Volta Series D Preferred Stock and Legacy Series D-1 Preferred Stock converted into shares of Legacy Volta Class B Common Stock immediately prior to the Effective Time as part of the Conversion in connection with the Reverse Recapitalization.

The following table summarizes issuances of shares of Legacy Volta Series D Preferred Stock and Legacy Volta Series D-1 Preferred Stock to Legacy Volta's directors, executive officers or holders of more than 5% of Legacy Volta's capital stock or their respective affiliated entities.

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---

| | | | |
|:---|:---|:---|:---|
| **Name of Stockholder**<sup>(1)</sup> | **No. of Shares <br>(Series D)** | **No. of Shares <br>(Series D-1)** | **Aggregate Purchase Price ($)** |
| Virgo Hermes, LLC\*<sup>(2)</sup> | - | 1386686 | $5232110 |
| Entities affiliated with Energize Ventures\*<sup>(3)</sup> | 1923883 | 841806 | 17376207 |
| Carolyn Magill<sup>(4)</sup> | - | 26979 | 101797 |
| Pacific Premier Trust Custodian FBO Eli Aheto IRA<sup>(5)</sup> | 34001 | - | 250958 |
| Entities affiliated with Martin Lauber<sup>(6)</sup> | 812908 | - | 5999993 |
| Bauer Family Investments LLC<sup>(7)</sup> | - | 54249 | 204690 |
| The Bonita K Coleman Living Trust<sup>(8)</sup> | - | 54377 | 205173 |
| Activate Capital Partners, LP\* | - | 412073 | 1554795 |

---

____________

\* Owner of more than 5% of Legacy Volta capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Additional details regarding these stockholders and their equity holdings are provided in this Annual report under the section "Principal Securityholders."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Virgo Hermes, LLC was, at the time of the Legacy Volta's Series D private financing round (the "Legacy Volta Series D Financing"), an affiliate of Eli Aheto, a member of Legacy Volta's board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Consists of (i) 1,354,847 shares of Legacy Volta Series D Preferred Stock held by Energize Growth Fund I LP, (ii) 569,036 shares of Legacy Volta Series D Preferred Stock held by EV Volta SPV LLC and (iii) 841,806 shares of Legacy Volta Series D-1 Preferred Stock held by Energize Ventures Fund LP. Each of Energize Growth Fund I LP, EV Volta SPV LLC and Energize Ventures Fund LP is an affiliate of John Tough, a member of Legacy Volta's board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Carolyn Magill is the spouse of Eli Aheto, a member of Legacy Volta's board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Pacific Premier Trust Custodian FBO Eli Aheto IRA is an affiliate of Eli Aheto, a member of Legacy Volta's board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Consists of (i) 135,484 shares of Legacy Volta Series D Preferred Stock held by 19Y Ventures VI, LLC and (ii) 677,424 shares of Legacy Volta Series D Preferred Stock held by 19Y Ventures VI-2, LLC. Each of 19Y Ventures VI, LLC and 19Y Ventures VI-2, LLC is an affiliate of Martin Lauber, a member of Legacy Volta's board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Bauer Family Investments LLC is an affiliate of Christopher Wendel, a member of Legacy Volta's board of directors and an executive officer of Legacy Volta.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The Bonita K Coleman Living Trust is an affiliate of Bonita Stewart, a member of Legacy Volta's board of directors.

***Related Party Loans***

In February 2021, Legacy Volta made loans to certain of its directors and executive officers in the amounts set forth in the table below to facilitate the satisfaction of the recipients' tax withholding obligations associated with the grant of vested shares of Legacy Volta restricted stock to such recipients. The loans were interest-bearing at a rate of 3.25% per annum and were secured by a pledge of shares of Legacy Volta Class B common stock in the amounts detailed below. All of such loans were repaid in full at or prior to the Closing of the Reverse Recapitalization.

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| | | |
|:---|:---|:---|
| **Name** | **Principal Amount** | **Pledged Shares (Legacy Volta Class B Common Stock)** |
| Scott Mercer | $5113961 | 2089037 |
| Christopher Wendel | $3790221 | 1548293 |

---

***Consulting Agreements***

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*2Predict, Inc.*

Praveen Mandal, who served as Legacy Volta's Chief Technology Officer from October 2019 to June 2022, also served as the Chief Executive Officer of 2Predict until April 2021.

In February 2021, Legacy Volta entered into a Master Service Agreement with 2Predict, pursuant to which 2Predict agreed to develop data models for Legacy Volta for a term of at least one year. As of December 31, 2021, Legacy Volta had made payments of $642,672 to 2Predict under such agreements.

In April 2021, Legacy Volta entered into an Asset Purchase Agreement with 2Predict, pursuant to which Legacy Volta acquired certain assets of 2Predict for purchase consideration of $200,000 and 150,134 Class B common shares of Volta Industries, Inc. Mr. Mandal also signed a revised employment agreement as a full-time employee of Legacy Volta.

**Indemnification Agreements**

The Volta certificate of incorporation contains provisions limiting the liability of directors, and the Volta bylaws provide that Volta will indemnify each of its directors to the fullest extent permitted under Delaware law. Our charter documents also provide the Board with discretion to indemnify officers and employees when determined appropriate by the Board.

Volta has entered into indemnification agreements with each of its directors, officers and certain other key employees. The indemnification agreements provide that Volta will indemnify each of its directors, executive officers and other key employees against any and all expenses incurred by such director, executive officer or other key employee because of his or her status as one of Volta's directors, executive officers or other key employees, to the fullest extent permitted by Delaware law and our charter documents. In addition, the indemnification agreements provide that, to the fullest extent permitted by Delaware law, Volta will advance all expenses incurred by its directors, executive officers, and other key employees in connection with a legal proceeding involving his or her status as a director, executive officer or key employee. For more information regarding these indemnification agreements, see the section entitled "Description of Securities."

**Related Party Transactions Policy**

Volta has adopted a written related party transaction policy. The policy provides that officers, directors, holders of more than 5% of any class of Volta's voting securities and any member of the immediate family of and any entity affiliated with any of the foregoing persons will not be permitted to enter into a related-party transaction with Volta without the prior consent of the audit committee, or other independent members of the Board in the event it is inappropriate for the audit committee to review such transaction due to a conflict of interest. Any request for Volta to enter into a transaction with an executive officer, director, principal stockholder or any of their immediate family members or affiliates, in which the amount involved exceeds $120,000, must first be presented to the audit committee for review, consideration and approval. In approving or rejecting the proposed transactions, the audit committee will take into account all of the relevant facts and circumstances available.

All of the transactions described in this section were entered into prior to the adoption of this policy.

**Item 14. *Principal Accounting Fees and Services***

Grant Thornton LLP ("Grant Thornton") is the Company's independent registered public accounting firm.

Aggregate fees for professional services rendered for Volta by Grant Thornton for the fiscal year ended December 31, 2022 were as follows, in thousands:

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---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
| Audit Fees<sup>(1)</sup> | $1768 | $1446 |
| Audit Related Fees <sup>(2)</sup> | 161 | 1030 |
| Tax Fees<sup>(3)</sup> | 41 | 22 |
| All Other Fees<sup>(4)</sup> |  |  |
| Total | $1970 | $2498 |

---

**Audit Fees**. Grant Thornton was engaged as our independent registered public accounting firms to audit our financial statements for the year ended December 31, 2022 and to perform services in connection with our registration statements.

**Audit Related Fees**. Audit Related Fees consist of fees for assurance and related services that are reasonably related to the performance of the audit or review of the consolidated financial statements but are not reported in the prior paragraph. These fees are related to subscriptions to online accounting, educational, and public company transition matters.

**Tax Fees**. Represent professional services rendered by the accounting firm for tax compliance, tax advice, and tax planning.

**All Other Fees**. Represent fees billed for products and services provided by the accounting firm, other than the services reported for the other three categories.

**Auditor Independence**. The Audit Committee has considered the non-audit services provided by Grant Thornton and determined that the provision of such services had no effect on Grant Thornton's independence from Volta.

**Audit Committee Pre-Approval Policy and Procedures**.

The Audit Committee must review and pre-approve all audit and non-audit services provided by Grant Thornton, which was our independent registered public accounting firm as of December 31, 2022, and has adopted a Pre-Approval Policy. In conducting reviews of audit and non-audit services, the Audit Committee will determine whether the provision of such services would impair the auditor's independence. The term of any pre-approval is twelve months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. Any proposed services exceeding pre-approved fee ranges or limits must be specifically pre-approved by the Audit Committee.

Requests or applications to provide services that require pre-approval by the Audit Committee must be accompanied by a statement of the independent auditors as to whether, in the auditor's view, the request or application is consistent with the SEC's and the Public Company Accounting Oversight Board's rules on auditor independence. Each pre-approval request or application must also be accompanied by documentation regarding the specific services to be provided.

The Audit Committee has not waived the pre-approval requirement for any services rendered by Grant Thornton to Volta. All of the services provided by Grant Thornton to the Company described above were pre-approved by the Audit Committee.

 **Part IV**

**Item 15. *Exhibits, Financial Statement Schedules***

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The following documents are filed as part of this report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.Financial Statements*. The financial statements included in "Index to the Consolidated Financial Statements" in Part II, Item 8 are filed as part of this Annual Report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.Financial Statement Schedules*. None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.Exhibits*. Exhibits listed in the accompanying index to exhibits are filed or incorporated by reference as part of this Annual Report on Form 10-K.

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description of Document** |
| 2.1\* | <u>[Business Combination Agreement, dated as of February 7, 2021, by and among Tortoise Corp II, First Merger Sub, Second Merger Sub and Volta (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on February 8, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021007256/ea134805ex2-1_tortoiseacq2.htm)</u> |
| 2.2\* | <u>[Agreement and Plan of Merger, dated as of January 17, 2023, by and between Volta Inc. and Shell USA, Inc. (incorporated by reference to Exhibit 2.2 to the Company's Current Report 8-K, filed with the Securities and Exchange Commission on January 18, 2023)](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex2-1_voltainc.htm)</u> |
| 3.1 | <u>[Certificate of Incorporation of Volta Inc. (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex3-1_voltainc.htm)</u> |
| 3.2 | <u>[Bylaws of Volta Inc. (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex3-2_voltainc.htm)</u> |
| 3.3 | <u>[Amendment to the Bylaws of Volta Inc. (incorporated by reference to Exhibit 3.3 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on March 26, 2022).](https://www.sec.gov/Archives/edgar/data/1819584/000162828022007385/voltaincfirstbylawamendmen.htm)</u> |
| 3.4 | <u>[Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001819584/000121390022075296/ea169297-8k_voltainc.htm)[(incorporated by reference to Exhibit 3.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001819584/000121390022075296/ea169297-8k_voltainc.htm)[4](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001819584/000121390022075296/ea169297-8k_voltainc.htm)[to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001819584/000121390022075296/ea169297-8k_voltainc.htm)[November 25](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001819584/000121390022075296/ea169297-8k_voltainc.htm)[, 2022).](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001819584/000121390022075296/ea169297-8k_voltainc.htm)</u> |
| 4.1 | <u>[Specimen Class A Common Stock Certificate of the Registrant (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex4-1_voltainc.htm)</u> |
| 4.2 | <u>[Specimen Warrant Certificate of the Registrant (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex4-2_voltainc.htm)</u> |
| 4.3 | <u>[Amended and Restated Warrant Agreement, dated August 26, 2021, by and among Volta, Computershare Trust Company, N.A. and Computershare Inc. (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex4-3_voltainc.htm)</u> |
| 4.4 | <u>[Description of Securities.](ex-44xdescriptionofsecurit.htm)</u> |
| 10.1 | <u>[Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex10-1_voltainc.htm)</u> |
| 10.2 | <u>[Lock-Up Agreement, dated as of February 7, 2021, by and among the Company, Legacy Volta and Legacy Volta's founders (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on February 8, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021007256/ea134805ex10-2_tortoiseacq2.htm)</u> |

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| | |
|:---|:---|
| 10.3 | <u>[Sponsor Letter, dated as of February 7, 2021, by and among the Company, Legacy Volta, Tortoise Sponsor II LLC and certain holders of Legacy Volta's founder shares named therein (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on February 8, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021007256/ea134805ex10-3_tortoiseacq2.htm)</u> |
| 10.4 | <u>[Amended and Restated Registration Rights Agreement, dated as of August 26, 2021, by and among Volta, Tortoise Sponsor II LLC and certain other parties (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex10-4_voltainc.htm)</u> |
| 10.5 | <u>[Lease by and between 155 De Haro Associates LLC and Legacy Volta, dated as of February 8, 2016, as amended on each of April 20, 2016, August 31, 2016, August 29, 2018, and May 26, 2021 (incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex10-5_voltainc.htm)</u> |
| 10.6† | <u>[New Volta 2021 Equity Incentive Plan and related forms of award agreements (incorporated by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex10-6_voltainc.htm)</u> |
| 10.7† | <u>[New Volta Founder Incentive Plan and related forms of award agreements (incorporated by reference to Exhibit 10.7 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex10-7_voltainc.htm)</u> |
| 10.8† | <u>[New Volta Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.8 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex10-8_voltainc.htm)</u> |
| 10.9† | <u>[Employment Agreement, dated December 18, 2018, by and between Scott Mercer and Legacy Volta (incorporated by reference to Exhibit 10.9 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex10-9_voltainc.htm)</u> |
| 10.10† | <u>[Employment Agreement, dated December 18, 2018, by and between Chris Wendel and Legacy Volta (incorporated by reference to Exhibit 10.10 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex10-10_voltainc.htm)</u> |
| 10.11† | <u>[Employment Agreement, dated August 11, 2020, by and between James DeGraw and Legacy Volta (incorporated by reference to Exhibit 10.11 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex10-11_voltainc.htm)</u> |
| 10.12† | <u>[Settlement and Release Agreement dated March 26, 2022, by and among Scott Mercer, Volta Inc. and Volta Charging Industries, LLC.](mercerseparationagreemen.htm)</u> |
| 10.13† | <u>[Settlement and Release Agreement dated March 26, 2022, by and among Christopher Wendel, Volta Inc. and Volta Charging Industries, LLC.](wendelseparationagreemen.htm)</u> |
| 10.14 | <u>[Term Loan, Guarantee and Security Agreement dated as of June 19, 2019 by and among Volta Industries Inc., certain subsidiaries thereof, and EICF Agent, LLC, as agent for the lenders, including, and as amended by, that certain First Amendment to Loan Agreement, dated as of March 26, 2020, Second Amendment to Loan Agreement, dated as of May 4, 2020, Third Amendment to Loan Agreement, dated as of November 25, 2020, Fourth Amendment to Loan Agreement, dated as of August 24, 2021, Limited Waiver and Fifth Amendment to Loan Agreement, dated as of March 30, 2022, Limited Waiver and Sixth Amendment to Loan Agreement, dated as of May 11, 2022, Seventh Amendment to Loan Agreement, dated as of September 26, 2022, Eighth Amendment to Loan Agreement, dated as of December 30, 2022, Ninth Amendment to Loan Agreement, dated as of January 6, 2023, Tenth Amendment to Loan Agreement, dated as of January 17, 2023, and Forbearance Agreement and Eleventh Amendment to Loan Agreement, dated as of January 17, 2023.](ex1014voltacreditagreeme.htm)</u> |
| 10.15 | <u>[Form of Voting Agreement by and between Shell USA, Inc. and each of the Supporting Stockholders](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-1_voltainc.htm)[(incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-1_voltainc.htm)[10](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-1_voltainc.htm)[.](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-1_voltainc.htm)[15](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-1_voltainc.htm)[to the Company's Current Report 8-K, filed with the Securities and Exchange Commission on January 18, 2023)](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-1_voltainc.htm)</u> |

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| | |
|:---|:---|
| 10.16 | <u>[Term Loan, Guarantee and Security Agreement, dated as of January 17, 2023, by and among Volta Inc. and Equilon Enterprises LLC d/b/a Shell Oil Products US](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-2_voltainc.htm)[(incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-2_voltainc.htm)[10](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-2_voltainc.htm)[.](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-2_voltainc.htm)[16](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-2_voltainc.htm)[to the Company's Current Report 8-K, filed with the Securities and Exchange Commission on January 18, 2023)](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-2_voltainc.htm)</u> |
| 10.17 | <u>[Subordination and Intercreditor Agreement, dated as of January 17, 2023, by and among, Volta Inc., Equilon Enterprises LLC d/b/a Shell Oil Products US, and EICF Agent LLC.](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-3_voltainc.htm)[(incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-3_voltainc.htm)[10.17](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-3_voltainc.htm)[to the Company's Current Report 8-K, filed with the Securities and Exchange Commission on January 18, 2023)](https://www.sec.gov/Archives/edgar/data/1819584/000121390023003433/ea171816ex10-3_voltainc.htm)</u> |
| 16.1 | <u>[Letter to the Securities and Exchange Commission from WithumSmith+Brown, PC, dated September 1, 2021 (incorporated by reference to Exhibit 16.1 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex16-1_voltainc.htm)</u> |
| 21.1 | <u>[List of Subsidiaries (incorporated by reference to Exhibit 21.1 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 1, 2021).](https://www.sec.gov/Archives/edgar/data/1819584/000121390021046178/ea146705ex21-1_voltainc.htm)</u> |
| 23.1 | <u>[Consent of Grant Thornton LLP, independent registered public accounting firm of Volta Inc.](volta2022consent_330.htm)</u> |
| 24.1 | Power of attorney (included on the signature page hereof). |
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934](volta-exx311fy22.htm)</u> |
| 31.2 | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934](volta-exx312fy22.htm)</u> |
| 32.1 | <u>[Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350](volta-exx321fy22.htm)</u> |
| 32.2 | <u>[Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350](volta-exx321fy22.htm)</u> |
| 101 | The following materials from Volta Inc.'s Annual Report on Form 10-K for the year ended December 31, 2021, formatted in iXBRL (inline eXtensible Business Reporting Language): (i) the Consolidated Statements of Operations (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Changes in Stockholders' Equity, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text |
| 104 | The cover page from the Company's Annual Report on Form 10-K for the year ended December 31, 2021, formatted in Inline XBRL (included in Exhibit 101) |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |

---

\* Schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). The registrant hereby agrees to furnish supplementally a copy of any omitted schedule to the SEC upon its request.

† Indicates a management contract or compensatory plan, contract or arrangement.

**Item 16. *Form 10-K Summary***

None provided.

------

***Signatures***

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**Volta Inc.**

---

| | | |
|:---|:---|:---|
| Date: March 30, 2023 | By: | /s/ Vince Cubbage |
|  |  | Vince Cubbage |
|  |  | Interim Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: March 30, 2023 | By: | /s/ Stephen Pilatzke |
|  |  | Stephen Pilatzke |
|  |  | Chief Accounting Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Each of the directors of the registrant whose signature appears below hereby appoints Vince Cubbage and Stephen Pilatzke, and each of them severally, as his or her attorney-in-fact to sign in his or her name and behalf, in any and all capacities stated below, and to file with the Securities and Exchange Commission any and all amendments to this report, making such changes in this report as appropriate, and generally to do all such things on their behalf in their capacities as directors and/or officers to enable the registrant to comply with the provisions of the Securities Exchange Act of 1934, and all requirements of the Securities and Exchange Commission.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Vince Cubbage | Interim Chief Executive Officer, Director |  |
| Vince Cubbage | (Principal Executive Officer) | March 30, 2023 |
| /s/ Stephen Pilatzke | Chief Accounting Officer |  |
| Stephen Pilatzke | (Principal Financial Officer and Principal Accounting Officer) | March 30, 2023 |
| /s/ Eli Aheto | Director |  |
| Eli Aheto |  | March 30, 2023 |
| /s/ Katherine J. Savitt | Director |  |
| Katherine J. Savitt |  | March 30, 2023 |
| /s/ Bonita C. Stewart | Director |  |
| Bonita C. Stewart |  | March 30, 2023 |
| /s/ John J. Tough | Director |  |
| John J. Tough |  | March 30, 2023 |
| /s/ Martin Lauber | Director |  |
| Martin Lauber |  | March 30, 2023 |

---

## Exhibit 4.4

**Exhibit 4.4**

**DESCRIPTION OF SECURITIES** 

*The following description summarizes the most important terms of our capital stock. Because it is only a summary, it does not contain all of the information that may be important to you, and is qualified by reference to the Volta Charter, the Volta Bylaws and the A&R Registration Rights Agreement, which are exhibits to the registration statement of which this prospectus is a part. We urge you to read each of the Volta Charter, the Volta Bylaws and the A&R Registration Rights Agreement in their entirety for a complete description of the rights and preferences of our securities.*

**Authorized and Outstanding Stock**

Pursuant to the terms of the Volta Charter, our authorized capital stock consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350,000,000 shares of Volta Class A Common Stock, $0.0001 par value per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,000,000 shares of Class B Common Stock, $0.0001 par value per share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000,000 shares of Preferred Stock, $0.0001 par value per share ("Preferred Stock").

As of March 27, 2023, there were (i) xxx,xxx,xxx shares of Class A Common Stock outstanding held by xxx holders of record, (ii) 0 shares of Class B Common Stock outstanding and (iii) no shares of Preferred Stock outstanding.

***Volta Class A Common Stock***

*Voting Rights*

The Volta Charter provides that, except as otherwise expressly provided by the Volta Charter or as provided by law, the holders of Volta Class A Common Stock and Volta Class B Common Stock shall at all times vote together as a single class on all matters; provided however, that, except as otherwise required by law, holders of shares of Volta Class A Common Stock and Volta Class B Common Stock shall not be entitled to vote on any amendment to the Volta Charter that relates solely to the terms of one or more outstanding series of Volta Preferred Stock if the holders of such affected series are entitled, either separately or together as a class with the holders of one or more other such series, to vote thereon pursuant to the Volta Charter. Except as otherwise expressly provided in the Volta Charter or by applicable law, each holder of Volta Class A Common Stock shall have the right to one vote per share of Volta Class A Common Stock held of record by such holder.

*Dividend Rights*

Subject to preferences that may apply to any shares of Volta Preferred Stock outstanding at the time, shares of Volta Class A Common Stock and Volta Class B Common Stock are treated equally, identically and ratably, on a per share basis, with respect to any dividends or distributions as may be declared and paid from time to time by the Volta Board out of any assets of Volta legally available therefor; provided, however, that in the event a dividend is paid in the form of shares of Volta Class A Common Stock or Volta Class B Common Stock (or rights to acquire such shares), then holders of Volta Class A Common Stock will receive shares of Volta Class A Common Stock (or rights to acquire such shares, as the case may be) and holders of Volta Class B Common Stock will receive shares of Volta Class B Common Stock (or rights to acquire such shares, as the case may be), with holders of shares of Volta Class A Common Stock and Volta Class B Common Stock receiving, on a per share basis, an identical number of shares of Volta Class A Common Stock or Volta Class B Common Stock, as applicable.

Notwithstanding the foregoing, the Volta Board may pay or make a disparate dividend or distribution per share of Volta Class A Common Stock or Volta Class B Common Stock (whether in the amount of such dividend or distribution payable per share, the form in which such dividend or distribution is payable, the timing of the payment, or otherwise) if such disparate dividend or distribution is approved in advance by both (a) the affirmative vote of the holders of a majority of the voting power of all the then-outstanding shares of Volta Class A Common Stock and (b) the affirmative vote of the holders of a majority of the voting power of all the then-outstanding shares of Volta Class B Common Stock, each voting separately as a class.

*Rights Upon Liquidation, Dissolution and Winding Up*

Subject to any preferential or other rights of any holders of Volta Preferred Stock then outstanding, upon the liquidation, dissolution or winding up of Volta, whether voluntary or involuntary, holders of Volta Class A Common Stock and Volta Class B Common Stock are entitled to receive ratably all assets of Volta available for distribution to its stockholders unless disparate or different treatment of the shares of each such class with respect to distributions

------

**Exhibit 4.4**

upon any such liquidation, dissolution or winding up is approved in advance by both (a) the affirmative vote of the holders of a majority of the voting power of all the then-outstanding shares of Volta Class A Common Stock and (b) the affirmative vote of the holders of a majority of the voting power of all the then-outstanding shares of Volta Class B Common Stock, each voting separately as a class.

*Other Rights*

The holders of Volta Class A Common Stock do not have preemptive, subscription, redemption or conversion rights. There are no redemption or sinking fund provisions applicable to the Volta Class A Common Stock. The rights, preferences and privileges of holders of shares of Volta Class A Common Stock are subject to those of the holders of any shares of Volta Preferred Stock that Volta may issue in the future.

***Volta Class B Common Stock***

*Voting Rights*

The Volta Charter provides that, except as otherwise expressly provided by the Volta Charter or as provided by law, the holders of Volta Class A Common Stock and Volta Class B Common Stock shall at all times vote together as a single class on all matters; provided however, that, except as otherwise required by law, holders of shares of Volta Class A Common Stock and Volta Class B Common Stock shall not be entitled to vote on any amendment to the Volta Charter that relates solely to the terms of one or more outstanding series of Volta Preferred Stock if the holders of such affected series are entitled, either separately or together as a class with the holders of one or more other such series, to vote thereon pursuant to the Volta Charter. Except as otherwise expressly provided in the Volta Charter or by applicable law, each holder of Volta Class B Common Stock shall have the right to ten votes per share of Volta Class B Common Stock held of record by such holder.

*Dividend Rights*

Subject to preferences that may apply to any shares of Volta Preferred Stock outstanding at the time, shares of Volta Class A Common Stock and Volta Class B Common Stock are treated equally, identically and ratably, on a per share basis, with respect to any dividends or distributions as may be declared and paid from time to time by the Volta Board out of any assets of Volta legally available therefor; provided, however, that in the event a dividend is paid in the form of shares of Volta Class A Common Stock or Volta Class B Common Stock (or rights to acquire such shares), then holders of Volta Class A Common Stock will receive shares of Volta Class A Common Stock (or rights to acquire such shares, as the case may be) and holders of Volta Class B Common Stock will receive shares of Volta Class B Common Stock (or rights to acquire such shares, as the case may be), with holders of shares of Volta Class A Common Stock and Volta Class B Common Stock receiving, on a per share basis, an identical number of shares of Volta Class A Common Stock or Volta Class B Common Stock, as applicable.

Notwithstanding the foregoing, the Volta Board may pay or make a disparate dividend or distribution per share of Volta Class A Common Stock or Volta Class B Common Stock (whether in the amount of such dividend or distribution payable per share, the form in which such dividend or distribution is payable, the timing of the payment, or otherwise) if such disparate dividend or distribution is approved in advance by both (a) the affirmative vote of the holders of a majority of the voting power of all the then-outstanding shares of Volta Class A Common Stock and (b) the affirmative vote of the holders of a majority of the voting power of all the then-outstanding shares of Volta Class B Common Stock, each voting separately as a class.

*Rights Upon Liquidation, Dissolution and Winding Up*

Subject to any preferential or other rights of any holders of Volta Preferred Stock then outstanding, upon the liquidation, dissolution or winding up of Volta, whether voluntary or involuntary, holders of Volta Class A Common Stock and Volta Class B Common Stock are entitled to receive ratably all assets of Volta available for distribution to its stockholders unless disparate or different treatment of the shares of each such class with respect to distributions upon any such liquidation, dissolution or winding up is approved in advance by both (a) the affirmative vote of the holders of a majority of the voting power of all the then-outstanding shares of Volta Class A Common Stock and (b) the affirmative vote of the holders of a majority of the voting power of all the then-outstanding shares of Volta Class B Common Stock, each voting separately as a class.

*Other Rights*

The holders of Volta Class B Common Stock do not have preemptive or other subscription rights. There are no redemption or sinking fund provisions applicable to the Volta Class B Common Stock. The Volta Class B Common Stock is convertible into shares of Volta Class A Common Stock on a one-to-one basis at the option of the holders of the Volta Class B Common Stock at any time upon written notice to Volta. In addition, the Volta Class B Common

------

**Exhibit 4.4**

Stock will automatically convert into shares of Volta Class A Common Stock immediately prior to the close of business on the earliest to occur of (a) the later of (i) ten years from the date of filing of the Volta Charter and (ii) the date that is one year after the first date on which neither Scott Mercer nor Christopher Wendel is serving as an executive officer or director of Volta; (b) the date that is one year after the death or permanent disability of the last to die or become disabled of Scott Mercer and Christopher Wendel; and (c) the date specified by the affirmative vote of the holders of Volta Class B Common Stock representing not less than two-thirds of the voting power of the outstanding shares of Volta Class B Common Stock, voting separately as a single class. The Volta Class B Common Stock also automatically converts into Volta Class A Common Stock upon a transfer of the Volta Class B Common Stock, other than certain permitted transfers specified in the Volta Charter. The rights, preferences and privileges of holders of shares of Volta Class B Common Stock are subject to those of the holders of any shares of Volta Preferred Stock that Volta may issue in the future.

***Volta Preferred Stock***

The Volta Charter provides that shares of Volta Preferred Stock may be issued from time to time in one or more series. The Volta Board is authorized to fix the designation, vesting, powers (including voting powers), preferences and relative, participating, optional or other rights (and the qualifications, limitations or restrictions thereof) of the shares of each such series and to increase (but not above the total number of authorized shares of the class) or decrease (but not below the number of shares of such series then outstanding) the number of shares of any such series.

The number of authorized shares of Volta Preferred Stock may also be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the voting power of all the then-outstanding shares of capital stock of Volta entitled to vote thereon, without a separate vote of the holders of the Volta Preferred Stock or any series thereof, unless a vote of any such holders is required pursuant to the terms of any certificate of designation designating a series of Volta Preferred Stock.

The Volta Board is able to, subject to limitations prescribed by Delaware law, without stockholder approval, issue Volta Preferred Stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the Volta Class A Common Stock and Volta Class B Common Stock and could have anti-takeover effects. The ability of the Volta Board to issue Volta Preferred Stock without stockholder approval, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change of control of Volta or the removal of Volta's management and may adversely affect the market price of Volta Class A Common Stock and the voting and other rights of the holders of Volta. Volta had no Volta Preferred Stock outstanding at the date the Volta Charter became effective. Although our Board does not currently intend to issue any shares of Volta Preferred Stock, we cannot assure you that our Board will not do so in the future.

**Warrants**

***Public Warrants***

Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable 30 days after the Closing provided that we have an effective registration statement under the Securities Act covering the Volta Class A Common Stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or we permit holders to exercise their warrants on a cashless basis under certain circumstances). We have agreed that as soon as practicable, but in no event later than 20 business days after the closing of the Business Combination, we will use commercially reasonable efforts to file with the SEC and have an effective registration statement covering the Volta Class A Common Stock issuable upon exercise of the warrants and to maintain a current prospectus relating to the Volta Class A Common Stock until the warrants expire or are redeemed, as specified in the A&R Warrant Agreement. If a registration statement covering the Volta Class A Common Stock issuable upon exercise of the warrants is not effective 60 business days after the closing of the Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when we have failed to maintain an effective registration statement, exercise warrants on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the shares of Volta Class A Common Stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of Public Warrants who exercise their warrants to do so on a "cashless basis" and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

------

**Exhibit 4.4**

The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the Closing or earlier upon redemption or liquidation. In addition, if we had issued additional Volta Class A Common Stock or equity-linked securities for capital raising purposes in connection with the closing of the Business Combination at an issue price or effective issue price of less than $9.20 per share of Volta Class A Common Stock (with such issue price or effective issue price to be determined in good faith by the board of directors of Tortoise Corp II and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the "Newly Issued Price"), the exercise price of the warrants would have adjusted (to the nearest cent) to be equal to 115% of the Newly Issued Price.

Once the warrants become exercisable, we may redeem the outstanding warrants for cash (except as described herein with respect to the Private Warrants):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in whole and not in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at a price of $0.01 per warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon a minimum of 30 days' prior written notice of redemption; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if, and only if, the last sale price of the Volta Class A Common Stock equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders.

We will not redeem the warrants for cash unless a registration statement under the Securities Act covering the Volta Class A Common Stock issuable upon exercise of the warrants is effective and a current prospectus relating to the Volta Class A Common Stock is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act.

Commencing 90 days after the warrants become exercisable, we may redeem the outstanding warrants for Volta Class A Common Stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in whole and not in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at a price equal to a number of shares of Volta Class A Common Stock to be determined by reference to an agreed table based on the redemption date and the "fair market value" of the Volta Class A Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon a minimum of 30 days' prior written notice of redemption; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if, and only if, the last sale price of the Volta Class A Common Stock equals or exceeds $10.00 per share (as adjusted per share sub-divisions, share dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which we send the notice of redemption to the warrant holders.

The "fair market value" of the Volta Class A Common Stock means the average reported last sale price of the Volta Class A Common Stock for the ten trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. In no event will we be required to net cash settle any warrant.

***Private Placement Warrants***

The Private Warrants are identical to the Public Warrants underlying the Tortoise Corp II units sold in the IPO, except that the Private Warrants and the Volta Class A Common Stock issuable upon exercise of the Private Warrants will not be transferrable, assignable or salable until 30 days after the completion of the Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by Tortoise Corp II and exercisable by such holders on the same basis as the Public Warrants.

**Our Transfer Agent and Warrant Agent**

The transfer agent for the Volta Common Stock and the warrant agent for our warrants is Computershare Trust Company, N.A. We have agreed to indemnify Computershare Trust Company, N.A. in its roles as transfer agent and warrant agent, its agents and each of its stockholders, directors, officers and employees against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.

**Certain Anti-Takeover Provisions of Delaware Law and our Charter Documents**

------

**Exhibit 4.4**

We will not opt out of Section 203 of the DGCL under our charter documents. Under Section 203 of the DGCL, Volta will be prohibited from engaging in any business combination with any stockholder for a period of three years following the time that such stockholder (the "interested stockholder") came to own at least 15% of the outstanding voting stock of Volta (the "acquisition"), except if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Volta Board approved the acquisition prior to its consummation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the interested stockholder owned at least 85% of the outstanding voting stock upon consummation of the acquisition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the business combination is approved by the Volta Board, and by a 2/3 majority vote of the other stockholders in a meeting.

Generally, a "business combination" includes any merger, consolidation, asset or stock sale or certain other transactions resulting in a financial benefit to the interested stockholder. Subject to certain exceptions, an "interested stockholder" is a person who, together with that person's affiliates and associates, owns, or within the previous three years owned, 15% or more of our voting stock.

Under certain circumstances, declining to opt out of Section 203 of the DGCL will make it more difficult for a person who would be an "interested stockholder" to effect various business combinations with Volta for a three-year period. This may encourage companies interested in acquiring Volta to negotiate in advance with the Volta Board because the stockholder approval requirement would be avoided if the Volta Board approves the acquisition which results in the stockholder becoming an interested stockholder.

This may also have the effect of preventing changes in the Volta Board and may make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best interests.

***Written Consent by Stockholders***

Under our charter documents, subject to the rights of any series of Volta Preferred Stock then outstanding, any action required or permitted to be taken by the stockholders of Volta must be effected at a duly called annual or special meeting of stockholders of Volta and may not be effected by any consent in writing by such stockholders.

***Special Meeting of Stockholders***

Under our charter documents, special meetings of stockholders of Volta may be called only by the chairperson of the Volta Board, the chief executive officer or president of Volta, the lead independent director of the Volta Board or the Volta Board acting pursuant to a resolution adopted by a majority of the total number of authorized directors whether or not there exist any vacancies in previously authorized directorships, and may not be called by any other person or persons. Only such business shall be considered at a special meeting of stockholders as shall have been stated in the notice for such meeting.

***Advance Notice Requirements for Stockholder Proposals and Director Nominations***

Under the Volta Bylaws, advance notice of stockholder nominations for the election of directors and of business to be brought by stockholders before any meeting of the stockholders of Volta shall be given in the manner and to the extent provided the Volta Bylaws.

**Lock-Up Restrictions**

Certain of our stockholders are subject to certain restrictions on transfer until the termination of applicable lock-up periods.

Pursuant to the Registration Rights Agreement and the Sponsor Letter, subject to certain exceptions, Chris Wendel, Scott Mercer and the Sponsor (and its permitted transferees) are contractually restricted from selling or transferring any of their shares of common stock (not including any PIPE Shares issued in the PIPE Financing) (the "Lock-up Shares"). Such restrictions began at Closing and end on the earlier of (i) one year after the Closing Date and (ii) the earlier to occur of, subsequent to the Closing Date, (x) the first date on which the last reported sale price of the Volta Class A Common Stock equals or exceeds $12.00 per share (as equitably adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Closing and (y) the date on which there is consummated a subsequent liquidation, merger, share exchange or other similar transaction which results in all of Volta's stockholders having the right to exchange their shares of Volta Class A Common Stock for cash, securities or other property.

**Amended and Restated Registration Rights**

------

**Exhibit 4.4**

Pursuant to the A&R Registration Rights Agreement, Volta agreed that, within 30 calendar days after the consummation of the Business Combination, Volta will file the Resale Registration Statement with the SEC (at Volta's sole cost and expense), and Volta will use its commercially reasonable best efforts to have the Resale Registration Statement declared effective as soon as reasonably practicable after the filing thereof. In certain circumstances, certain of the Registration Rights Holders can demand up to three underwritten offerings, and all of the Registration Rights Holders will be entitled to customary piggyback registration rights. The A&R Registration Rights Agreement does not provide for the payment of any cash penalties by Volta if it fails to satisfy any of its obligations under the A&R Registration Rights Agreement. For more information on the A&R Registration Rights Agreement, please see the section entitled "*Certain Relationships and Related Transactions — Amended and Restated Registration Rights Agreement*."

We also agreed pursuant to the A&R Warrant Agreement to file a registration statement covering the shares of Volta Class A Common Stock issuable upon exercise of the Volta Warrants.

**Limitation of Liability and Indemnification**

The Volta Bylaws provide that the Company will indemnify its directors and officers, and may indemnify its employees and other agents, to the fullest extent permitted by Delaware law.

Delaware law prohibits the Volta Charter from limiting the liability of the Company's directors for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any breach of the director's duty of loyalty to the Company or to its stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unlawful payment of dividends or unlawful stock repurchases or redemptions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any transaction from which the director derived an improper personal benefit.

If Delaware law is amended to authorize corporate action further eliminating or limiting the personal liability of a director, then the liability of the Company's directors will be eliminated or limited to the fullest extent permitted by Delaware law, as so amended. The Volta Charter does not eliminate a director's duty of care and, in appropriate circumstances, equitable remedies, such as injunctive or other forms of non-monetary relief, remain available under Delaware law. This provision also does not affect a director's responsibilities under any other laws, such as the federal securities laws or other state or federal laws. Under the Volta Bylaws, the Company can purchase insurance on behalf of any person whom it is required or permitted to indemnify.

In addition to the indemnification required in the Volta Charter and the Volta Bylaws, the Company has entered into an indemnification agreement with each member of the Board and each of its officers. These agreements provide for the indemnification of the Company's directors and officers for certain expenses and liabilities incurred in connection with any action, suit, proceeding or alternative dispute resolution mechanism, or hearing, inquiry or investigation that may lead to the foregoing, to which they are a party or other participant, or are threatened to be made a party or other participant, by reason of the fact that they are or were a director, officer, employee, agent or fiduciary of the Company, by reason of any action or inaction by them while serving as an officer, director, agent or fiduciary, or by reason of the fact that they were serving at the Company's request as a director, officer, employee, agent or fiduciary of another entity. In the case of an action or proceeding by or in the right of the Company, no indemnification will be provided for any claim where a court determines that the indemnified party is prohibited from receiving indemnification. We believe that these charter and bylaw provisions and indemnification agreements are necessary to attract and retain qualified persons as directors and officers.

The limitation of liability and indemnification provisions in the Volta Charter and Volta Bylaws may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against directors and officers, even though an action, if successful, might benefit the Company and its stockholders. Moreover, a stockholder's investment may be harmed to the extent the Company pays the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

**Listing of Securities**

The Volta Class A Common Stock and Volta Warrants are listed on the NYSE under the symbols "VLTA" and "VLTA WS," respectively.

## Exhibit 10.12

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CONFIDENTIAL EXECUTION VERSION 1007791404v7 SETTLEMENT AND RELEASE AGREEMENT I, Scott Mercer, hereby enter into this Settlement and Release Agreement (the "Agreement") with Volta Charging Industries, LLC (the successor by merger to Volta Industries, Inc.), a Delaware corporation ("Volta Charging Industries") and Volta Inc. (the "Company"), effective as of March 26, 2022. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in my Employment Agreement, dated as of December 20, 2018, by and between myself and Volta Charging Industries. For good, valuable and sufficient consideration, including but not limited to the mutual promises described below, the Company and I agree as follows: 1. Separation. I have been employed by the Company as its Chief Executive Officer and served as a member of the Company's Board of Directors (the "Board"). I hereby resign from the Board effective as of the date hereof, and I understand that my employment with the Company will terminate upon the close of business on earlier of (i) the date on which the Company's annual report on Form 10-K is filed with respect to the fiscal year ended December 31, 2021 and (ii) April 29, 2022. I acknowledge that such date will be considered my "Termination Date" for purposes of all benefits and equity plan purposes and will be my last day of work with the Company, and that my primary duty and responsibility during the remaining term of my employment with the Company from and after the date hereof will be to oversee the accurate completion and filing of such annual report. The Company and I agree that my separation from the Company and the Board will be deemed a voluntary resignation. 2. Severance Pay; Consulting Agreement. a. I understand that, if I sign this Agreement, I will receive severance payments and benefits consisting of (i) continued payment of my current Base Salary for a period of six months from the Termination Date and (ii) provided I timely and properly elect to continue coverage under the Company's group health plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"), the Company will reimburse me for any portion of the premium charged for such coverage that exceeds the amount paid for similar coverage by active employees for a period of twelve (12) months following the Termination Date or until I am no longer entitled to COBRA continuation coverage under the Company's group health plan, whichever period is shorter. Payments described in this Paragraph 2.a will be reduced for any applicable withholdings and payable in the ordinary course of the Company's business as if I were still performing all of my job duties for the Company. Any amounts payable under this Paragraph 2a that would otherwise be paid on or prior to the 60th day following the Termination Date shall be withheld and shall instead be paid in a lump sum on the first regular payroll date of the Company following such 60th day, with the remainder of the severance payable under clause (i) and any payment or reimbursement of premiums under clause (ii) paid on the Company's regular payroll schedule.

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2 1007791404v7 b. I further agree to provide consulting services to the Board as an independent advisor, as and when requested, on such matters as the Board shall request, from the Termination Date through March 31, 2023 (the "Consulting Period"). As consideration for such consulting services, the Company agrees to pay me a consulting fee of $375,000.00, payable in arrears in monthly installments of $31,250.00. I will retain access to my Company email account during the Consulting Period, subject to applicable Company policies and provided that the Company retains access to all communications on such account, regardless of whether the account is accessed via Company or personal devices. I agree that I will perform such consulting as an independent contractor, and will not be an employee of the Company or any of its affiliates, and will have no title or office within the Company or authority (and will not hold myself out as having authority) to bind the Company and will not make any agreements or representations on the Company's behalf following the Termination Date. I acknowledge and agree that I will be solely responsible for payment of any taxes that become due in connection with the compensation I receive for my consulting services, and that the Company will not have any obligation to provide or maintain insurance to cover any liability of mine that may arise in connection with my performance of consulting services. If so requested by the Company, I agree to execute a consulting agreement incorporating the terms of the consulting arrangement described in this Paragraph 2b. Notwithstanding anything to the contrary, the Company and I acknowledge and agree that I will not be expected to perform services following the Termination Date exceeding twenty percent (20%) of the average level of bona fide services I performed as an employee of Company and its affiliates over the thirty-six (36) month period ending on the Termination Date. 3. Consideration. The Company is not obligated to continue to employ me or pay me any additional money, compensation, or benefits as of my Termination Date, other than as specifically set forth in Paragraph 2 above and Paragraph 5 below. I acknowledge that, pursuant to this Agreement, I am receiving more money, compensation, and benefits than I would otherwise be entitled to receive from the Company than if I had not entered into this Agreement. I further agree that the above- and below-referenced consideration is sufficient consideration for my obligations, commitments and undertakings herein. 4. Termination of Benefits. Effective with the close of business on my Termination Date, other than as provided in Paragraph 2 and Paragraph 5, my participation in and entitlement to all health benefits, fringe benefits or employee benefit plans or programs (such as paid holidays, paid vacations, accident insurance, salary continuation, life insurance, accidental death and dismemberment insurance, travel and accident insurance, retirement, equity or profit interests in the Company, etc.) will cease. Other than as provided in Paragraph 2, should I wish to continue health benefits coverage through Company's group insurance plans beyond my separation, I will be responsible for paying the premium in full each month. I understand I will receive a separate notice explaining my right to continuation and conversion of my health benefits under COBRA and/or any applicable state law.

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3 1007791404v7 5. Additional Terms. a. Equity Awards: I hereby agree that, notwithstanding anything to the contrary in the Company's 2021 Equity Incentive Plan, the Company's Founder Incentive Plan (the "Founder Plan") or any predecessor or successor plans (all such plans, collectively, the "Plan") or any Award Agreement (as defined in the Plan), the governing documents of the Company or otherwise: i. The award of 5,250,000 Restricted Stock Units (as defined in the Plan) having a grant date of August 26, 2021 and a grant number of VAR00354, all of which have previously vested in accordance with their terms, shall be settled into an equal number of shares of the Company's Class A Common Stock ("Shares") within five (5) business days following the date hereof, in full satisfaction of such award, subject to the terms of the Plan and the applicable Award Agreement, including with respect to settlement and tax withholding, provided that, for purposes of the settlement and tax withholding provisions of the Plan and the applicable Award Agreement, I shall be deemed to be a Participant (as defined in the Plan) who is subject to Section 16 of the Exchange Act. ii. The award of Restricted Stock Units covering 5,250,000 shares of Class A Common Stock having a grant date of November 15, 2021 and a grant number of VAR00355 (the "Stock Price Performance Award"), shall remain outstanding and subject to vesting on the terms and conditions of the Award Agreement under which the Stock Price Performance Awards were granted, on the same terms and conditions as though I have continued to be employed, provided that that (A) it shall not be a condition to the vesting of the Stock Price Performance Awards that I continue to be a Service Provider (as defined in the applicable Plan document) through the applicable performance period and (B) if a Change in Control (as defined in the Founder Plan) is consummated on or before the end of the performance period specified in the applicable Award Agreement, all then-outstanding Stock Price Performance Awards shall fully and immediately vest as of immediately prior to the Change in Control, subject to my continued material compliance with the terms of this Agreement through the date of such Change in Control. In the event of my material breach of Paragraphs 5c, 5d or 5e of this Agreement, I will immediately and automatically forfeit the Stock Price Performance Awards. With respect to each such Restricted Stock Unit that becomes vested, settlement and tax withholding shall be governed by the terms of the Plan and the applicable Award Agreement, provided that, for purposes of the settlement and tax withholding provisions of the Plan and the applicable Award Agreement, I shall be deemed to be a Participant (as defined in the Plan) who is subject to Section 16 of the Exchange Act.

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4 1007791404v7 iii. The unvested portion of the equity-based awards issued to me by the Company, Volta Charging Industries or any of their affiliates prior to the closing of the Company's "de-SPAC" transaction on or about August 27, 2021 and set forth on Schedule A hereto (collectively, "Pre-IPO Awards"), shall fully accelerate as of the Termination Date. With respect to each such award that becomes vested, settlement and tax withholding shall be governed by the terms of the Plan and the applicable Award Agreement, provided that, for purposes of the settlement and tax withholding provisions of the Plan and the applicable Award Agreement, I shall be deemed to be a Participant (as defined in the Plan) who is subject to Section 16 of the Exchange Act. iv. Except as expressly provided above, all other outstanding unvested equity and unvested equity-based awards I hold as of the date hereof shall be forfeited without consideration as of the date hereof, including but not limited to the awards of Restricted Stock Units covering (i) 2,000,000 shares of common stock having a grant date of November 15, 2021 and a grant number of VAR00356, (ii) 2,000,000 shares of common stock having a grant date of November 15, 2021 and a grant number of VAR00322, (iii) 923,695 shares of common stock having a grant date of February 18, 2022. b. I hereby agree that, notwithstanding anything to the contrary in the Plan, any predecessor or successor plan or any Award Agreement, the governing documents of the Company or otherwise, each share of Class B Common Stock of the Company and any security, including any option or Restricted Stock Unit, in each case convertible or exchangeable for Class B Common Stock of the Company that I now hold or that I may hereafter acquire, pursuant to an Award Agreement or otherwise, shall, automatically and without further action on the part of any person, be converted into an equal number of shares of Class A Common Stock of the Company, or a security convertible or exchangeable for Class A Common Stock of the Company, as applicable. This Paragraph 5.b. shall survive the termination of all or any portion of this Agreement for any reason. c. I hereby agree that, through December 31, 2025 or, if earlier, the date that neither I nor any of my affiliates or associates (as each such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) beneficially own (as such term is defined in the Exchange Act) any shares of voting stock of the Company (the "Covered Shares"), at every meeting of the Company's stockholders at which any matter is to be voted on (and at every adjournment or postponement thereof), and on any action or approval of the Company's stockholders by written consent with respect to any matter, I shall, and shall cause each of my affiliates and associates to, be present for quorum purposes and vote (including via proxy) all Covered Shares (or cause the holder(s) of record on any applicable record date to vote (including via proxy) all Covered Shares) in accordance with the recommendations of Institutional Shareholder Services Inc. on any election of directors or other proposals or other business that comes before any such meeting,

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5 1007791404v7 other than any proposal to vote in favor of or against an Extraordinary Transaction, with respect to which I and my affiliates and associates will be permitted to vote in my and their sole discretion, as applicable, provided that if the foregoing would be in conflict with my obligations set forth in Paragraph 5.d. below, I will comply with Paragraph 5.d. below. As used in this Agreement, (a) the term "Extraordinary Transaction" means any equity tender offer, equity exchange offer, merger, acquisition, business combination, sale or other transaction with a third party that, in each case, would result in a Change in Control of the Company, liquidation, dissolution, recapitalization or other extraordinary transaction involving a majority of its equity securities or a majority of its assets, and, for the avoidance of doubt, including any such transaction with a third party that is submitted for a vote of the Company's stockholders. d. I hereby agree that, through December 31, 2025, I shall not (i) knowingly encourage, advise or influence any other person or assist any other third party in so encouraging, advising or influencing any person with respect to the solicitation, giving or withholding of any proxy, consent or other authority to vote or in conducting any type of referendum with respect to any shares of the Company's common stock (other than such advice, encouragement or influence as is consistent with recommendations of Institutional Shareholder Services Inc. in connection with such matter) or (ii) form or join in a partnership, limited partnership, syndicate or other group, including a "group" as defined under Section 13(d) of the Exchange Act, with respect to shares of the Company's common stock or otherwise support or participate in any effort by a third party with respect to the matters set forth in the foregoing clause (i). e. I hereby agree to not transfer any shares of the Company's capital stock to any of my affiliates or associates unless such affiliate or associate, concurrently with such transfer, executes a joinder to this agreement, in a form reasonably acceptable to the Company, agreeing to be bound by Paragraph 5.c. and Paragraph 5.d. of this Agreement. 6. Claims Released. a. I hereby release the Company, its affiliates and any of the Company or any of its affiliates present, former, and future owners, members, directors, officers, shareholders, employees, agents, servants, representatives, attorneys, predecessors, successors and assigns (each of whom, other than the parties hereto, is an express third-party beneficiary of this Agreement), from all claims of every kind and nature, in law, equity, or otherwise, both known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts or conduct at any time prior to and including the execution date of this Agreement, including but not limited to: (i) claims arising out of or relating in any way to my employment with the Company or the conclusion of that employment; (ii) claims that the Company has agreed to offer me profit interests, equity or other ownership interest in the Company; (iii) claims arising under any other federal, state

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6 1007791404v7 or local law, regulation, ordinance or order that regulates the employment relationship and/or employee benefits, including Title VII of the Civil Rights Act of 1964 as amended, the Americans with Disabilities Act of 1990 as amended, the Age Discrimination in Employment Act, as amended, the Civil Rights Act of 1991, the Employee Retirement Income Security Act of 1974 as amended, the Family and Medical Leave Act, or under any other employment or antidiscrimination laws, including those in the State of California, including, for example, the Fair Employment and Housing Act ("FEHA"), Cal Gov't. Code § 12920, § 12940 et seq., the California Family Rights Act, the California Labor Code (including wage and commission claims), any state or federal laws providing "whistleblower" protection, and any other law relating to employment matters, including claims for breach of express or implied contract, breach of the covenant of good faith and fair dealing, intentional or negligent infliction of emotional distress, wrongful or unlawful discharge, defamation, or any other tort, common law or statutory claim relating to my employment relationship with the Company, and for attorneys' fees. The foregoing release applies both to claims which are now known or are later discovered. However, this Agreement does not apply to (w) any claims to payments or benefits expressly contemplated by this Agreement, (x) any claims that may arise after the date I execute the Agreement, (y) any existing rights to indemnification as a former officer or director that I may have under applicable corporate law, under the by-laws or certificate of incorporation of, or any separation indemnification agreement entered into by, the Company or any of its affiliates or as an insured under any director's and officer's liability insurance policy now or previously in force, or (z) any claims which may not be released under applicable law. Nothing in this Agreement will be construed to impede or impair my right to communicate with government agencies regarding matters that are within the jurisdiction of those agencies, although this exception does not limit the scope of the waiver and release in Paragraphs 7-9 herein, and I waive any right to recover damages or obtain individual relief that might otherwise result from the filing of any excepted charge, with regard to any claim released herein. I acknowledge that I have been advised of Section 1542 of the Civil Code of California, which states substantially as follows: "A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known to him or her must have materially affected his or her settlement with the debtor or released party." I hereby waive any right or benefit which I have or may have under Section 1542 of the Civil Code of California, or any similar provision of any other applicable state law, to the full extent that I may lawfully waive such rights and benefits, and understand that my release in this Agreement applies to claims known and unknown. I UNDERSTAND AND ACKNOWLEDGE THAT: (1) THIS IS A LEGALLY BINDING AGREEMENT; (2) BY SIGNING THIS AGREEMENT I AM BARRED FROM INSTITUTING A LAWSUIT FOR THE CAUSES OF ACTION SET

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7 1007791404v7 FORTH ABOVE; (3) I WAS INFORMED OF MY RIGHT TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING THIS AGREEMENT; (4) I AM SIGNING THIS AGREEMENT KNOWINGLY AND VOLUNTARILY. b. In consideration of the foregoing release, the Company, together with its subsidiaries and affiliates, hereby forever releases me from, and hereby covenants not to sue me with respect to, any and all claims, demands, suits, judgments, orders and causes of action of every kind and nature, suspected or unsuspected, vested or contingent, in law or equity, existing by statute, common law or otherwise, which have existed, may currently exist or do exist, prior to or at the execution and delivery by the parties of this Agreement on the date hereof, including any claims attributable to my employment with the Company. 7. The Terms "Claims" and "Release" are Construed Broadly. As used in this Agreement, the term "claims" will be construed broadly and will be read to include, for example, the terms "rights," "causes of action (whether arising in law or equity)," "damages," "demands," "obligations," "grievances" and "liabilities" of any kind or character. Similarly, the term "release" will be construed broadly and will be read to include, for example, the terms "discharge" and "waive." 8. OWBPA Waiver. This Agreement contains a release of claims under the Age Discrimination in Employment Act of 1967, 29 U.S.C. §621, et seq. ("ADEA"). I understand that the following provisions are provided, pursuant to the Older Workers' Benefit Protection Act, to advise me that: (a) I am waiving claims under the ADEA in exchange for the payments set forth in Paragraph 2 and acceleration of vesting of stock options set forth in Paragraph 5 above; (b) my waiver does not apply to rights or claims that arise after the date I execute this Agreement; (c) I am advised to consult with an attorney before signing this Agreement; (d) I have a period of twenty-one (21) days after the date I receive this Agreement within which to review and consider this Agreement before signing it, although I need not wait for the 21-day period to expire before executing this Agreement; (e) I may revoke this Agreement in writing by delivering a written notice of revocation to Legal, at 155 De Haro Street, San Francisco, California 94103, at any time within seven (7) calendar days after signing of this agreement; and (f) this Agreement shall not be effective until the date upon which the revocation period has expired unexercised, which shall be the eighth day after this Agreement is executed by me (the "Effective Date"). I understand the notice of revocation must be received prior to the expiration of the 7-day revocation period. 9. My Acknowledgments and Affirmations. I acknowledge and agree that (i) I have been paid for all time worked and commissions earned, have received all the leave, leaves of absence and leave benefits and protections for which I am eligible, and have not suffered any on-the-job injury for which I have not already filed a claim; (ii) I have been given sufficient time to consider this Agreement and to consult an attorney or advisor of my choosing; and (iii) I am knowingly and voluntarily executing this Agreement waiving and releasing any claims I may have as of the date I execute it. I affirm that I have not filed or

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8 1007791404v7 caused to be filed, and are not presently a party to, a claim against any of the Company. I further acknowledge that, except as expressly set forth above, I have not earned and will not receive any compensation, including without limitation, salary, bonus, commissions, or severance or any benefits before or after the Termination Date, with the exception of any vested right I may have under the express terms of a written tax-qualified benefit plan (e.g., 401(k) account). 10. Agreement Binding on Employee and Related Parties. This Agreement will be binding upon me and my spouse, agents, attorneys, personal representatives, executors, administrators, heirs, beneficiaries, successors, and assigns. 11. Suit in Violation of this Agreement—Loss of Benefits and Payment of Costs. If I bring an action against the Company in violation of this Agreement or if I bring an action asking that the Agreement be declared invalid or unenforceable, I agree that prior to the commencement of such an action I will tender back to the Company all payments which I have received as consideration for this Agreement and that all remaining payments and benefits to be provided to me as consideration for this Agreement will permanently cease as of the date such action is initiated. If any action is brought by either party to enforce the terms of this Agreement, the unsuccessful party agrees to pay all costs, expenses and reasonable attorneys' fees incurred by the successful party in its successful prosecution or defense of the action brought. 12. No Reapplication. I agree not to reapply for employment with, otherwise work for, or provide services to the Company directly or indirectly through another entity except as expressly provided hereunder, or until after December 31, 2025, to stand for re-election to the Board. 13. Return of Company Property; Removal of Personal Property. On or before the close of business on my Termination Date, I will return to the Company all items of the Company's property, including, but not limited to: credit cards, desk or office keys, vehicles owned by the company or purchased with Company funds (including proof of title or other applicable ownership documentation and keys thereto), identification cards, calculators, computer passwords, computer diskettes, computer programs, any and all originals or copies of any Company documents and files (including but not limited to customer lists and information, pricing lists and information, financial documents, audit records, account information, Company emails, trade secrets, and any materials of any kind which contain or embody any confidential and proprietary information, etc.), including all copies of these items. In addition, I will promptly (and in any event within 10 days following the Termination Date, or such later date as may be agreed between myself and the Company) (i) remove my personal vehicles and other personal property from all Company facilities and (ii) to the extent any Company property, including vehicles purchased by the Company or with Company funds, has been registered in my name (or in the name of a person or entity other than the Company and its affiliates at my direction), I will assign, or cause to be assigned, the title to such property to the Company and deliver evidence of such title to the Company, free and clear of liens and

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9 1007791404v7 encumbrances. If, as of 10 days following the Termination Date (or such later date as may be agreed between myself and the Company), I have not removed such personal property from the Company's facilities, I authorize the Company to have such property removed and stored at my expense, which expense the Company may set off against any amounts payable to me under this Agreement or otherwise. 14. All Representations in Documents. In entering into this Agreement, I acknowledge that I have not relied on any verbal or written representations by any Company representative other than those explicitly set forth in this Agreement. This Agreement sets forth the entire agreement between the Company and me and completely supersedes any prior agreements, oral statements or understandings concerning the termination of my employment and any benefits I might receive following that termination. However, this Agreement does not supersede my obligations and the Company's rights described below in Paragraphs 19-20 or under any agreements that are demonstrably independent of this Agreement, such as any confidentiality, non-disclosure, non-competition, non- solicitation, trade secret, and/or assignment of inventions and other intellectual property provisions to which my employment was subject, all of which will remain in effect and are enforceable according to their terms. 15. Partial Invalidity of Agreement. If any part of this Agreement is held to be unenforceable, invalid, or void, then the balance of this Agreement will nonetheless remain in full force and effect to the extent permitted by law. 16. Headings. The headings and subheadings in this Agreement are inserted for convenience and reference only and are not to be used in construing the Agreement. 17. Applicable Law and Venue. This Agreement and any action related thereto will be governed and interpreted by and under the laws of the State of California, without giving effect to any conflicts of laws principles that require the application of the law of a different state. I expressly consent to personal jurisdiction and venue in any state or federal court of competent jurisdiction for any lawsuit arising from or related to this Agreement. Subject to applicable law, I hereby waive my right to a jury trial with respect to any dispute arising from this Agreement. 18. Voluntary Agreement. I have entered into this Agreement knowingly and voluntarily and understand that its terms are binding on me. 19. Confidentiality. I agree that I will not divulge proprietary or confidential information relating to the Company. The Parties agree that the existence and terms of this Agreement have been and will be kept confidential and will not disclosed, revealed or characterized (directly or indirectly by innuendo or otherwise), except as required by law, to anyone other than, on my side, to my immediate family and my attorney and tax advisor, who must also agree similarly not to make any further disclosure, and on the Company's side, as required for reasonable business purposes. Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or

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10 1007791404v7 regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation, or order. Notwithstanding any other provision of this Agreement: (a) I understand that I will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that (i) is made both (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding; and (b) if I file a lawsuit for retaliation by the Company for reporting a suspected violation of law, I may disclose the Company's trade secrets to my attorney and use the trade secret information in the court proceeding if I (i) file any document containing the trade secret under seal; and (ii) do not disclose the trade secret, except pursuant to court order. 20. Non-Disparagement. I will not say anything detrimental about the products, processes and services of the Company or the Board, or about the products, processes and services of any subsidiary of the Company; provided that I may respond accurately and fully to any question, inquiry or request for information when required by legal process. The Company shall not (and shall cause its affiliates not to) make any authorized public statement about me that is disparaging in nature, and agrees to instruct its officers and directors (and the officers and directors of its affiliates) not to, make disparaging or detrimental statements about me or my service to the Company or any of its affiliates. 21. No Tax Advice. I understand and agree that Company is neither providing tax nor legal advice, nor is Company making representations regarding tax obligations or consequences, if any, related to this Agreement. I further agree that I will assume any such tax obligations or consequences that may arise from this Agreement, and that I shall not seek any indemnification from Company in this regard. 22. Admissibility. Neither this Agreement nor the offer of this Agreement will be considered any indication or admission of wrongdoing by the Company; it is offered in accordance with the policies underlying Federal Rules of Evidence, Rule 408, and the comparable rules under applicable state or local Rules of Evidence, and will not be admissible in any proceeding except a proceeding to enforce or challenge its terms. 23. Amendments. This Agreement may not be amended except in writing executed by me, the Company and Volta Charging Industries, and no approval of an amendment hereto shall be effective on behalf of the Company unless approved by a resolution of the Board or written consent of the Board. 24. Expenses. Each party shall be responsible for its own fees and expenses in connection with the negotiation and the execution of this Agreement and the transactions contemplated hereby; provided, however, that the Company shall promptly reimburse me for reasonable, documented out-of-pocket fees and expenses incurred in connection with

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11 1007791404v7 negotiation and the execution of this Agreement, provided that such reimbursement shall not exceed $40,000 in the aggregate. [signature page follows]

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Employee: Date: Company: VOLTA INC. By: James DeGraw Its: General Counsel, Chief Administrative Officer and Secretary Date: March 26, 2022 Volta Charging Industries: VOLTA CHARGING INDUSTRIES, LLC (the successor by merger to Volta Industries, Inc.) By: James DeGraw Its: Manager Date: March 26, 2022 The parties each acknowledge that they have read this Agreement and understand and voluntarily agree to its terms. 0<5>4 87; 1; ?69<=6 30,(/$&%)'- "()\*- "&-)/"- .%$"%# (# ../+0+2)

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1007791404v7 Schedule A Pre-IPO Awards

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## Exhibit 10.13

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CONFIDENTIAL EXECUTION VERSION 1007791449v5 SETTLEMENT AND RELEASE AGREEMENT I, Christopher Wendel, hereby enter into this Settlement and Release Agreement (the "Agreement") with Volta Charging Industries, LLC (the successor by merger to Volta Industries, Inc.), a Delaware corporation ("Volta Charging Industries") and Volta Inc. (the "Company"), effective as of March 26, 2022. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in my Employment Agreement, dated as of December 20, 2018, by and between myself and Volta Charging Industries. For good, valuable and sufficient consideration, including but not limited to the mutual promises described below, the Company and I agree as follows: 1. Separation. I have been employed by the Company as its President and served as a member of the Company's Board of Directors (the "Board"). I hereby resign from the Board and from all positions as an employee and officer of the Company and its affiliates, effective as of the date hereof. I acknowledge this date will be considered my "Termination Date" for purposes of all benefits and equity plan purposes and will be my last day of work with the Company. The Company and I agree that my separation from the Company and the Board will be deemed a voluntary resignation. 2. Severance Pay. I understand that, if I sign this Agreement, I will receive severance payments and benefits consisting of (i) continued payment of my current Base Salary for a period of six months from the Termination Date and (ii) provided I timely and properly elect to continue coverage under the Company's group health plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"), the Company will reimburse me for any portion of the premium charged for such coverage that exceeds the amount paid for similar coverage by active employees for a period of twelve (12) months following the Termination Date or until I am no longer entitled to COBRA continuation coverage under the Company's group health plan, whichever period is shorter. Payments described in this Paragraph 2 will be reduced for any applicable withholdings and payable in the ordinary course of the Company's business as if I were still performing all of my job duties for the Company. Any amounts payable under this Paragraph 2 that would otherwise be paid on or prior to the 60th day following the Termination Date shall be withheld and shall instead be paid in a lump sum on the first regular payroll date of the Company following such 60th day, with the remainder of the severance payable under clause (i) and any payment or reimbursement of premiums under clause (ii) paid on the Company's regular payroll schedule. 3. Consideration. The Company is not obligated to continue to employ me or pay me any additional money, compensation, or benefits as of my Termination Date, other than as specifically set forth in Paragraph 5 below. I acknowledge that, pursuant to this Agreement, I am receiving more money, compensation, and benefits than I would otherwise be entitled to receive from the Company than if I had not entered into this Agreement. I further agree that the above- and below-referenced consideration is sufficient consideration for my obligations, commitments and undertakings herein.

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2 1007791449v5 4. Termination of Benefits. Effective with the close of business on my Termination Date, other than as provided in Paragraph 2 and Paragraph 5, my participation in and entitlement to all health benefits, fringe benefits or employee benefit plans or programs (such as paid holidays, paid vacations, accident insurance, salary continuation, life insurance, accidental death and dismemberment insurance, travel and accident insurance, retirement, equity or profit inWterests in the Company, etc.) will cease. Other than as provided in Paragraph 2, should I wish to continue health benefits coverage through Company's group insurance plans beyond my separation, I will be responsible for paying the premium in full each month. I understand I will receive a separate notice explaining my right to continuation and conversion of my health benefits under COBRA and/or any applicable state law. 5. Additional Terms. a. Equity Awards: I hereby agree that, notwithstanding anything to the contrary in the Company's 2021 Equity Incentive Plan, the Company's Founder Incentive Plan (the "Founder Plan") or any predecessor or successor plans (all such plans, collectively, the "Plan") or any Award Agreement (as defined in the Plan), the governing documents of the Company or otherwise: i. The award of 5,250,000 Restricted Stock Units (as defined in the Plan) having a grant date of August 26, 2021 and a grant number of VAR00350, all of which have previously vested in accordance with their terms, shall be settled into an equal number of shares of the Company's Class A Common Stock ("Shares") within five (5) business days following the date hereof, in full satisfaction of such award, subject to the terms of the Plan and the applicable Award Agreement, including with respect to settlement and tax withholding, provided that, for purposes of the settlement and tax withholding provisions of the Plan and the applicable Award Agreement, I shall be deemed to be a Participant (as defined in the Plan) who is subject to Section 16 of the Exchange Act. ii. The award of Restricted Stock Units covering 4,500,000 shares of Class A Common Stock having a grant date of November 15, 2021 and a grant number of VAR00351 (the "Stock Price Performance Award"), shall remain outstanding and subject to vesting on the terms and conditions of the Award Agreement under which the Stock Price Performance Awards were granted, on the same terms and conditions as though I have continued to be employed, provided that that (A) it shall not be a condition to the vesting of the Stock Price Performance Awards that I continue to be a Service Provider (as defined in the applicable Plan document) through the applicable performance period and (B) if a Change in Control (as defined in the Founder Plan) is consummated on or before the end of the performance period specified in the applicable Award Agreement, all then-outstanding Stock Price Performance Awards shall fully and immediately vest as of immediately prior to the Change in Control, subject to my continued material compliance with the terms of this Agreement through the date of such Change in Control. In the

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3 1007791449v5 event of my material breach of Paragraphs 5c, 5d or 5e of this Agreement, I will immediately and automatically forfeit the Stock Price Performance Awards. With respect to each such Restricted Stock Unit that becomes vested, settlement and tax withholding shall be governed by the terms of the Plan and the applicable Award Agreement , provided that, for purposes of the settlement and tax withholding provisions of the Plan and the applicable Award Agreement, I shall be deemed to be a Participant (as defined in the Plan) who is subject to Section 16 of the Exchange Act. iii. The unvested portion of the equity-based awards issued to me by the Company, Volta Charging Industries or any of their affiliates prior to the closing of the Company's "de-SPAC" transaction on or about August 27, 2021 and set forth on Schedule A hereto (collectively, "Pre-IPO Awards"), shall fully accelerate as of the Termination Date. With respect to each such award that becomes vested, settlement and tax withholding shall be governed by the terms of the Plan and the applicable Award Agreement, provided that, for purposes of the settlement and tax withholding provisions of the Plan and the applicable Award Agreement, I shall be deemed to be a Participant (as defined in the Plan) who is subject to Section 16 of the Exchange Act iv. Except as expressly provided above, all other outstanding unvested equity and unvested equity-based awards I hold as of the date hereof shall be forfeited without consideration as of the date hereof, including but not limited to the awards of Restricted Stock Units covering (i) 1,375,000 shares of common stock having a grant date of November 15, 2021 and a grant number of VAR00352, (ii) 1,375,000 shares of common stock having a grant date of November 15, 2021 and a grant number of VAR00353 and (iii) 742,972 shares of common stock having a grant date of February 18, 2022. b. I hereby agree that, notwithstanding anything to the contrary in the Plan, any predecessor or successor plan or any Award Agreement, the governing documents of the Company or otherwise, each share of Class B Common Stock of the Company and any security, including any option or Restricted Stock Unit, in each case convertible or exchangeable for Class B Common Stock of the Company that I now hold or that I may hereafter acquire, pursuant to an Award Agreement or otherwise, shall, automatically and without further action on the part of any person, be converted into an equal number of shares of Class A Common Stock of the Company, or a security convertible or exchangeable for Class A Common Stock of the Company, as applicable. This Paragraph 5.b. shall survive the termination of all or any portion of this Agreement for any reason. c. I hereby agree that, through December 31, 2025 or, if earlier, the date that neither I nor any of my affiliates or associates (as each such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) beneficially own (as such term is defined in the Exchange Act) any shares of voting stock of the Company (the "Covered Shares"), at every meeting of the Company's stockholders at which any matter is to be voted on (and at every adjournment or

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4 1007791449v5 postponement thereof), and on any action or approval of the Company's stockholders by written consent with respect to any matter, I shall, and shall cause each of my affiliates and associates to, be present for quorum purposes and vote (including via proxy) all Covered Shares (or cause the holder(s) of record on any applicable record date to vote (including via proxy) all Covered Shares) in accordance with the recommendations of Institutional Shareholder Services Inc. on any election of directors or other proposals or other business that comes before any such meeting, other than any proposal to vote in favor of or against an Extraordinary Transaction, with respect to which I and my affiliates and associates will be permitted to vote in my and their sole discretion, as applicable, provided that if the foregoing would be in conflict with my obligations set forth in Paragraph 5.d. below, I will comply with Paragraph 5.d. below. As used in this Agreement, (a) the term "Extraordinary Transaction" means any equity tender offer, equity exchange offer, merger, acquisition, business combination, sale or other transaction with a third party that, in each case, would result in a Change in Control of the Company, liquidation, dissolution, recapitalization or other extraordinary transaction involving a majority of its equity securities or a majority of its assets, and, for the avoidance of doubt, including any such transaction with a third party that is submitted for a vote of the Company's stockholders. d. I hereby agree that, through December 31, 2025, I shall not (i) knowingly encourage, advise or influence any other person or assist any other third party in so encouraging, advising or influencing any person with respect to the solicitation, giving or withholding of any proxy, consent or other authority to vote or in conducting any type of referendum with respect to any shares of the Company's common stock (other than such advice, encouragement or influence as is consistent with recommendations of Institutional Shareholder Services Inc. in connection with such matter) or (ii) form or join in a partnership, limited partnership, syndicate or other group, including a "group" as defined under Section 13(d) of the Exchange Act, with respect to shares of the Company's common stock or otherwise support or participate in any effort by a third party with respect to the matters set forth in the foregoing clause (i). e. I hereby agree to not transfer any shares of the Company's capital stock to any of my affiliates or associates unless such affiliate or associate, concurrently with such transfer, executes a joinder to this agreement, in a form reasonably acceptable to the Company, agreeing to be bound by Paragraph 5.c. and Paragraph 5.d. of this Agreement. 6. Claims Released. a. I hereby release the Company, its affiliates and any of the Company or any of its affiliates present, former, and future owners, members, directors, officers, shareholders, employees, agents, servants, representatives, attorneys, predecessors, successors and assigns (each of whom, other than the parties hereto, is an express third-party beneficiary of this Agreement), from all claims of every kind and nature, in law, equity, or otherwise, both known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events,

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5 1007791449v5 acts or conduct at any time prior to and including the execution date of this Agreement, including but not limited to: (i) claims arising out of or relating in any way to my employment with the Company or the conclusion of that employment; (ii) claims that the Company has agreed to offer me profit interests, equity or other ownership interest in the Company; (iii) claims arising under any other federal, state or local law, regulation, ordinance or order that regulates the employment relationship and/or employee benefits, including Title VII of the Civil Rights Act of 1964 as amended, the Americans with Disabilities Act of 1990 as amended, the Age Discrimination in Employment Act, as amended, the Civil Rights Act of 1991, the Employee Retirement Income Security Act of 1974 as amended, the Family and Medical Leave Act, or under any other employment or antidiscrimination laws, including those in the State of California, including, for example, the Fair Employment and Housing Act ("FEHA"), Cal Gov't. Code § 12920, § 12940 et seq., the California Family Rights Act, the California Labor Code (including wage and commission claims), any state or federal laws providing "whistleblower" protection, and any other law relating to employment matters, including claims for breach of express or implied contract, breach of the covenant of good faith and fair dealing, intentional or negligent infliction of emotional distress, wrongful or unlawful discharge, defamation, or any other tort, common law or statutory claim relating to my employment relationship with the Company, and for attorneys' fees. The foregoing release applies both to claims which are now known or are later discovered. However, this Agreement does not apply to (w) any claims to payments or benefits expressly contemplated by this Agreement, (x) any claims that may arise after the date I execute the Agreement, (y) any existing rights to indemnification as a former officer or director that I may have under applicable corporate law, under the by-laws or certificate of incorporation of, or any separation indemnification agreement entered into by, the Company or any of its affiliates or as an insured under any director's and officer's liability insurance policy now or previously in force, or (z) any claims which may not be released under applicable law. Nothing in this Agreement will be construed to impede or impair my right to communicate with government agencies regarding matters that are within the jurisdiction of those agencies, although this exception does not limit the scope of the waiver and release in Paragraphs 7-9 herein, and I waive any right to recover damages or obtain individual relief that might otherwise result from the filing of any excepted charge, with regard to any claim released herein. I acknowledge that I have been advised of Section 1542 of the Civil Code of California, which states substantially as follows: "A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known to him or her must have materially affected his or her settlement with the debtor or released party." I hereby waive any right or benefit which I have or may have under Section 1542 of the Civil Code of California, or any similar provision of any other applicable state law, to the full extent that I may lawfully waive such rights and benefits, and understand that my release in this Agreement applies to claims known and unknown.

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6 1007791449v5 I UNDERSTAND AND ACKNOWLEDGE THAT: (1) THIS IS A LEGALLY BINDING AGREEMENT; (2) BY SIGNING THIS AGREEMENT I AM BARRED FROM INSTITUTING A LAWSUIT FOR THE CAUSES OF ACTION SET FORTH ABOVE; (3) I WAS INFORMED OF MY RIGHT TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING THIS AGREEMENT; (4) I AM SIGNING THIS AGREEMENT KNOWINGLY AND VOLUNTARILY. b. In consideration of the foregoing release, the Company, together with its subsidiaries and affiliates, hereby forever releases me from, and hereby covenants not to sue me with respect to, any and all claims, demands, suits, judgments, orders and causes of action of every kind and nature, suspected or unsuspected, vested or contingent, in law or equity, existing by statute, common law or otherwise, which have existed, may currently exist or do exist, prior to or at the execution and delivery by the parties of this Agreement on the date hereof, including any claims attributable to my employment with the Company. 7. The Terms "Claims" and "Release" are Construed Broadly. As used in this Agreement, the term "claims" will be construed broadly and will be read to include, for example, the terms "rights," "causes of action (whether arising in law or equity)," "damages," "demands," "obligations," "grievances" and "liabilities" of any kind or character. Similarly, the term "release" will be construed broadly and will be read to include, for example, the terms "discharge" and "waive." 8. OWBPA Waiver. This Agreement contains a release of claims under the Age Discrimination in Employment Act of 1967, 29 U.S.C. §621, et seq. ("ADEA"). I understand that the following provisions are provided, pursuant to the Older Workers' Benefit Protection Act, to advise me that: (a) I am waiving claims under the ADEA in exchange for the payments set forth in Paragraph 2 and acceleration of vesting of stock options set forth in Paragraph 5 above; (b) my waiver does not apply to rights or claims that arise after the date I execute this Agreement; (c) I am advised to consult with an attorney before signing this Agreement; (d) I have a period of twenty-one (21) days after the date I receive this Agreement within which to review and consider this Agreement before signing it, although I need not wait for the 21-day period to expire before executing this Agreement; (e) I may revoke this Agreement in writing by delivering a written notice of revocation to Legal, at 155 De Haro Street, San Francisco, California 94103, at any time within seven (7) calendar days after signing of this agreement; and (f) this Agreement shall not be effective until the date upon which the revocation period has expired unexercised, which shall be the eighth day after this Agreement is executed by me (the "Effective Date"). I understand the notice of revocation must be received prior to the expiration of the 7-day revocation period. 9. My Acknowledgments and Affirmations. I acknowledge and agree that (i) I have been paid for all time worked and commissions earned, have received all the leave, leaves of absence and leave benefits and protections for which I am eligible, and have not suffered any on-the-job injury for which I have not already filed a claim; (ii) I have been given sufficient time to consider this Agreement and to consult an attorney or advisor of my choosing; and (iii) I am knowingly and voluntarily executing this Agreement waiving and

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7 1007791449v5 releasing any claims I may have as of the date I execute it. I affirm that I have not filed or caused to be filed, and are not presently a party to, a claim against any of the Company. I further acknowledge that, except as expressly set forth above, I have not earned and will not receive any compensation, including without limitation, salary, bonus, commissions, or severance or any benefits before or after the Termination Date, with the exception of any vested right I may have under the express terms of a written tax-qualified benefit plan (e.g., 401(k) account). 10. Agreement Binding on Employee and Related Parties. This Agreement will be binding upon me and my spouse, agents, attorneys, personal representatives, executors, administrators, heirs, beneficiaries, successors, and assigns. 11. Suit in Violation of this Agreement—Loss of Benefits and Payment of Costs. If I bring an action against the Company in violation of this Agreement or if I bring an action asking that the Agreement be declared invalid or unenforceable, I agree that prior to the commencement of such an action I will tender back to the Company all payments which I have received as consideration for this Agreement and that all remaining payments and benefits to be provided to me as consideration for this Agreement will permanently cease as of the date such action is initiated. If any action is brought by either party to enforce the terms of this Agreement, the unsuccessful party agrees to pay all costs, expenses and reasonable attorneys' fees incurred by the successful party in its successful prosecution or defense of the action brought. 12. No Reapplication. I agree not to reapply for employment with, otherwise work for, or provide services to the Company directly or indirectly through another entity, or to stand for re-election to the Board. 13. Return of Company Property; Removal of Personal Property. On or before the close of business on March 27, 2022, I will return to the Company all items of the Company's property, including, but not limited to: credit cards, desk or office keys, vehicles owned by the company or purchased with Company funds (including proof of title or other applicable ownership documentation and keys thereto), identification cards, calculators, computer passwords, computer diskettes, computer programs, any and all originals or copies of any Company documents and files (including but not limited to customer lists and information, pricing lists and information, financial documents, audit records, account information, Company emails, trade secrets, and any materials of any kind which contain or embody any confidential and proprietary information, etc.), including all copies of these items. In addition, I will promptly (and in any event within 10 days following the Termination Date, or such later date as may be agreed between myself and the Company) (i) remove my personal vehicles and other personal property from all Company facilities and (ii) to the extent any Company property, including vehicles purchased by the Company or with Company funds, has been registered in my name (or in the name of a person or entity other than the Company and its affiliates at my direction), I will assign, or cause to be assigned, the title to such property to the Company and deliver evidence of such title to the Company, free and clear of liens and encumbrances. If, as of 10 days following the Termination Date (or such later date as may be agreed between myself and the Company), I have not removed such personal

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8 1007791449v5 property from the Company's facilities, I authorize the Company to have such property removed and stored at my expense, which expense the Company may set off against any amounts payable to me under this Agreement or otherwise. 14. All Representations in Documents. In entering into this Agreement, I acknowledge that I have not relied on any verbal or written representations by any Company representative other than those explicitly set forth in this Agreement. This Agreement sets forth the entire agreement between the Company and me and completely supersedes any prior agreements, oral statements or understandings concerning the termination of my employment and any benefits I might receive following that termination. However, this Agreement does not supersede my obligations and the Company's rights described below in Paragraphs 19-20 or under any agreements that are demonstrably independent of this Agreement, such as any confidentiality, non-disclosure, non-competition, non- solicitation, trade secret, and/or assignment of inventions and other intellectual property provisions to which my employment was subject, all of which will remain in effect and are enforceable according to their terms. 15. Partial Invalidity of Agreement. If any part of this Agreement is held to be unenforceable, invalid, or void, then the balance of this Agreement will nonetheless remain in full force and effect to the extent permitted by law. 16. Headings. The headings and subheadings in this Agreement are inserted for convenience and reference only and are not to be used in construing the Agreement. 17. Applicable Law and Venue. This Agreement and any action related thereto will be governed and interpreted by and under the laws of the State of California, without giving effect to any conflicts of laws principles that require the application of the law of a different state. I expressly consent to personal jurisdiction and venue in any state or federal court of competent jurisdiction for any lawsuit arising from or related to this Agreement. Subject to applicable law, I hereby waive my right to a jury trial with respect to any dispute arising from this Agreement. 18. Voluntary Agreement. I have entered into this Agreement knowingly and voluntarily and understand that its terms are binding on me. 19. Confidentiality. I agree that I will not divulge proprietary or confidential information relating to the Company. The Parties agree that the existence and terms of this Agreement have been and will be kept confidential and will not disclosed, revealed or characterized (directly or indirectly by innuendo or otherwise), except as required by law, to anyone other than, on my side, to my immediate family and my attorney and tax advisor, who must also agree similarly not to make any further disclosure, and on the Company's side, as required for reasonable business purposes. Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation, or order. Notwithstanding any other provision of this Agreement: (a) I understand that I will not be held criminally or civilly

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9 1007791449v5 liable under any federal or state trade secret law for any disclosure of a trade secret that (i) is made both (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding; and (b) if I file a lawsuit for retaliation by the Company for reporting a suspected violation of law, I may disclose the Company's trade secrets to my attorney and use the trade secret information in the court proceeding if I (i) file any document containing the trade secret under seal; and (ii) do not disclose the trade secret, except pursuant to court order. 20. Non-Disparagement. I will not say anything detrimental about the products, processes and services of the Company or the Board, or about the products, processes and services of any subsidiary of the Company; provided that I may respond accurately and fully to any question, inquiry or request for information when required by legal process. The Company shall not (and shall cause its affiliates not to) make any authorized public statement about me that is disparaging in nature, and agrees to instruct its officers and directors (and the officers and directors of its affiliates) not to, make disparaging or detrimental statements about me or my service to the Company or any of its affiliates. 21. No Tax Advice. I understand and agree that Company is neither providing tax nor legal advice, nor is Company making representations regarding tax obligations or consequences, if any, related to this Agreement. I further agree that I will assume any such tax obligations or consequences that may arise from this Agreement, and that I shall not seek any indemnification from Company in this regard. 22. Admissibility. Neither this Agreement nor the offer of this Agreement will be considered any indication or admission of wrongdoing by the Company; it is offered in accordance with the policies underlying Federal Rules of Evidence, Rule 408, and the comparable rules under applicable state or local Rules of Evidence, and will not be admissible in any proceeding except a proceeding to enforce or challenge its terms. 23. Amendments. This Agreement may not be amended except in writing executed by me, the Company and Volta Charging Industries, and no approval of an amendment hereto shall be effective on behalf of the Company unless approved by a resolution of the Board or written consent of the Board. 24. Expenses. Each party shall be responsible for its own fees and expenses in connection with the negotiation and the execution of this Agreement and the transactions contemplated hereby; provided, however, that the Company shall promptly reimburse me for reasonable, documented out-of-pocket fees and expenses incurred in connection with the negotiation and the execution of this Agreement, provided that such reimbursement shall not exceed $40,000 in the aggregate. [signaturepagefollows]

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Employee: Date: Company: VOLTA INC. By: James DeGraw Its: General Counsel, Chief Administrative Officer and Secretary Date: March 26, 2022 Volta Charging Industries: VOLTA CHARGING INDUSTRIES, LLC (the successor by merger to Volta Industries, Inc.) By: James DeGraw Its: Manager Date: March 26, 2022 The parties each acknowledge that they have read this Agreement and understand and voluntarily agree to its terms. 0<5>4 87; 1; ?69<=6 30,(/$&%)'- "()\*- "&-)/"- .%$"%# (# ../+0+2)

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Schedule A Pre-IPO Awards

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## Exhibit 10.14

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EXECUTION VERSION TERM LOAN, GUARANTEE AND SECURITY AGREEMENT DATED AS OF JUNE 19, 2019 AMONG EICF AGENT LLC, AS AGENT FOR THE LENDERS SIGNATORY HERETO, VOLTA CHARGING, LLC, VOLTA MEDIA LLC AND VOLTA CHARGING SERVICES LLC, AS BORROWER AND THE OTHER CREDIT PARTIES SIGNATORY HERETO CHAPMAN AND CUTLER LLP 1270 Avenue of the Americas, 30th Floor New York, New York 10020 **TABLE OF CONTENTS** PAGE INDEX – PAGE i 1. AMOUNT AND TERMS OF CREDIT ...........................................................................1 1.1 Term Loan ................................................................................................................1 1.2 Term and Prepayment ..............................................................................................3 1.3 Use of Proceeds........................................................................................................4 1.4 Single Loan ..............................................................................................................5 1.5 Interest......................................................................................................................5 1.6 Fees ..........................................................................................................................6 1.7 Receipt of Payments; Taxes .....................................................................................6 1.8 Application and Allocation of Payments .................................................................7 1.9 Accounting. ..............................................................................................................7 1.10 Indemnity .................................................................................................................7 1.11 Intentionally Omitted ...............................................................................................8 1.12 Joinder of New Subsidiaries as a Credit Party, Etc .................................................8 1.13 Non-Funding Lenders ..............................................................................................8 1.14 Substitution of Lenders ............................................................................................9 2. CONDITIONS PRECEDENT ........................................................................................10 2.1 Conditions to the Loan ...........................................................................................10 3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE COVENANTS .....13 3.1 Corporate Existence; Compliance with Law .........................................................13 3.2 Executive Offices; Corporate or Other Names ......................................................14 3.3 Corporate Power; Authorization; Enforceable Obligations ...................................14 3.4 Financial Statements; Books and Records .............................................................14 3.5 Material Adverse Change ......................................................................................14 3.6 Collection of Accounts ..........................................................................................15 3.7 Subsidiaries ............................................................................................................15 3.8 Government Regulation; Margin Regulations .......................................................15 3.9 Taxes; Charges .......................................................................................................15 3.10 Payment of Obligations..........................................................................................15 3.11 ERISA ....................................................................................................................16 3.12 Litigation ................................................................................................................16 3.13 Intellectual Property ...............................................................................................17 3.14 Full Disclosure .......................................................................................................18 3.15 Environmental Liabilities.......................................................................................18 3.16 Insurance ................................................................................................................18 3.17 Solvency .................................................................................................................20 3.18 Other Financings ....................................................................................................20 3.19 Conduct of Business ..............................................................................................20 3.20 Further Assurances.................................................................................................20 3.21 Collateral/Maintenance of Property .......................................................................21 3.22 Anti-Terrorism and Anti-Money Laundering Compliance ....................................22 3.23 Maintenance of Corporate Existence .....................................................................23 3.24 Compliance with Laws, Etc ...................................................................................23 3.25 Landlord Agreement ..............................................................................................23 3.26 Deposit Accounts; Cash Collateral Accounts ........................................................23 3.27 Assets of Parent......................................................................................................24

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**TABLE OF CONTENTS** PAGE INDEX – PAGE ii 3.28 After-acquired Property; Additional Collateral .....................................................24 3.29 Equity Interests and Subsidiaries ...........................................................................25 3.30 Security Documents ...............................................................................................26 3.31 Intentionally Omitted .............................................................................................26 3.32 Government Contracts ...........................................................................................26 3.33 Customer and Trade Relations ...............................................................................26 3.34 Bonding; Licenses ..................................................................................................26 3.35 Affiliate Transactions.............................................................................................26 3.36 Post-Closing Matters ..............................................................................................26 3.37 Investment Company Act ......................................................................................27 3.38 Notice of Change in Investment Company Status .................................................27 3.39 Notice of Change in Ownership .............................................................................27 3.40 Notice of Change in Organization Chart ...............................................................27 4. FINANCIAL MATTERS; REPORTS ...........................................................................27 4.1 Reports, Notices, and Related Rights ....................................................................27 4.2 Financial Covenants ...............................................................................................29 4.3 Other Reports and Information ..............................................................................30 5. NEGATIVE COVENANTS ............................................................................................31 5.1 Indebtedness ...........................................................................................................31 5.2 Liens .......................................................................................................................31 5.3 Investments; Fundamental Changes ......................................................................31 5.4 Asset Sales .............................................................................................................31 5.5 Restricted Payments ...............................................................................................32 5.6 Changes in Nature of Business ..............................................................................32 5.7 Transactions with Affiliates ...................................................................................32 5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments ................................................................................................................32 5.9 Modification of Certain Documents ......................................................................32 5.10 Accounting Changes; Fiscal Year ..........................................................................32 5.11 Changes to Name, Locations, Etc ..........................................................................32 5.12 Bank Accounts .......................................................................................................33 5.13 Margin Regulations ................................................................................................33 5.14 Compliance with ERISA........................................................................................33 5.15 Hazardous Materials ..............................................................................................33 5.16 Parent .....................................................................................................................33 5.17 Use of Proceeds......................................................................................................33 5.18 Compliance with Anti-Terrorism Laws .................................................................33 5.19 Sale-Leasebacks .....................................................................................................34 5.20 Leases .....................................................................................................................34 5.21 Compensation ........................................................................................................34 6. SECURITY INTEREST ..................................................................................................34 6.1 Grant of Security Interest .......................................................................................34 6.2 Intentionally Omitted .............................................................................................37 6.3 Agent's Appointment as Attorney-in-fact .............................................................37 6.4 Grant of License to Use Intellectual Property Collateral .......................................37 **TABLE OF CONTENTS** PAGE INDEX – PAGE iii 6.5 Commercial Tort Claims........................................................................................38 6.6 Duties of Agent ......................................................................................................38 7. EVENTS OF DEFAULT: RIGHTS AND REMEDIES ...............................................38 7.1 Events of Default ...................................................................................................38 7.2 Remedies ................................................................................................................41 7.3 Waivers by Credit Parties ......................................................................................42 7.4 Proceeds .................................................................................................................42 8. SUCCESSORS AND ASSIGNS .....................................................................................43 9. AGENT .............................................................................................................................46 9.1 Appointment and Duties ........................................................................................46 9.2 Binding Effect ........................................................................................................47 9.3 Use of Discretion ...................................................................................................47 9.4 Delegation of Rights and Duties ............................................................................47 9.5 Reliance and Liability ............................................................................................47 9.6 Agent Individually .................................................................................................49 9.7 Intentionally Omitted .............................................................................................49 9.8 Expenses; Indemnities ...........................................................................................49 9.9 Resignation of Agent .............................................................................................50 9.10 Release of Collateral ..............................................................................................50 10. MISCELLANEOUS ........................................................................................................51 10.1 Complete Agreement; Modification of Agreement ...............................................51 10.2 Expenses ................................................................................................................52 10.3 No Waiver ..............................................................................................................53 10.4 Severability; Section Titles ....................................................................................53 10.5 Authorized Signature .............................................................................................53 10.6 Notices ...................................................................................................................54 10.7 Counterparts ...........................................................................................................54 10.8 Time of the Essence ...............................................................................................54 10.9 GOVERNING LAW ..............................................................................................54 10.10 Submission to Jurisdiction; Waiver of Jury Trial ..................................................54 10.11 Press Releases ........................................................................................................55 10.12 Reinstatement .........................................................................................................56 10.13 USA PATRIOT Act Notice and Customer Verification........................................56 10.14 Sharing of Payments, Etc .......................................................................................56 10.15 Intentionally Omitted .............................................................................................56 10.16 Confidentiality Agreements ...................................................................................57 11. GUARANTEE ..................................................................................................................57 11.1 The Guarantee ........................................................................................................57 11.2 Obligations Unconditional .....................................................................................57 11.3 Reinstatement .........................................................................................................58 11.4 Subrogation; Subordination ...................................................................................58 11.5 Remedies ................................................................................................................59 11.6 Instrument for the Payment of Money ...................................................................59 11.7 Continuing Guarantee ............................................................................................59

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**TABLE OF CONTENTS** PAGE INDEX – PAGE iv 11.8 General Limitation on Guarantee Obligations .......................................................59 11.9 Release of Guarantors ............................................................................................59 11.10 Right of Contribution .............................................................................................60 INDEX – PAGE v INDEX OF EXHIBITS AND SCHEDULES Schedule A - Definitions Schedule B - Schedule of Term Loan Commitments Schedule C - Agent's, Lenders' and Credit Parties' Addresses for Notices Schedule D - Closing Checklist Schedule E - Restricted Locations Schedule F - Post-Closing Matters Disclosure Schedule (3.2) - Places of Business; Corporate Names Disclosure Schedule (3.7) - Subsidiaries Disclosure Schedule (3.9) - Taxes Disclosure Schedule (3.11) - ERISA Disclosure Schedule (3.12) - Litigation Disclosure Schedule (3.13) - Intellectual Property Disclosure Schedule (3.15) - Environmental Matters Disclosure Schedule (3.16) - Insurance Disclosure Schedule (3.18) - Existing Indebtedness Disclosure Schedule (3.26) - Controlled Accounts Disclosure Schedule (3.27) - Assets of Parent Disclosure Schedule (3.32) - Government Contracts Disclosure Schedule (3.34) - Bonding; Licensing Disclosure Schedule (3.35) - Affiliate Transactions Disclosure Schedule (5.3) - Investments Disclosure Schedule (5.21) - Employee Compensation Disclosure Schedule (6.1) - Actions to Perfect Liens Exhibit A - Form of Perfection Certificate Exhibit B - Form of Term Note Exhibit C - Form of Secretarial Certificate Exhibit D - Form of Power of Attorney Exhibit E - Form of Compliance Certificate Exhibit F - [Reserved] Exhibit G - Form of Closing Certificate Exhibit H - Form of Joinder Agreement Exhibit I - Form of Perfection Certificate Supplement Exhibit J - Form of Assignment Agreement Exhibit K - Form of Delayed Draw Borrowing Request

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&nbsp;&nbsp;&nbsp;&nbsp;1 TERM LOAN, GUARANTEE AND SECURITY AGREEMENT This TERM LOAN, GUARANTEE AND SECURITY AGREEMENT is dated as of June 19, 2019, and agreed to by and among VOLTA CHARGING, LLC, a Delaware limited liability company ("Volta Charging"), VOLTA MEDIA LLC, a Delaware limited liability company ("Volta Media") and VOLTA CHARGING SERVICES LLC, a Delaware limited liability company ("Volta Services" and collectively with Volta Charging and Volta Media, "Borrower"), VOLTA INDUSTRIES, INC., a Delaware corporation ("Parent"), the other Credit Parties from time to time party hereto, CION Investment Corporation, as co-lead arranger (in such capacity, "Co-Lead Arranger") and EICF AGENT LLC, a Delaware limited liability company, as lead arranger, administrative agent and collateral agent (in such capacity, "Agent") for the lenders set forth on Schedule B attached hereto and party hereto (each herein referred to as a "Lender" and collectively, the "Lenders"). RECITALS A. The Credit Parties desire that Borrower obtain the Term Loans described herein from the Lenders and the Lenders are willing to provide the Term Loans all in accordance with and subject to the terms and conditions of this Agreement. B. Capitalized terms used herein shall have the meanings assigned to them in Schedule A and, for purposes of this Agreement and the other Loan Documents, the rules of construction set forth in Schedule A shall govern. All schedules, attachments, addenda and exhibits hereto, or expressly identified to this Agreement, are incorporated herein by reference, and taken together with this Agreement, constitute but a single agreement. AGREEMENT NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, the parties hereto agree as follows: 1. AMOUNT AND TERMS OF CREDIT 1.1 Term Loan. (a) Closing Date Term Loan. Each Lender agrees severally, but not jointly, upon the terms and subject to the conditions of this Agreement, to make to the Borrower an advance (each, a "Closing Date Term Loan"; collectively, the "Closing Date Term Loans") on the Closing Date in the principal amount not to exceed such Lender's Closing Date Term Loan Commitment. Each Lender's Closing Date Term Loan Commitment, and the Closing Date Term Loans made by a Lender shall be evidenced by a promissory note (each a "Term Note") duly executed and delivered by the Borrower on or prior to the Closing Date in the form attached hereto as Exhibit B-1, and be repayable in accordance with the terms of such Term Note and this Agreement. (b) Delayed Draw Term Loans. Subject to the satisfaction of the conditions in Section 1.1(b) and this Agreement, upon not less than fifteen (15) Business Days after delivery by Borrower to Agent of a Delayed Draw Borrowing Request by no later than 3:00 PM New York City time on such day, each Lender, severally, agrees to lend to Borrower, in one or more advances (each such advance, a "Delayed Draw Term Loan" 2 and collectively, the "Delayed Draw Term Loans", and together with any Closing Date Term Loans, each, a "Term Loan", and collectively, the "Term Loans" or the "Loan") in a principal amount not to exceed the Delayed Draw Term Loan Available Amount and the Delayed Draw Term Loan Commitment of such Lender; provided, however, that the aggregate Delayed Draw Term Loan Funded Amount of all Lenders shall in no event exceed the aggregate Delayed Draw Term Loan Commitments. The Lenders shall make no more than one Delayed Draw Term Loan in any Fiscal Quarter commencing with the Fiscal Quarter ending on September 30, 2019. No Delayed Draw Term Loan shall be made until after receipt by Agent of the Delayed Draw Borrowing Request which contains the calculation of the Delayed Draw Term Loan Available Amount. Any Delayed Draw Term Loan shall be in a minimum amount of One Million Dollars ($1,000,000) and multiples of One Hundred Thousand Dollars ($100,000) in excess thereof. No Lender shall have any obligation to make a Delayed Draw Term Loan to Borrower if, both before and after giving effect to the Delayed Draw Term Loan, (A) any Default or Event of Default exists and is continuing or would result therefrom, (B) the aggregate Delayed Draw Term Loan Funded Amount of all Lenders would exceed the aggregate Delayed Draw Term Loan Commitments, (C) the Delayed Draw Term Loan Funded Amount of any Lender would exceed such Lender's Delayed Draw Term Loan Commitment, (D) the Cash Balance on the funding date is less than $6,000,000 or (E) the Borrower is not in compliance with the covenants set forth in Section 4.2 (including the Performance Metrics, to the extent measured at such time) on a pro forma basis. The Delayed Draw Borrowing Request shall be irrevocable and binding on Borrower and shall obligate Borrower to accept the Delayed Draw Term Loans requested from the Lenders on the proposed funding date. Each Lender's Delayed Draw Term Loan shall be evidenced by a promissory note (each, a "Delayed Draw Term Note") duly executed and delivered by the Borrower prior to the funding of such Delayed Draw Term Loan in the form attached hereto as Exhibit B-2 and be repayable in accordance with the terms of such Delayed Draw Term Note and this Agreement. The Delayed Draw Term Loan Commitment shall reduce to zero automatically on the Delayed Draw Term Loan Commitment Expiration Date and no Delayed Draw Term Loan shall be made on or after the Delayed Draw Term Loan Commitment Expiration Date. (c) Principal Repayments of the Term Loans. (i) Commencing with the July 1, 2021 Payment Date, Borrower shall make principal payments on the Term Loans to the Agent for the pro rata benefit of the Lenders in monthly installments equal to 2.7777% (such percentage being equal to 100% divided by 36 monthly installments until the Maturity Date) of the aggregate principal amount of the Term Loans (as in effect immediately prior to the making of the first such payment on July 1, 2021), payable on each Payment Date from July 1, 2021 until and including the Maturity Date. (ii) Notwithstanding the foregoing, in the event the Mandatory Equity Issuance fails to be completed on a timely basis in accordance with Section 4.2(b), commencing with the Payment Date occurring immediately after such failure, Borrower shall make principal payments on the Term Loans to the Agent for the pro rata benefit of the Lenders in monthly installments equal to (i) with respect to

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&nbsp;&nbsp;&nbsp;&nbsp;3 any Payment Date that occurs on or prior to the date that is twenty-four (24) months following the Closing Date, 2.7777% of the aggregate principal amount of the Term Loans outstanding at such time, and (ii) with respect to any Payment Date that occurs after the date that is twenty-four (24) months after the Closing Date, 4.1666% of the aggregate principal amount of the Term Loans outstanding at such time. (iii) Subject to Section 1.2, all amounts owed hereunder with respect to the Term Loans shall be paid in full no later than the Maturity Date. Amounts repaid or prepaid on any of the Term Loans may not be reborrowed. 1.2 Term and Prepayment. (a) Upon the Maturity Date of the Loan, Borrower shall pay to Agent for the pro rata benefit of the Lenders (i) all outstanding principal and accrued but unpaid interest on the Loan and (ii) all other Obligations relating to the Loan then due to or incurred by Agent or the Lenders. (b) On any Payment Date, Borrower shall have the right upon five (5) calendar days' prior written notice to Agent, to make a voluntary prepayment (a "Voluntary Prepayment") of the Term Loans then outstanding in whole or in part. If the Borrower elects to prepay the Term Loans in whole or in part pursuant to this Section 1.2(b) or otherwise, or if the Term Loans are mandatorily prepaid in whole or in part pursuant to Sections 1.2(c) through 1.2(g) (each, a "Mandatory Prepayment" and together with any Voluntary Prepayment, the "Prepayments"), the Borrower shall pay to the Agent for the benefit of the Lenders a prepayment fee of (i) five percent (5%) of the principal Loan amount being prepaid on the date of such Prepayment if such date is on or prior to the date that is twelve (12) months following the Closing Date, (ii) four percent (4%) of the principal Loan amount being prepaid on the date of such Prepayment if such date occurs after the date that is twelve (12) months after the Closing Date and on or prior to the date that is twenty-four (24) months following the Closing Date, (iii) one percent (1%) of the principal Loan amount being prepaid on the date of such Prepayment if such date occurs after the date that is twenty-four (24) months after the Closing Date and on or prior to the date that is thirty-six (36) months following the Closing Date, or (iv) zero percent (0%) of the principal Loan amount being prepaid on the date of such Prepayment if such date is later than the date that is thirty-six (36) months following the Closing Date. Each Lender shall have the right in its sole discretion to decline any Mandatory Prepayment in accordance with Section 1.2(h) below. (c) Asset Sales or Casualty Events. Not later than five (5) Business Days following the receipt of any Net Cash Proceeds of any Asset Sale (other than the Permitted Brookfield Sales or Other Permitted Sales) or any Casualty Event by any Credit Party or its Subsidiaries, Credit Parties shall make Mandatory Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount equal to such Net Cash Proceeds; provided, that such Net Cash Proceeds shall not be required to be so applied on such date to the extent that (x) no Default or Event of Default has occurred and is continuing or would result therefrom and (y) Credit Parties shall have delivered an 4 Officers' Certificate to the Agent on or prior to such date stating that such Net Cash Proceeds are expected to be reinvested in fixed or capital assets within six (6) months following the date of such Asset Sale or Casualty Event (which Officers' Certificate shall set forth the estimates of the proceeds to be so expended); provided, that if all or any portion of such Net Cash Proceeds is not so reinvested within such six-month period, such unused portion shall be applied on the last day of such period as a Mandatory Prepayment as provided in this Section 1.2(c); provided, further, that if the property subject to such Asset Sale or such Casualty Event constituted Collateral, then all property purchased with the Net Cash Proceeds thereof pursuant to this subsection shall be subject to the Lien created pursuant to this Agreement in favor of the Agent for the benefit of the Lenders in accordance with Sections 3.20 and 3.28. Nothing contained in this Section 1.2(c) shall permit any Credit Party or any of its Subsidiaries to effect any Asset Sale other than in accordance with Section 5.4. (d) Debt Issuance. Not later than one (1) Business Day following the receipt of any Net Cash Proceeds of any Debt Issuance by Borrower or any of its Subsidiaries (other than a Debt Issuance that is permitted under Section 5.1), Borrower shall make Mandatory Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount equal to 100% of such Net Cash Proceeds. The provisions of this Section 1.2(d) shall not be an implied consent to any such issuance otherwise prohibited by the terms of this Agreement. (e) Repayments in Connection with Permitted Sales. If at the end of any Fiscal Quarter any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term Loan made in the Fiscal Quarter immediately preceding such Fiscal Quarter no longer constitute Eligible Capital Expenditures because the applicable electric vehicle charging stations have been sold or financed pursuant to, or are otherwise the subject of, any Permitted Brookfield Sale or any Other Permitted Sale, the Borrower shall, within three (3) Business Days after the end of such Fiscal Quarter, make a Mandatory Prepayment of the Obligations in an amount equal to the amount of such ineligible capital expenditures that formed the basis of such Delayed Draw Term Loan unless such ineligible capital expenditures have been netted out of the Delayed Draw Term Loan Available Amount in accordance with clause (y) of the definition thereof in respect of any Delayed Draw Term Loan made, if any, during such Fiscal Quarter. (f) Qualified IPO or Change of Control. Simultaneously with the occurrence of a Qualified IPO or a Change of Control, Borrower shall make Mandatory Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount equal to the amount of all Obligations then outstanding. (g) Intentionally Omitted. 1.3 Use of Proceeds. Borrower shall only use the proceeds of the Loan (i) to purchase, install, operate and maintain the Borrower's electric vehicle charging stations in the United States (other than any electric vehicle charging stations to be sold, transferred, licensed or financed pursuant to the Brookfield Master Sale Agreement or pursuant to agreements governing Other Permitted

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&nbsp;&nbsp;&nbsp;&nbsp;5 Sales), (ii) for other general corporate purposes and (iii) to pay any fees or expenses associated with transactions contemplated under this Agreement and the other Loan Documents. 1.4 Single Loan. The Loan and all of the other Obligations shall constitute one general obligation of Borrower secured by all of the Collateral. 1.5 Interest. (a) Borrower shall pay interest to Agent for the pro rata benefit of the Lenders on the outstanding balance of the Loan at a fixed rate equal to twelve percent (12.0%) per annum. All computations of interest on the Loan shall be made by Agent on the basis of a three hundred and sixty (360) day year, in each case for the actual number of days occurring in the period for which such interest is payable. In no event will Agent charge interest at a rate that exceeds the highest rate of interest permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. (b) Interest shall be payable on the balance of the Loan (i) quarterly in arrears and shall be due on the first Business Day of each Fiscal Quarter, (ii) on the Maturity Date of the Loan, and (iii) if any interest accrues or remains payable after the Maturity Date of the Loan, upon demand by Agent. (c) Effective automatically upon the occurrence of any Event of Default arising under Section 7.1(a), 7.1(h) or 7.1(i), or in the case of any other Event of Default upon written notice from Agent to Borrower, and in each case for so long as any such Event of Default shall be continuing, the interest rate applicable to the Loan shall be increased by three percentage points (3.0%) per annum (such increased rate, the "Default Rate"), and all outstanding Obligations, including accrued but unpaid interest (to the extent permitted under applicable law), shall continue to accrue interest from the date of such Event of Default until the earlier of (x) the date on which such Obligations are paid in full and (y) the date on which such Event of Default ceases to be continuing, at the Default Rate applicable to such Obligations. (d) On the earlier to occur of (i) the Maturity Date, or (ii) the date that Borrower prepays in whole or in part any of the Loans, Borrower shall pay to Agent for the pro rata benefit of the Lenders additional deferred interest equal to eleven percent (11%) of the principal Loan amount being prepaid on the such date (such amount, the "Deferred Interest"); provided, however, that Borrower shall not be obligated to pay the Deferred Interest on such principal Loan amount being prepaid as long as the Fixed Charge Coverage Ratio for the most recently ended Fiscal Quarter is greater than 1.0 to 1.0 after giving effect to the proposed prepayment of such principal Loan amount, the Prepayment Amount payable on such principal amount, and the Deferred Interest payable on such principal Loan amount (as if such prepayment had been made during the measuring period). Such Deferred Interest shall be deemed fully earned by Agent and the Lenders as of the Closing Date and non-refundable. (e) If any payment to the Agent or any Lender under this Agreement becomes due and payable on a day other than a Business Day, such Payment Date shall be extended to the 6 next succeeding Business Day and interest thereon shall be payable at the then applicable rate during such extension. (f) Notwithstanding anything to the contrary set forth in this Section 1.5, if a court of competent jurisdiction determines in a final order that the rate of interest payable hereunder exceeds the highest rate of interest permissible under law (the "Maximum Lawful Rate"), then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable hereunder shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, Borrower shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by Agent for the pro rata benefit of the Lenders is equal to the total interest that would have been received had the interest rate payable hereunder been (but for the operation of this paragraph) the interest rate payable since the Closing Date as otherwise provided in this Agreement. In no event shall the total interest received by Agent for the pro rata benefit of the Lenders pursuant to the terms hereof exceed the amount that Agent could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. 1.6 Fees. Borrower agrees to pay to Agent for the pro rata benefit of the Lenders: (a) the fees set forth in that certain Fee Letter, dated as of the Closing Date, by and among Agent and the Borrower (the "Fee Letter"); and (b) all reasonable and documented out-of-pocket fees, costs and expenses of closing due and owing and presented as of the Closing Date, including those relating to (i) Agent's due diligence review and evaluation of the transaction, (ii) the preparation, negotiation, execution and delivery of the Loan Documents, (iii) the closing of the Transactions, (iv) all appraisal, audit, environmental, title work, travel (including, without limitation, travel expenses incurred by Co-Lead Arranger), inspection, surveys, filing, search and registration fees, (v) any loan, escrow, recording and transfer fees and taxes (as applicable), and (vi) Agent's and Co-Lead Arranger's reasonable and documented out-of-pocket counsel fees and expenses relating to any of the foregoing (it being acknowledged that Co-Lead Arranger's counsel fees shall not exceed $10,000 in the aggregate); provided that Agent agrees to apply the Term Sheet Deposit to any amounts payable by Borrower pursuant to Section 1.6(b). 1.7 Receipt of Payments; Taxes. Borrower shall make each payment under this Agreement (not otherwise made pursuant to Section 1.8) without set-off, counterclaim or deduction and free and clear of all Taxes not later than 3:00 PM New York City time on the day when due in lawful money of the United States of America in immediately available funds to an account specified by the Agent in writing, except as required by applicable law. If a Withholding Agent shall be required by applicable law to deduct any Taxes from any payment to any Recipient under any Loan Document, then the applicable Withholding Agent shall be entitled to make such deduction and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by Borrower shall be increased so that, after making all required deductions (including such deductions applicable to additional sums payable under this Section 1.7), the applicable Recipient

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&nbsp;&nbsp;&nbsp;&nbsp;7 receives an amount equal to that which it would have received had no such deductions been made. Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of Agent timely reimburse it for the payment of, any Other Taxes. As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to this Section 1.7, Borrower shall deliver to Agent a certified copy of a receipt issued by such Governmental Authority evidencing such payment or a copy of the return reporting such payment. 1.8 Application and Allocation of Payments. Borrower irrevocably agrees that Agent shall have the continuing and exclusive right to apply any and all payments against the then due and payable Obligations; provided, unless the Required Lenders determine otherwise, all payments against the Obligations shall be applied (a) first, to payment of costs and expenses, including attorneys' fees, of Agent payable or reimbursable by Credit Parties under the Loan Documents; (b) second, to payment of all accrued unpaid interest on the Obligations; (c) third, to payment of principal on all remaining installments of the Loans in inverse order of maturity; (d) fourth, to payment of any other amounts owing constituting Obligations; and (e) fifth, any remainder shall be for the account of and paid to whoever may be lawfully entitled thereto. Each of Lenders or other Persons entitled to payment shall receive an amount equal to its pro rata share of amounts available to be applied pursuant to clauses second, third, fourth or fifth above. 1.9 Accounting. Each Lender is authorized to record on its books and records the date and amount of the Loan and each payment of principal thereof and such recordation shall constitute prima facie evidence of the accuracy of the information so recorded. 1.10 Indemnity. Borrower and each other Credit Party executing this Agreement jointly and severally agree to indemnify and hold each Recipient and their Affiliates, and their respective employees, attorneys and agents (each, an "Indemnified Person"), harmless from and against any and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses of any kind or nature whatsoever (including reasonable and documented out-of-pocket attorneys' fees and disbursements and other costs of investigation or defense, including those incurred upon any appeal) that may be instituted or asserted against or incurred by any such Indemnified Person as the result of credit having been extended, suspended or terminated under this Agreement and the other Loan Documents or with respect to the execution, delivery, enforcement, performance and administration of, or in any other way arising out of or relating to, this Agreement and the other Loan Documents or any other documents or transactions contemplated by or referred to herein or therein and any actions or failures to act with respect to any of the foregoing, including any and all product liabilities, Environmental Liabilities, Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under Section 1.7 or Section 1.10) and reasonable legal costs and expenses arising out of or incurred in connection with disputes between or among any parties to any of the Loan Documents (collectively, "Indemnified Liabilities"), except to the extent that any such Indemnified Liability is finally determined by a non-appealable court order by a court of competent jurisdiction to have resulted solely from such Indemnified Person's gross negligence or willful misconduct or arises solely out of disputes between and among the Agent and the Lenders. NO INDEMNIFIED PERSON SHALL BE RESPONSIBLE OR LIABLE TO ANY CREDIT PARTY, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY BENEFICIARY OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR ANY ACT OR FAILURE TO ACT UNDER ANY POWER OF ATTORNEY OR FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL 8 DAMAGES THAT MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR AS A RESULT OF ANY OTHER TRANSACTION CONTEMPLATED HEREUNDER OR THEREUNDER. 1.11 Intentionally Omitted. 1.12 Joinder of New Subsidiaries as a Credit Party, Etc. As soon as possible (and in any event within twenty (20) days) after the formation of any new Subsidiary of a Credit Party and in any event prior to the transfer of any material assets to such new Subsidiary or simultaneously with the consummation of acquisition of any new Subsidiary of a Credit Party, Borrower shall take such actions as required by Section 3.28 and cause such new Subsidiary to become a Guarantor and a Grantor under this Agreement by having the following documents delivered to the Lenders: (i) a Secretarial Certificate, a Power of Attorney and a Joinder Agreement in the forms of Exhibits C, D and H attached hereto, respectively, duly completed, executed and delivered by such new Subsidiary, (ii) agreements and documents with respect to such new Subsidiary of the types described under the defined term Collateral Documents, (iii) an opinion of counsel to such new Subsidiary, in form, substance and scope comparable to the legal opinion of Grantor's counsel delivered to Agent and Lenders on the Closing Date and (iv) an updated Disclosure Schedule (3.7). 1.13 Non-Funding Lenders. (a) Unless Agent shall have received notice from any Lender prior to the date such Lender is required to make any payment hereunder with respect to the Loan that such Lender will not make such payment (or any portion thereof) available to Agent, Agent may assume that such Lender has made such payment available to Agent on the date such payment is required to be made in accordance with this Section 1 and Agent may, in reliance upon such assumption, make available to Borrower on such date a corresponding amount. Borrower agrees to repay to Agent on demand such amount (until repaid by such Lender) with interest thereon for each day from the date such amount is made available to Borrower until the date such amount is repaid to Agent, at the interest rate applicable to the Obligation that would have been created when Agent made available such amount to Borrower had such Lender made a corresponding payment available; provided, however, that such payment shall not relieve such Lender of any obligation it may have to Borrower. In addition, any Lender that shall not have made available to Agent any portion of any payment described above (any such Lender, a "Non-Funding Lender") agrees to pay such amount to Agent on demand together with interest thereon, for each day from the date such amount is made available to Borrower until the date such amount is repaid to Agent, at the interest rate applicable at the time to the Term Loan. Such repayment shall then constitute the funding of the corresponding Loan (including any Loan deemed to have been made hereunder with such payment) or participation. The existence of any Non-Funding Lender shall not relieve any other Lender of its obligations under any Loan Document, but no other Lender shall be responsible for the failure of any Non-Funding Lender to make any payment required under any Loan Document. (b) Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender shall not have any voting or consent rights under or with respect to any Loan Document or constitute a "Lender" (or be, or have its Term Loans and Commitments, included in the determination of "Required Lenders" or "Lenders directly affected" pursuant to Section 10.1(b)) for any voting or consent rights under or with respect to any Loan

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&nbsp;&nbsp;&nbsp;&nbsp;9 Document, provided that (A) the Commitment of a Non-Funding Lender may not be increased, extended or reinstated, (B) the principal of a Non-Funding Lender's Loans may not be reduced or forgiven, and (C) the interest rate applicable to Obligations owing to a Non-Funding Lender may not be reduced, in each case, without the consent of such Non- Funding Lender. Moreover, for the purposes of determining Required Lenders and the Loans and Commitments held by Non-Funding Lenders shall be excluded from the total Loans and Commitments outstanding. 1.14 Substitution of Lenders. (a) Substitution Right. In the event that any Lender, other than Agent, that is not an Affiliate of Agent (any such Lender, an "Affected Lender"), (i) becomes a Non-Funding Lender with respect to the Loan or (ii) does not consent to any amendment, waiver or consent to any Loan Document for which the consent of the Required Lenders is obtained but that requires the consent of all Lenders, Borrower may either pay in full such Affected Lender with respect to amounts due on the Term Loan of such Lender without premium or penalty and with the consent of Agent or substitute for such Affected Lender any Lender or any Affiliate of any Lender or any other Person acceptable (which acceptance shall not be unreasonably withheld or delayed) to Agent (in each case, a "Substitute Lender"). (b) Procedure. To substitute such Affected Lender or pay in full the Obligations owed to such Affected Lender under such Lender's Term Loan, Borrower shall deliver a notice to Agent and such Affected Lender. The effectiveness of such payment or substitution shall be subject to the delivery to Agent by Borrower (or, as may be applicable in the case of a substitution, by the Substitute Lender) of (i) payment for the account of such Affected Lender, of, to the extent accrued through, and outstanding on, the effective date for such payment or substitution, all Obligations owing to such Affected Lender with respect to such Lender's Term Loan (including those that will be owed because of such payment and all Obligations that would be owed to such Lender as if it was solely a Lender hereunder), and (ii) in the case of a substitution, (A) payment of the assignment fee set forth in Section 8(a) and (B) an assumption agreement in form and substance satisfactory to Agent whereby the Substitute Lender shall, among other things, agree to be bound by the terms of the Loan Documents and assume the Term Loan Commitment of the Affected Lender. (c) Effectiveness. Upon satisfaction of the conditions set forth in clause (b) above, Agent shall record such substitution or payment in the Register, whereupon (i) in the case of any payment in full of all Obligations owing to such Affected Lender, such Affected Lender's Term Loan Commitments shall be terminated and (ii) in the case of any substitution, (A) the Affected Lender shall sell and be relieved of, and the Substitute Lender shall purchase and assume, all rights and claims of such Affected Lender under the Loan Documents with respect to such Lender's Term Loan, except that the Affected Lender shall retain such rights expressly providing that they survive the repayment of the Obligations and the termination of the Term Loan Commitments, (B) the Substitute Lender shall become a "Lender" hereunder having a Term Loan Commitment in the amount of such Affected Lender's Term Loan Commitment and (C) the Affected Lender shall execute and deliver to Agent an Assignment Agreement to evidence such substitution and deliver any Note in its possession with respect to its Term Loan; provided, however, that the failure 10 of any Affected Lender to execute any such Assignment Agreement or deliver any such Note shall not render such sale and purchase (or the corresponding assignment) invalid. 2. CONDITIONS PRECEDENT 2.1 Conditions to the Loan. No Lender shall be obligated to make a Closing Date Term Loan on the Closing Date, unless and until all of the following conditions have been satisfied in a manner satisfactory to Agent in its sole discretion, or waived in writing by Agent: (a) Closing Checklist. The documents and other items or actions set forth on the Closing Checklist (Schedule D) shall have been duly executed and delivered, or completed by the appropriate parties, except where such Closing Checklist expressly indicates that such document item or action may be delivered or completed after the Closing Date; (b) Insurance. Agent shall have received evidence satisfactory to it that the insurance policies provided for in Section 3.16 are in full force and effect; (c) Opinions of Counsel. Agent shall have received opinions of counsel to the Credit Parties with respect to this Agreement, the Notes and the other Loan Documents in form and substance reasonably satisfactory to Agent; (d) Fees. Borrower has paid the fees set forth in the Fee Letter and shall have reimbursed Agent and Co-Lead Arranger for all reasonable and documented out-of- pocket attorneys' fees (it being acknowledged that Co-Lead Arranger's counsel fees shall not exceed $10,000 in the aggregate), and other costs and expenses of closing due and owing and presented as of the Closing Date, each in immediately available funds, or authorized the Agent to deduct the fees under the Fee Letter and such other fees, costs and expenses of closing from the amount of the Term Loan made on the Closing Date; (e) Intentionally Omitted. (f) Representations and Warranties. Any representation or warranty by any Credit Party contained herein or in any of the other Loan Documents shall be true and correct (x) as stated as to representations and warranties which contain materiality limitations, and (y) in all material respects as to all other representations and warranties; except to the extent that any such representation or warranty is expressly stated to relate to a specific earlier date, in which case, such representation and warranty shall be true and correct as of such earlier date (x) as stated as to representations and warranties which contain materiality limitations, and (y) in all material respects as to all other representations and warranties; (g) Material Adverse Effect. No event or circumstance that has had or reasonably could be expected to have a Material Adverse Effect has occurred; (h) Default. No Default has occurred or is continuing or would result after giving effect to the Loan; (i) Intentionally Omitted.

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&nbsp;&nbsp;&nbsp;&nbsp;11 (j) Indebtedness and Minority Interests. After giving effect to the Transactions and the other transactions contemplated hereby, no Credit Party shall have outstanding any Indebtedness or preferred stock other than (i) the Loans hereunder, (ii) the Indebtedness and preferred stock listed on Disclosure Schedule (3.18), and (iii) any Indebtedness otherwise permitted under Section 5.1; (k) Requirements of Law. The Credit Parties and the Transactions shall be in full compliance with all material Requirements of Law, including Regulations T, U and X of the Federal Reserve Board, and shall have received satisfactory evidence of such compliance reasonably requested by them; (l) Consents. All requisite Governmental Authorities and third parties shall have approved or consented to the Transactions, and there shall be no governmental or judicial action, actual or threatened in writing, that has or would have, singly or in the aggregate, a reasonable likelihood of restraining, preventing or imposing burdensome conditions on the Transactions or the other transactions contemplated hereby; (m) Litigation. There shall be no litigation, public or private, or administrative proceedings, governmental investigation or other legal or regulatory developments, actual or threatened, that, singly or in the aggregate, would reasonably be expected to result in a Material Adverse Effect, or could materially and adversely affect the ability of the Credit Parties to fully and timely perform their respective obligations under the Loan Documents or the ability of the parties to consummate the financings contemplated hereby or the other Transactions; (n) Sources and Uses. The sources and uses of the Loan shall be as set forth in Section 1.3; (o) Personal Property Requirements. The Agent shall have received: (i) (A) originals of all certificates, agreements or instruments representing or evidencing the Pledged Securities and (B) original instruments of transfer and stock powers undated and endorsed in blank with respect to such certificates, agreements and instruments; (ii) Intentionally omitted; (iii) all other certificates, agreements, or instruments necessary to perfect the Agent's security interest in all Chattel Paper, all Instruments, and all Investment Property of each Credit Party (to the extent required hereunder); (iv) UCC financing statements in appropriate form for filing under the Code, filings with the United States Patent and Trademark Office, United States Copyright Office, and such other documents under applicable Requirements of Law in each jurisdiction as may be necessary or appropriate or, in the opinion of the Agent, desirable to perfect the Liens created, or purported to be created, hereunder; 12 (v) copies (to the extent applicable) of UCC, United States Patent and Trademark Office and United States Copyright Office, tax and judgment lien searches, bankruptcy, execution and pending lawsuit searches or equivalent reports or searches, each of a recent date listing all effective financing statements, lien notices or comparable documents that name any Credit Party as debtor and that are filed in those Federal, provincial, state and county jurisdictions in which any Credit Party is organized or maintains its chief executive office, principal place of business, property and such other searches that are required by the Perfection Certificate or that the Agent reasonably deems necessary or appropriate, none of which encumber the Collateral covered or intended to be covered hereunder (other than Permitted Liens or any other Liens acceptable to the Agent); and (vi) evidence acceptable to the Agent of payment or arrangements for payment by the Credit Parties of all applicable recording taxes, fees, charges, costs and expenses required for the recording of Liens. (p) USA PATRIOT Act. The Lenders and the Agent shall have timely received the information required under Section 10.13 and background investigations of the Guarantors and the Borrower's management and the results thereof shall be satisfactory to Agent in its sole discretion; (q) Intentionally Omitted. (r) Capitalization Information. Agent shall have received from the Borrower an accurate and complete capitalization table reflecting all of the direct and indirect owners of each Credit Party (including the applicable ownership percentages) as of: (i) the date immediately prior to the Closing Date (the "Pre-Closing Cap Table"), and (ii) the date immediately following the Closing Date (the "Post-Closing Cap Table") (collectively, the "Cap Tables"); (s) Organization Chart. Agent shall have received from the Borrower an accurate and complete organization chart reflecting all of the direct and indirect Subsidiaries of the Borrower (including the applicable ownership percentages) as of: (i) the date immediately prior to the Closing Date (the "Pre-Closing Organization Chart"), and (ii) the date immediately following the Closing Date (the "Post-Closing Organization Chart") (collectively, the "Organization Charts"). To the extent that the Pre-Closing Organization Chart is identical to the Post-Closing Organization Chart, the Borrower may certify to Agent that the Post-Closing Organization Chart is identical to the Pre-Closing Organization Chart; and (t) Delivery of SBA Documents. The Borrower shall have delivered the following documents in form and substance reasonably satisfactory to Agent and each Lender that is an SBIC (and, as applicable, duly executed and dated as of the Closing Date or an earlier date satisfactory to such SBIC): (i) a Note; (ii) the SBA Side Letter;

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&nbsp;&nbsp;&nbsp;&nbsp;13 (iii) each duly executed and completed SBA Form; and (iv) such other documents or instruments as reasonably requested by such SBIC to comply with the Act. (u) Minimum Qualified Capital Stock Contribution. On or before the Closing Date, Parent shall have received not less than $12,000,000 of proceeds of the issuance of its Qualified Capital Stock pursuant to its recent equity issuance of Class C-2 stock. (v) Advisor Engagement. The Borrower shall have consented to and approved the engagement of HunterPoint LLC as advisor to Agent, at the sole cost and expense of the Borrower, to perform the services described in the memorandum delivered to Borrower for a period of three (3) months following the Closing Date; provided that the term of such engagement may be extended at the discretion of Agent for no longer than three (3) months and any further extensions thereafter shall be subject to the mutual consent of Borrower and Agent. (w) Closing Certificate. The Borrower shall have delivered to Agent a duly executed Closing Certificate. (x) Projections and Quality of Earnings. The Borrower shall have delivered to Agent (i) reasonably detailed projections for the succeeding five (5) years, with monthly projections of not less than the first twenty-four (24) months following the Closing Date and (ii) quality of earnings report conducted by a firm reasonably acceptable to Agent. 3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE COVENANTS To induce Agent and the Lenders to enter into this Agreement and to induce the Lenders to make the Loan, Borrower and each other Credit Party executing this Agreement, jointly and severally, represent and warrant to Agent and each Lender (each of which representations and warranties shall survive the execution and delivery of this Agreement), and promise to and agree with Agent and each Lender until the Termination Date as follows: 3.1 Corporate Existence; Compliance with Law. Each Grantor: (a) is, as of the Closing Date, and will continue to be (i) (A) a corporation, limited liability company or limited partnership, as applicable, duly organized, and validly existing and (B) in good standing under the laws of the jurisdiction of its incorporation or organization, (ii) duly qualified to do business and in good standing in each other jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect, and (iii) in compliance with all Requirements of Law and Contractual Obligations, except to the extent failure to comply therewith could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (b) has and will continue to have (i) the requisite corporate power and authority and the legal right to execute, deliver and perform its obligations under the Loan Documents, and to own, pledge, mortgage or otherwise encumber and operate its properties, to lease the property it operates under lease, and to conduct its business as now, heretofore or proposed to be conducted, and (ii) except as could not, individually, or in the aggregate, reasonably be expected to have a Material Adverse Effect, all licenses, permits, franchises, rights, powers, consents or approvals 14 from or by all Persons or Governmental Authorities having jurisdiction over such Grantor that are necessary or appropriate for the conduct of its business. 3.2 Executive Offices; Corporate or Other Names. (a) Each Grantor's name as it appears in official filings in the state of its incorporation or organization, (b) the type of entity of each Grantor, (c) the organizational identification number issued by each Grantor's state of incorporation or organization or a statement that no such number has been issued, (d) each Grantor's state of organization or incorporation, and (e) the location of each Grantor's chief executive office and locations of Collateral when not in use by a customer of any Grantor are as set forth in Disclosure Schedule (3.2) and, except as set forth in such Disclosure Schedule, such locations have not changed during the preceding twelve (12) months. As of the Closing Date, during the prior five (5) years, except as set forth in Disclosure Schedule (3.2), no Grantor has been known as or conducted business in any other name (including trade names) than the name of such Grantor set forth on the signature page hereto. Borrower has only one state of incorporation or organization. 3.3 Corporate Power; Authorization; Enforceable Obligations. The execution, delivery and performance by each Grantor of the Loan Documents to which it is a party, and the creation of all Liens provided for herein and therein: (a) are and will continue to be within such Grantor's power and authority; (b) have been and will continue to be duly authorized by all necessary or proper action; (c) are not and will not be in violation of any Requirement of Law or Contractual Obligation of such Grantor; (d) do not and will not result in the creation or imposition of any Lien (other than Permitted Liens) upon any of the Collateral; and (e) do not and will not require the consent or approval of any Governmental Authority or any other Person other than any consent or approval that has been obtained. As of the Closing Date, each Loan Document shall have been duly executed and delivered on behalf of each Grantor party thereto, and each such Loan Document upon such execution and delivery shall be and will continue to be a legal, valid and binding obligation of such Grantor, enforceable against it in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency and other similar laws affecting creditors' rights generally. 3.4 Financial Statements; Books and Records. (a) The annual and monthly Financial Statements of the Grantors delivered pursuant to Section 4.1 present fairly in all material respects the financial condition of such Grantors as of the date of each such Financial Statement in accordance with GAAP (subject to normal year-end adjustments and to the absence of footnotes in the case of unaudited statements). (b) The Grantors shall keep proper Books and Records in which proper entries, reflecting all consolidated and consolidating financial transactions, will be made in accordance with GAAP and all Requirements of Law in all material respects of all financial transactions and the assets and business of each Grantor on a basis consistent with the Financial Statements. 3.5 Material Adverse Change. Between March 31, 2019 and the Closing Date, no events with respect to any Grantor have occurred that alone or in the aggregate has had or would reasonably

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&nbsp;&nbsp;&nbsp;&nbsp;15 be expected to have a Material Adverse Effect. No Requirement of Law or Contractual Obligation of any Grantor has or has had or would reasonably be expected to have a Material Adverse Effect. No Grantor is in default, and to such Grantor's knowledge no third party is in default, under or with respect to any of its Contractual Obligations, that alone or in the aggregate has had or would reasonably be expected to have a Material Adverse Effect. 3.6 Collection of Accounts. Credit Parties will continue to collect on their Accounts in accordance with customary practices in the media industry and consistent with the normal collection policy of the Credit Parties as in effect in the period prior to the Closing Date. 3.7 Subsidiaries. Except as set forth in Disclosure Schedule (3.7), as of the Closing Date, Borrower does not have any Subsidiaries. The issued and outstanding Stock of Borrower and its Subsidiaries (excluding all rights to purchase, options, warrants or similar rights or agreements pursuant to which Borrower or such Subsidiaries' may be required to issue, sell, repurchase or redeem any of its Stock) as of the Closing Date is accurately reflected in the organizational chart delivered pursuant to Section 3.29(c) and set forth on Schedule 10(a) to the Perfection Certificate or any Perfection Certificate Supplement (whichever was most recently delivered to Agent). 3.8 Government Regulation; Margin Regulations. No Grantor is subject to or regulated under any Federal or state statute, rule or regulation that restricts or limits such Person's ability to incur Indebtedness, pledge its assets, or to perform its obligations under the Loan Documents. The making of the Loan, the application of the proceeds and repayment thereof, and the consummation of the transactions contemplated by the Loan Documents do not and will not violate any Requirement of Law. No Grantor is engaged, nor will it engage, in the business of extending credit for the purpose of "purchasing" or "carrying" any "margin security" as such terms are defined in Regulation U of the Federal Reserve Board as now and hereafter in effect (such securities being referred to herein as "Margin Stock"). No Grantor owns any Margin Stock, and none of the proceeds of the Loan or other extensions of credit under this Agreement will be used, directly or indirectly, for the purpose of purchasing or carrying any Margin Stock or reducing or retiring any Indebtedness that was originally incurred to purchase or carry any Margin Stock. No Grantor will take or permit to be taken any action that might cause any Loan Document to violate any regulation of the Federal Reserve Board. 3.9 Taxes; Charges. Except as disclosed in Disclosure Schedule (3.9), all tax returns, reports and statements required by any Governmental Authority to be filed by Borrower or any other Grantor have, as of the Closing Date, been filed and will, until the Termination Date, be filed with the appropriate Governmental Authority and no tax Lien has been filed against any Grantor or any Grantor's property. Disclosure Schedule (3.9) sets forth as of the Closing Date those taxable years for which any Grantor's tax returns are currently being audited by the IRS or any other applicable Governmental Authority and any assessments or threatened assessments in connection with such audit, or otherwise currently outstanding. As of the Closing Date, no Grantor has agreed or been requested to make any adjustment under Section 481(a) of the IRC, by reason of a change in accounting method or otherwise, which would reasonably be expected to have a Material Adverse Effect. 3.10 Payment of Obligations. Each Grantor will pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all of its material Charges and 16 other obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of such Grantor and none of the Collateral is or would reasonably be expected to become subject to any Lien or forfeiture or loss as a result of such contest. 3.11 ERISA. (a) No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other existing ERISA Events, would reasonably be expected to have a Material Adverse Effect. Except as disclosed in Disclosure Schedule (3.11), (i) the present value of all accumulated benefit obligations of the Grantors under each Plan (based on the assumptions used for purposes of ASC 715) did not, as of the date of the most recent Financial Statements reflecting such amounts, exceed the fair market value of the assets of such Plan by more than $500,000, and (ii) the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of ASC 715) did not, as of the date of the most recent Financial Statements reflecting such amounts, exceed the fair market value of the assets of such underfunded Plans by more than $500,000. No Grantor or ERISA Affiliate has incurred or reasonably expects to incur any Withdrawal Liability in excess of $500,000. (b) Each Grantor shall furnish to the Agent (x) as soon as possible after, and in any event within five (5) days after any Responsible Officer of any Credit Party knows or has reason to know that, any ERISA Event has occurred that, alone or together with any other ERISA Event would reasonably be expected to result in liability of the Credit Parties or any of their ERISA Affiliates in an aggregate amount exceeding $500,000 or the imposition of a Lien, a statement of a Responsible Officer of such Credit Party setting forth details as to such ERISA Event and the action, if any, that such Credit Party or such ERISA Affiliate proposes to take with respect thereto; (y) upon request by the Agent, copies of (i) each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by any Credit Party or any ERISA Affiliate with the Department of Labor with respect to each Plan; (ii) the most recent actuarial valuation report for each Plan; (iii) all notices received by any Credit Party or any ERISA Affiliate from a Multiemployer Plan sponsor or any governmental agency concerning an ERISA Event; and (iv) such other documents or governmental reports or filings relating to any Plan (or employee benefit plan sponsored or contributed to by any Credit Party) as the Agent shall reasonably request and (z) promptly following any request therefor, copies of (i) any documents described in Section 101(k) of ERISA that any Credit Party or its ERISA Affiliate may request with respect to any Multiemployer Plan and (ii) any notices described in Section 101(1) of ERISA that any Credit Party or its ERISA Affiliate may request with respect to any Multiemployer Plan; provided, that if any Credit Party or its ERISA Affiliate has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, the applicable Credit Party or ERISA Affiliate shall promptly make a request for such documents or notices from such administrator or sponsor and shall provide copies of such documents and notices promptly after receipt thereof. 3.12 Litigation. Except as specifically disclosed in Disclosure Schedule (3.12), there are no actions, suits, proceedings, claims or disputes pending, or to the knowledge of each Credit Party,

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&nbsp;&nbsp;&nbsp;&nbsp;17 threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, against any Credit Party or any of their respective Properties which: (a) purport to affect or pertain to this Agreement, any other Loan Document, or any of the Transactions contemplated hereby or thereby; or (b) would reasonably be expected to result in equitable relief or monetary judgment(s), individually or in the aggregate, in excess of $500,000 and unless fully covered by insurance and the issuer(s) of the applicable policies have not disclaimed coverage. No injunction, writ, temporary restraining order or any order of any nature has been issued by any court or other Governmental Authority purporting to enjoin or restrain the execution, delivery or performance of this Agreement, any other Loan Document, or directing that the transactions provided for herein or therein not be consummated as herein or therein provided. As of the Closing Date, except with respect to matters set forth on Disclosure Schedule (3.12), no Credit Party or any Subsidiary of any Credit Party is the subject of an audit or, to each Credit Party's knowledge, any review or investigation by any Governmental Authority (excluding the IRS and other taxing authorities) concerning the violation or possible violation of any Requirement of Law. Each Grantor shall notify Agent promptly in writing upon learning of the existence, threat or commencement of any such Litigation or any such order, investigation or audit. 3.13 Intellectual Property. Each Grantor owns, or is licensed to use, all such Intellectual Property material to its business as currently conducted, except for such Intellectual Property the failure of which to so own or be so licensed would not reasonably be expected to have a Material Adverse Effect. Each Grantor will take all necessary steps to preserve its ownership and licenses in such Intellectual Property so as to permit Agent to sell, transfer, rent, or use the Collateral upon the occurrence and during the continuation of an Event of Default. To permit Agent to sell, transfer, rent, or use the Collateral upon the occurrence and during the continuation of an Event of Default, each Grantor hereby grants to Agent an irrevocable, nonexclusive, worldwide license (exercisable without payment of royalty or other compensation to such Grantor), including in such license the right to sublicense, use and practice any Intellectual Property now owned or hereafter acquired by such Grantor and access to all media in which any of the licensed items may be recorded or stored and to all software and programs used for the compilation or printout thereof. As of the Closing Date, the Grantors own or are licensed to use the Intellectual Property as set forth in Disclosure Schedule (3.13). Each Grantor shall maintain the patenting and registration of all Intellectual Property with the United States Patent and Trademark Office, the United States Copyright Office, or other appropriate Governmental Authority. In the event that any Grantor becomes aware that any Intellectual Property material to the conduct of its business has been infringed, misappropriated or diluted by a third party in any material respect, such Grantor promptly shall notify the Agent and shall take such actions as are appropriate under the circumstances to protect such Intellectual Property. Notwithstanding the foregoing, each Grantor may transfer, abandon, or otherwise dispose of Intellectual Property that is, in the applicable Grantor's reasonable business judgment, no longer economically practicable or commercially desirable to maintain, or used or useful in its business, in each case, in the ordinary course of business; provided that in the case of registered Intellectual Property, Agent has given prior written consent (email acceptable) to such transfer, abandon or disposition, which consent shall not be unreasonably withheld, delayed or denied. 18 3.14 Full Disclosure. No information contained in any Loan Document, the Financial Statements or any written statement furnished by or on behalf of any Grantor under any Loan Document, or to induce Agent and the Lenders to execute the Loan Documents (as such information has been amended, supplemented or superseded by any other information later delivered to the same parties receiving such information, provided that the delivery of such amended, supplemented or superseding information shall not cure any Event of Default arising under Section 7.1(b) other than with respect to this Section 3.14), contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained herein or therein not materially misleading in light of the circumstances under which they were made. 3.15 Environmental Liabilities. Except as set forth in Disclosure Schedule (3.15), as of the Closing Date, (a) no Grantor is subject to any Environmental Liabilities or, to any Grantor's knowledge, potential Environmental Liabilities, that would reasonably be expected to result in Environmental Liabilities to Grantors in excess of $500,000 in the aggregate and (b) no written notice has been received by any Grantor identifying it as a "potentially responsible party" or requesting information under CERCLA or analogous state statutes, and to the knowledge of any Grantor, there are no facts, circumstances or conditions that would reasonably be expected to result in any Grantor being identified as a "potentially responsible party" under CERCLA or analogous state statutes, in each such case if such circumstance would reasonably be expected to result in Environmental Liabilities in excess of $500,000 in the aggregate. Each Grantor: (i) shall comply in all material respects with all applicable Environmental Laws and environmental permits, except for any such non-compliance that could not reasonably be expected to result in Environmental Liabilities to Grantors in excess of $500,000, (ii) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any Release, on, at, in, under, above, to, from or about any real property owned, leased or occupied by a Grantor if such Release would reasonably be expected to result in Environmental Liabilities to Grantors in excess of $500,000 in the aggregate, (iii) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any claims that could form the basis for any Environmental Liabilities that would reasonably be expected to result in Environmental Liabilities in excess of $500,000 in the aggregate, and (iv) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any occurrences of non-compliance with Environmental Laws or environmental permits, except for any such non-compliance that could not reasonably be expected to result in Environmental Liabilities to Grantors in excess of $500,000. Each Credit Party has made available to Agent copies of all existing environmental reports, reviews and audits and all documents prepared since January 1, 2010 pertaining to actual or potential Environmental Liabilities, in each case to the extent such reports, reviews, audits and documents are in their possession, custody, control or otherwise available to the Credit Parties. 3.16 Insurance. As of the Closing Date, Disclosure Schedule (3.16) lists all insurance of any nature maintained by Borrower with respect to the Collateral as well as all liability insurance maintained by the Grantors, as well as a summary of the terms of such insurance. (a) Coverage. Without limiting any of the other obligations or liabilities of the Grantors under this Agreement, the Grantors shall, during the term of this Agreement, carry and maintain, at its own expense, at least the minimum insurance coverage set forth in this Section 3.16. All insurance carried pursuant to this Section 3.16 shall be placed with such insurers having a minimum A.M. Best rating of A-:VIII (or as may be otherwise reasonably

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&nbsp;&nbsp;&nbsp;&nbsp;19 acceptable to the Agent) and be in such form, with terms, conditions, limits and deductibles as shall be reasonably acceptable to Agent. The insurance required to be carried and maintained by Grantors hereunder shall, in all events, include, without limitation, the following: (i) All Risk Property Insurance. The Grantors shall maintain, all risk property insurance covering against physical loss or damage, including but not limited to fire and extended coverage, and collapse coverage. Coverage shall be written on a replacement cost basis in an amount reasonably acceptable to Agent; and, (ii) Commercial General Liability Insurance. The Grantors shall maintain comprehensive general liability insurance written on an occurrence basis with a limit of not less than $2,000,000. Such coverage shall include, but not be limited to, premises/operations, broad form contractual liability, products/completed operations, property damage and personal injury liability; and, (iii) Excess/Umbrella Liability Insurance. The Grantors shall maintain excess and/or umbrella liability insurance written on an occurrence basis in an amount not less than $5,000,000 providing coverage limits excess of the insurance limits required under subsection (a)(ii). Such insurance shall follow the form of the primary insurances and drop down in case of exhaustion of underlying limits and/or aggregates. (b) Endorsements. The Grantors shall cause all insurance policies carried and maintained in accordance with this Section 3.16 to be endorsed as follows: (i) Agent, on behalf of Lenders, shall be an additional insured and loss payee with respect to property policy described in subsection (a)(i). Agent, on behalf of Lenders, shall be an additional insured with respect to liability policies described in subsections (a)(ii) and, to the extent allowed by law (iii). It shall be understood that any obligation imposed upon the Grantors, including but not limited to the obligation to pay premiums, shall be the sole obligation of the Grantors and not that of the Agent; and, (ii) With respect to property policy described in subsection (a)(i), the interests of the Agent shall not be invalidated by any action or inaction of any Grantor or any other Person, and shall insure the Agent regardless of any breach or violation by any Grantor or any other Person, of any warranties, declarations or conditions of such policies; and, (iii) The insurers thereunder shall waive all rights of subrogation against Agent, any right of setoff or counterclaim and any other right to deduction, whether by attachment or otherwise; and, (iv) If such insurance is canceled for any reason whatsoever, including nonpayment of premium, such cancellation shall not be effective as to the Agent until thirty (30) days after receipt by Agent of written notice from such insurer. 20 (c) Certifications. On the Closing Date, and at each policy renewal, but not less than annually, the Grantors shall provide to the Agent a certification from each insurer or by an authorized representative of each insurer. Such certification shall identify the underwriters, the type of insurance, the limits, deductibles, and term thereof and shall specifically list the special provisions delineated in section (b) above for such insurance required for this Section 3.16. (d) Intentionally Omitted. (e) Notice to Agent. The Grantors shall notify the Agent immediately whenever any separate insurance concurrent in form or contributing in the event of loss with that required to be maintained under this Section 3.16 is taken out by any Credit Party; and promptly deliver to the Agent a copy of such policy or policies. Borrower shall direct all present and future insurers under its policies of insurance to pay all proceeds payable thereunder with respect to the Collateral directly to Agent for application pursuant to Section 1.2(f). If any insurance proceeds are paid by check, draft or other instrument payable to Borrower and Agent jointly, Agent may endorse Borrower's name thereon and do such other things as Agent may deem advisable to reduce the same to cash. 3.17 Solvency. Both before and after giving effect to (a) the Loan, the issuance of the Guarantees of the Obligations and the pledge of assets as security therefor by all of the Grantors, (b) the disbursement of the proceeds of the Loan pursuant to the instructions of the Borrower, and (c) the payment and accrual of all transaction costs in connection with the foregoing, the Credit Parties taken as a whole are Solvent. 3.18 Other Financings. Except as disclosed in Disclosure Schedule (3.18) attached hereto, none of the Credit Parties has outstanding as of the Closing Date any Indebtedness. 3.19 Conduct of Business. Each Grantor (a) shall conduct its business substantially as now conducted or as reasonably related, ancillary, complementary, or incidental thereto or as otherwise permitted hereunder, and (b) shall at all times maintain, preserve and protect all of the Collateral and keep the same in good repair, working order and condition and make, or cause to be made, all necessary or appropriate repairs, replacements and improvements thereto consistent with manufacturer specifications and industry practices; provided such Grantor shall not be obligated to comply with the foregoing covenant if, (i) in such Grantor's reasonable business judgment, such Collateral is no longer economically practicable or commercially desirable to maintain, or used or useful in its business, in each case, in the ordinary course of business and (ii) in the event fair market value of such Collateral, individually or in the aggregate, exceeds $500,000, Agent has given prior written consent (email acceptable) which consent shall not be unreasonably withheld, delayed or denied. 3.20 Further Assurances. At any time and from time to time, upon the written request of Agent and at the sole expense of the Grantors, the Grantors shall promptly and duly execute and deliver any and all such further instruments and documents and take such further action as Agent may reasonably deem desirable (a) to obtain the full benefits of this Agreement and the other Loan Documents, (b) to protect, preserve and maintain Agent's rights in any Collateral and security

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&nbsp;&nbsp;&nbsp;&nbsp;21 interests or the equivalent under any foreign law, or (c) to enable Agent to exercise all or any of the rights and powers herein granted. 3.21 Collateral/Maintenance of Property. (a) Each Grantor holds and will continue to hold good title to any of its property constituting the Collateral and none of such property is or will be subject to any Liens except Permitted Liens. (b) Each Grantor shall (i) maintain and preserve in all material respects in good working order and condition the Collateral and all other of its property necessary in the conduct of its business, and such Collateral shall be maintained in accordance with all manufacturer's suggested and recommended maintenance procedures, including preventive maintenance, (ii) obtain, maintain and preserve all material rights, permits, licenses, approvals and privileges (including all Permits) necessary, used or useful, whether because of its ownership, lease, sublease or other operation or occupation of property or other conduct of its business, and shall make all necessary or appropriate filings with, and give all required notices to, Governmental Authorities, and (iii) maintain the Collateral in compliance with all statutes, laws, ordinances, regulations, standards, directives, orders, judgments and permits (including environmental) issued by any Governmental Authority. (c) Collateral shall not be located in, in transit to or used by a customer, in any country, state, nation, or territory (i) listed on the Lists or otherwise under United States sanctions for conducting business or (ii) set forth on Schedule E hereto (as such Schedule E may be amended by written notice from time to time by Agent to Borrower on a prospective basis) (each a "Restricted Location"). Upon an amendment to Schedule E pursuant to the forgoing sentence such that Collateral is located in a Restricted Location that was not located in a Restricted Location prior to such amendment, no Grantor shall extend or renew any rental agreements or enter into any new rental agreements which would cause the Collateral to be located in, in transit to or in use in a Restricted Location by a customer of such Grantor and such Grantor shall remove such Collateral from such Restricted Location within fifteen (15) days from the delivery of such notice or, if such Collateral is subject to a rental agreement with a customer of such Grantor at such time, fifteen (15) days from the end of the then current term of such rental agreement. (d) Real Property. Schedules 8(a) and 8(b) to the Perfection Certificate dated the Closing Date contain a true and complete list of each interest in Real Property (i) owned by any Credit Party as of the date hereof and describes the type of interest therein held by such Credit Party and whether such owned Real Property is leased and if leased whether the underlying lease contains any option to purchase all or any portion of such Real Property or any interest therein or contains any right of first refusal relating to any sale of such Real Property or any portion thereof or interest therein and (ii) leased, subleased or otherwise occupied or utilized by any Credit Party, as lessee, sublessee, franchisee or licensee, as of the date hereof and describes the type of interest therein held by such Credit Party and, in each of the cases described in clauses (i) and (ii) of this Section 3.21(d), whether any lease requires the consent of the landlord or tenant thereunder, or other party thereto, to the Transactions. 22 3.22 Anti-Terrorism and Anti-Money Laundering Compliance. (a) No Credit Party and, to the knowledge of the Credit Parties, no Person who owns a controlling interest in or otherwise controls a Credit Party, and no customer of a Credit Party, is (i) listed on the Specially Designated Nationals and Blocked Persons List (the "SDN List") maintained by the Office of Foreign Assets Control ("OFAC"), Department of the Treasury, and/or on any other similar list ("Other Lists" and, collectively with the SDN List, the "Lists") maintained by the OFAC pursuant to any authorizing statute, Executive Order or regulation (collectively, "OFAC Laws and Regulations"); or (ii) a Person (a "Designated Person") either (A) included within the term "designated national" as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (B) designated under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079 (published September 25, 2001) or similarly designated under any related enabling legislation or any other similar Executive Orders (collectively, the "Executive Orders"). The OFAC Laws and Regulations and the Executive Orders are collectively referred to in this Agreement as the "Anti-Terrorism Laws". Each of the Credit Parties represents and warrants that it requires, and has taken reasonable measures to ensure compliance with the requirement, that no Person who owns any other direct interest in a Credit Party is or shall be listed on any of the Lists or is or shall be a Designated Person. This Section 3.22 shall not apply to any Person to the extent that such Person's interest in the Borrower is through a U.S. Publicly-Traded Entity. As used in this Agreement, "U.S. Publicly-Traded Entity" means a Person (other than an individual) whose securities are listed on a national securities exchange, or quoted on an automated quotation system, in the United States, or a wholly- owned subsidiary of such a Person. (b) Each Credit Party represents and warrants that it has taken reasonable measures appropriate to the circumstances (and in any event as required by law), with respect to each holder of a direct or indirect interest in such Credit Party, to assure that funds invested by such holders in the Credit Parties are derived from legal sources ("Anti-Money Laundering Measures"). The Anti-Money Laundering Measures have been undertaken in accordance with the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq. ("BSA"), and all applicable laws, regulations and government guidance on BSA compliance and on the prevention and detection of money laundering violations under 18 U.S.C. §§ 1956 and 1957 (collectively with the BSA, "Anti-Money Laundering Laws"). (c) Each Credit Party represents and warrants to Agent and each Lender, to its actual knowledge after making due inquiry, that no such Credit Party or any holder of a direct or indirect interest in such Credit Party (i) is under investigation by any Governmental Authority for, or has been charged with, or convicted of, money laundering under 18 U.S.C. §§ 1956 and 1957, drug trafficking, terrorist-related activities or other money laundering predicate crimes, or any violation of the BSA, (ii) has been assessed civil penalties under any Anti-Money Laundering Laws, or (iii) has had any of its funds seized or forfeited in an action under any Anti-Money Laundering Laws. (d) Each Credit Party represents and warrants to Agent and each Lender that it has taken reasonable measures appropriate to the circumstances (in any event as required by law), to ensure that such Credit Party is in compliance with all current and future Anti-

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&nbsp;&nbsp;&nbsp;&nbsp;27 3.37 Investment Company Act. No Credit Party is an "investment company" or a company "controlled" by an "investment company," as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 3.38 Notice of Change in Investment Company Status. The Borrower shall provide Agent with prompt written notice of any change with respect to its representation in Section 3.37 above, but in no event later than fifteen (15) days following any such change. 3.39 Notice of Change in Ownership. The Borrower shall provide Agent with an updated Cap Table within ten (10) Business Days following a change in ownership of any Credit Party. 3.40 Notice of Change in Organization Chart. The Borrower shall provide Agent with an updated Organization Chart within ten (10) Business Days following a change in the organization of any Credit Party. 4. FINANCIAL MATTERS; REPORTS 4.1 Reports, Notices, and Related Rights. The Credit Parties shall furnish to the Agent and each Lender: (a) Monthly Reports. Within thirty (30) days after the last day of each Fiscal Month of the Credit Parties, the balance sheets of the Credit Parties on a consolidated and consolidating basis as at the end of such Fiscal Month and as of the end of the preceding Fiscal Year, and the related statements of operations, the related statements of profits and losses and related statements of cash flows of the Credit Parties on a consolidated basis for such Fiscal Month and for the elapsed portion of the Fiscal Year ended with the last day of such Fiscal Month, and, beginning with the Fiscal Month ending January 31, 2020 and thereafter, which shall set forth in comparative form such figures as at the end of and for such Fiscal Month and appropriate prior period and shall be certified by the Chief Financial Officer of the Borrower to have been prepared in accordance with GAAP and to present fairly in all material respects the financial position of the Credit Parties on a consolidated basis as at the end of such period and the results of operations for such period, and for the elapsed portion of the Fiscal Year ended with the last day of such period, subject only to normal year-end and audit adjustments and the absence of footnotes; (b) Annual Reports. Within one hundred twenty (120) days after the end of each Fiscal Year of the Credit Parties (or one hundred eighty (180) days after the end of the Fiscal Year ending December 31, 2019), the audited consolidated balance sheet of the Credit Parties as of the end of such Fiscal Year and the related audited consolidated statements of operations for such Fiscal Year and for the previous Fiscal Year, the related audited consolidated statements of profits and losses and the related audited consolidated statements of cash flows and stockholders' equity for such Fiscal Year and for the previous Fiscal Year, which shall be accompanied by an opinion, without a going concern or similar qualification or an exception as to scope, prepared by an independent certified public accountant of recognized national standing reasonably acceptable to Agent; (c) Cash Balance. Within two (2) Business Days after the end of each Fiscal Month, Borrower will deliver a certificate reporting to Agent the Cash Balance as of the last day 28 of the Fiscal Month just ended, which certificate shall be executed and certified by a Responsible Officer of the Borrower as true and correct; (d) Average Revenue Per Unit. Concurrently with any delivery of Financial Statements under Section 4.1(a) and regardless of whether compliance with the Performance Metrics is required at such time, Borrower will deliver a certificate reporting to Agent the Average Revenue Per Unit calculations, which certificate shall be executed and certified by a Responsible Officer of the Borrower as true and correct; (e) Compliance Certificate. At the time the financial statements are furnished pursuant to Section 4.1(a), a Compliance Certificate in the form attached as Exhibit E executed by a Responsible Officer of the Borrower as to the financial performance of the Credit Parties. The Compliance Certificate shall include a listing of government contracts of the Borrower subject to the Federal Assignment of Claims Act of 1940 or any similar state or municipal law; (f) [Reserved.] (g) Responsible Officer's Certificate Regarding Collateral. Concurrently with any delivery of Financial Statements under Section 4.1(a), a certificate of a Responsible Officer setting forth the information required pursuant to the Perfection Certificate Supplement or confirming that there has been no change in such information since the date of the Perfection Certificate or latest Perfection Certificate Supplement; (h) Public Reports. Promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by any Credit Party with any provincial securities commission or the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said commissions, or with any national securities exchange, or distributed to holders of its Indebtedness pursuant to the terms of the documentation governing such Indebtedness (or any trustee, agent or other representative therefor), as the case may be; (i) Management Letters. Promptly after the receipt thereof by any Credit Party, a copy of any "management letter" received by any such Person from its independent chartered accountants and the management's responses thereto; (j) Budgets. Promptly (and in any event within 2 Business Days) after approval by the Board of Directors of Parent (and in no event later than February 28 of each Fiscal Year), (i) a consolidated budget for Credit Parties in form reasonably satisfactory to the Agent, but to include balance sheets, statements of income and sources and uses of cash, capital expenditures, and projected borrowing availability on a consolidated basis under this Agreement, for each Fiscal Quarter of such Fiscal Year prepared in detail and (ii) a financial model for the subsequent Fiscal Year, in each case, prepared in summary form, with appropriate presentation and discussion of the principal assumptions upon which such budget or model is based, accompanied by the statement of a Responsible Officer of Borrower to the effect that each budget and model has been prepared in good faith and

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&nbsp;&nbsp;&nbsp;&nbsp;29 based on assumptions believed to be reasonable and, promptly when available, any significant revisions of such budget or model; (k) Organization. Concurrently with any delivery of Financial Statements under Section 4.1(a), an accurate organizational chart as required by Section 3.29(c), or confirmation that there are no changes to Schedule 10(a) to the Perfection Certificate dated the Closing Date or since the most recent organization chart delivered to Agent under this Section 4.1(k); (l) Organizational Documents. Promptly provide copies of any Organizational Documents that have been amended or modified in accordance with the terms hereof and deliver a copy of any notice of default given or received by any Credit Party under any Organizational Document within fifteen (15) days after such Credit Party gives or receives such notice; (m) Appraisals. At any time after the occurrence of an Event of Default promptly upon the request of the Agent, an appraisal report performed at the expense of Borrower by a nationally recognized appraiser satisfactory to Agent, setting forth in reasonable detail the orderly liquidation value of the Collateral; and (n) Inspection of Property; Field Examinations and Audits. Each Credit Party shall, and shall cause each of its Subsidiaries to, with respect to each owned, leased, or controlled property, (a) provide access to such property to Agent as frequently as Agent determines to be appropriate; and (b) permit Agent to conduct field examinations, audit, inspect and make extracts and copies from all of such Credit Party's books and records, including invoices from and payments to the Credit Parties' vendors, and evaluate and make verifications of the Eligible Capital Expenditures and any Collateral in any manner and through any medium that Agent considers advisable, in each instance, at the Credit Parties' expense; provided the Credit Parties shall only be obligated to reimburse Agent for the expenses for one (1) such field examination, audit and inspection per year or at any time if an Event of Default has occurred and is continuing or Agent reasonably suspects fraudulent activity in connection with the Eligible Capital Expenditures. 4.2 Financial Covenants. (a) Minimum Cash Balance. As of the last day of each Fiscal Month, Credit Parties shall not permit Cash Balance to be less than $6,000,000. (b) Performance Metrics. Commencing with the Fiscal Quarter ending on September 30, 2019, if as of the last day of any Fiscal Quarter the Credit Parties have a Cash Balance of less than $9,000,000, the Credit Parties shall not permit (i) the Total Revenue (measured as of the trailing twelve (12) month period ending on each date set forth in the table below) to be less than the amount set forth in the table below and (ii) Average Revenue Per Unit to be less than the amount set forth in the table below (collectively clauses (i) and (ii), the "Performance Metrics"). 30 Period Total Revenue Average Revenue Per Unit August 31, 2019 $17,000,000 $20,000 November 30, 2019 $20,000,000 $20,000 February 29, 2020 $28,000,000 $22,000 May 31, 2020 $33,000,000 $22,000 August 31, 2020 $39,000,000 $22,000 November 30, 2020 $44,000,000 $22,000 February 28, 2021 $52,000,000 $25,000 May 31, 2021 $67,000,000 $25,000 August 31, 2021 $83,000,000 $25,000 November 30, 2021 $100,000,000 $25,000 February 28, 2022 $117,000,000 $30,000 May 31, 2022 $132,000,000 $30,000 August 31, 2022 $132,000,000 $30,000 November 30, 2022 $132,000,000 $30,000 February 28, 2023 $132,000,000 $30,000 May 31, 2023 $132,000,000 $30,000 August 31, 2023 $132,000,000 $30,000 November 30, 2023 $132,000,000 $30,000 February 29, 2024 $132,000,000 $30,000 If the Credit Parties are not in compliance with the Performance Metrics at the end of any Fiscal Quarter in which compliance with the Performance Metrics is required, the Parent shall promptly (and in any event within 60 days after delivery of the Compliance Certificate that evidenced non-compliance with the Performance Metrics) issue Qualified Capital Stock (the "Mandatory Equity Issuance") in an amount as reasonably acceptable to Agent and promptly contribute the proceeds of such Mandatory Equity Issuance to the Borrower. If the Parent fails to complete the Mandatory Equity Issuance within 60 days after delivery of the Compliance Certificate that evidenced non- compliance with the Performance Metrics, the Borrower shall make mandatory prepayments of the Loans in accordance with Section 1.1(c)(ii). 4.3 Other Reports and Information. The Grantors shall advise Agent and each Lender in reasonable detail promptly after becoming aware of: (a) any Lien, other than Permitted Liens, attaching to or asserted against any of the Collateral or any occurrence causing a material loss or decline in value of any Collateral and the estimated (or actual, if available) amount of such loss or decline; (b) any material change in the composition of the Collateral; and (c) the occurrence of any Default or other event that has had or would reasonably be expected to have a Material Adverse Effect. The Grantors shall, upon the reasonable request of Agent or any Lender, furnish to Agent and Lenders such other reports and information in connection with the affairs, business, financial condition, operations, prospects or management of Borrower or any other Grantor or the Collateral, all in reasonable detail.

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&nbsp;&nbsp;&nbsp;&nbsp;31 5. NEGATIVE COVENANTS Borrower and each Credit Party executing this Agreement covenants and agrees (for itself and each other Credit Party) that, without Agent's prior written consent, from the Closing Date until the Termination Date, neither Borrower nor any other Credit Party shall, directly or indirectly, by operation of law or otherwise: 5.1 Indebtedness. Create, incur, assume or permit to exist any Indebtedness, except: (a) the Obligations, (b) Indebtedness existing as of the Closing Date set forth in Disclosure Schedule (3.18), (c) by endorsement of instruments or items of payment for deposit to the general account of such Credit Party, (d) for Guaranteed Indebtedness incurred for the benefit of Borrower if the primary obligation is permitted by this Agreement, and (e) additional Indebtedness (including Purchase Money Obligations) incurred after the Closing Date in an aggregate outstanding amount for all such Credit Parties combined not exceeding $500,000. 5.2 Liens. Incur, maintain or otherwise suffer to exist any Lien upon or with respect to any of its property, whether now owned or hereafter acquired, or assign any right to receive income or profits, except for Permitted Liens. 5.3 Investments; Fundamental Changes. Except as expressly permitted by Section 5.7 below investments or loans existing as of the Closing Date and set forth in Disclosure Schedule (5.3), merge or amalgamate with, consolidate with, acquire all or substantially all of the assets or Stock of, or otherwise combine with or make any investment in or make any loan or advance to, any Person; except, any Credit Party may form any direct or indirect Subsidiary after the Closing Date so long as within ten (10) Business Days after such formation, such Subsidiary becomes a Guarantor hereunder and grants to Agent a Lien in all of its rights, title and interests in, to and under its Collateral to secure the Obligations for the benefit of the Lenders, all pursuant to written documentation in form and substance reasonably satisfactory to Agent in accordance with Sections 1.12 and 3.28; provided, that no Credit Party shall transfer any assets or property to a new Subsidiary until all requirements of Sections 1.12 and 3.28 have been met for such new Subsidiary. For the avoidance of doubt, no Credit Party shall make any investment in or make any loan or advance to, any Person located outside of the United States without the prior written consent of Required Lenders. 5.4 Asset Sales. Sell, transfer, convey, assign, issue or otherwise dispose any of its assets or properties (including its accounts or any shares of its Stock) or engage in any sale-leaseback, synthetic lease or similar transaction, including without limitation the Collateral or Loan proceeds; provided, however, that (i) any Grantor may transfer any of its Collateral to any other Grantor, provided such Collateral remains subject to the Liens of Agent under this Agreement to secure the Obligations, (ii) Volta Services may enter into the Permitted Brookfield Sales and Other Permitted Sales, and (iii) any Grantor may dispose of Collateral that is, in the applicable Grantor's reasonable business judgment, no longer economically practicable or commercially desirable to maintain, or used or useful in its business, in each case, in the ordinary course of business; provided that, with respect to Collateral that has a fair market value in excess of $500,000, Agent has given prior written consent (email acceptable) which consent shall not be unreasonably withheld, delayed or denied. 32 5.5 Restricted Payments. Make or permit any Restricted Payment. 5.6 Changes in Nature of Business. Make any changes in any of its business that would reasonably be expected to adversely affect repayment of the Obligations or would reasonably be expected to have a Material Adverse Effect, or engage in any business other than (a) that presently engaged in or (b) any business reasonably related, ancillary, complementary, or incidental thereto and reasonable extensions thereof. 5.7 Transactions with Affiliates. Enter into any lending, borrowing or other commercial transaction with any of its employees, directors, or Affiliates other than (a) loans or advances to employees in the ordinary course of business in an aggregate outstanding amount not exceeding $500,000 at any time and (b) transactions entered on arms-length terms as would be obtained in a transaction between parties that are not Affiliates or set forth on Disclosure Schedule (3.35). 5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments. Incur or otherwise suffer to exist or become effective or remain liable on or responsible for any Contractual Obligation limiting or restricting the ability of (a) any Credit Party to make Restricted Payments to, or investments in, or repay Indebtedness of, or otherwise sell property to, any Credit Party or (b) any Credit Party to incur or suffer to exist any Lien upon any property of any Credit Party, whether now owned or hereafter acquired, securing any of its Obligations (including any such limitation or restriction in the form of any "equal and ratable" clause and any similar Contractual Obligation requiring, when a Lien is granted on any property, another Lien to be granted on such property or any other property), except, for each of clauses (a) and (b) above, (x) pursuant to the Loan Documents, and (y) limitations on Liens (other than those securing any Obligation) on any property whose acquisition, repair, improvement or construction is financed by Purchase Money Indebtedness in reliance upon Section 5.1(b) or (e) set forth in the Contractual Obligations governing such Indebtedness with respect thereto. 5.9 Modification of Certain Documents. Amend, waive, or otherwise modify (a) its charter or by-laws or other Organizational Documents other than in connection with the issuance of Equity Interests by Parent permitted by this Agreement or (b) the Brookfield Master Sale Agreement or any agreements governing Other Permitted Sales in a manner material and adverse to the Agent or the Lenders. 5.10 Accounting Changes; Fiscal Year. Change its (a) accounting treatment or reporting practices, except as required by GAAP or any Requirement of Law or (b) its Fiscal Year or its method for determining Fiscal Quarters. 5.11 Changes to Name, Locations, Etc. Change (i) its name, Chief Executive Office, corporate offices from those set forth on Disclosure Schedule (3.2), (ii) its warehouses or other Collateral locations, or location of its records concerning the Collateral from those locations set forth on Disclosure Schedule (3.2); provided, that any Credit Party may change the location of electric charging stations in the ordinary course of business, (iii) the type of legal entity that it is, (iv) its organization identification number, if any, issued by its state of incorporation or organization or (v) its state of incorporation or organization from that set forth on Disclosure Schedule (3.2).

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&nbsp;&nbsp;&nbsp;&nbsp;33 5.12 Bank Accounts. (a) Establish any depository or other bank account of any kind with any financial institution (other than the accounts set forth on Disclosure Schedule (3.26)) or (b) close or permit to be closed any of the accounts listed on Disclosure Schedule (3.26) in each case, without Agent's prior written consent. 5.13 Margin Regulations. Use all or any portion of the proceeds of any credit extended hereunder to purchase or carry Margin Stock in contravention of Regulation U of the Federal Reserve Board. 5.14 Compliance with ERISA. No Credit Party or ERISA Affiliate shall cause or suffer to exist (a) any event that would reasonably be expected to result in the imposition of a Lien upon the assets of any Credit Party with respect to any Title IV Plan or Multiemployer Plan or (b) any other ERISA Event, that would, in the aggregate, reasonably be expected to result in liabilities of the Credit Parties in excess of $500,000. 5.15 Hazardous Materials. Cause or suffer to exist any Release of any Hazardous Material at, to or from any Real Property owned, leased, subleased or otherwise operated by any Credit Party that would violate any Environmental Law, form the basis for any Environmental Liabilities or otherwise adversely affect the value or marketability of any real property (whether or not owned by any Credit Party), other than such violations, Environmental Liabilities and effects that would not, in the aggregate, have a Material Adverse Effect. 5.16 Parent. Parent shall not (a) acquire any intellectual property, electric vehicle charging stations or other material assets with an aggregate fair market value in excess of $1,000,000 or enter into any new agreements other than agreements related to employment, administrative operations, issuance of equity, Parent's ownership of the Borrowers, or other agreements similar in subject matter to those agreements described on Disclosure Schedule (3.27), and (b) accept or receive any dividends, property, cash or Cash Equivalents or other assets from any other Credit Party other than in the ordinary course of business. 5.17 Use of Proceeds. Use all or any of the proceeds of any Loans other than as set forth in Section 1.3. For the avoidance of doubt, no proceeds of the Loans shall be used to finance any electric charging stations in connection with the Brookfield Master Sale Agreement or the agreements governing Other Permitted Sales. 5.18 Compliance with Anti-Terrorism Laws. (a) Directly or indirectly, in connection with the Loans, knowingly (i) conduct any business or engage in making or receiving any contribution of funds, goods or services to or for the benefit of any Embargoed Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to any Anti- Terrorism Law or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. (b) Directly or indirectly, in connection with the Loans, knowingly cause or permit any of the funds of such Credit Party that are used to repay the Loans to be derived from any 34 unlawful activity with the result that the making of the Loans would be in violation of any Anti-Terrorism Law. (c) Knowingly cause or permit (i) an Embargoed Person to have any direct or indirect interest in or benefit of any nature whatsoever in the Credit Parties or (ii) any of the funds or properties of the Credit Parties that are used to repay the Loans to constitute property of, or be beneficially owned directly or indirectly by, an Embargoed Person. (d) Deliver to the Lenders any certification or other evidence requested from time to time by any Lender in its reasonable discretion, confirming the Credit Parties' compliance with this Section 5.18. (e) The Borrower will not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of the FCPA or any other applicable anti-corruption law. 5.19 Sale-Leasebacks. Permit any of its Subsidiaries to, engage in a sale leaseback, synthetic lease or similar transaction involving any of its assets. For the avoidance of doubt, Permitted Brookfield Sales and Other Permitted Sales shall not be prohibited by this Section 5.19. 5.20 Leases. Enter as lessee into any lease arrangement for real property to be used by any Credit Party as a Chief Executive Office, other office space or warehouse, if after giving effect thereto, the aggregate annual rental payments for all such leased properties would exceed $700,000 in the aggregate in Fiscal Year 2019 and $1,200,000 in the aggregate in any Fiscal Year thereafter. For the avoidance of doubt, this Section 5.20 shall not apply to any lease arrangement for real property used as an electric vehicle charging station location. 5.21 Compensation. Except as set forth on Disclosure Schedule (5.21), no Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, pay any management, consulting or similar fees to any Affiliate of any Credit Party or to any officer, director or employee of any Credit Party or any Affiliate of any Credit Party except, in each case, payment of reasonable compensation for actual services rendered to the Credit Parties and their Subsidiaries in the ordinary course of business. 6. SECURITY INTEREST 6.1 Grant of Security Interest. (a) As collateral security for the prompt and complete payment and performance of the Obligations, each of Borrower and each other Credit Party executing this Agreement hereby grants to Agent for the benefit of the Lenders a security interest in and Lien upon all of its property and assets, whether real or personal, tangible or intangible, and whether now owned or hereafter acquired, or in which it now has or at any time in the future may acquire any right, title, or interest, including all of the following property in which it now has or at any time in the future may acquire any right, title or interest:

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&nbsp;&nbsp;&nbsp;&nbsp;35 (i) all Accounts; (ii) all deposit accounts; (iii) all other bank accounts and all funds on deposit therein; all money, cash and cash equivalents; (iv) all investment property; (v) all Stock and all Distributions in respect thereof; (vi) all goods (including, without limitation, inventory, equipment, and fixtures); (vii) all chattel paper, documents and instruments; (viii) all Books and Records; (ix) all general intangibles (including, without limitation, all Intellectual Property, Intellectual Property applications, contract rights, choses in action, payment intangibles, licenses, Permits, and software, and all rights and interests under any key man life insurance policies); (x) all letter-of-credit rights; (xi) all commercial tort claims; (xii) all property, including all property of every description, in custody or in transit for any purpose, including safekeeping, collection or pledge, for the account of Borrower or any Credit Party or to which Borrower or any Credit Party may have any right or power, including but not limited to cash; (xiii) all other goods (including but not limited to fixtures) and personal property, whether tangible or intangible and wherever located; (xiv) all supporting obligations and consents and agreements of any kind or nature that are material to the operation, management, maintenance and conduct of any Credit Party; (xv) all Real Property of every kind and nature, including leases; and (xvi) to the extent not otherwise included, all Proceeds, tort claims, insurance claims and other rights to payment not otherwise included in the foregoing and products of all and any of the foregoing and all accessions to, substitutions and replacements for, and rents and profits of, each of the foregoing (all of the foregoing, collectively, the "Collateral"). Notwithstanding the foregoing, "Collateral" shall not include: (i) any property, aircraft, motor vehicles and other assets subject to certificates of title; (ii) any "intent-to-use" application unless 36 and until a "statement of use" or "amendment to allege use" is filed and accepted by the U.S. Patent and Trademark Office or any other filing is made or circumstances otherwise change so that the interests of the applicable Grantor in such trademarks is no longer on an "intent-to-use" basis, at which time such trademarks shall automatically be deemed "Collateral" hereunder; (iii) (A) assets if the granting of a security interest in such asset would (x) be prohibited by Applicable Law or (y) trigger termination of any agreement, document or instrument pursuant to any "change of control" or similar provision and (B) any contract, license, franchise or other agreement to the extent the pledge of such agreement is expressly prohibited by the terms thereof (provided that such contractual restriction shall not have been created in contemplation of this restriction); provided, however, the foregoing exclusions in this clause (iii) shall in no way be construed (A) to apply if any such prohibition would be rendered ineffective under the UCC (including Sections 9-406, 9- 407 and 9-408 thereof) or other Applicable Law (including the United States bankruptcy code) or principles of equity, (B) so as to limit, impair or otherwise affect Agent's unconditional continuing Liens upon any rights or interests of any Grantor in or to the Proceeds thereof (including proceeds from the sale, license, lease or other disposition thereof), including monies due or to become due under any such lease, license, contract, or agreement (including any Accounts or other Receivables), or (C) to apply at such time as the condition causing such prohibition shall be remedied and, to the extent severable, "Collateral" shall include any portion of such lease, license, franchise, contract, or agreement, or assets subject thereto that does not result in such prohibition; (iv) Excluded Accounts; (v) any property and assets the pledge of which would require governmental consent, approval, license or authorization (unless such consent, approval, license or authorization has been obtained); (vi) assets located outside the United States or the pledge of which would require registration or other action outside the United States; (vii) [reserved]; (viii) [reserved]; and (ix) assets in circumstances where Borrower and Agent determine in their reasonable discretion that the cost, burden or consequences (including material adverse tax consequences) of obtaining or perfecting a security interest in such assets is excessive in relation to the practical benefit afforded thereby; provided, that for the avoidance of doubt, no Grantor shall be required to enter into any foreign- law governed security documents in connection with any share pledge, intellectual property registered in any non-U.S. jurisdiction or any other grant of security interest. Notwithstanding anything herein to the contrary or any other Loan Document, no Grantor shall be required to make any filings, enter into any documents or agreements or take any other actions to grant, record or perfect a security interest or Lien in the Collateral in, or deliver any legal opinions covered by, any jurisdiction other than in the United States or any of its states, including on any Collateral located outside of the United States. (b) Borrower, Agent, each Lender and each other Grantor agrees that this Agreement creates, and is intended to create, valid and continuing Liens upon the Collateral in favor of Agent for the benefit of the Lenders. Each Grantor represents, warrants and promises to Agent and each Lender that: (i) such Grantor has rights in and the power to transfer each item of the Collateral upon which it purports to grant a Lien pursuant to this Agreement, free and clear of any and all Liens or claims of others, other than Permitted Liens; (ii) the security interests granted pursuant to this Agreement, upon completion of the filings and other actions listed on Disclosure Schedule (6.1) (which, in the case of all filings and other documents referred to in said Schedule, have been delivered to the Agent in duly executed form) and the filing of UCC-1 financing statements with respect to the Collateral, will constitute valid perfected security interests in all of the Collateral in favor of Agent for the benefit of the Lenders as security for the prompt and complete payment and performance

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&nbsp;&nbsp;&nbsp;&nbsp;39 certificate made or delivered to Agent by any Borrower or any other Credit Party shall be untrue or incorrect in any material respect as of the date when made or deemed made, regardless of whether such breach involves a representation or warranty with respect to a Credit Party that has not signed this Agreement; or (c) any Borrower or any other Credit Party shall fail or neglect to perform, keep or observe any of the covenants, promises, agreements, requirements, or other terms or provisions contained in Section 3.1(a)(i)(A), Section 3.16, Section 3.21, Section 3.22, Section 3.23, Section 3.36, Section 4.1, Section 4.2, Section 4.3, each subsection of Section 5, and each subsection of Section 6 of this Agreement, or the SBA Side Letter; or (d) any Borrower or any other Credit Party shall fail or neglect to perform, keep or observe any of the covenants, promises, agreements, requirements, or other terms or provisions contained in Section 3.28 of this Agreement, and such failure or neglect shall continue unremedied for a period of five (5) Business Days; or (e) any Borrower or any other Credit Party shall fail or neglect to perform, keep or observe any of the covenants, promises, agreements, requirements, or other terms or provisions contained in this Agreement or any of the other Loan Documents (other than as specified in paragraphs (a) through (d) above), and such failure or neglect shall continue unremedied for a period of thirty (30) days; or (f) an event of default shall occur under any Contractual Obligation of any Borrower or any other Credit Party (other than this Agreement and the other Loan Documents), and such event of default (i) involves the failure to make any payment (whether or not such payment is blocked pursuant to the terms of an intercreditor agreement or otherwise), whether of principal, interest or otherwise, and whether due by scheduled maturity, required prepayment, acceleration, demand or otherwise and such failure continues after the applicable grace or notice period, if any, specified in the document relating thereto, in respect of any Indebtedness (other than the Obligations) of such Person in an aggregate original principal amount exceeding $500,000, or (ii) causes (or permits any holder of such Indebtedness or a trustee to cause) such Indebtedness, or a portion thereof, in an aggregate original principal amount exceeding $500,000 to become due prior to its stated maturity or prior to its regularly scheduled date of payment; or (g) there shall be commenced against any Borrower or any other Credit Party any Litigation seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that remains unstayed, undismissed or unbonded for sixty (60) consecutive days; or any Borrower or any other Credit Party shall have concealed, removed or permitted to be concealed or removed, any part of its property with intent to hinder, delay or defraud any of its creditors or made or suffered a transfer of any of its property or the incurring of an obligation that may be fraudulent under any bankruptcy, fraudulent transfer or other similar law; or (h) a case or proceeding shall have been commenced involuntarily against any Borrower or any other Credit Party in a court having competent jurisdiction seeking a 40 decree or order: (i) under the United States Bankruptcy Code or any other applicable Federal, state or foreign bankruptcy or other similar law, and seeking either (x) the appointment of a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for such Person or of any substantial part of its properties, or (y) the reorganization or winding up or liquidation of the affairs of any such Person, and such case or proceeding shall remain undismissed, unstayed or unbonded for sixty (60) consecutive days or such court shall enter a decree or order granting the relief sought in such case or proceeding; or (ii) invalidating or denying any Person's right, power, or competence to enter into or perform any of its obligations under any Loan Document or invalidating or denying the validity or enforceability of this Agreement or any other Loan Document or any action taken hereunder or thereunder; or (i) any Borrower or any other Credit Party shall (i) commence any case, proceeding or other action under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors, seeking to have an order for relief entered with respect to it or seeking appointment of a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for it or any substantial part of its properties, (ii) make a general assignment for the benefit of creditors, (iii) consent to or take any action in furtherance of, or, indicating its consent to, approval of, or acquiescence in, any of the acts set forth in paragraph (h) of this Section 7.1 or clauses (i) and (ii) of this paragraph (i), or (iv) shall admit in writing its inability to, or shall be generally unable to, pay its debts as such debts become due; or (j) a final judgment or judgments for the payment of money in excess of $500,000 in the aggregate shall be rendered against any Borrower or any other Credit Party, unless the same shall be (i) fully covered by insurance and the issuer(s) of the applicable policies have not disclaimed coverage, or (ii) vacated, stayed, bonded, paid or discharged within a period of thirty (30) days from the date of such judgment; or (k) any provision of any Loan Document shall for any reason cease to be valid, binding and enforceable in accordance with its terms, or any Lien granted, or intended by the Loan Documents to be granted, to Agent for the benefit of the Lenders shall cease to be a valid and perfected Lien having the first priority (or a lesser priority if expressly permitted in the Loan Documents) in any of the Collateral (or any Credit Party shall so assert any of the foregoing); or (l) a Change of Control shall have occurred with respect to any Credit Party; or (m) an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred and are then continuing, would reasonably be expected to have Material Adverse Effect; or (n) any event occurs, whether or not insured or insurable, as a result of which revenue- producing activities cease or are substantially curtailed with respect to any property or facilities of the Credit Parties generating more than fifty percent (50%) of Borrower's consolidated revenue for the Fiscal Year preceding such event and such cessation or curtailment continues for more than thirty (30) days; or

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&nbsp;&nbsp;&nbsp;&nbsp;41 (o) an event of default shall occur under any other Loan Document; or (p) if the obligation of any Guarantor under its Guarantee or under any of the Loan Documents is limited or terminated by operation of law or by such Guarantor (other than in accordance with the terms of this Agreement). 7.2 Remedies. (a) If any Default shall have occurred and be continuing, then each Lender may suspend its commitment hereunder to make the Term Loan. In addition, if any Event of Default shall have occurred and be continuing, Agent may, and at the direction of Required Lenders, shall, take any one or more of the following actions: (i) by notice to Borrower declare all or any portion of the Obligations to be forthwith due and payable, whereupon such Obligations shall become and be due and payable; or (ii) exercise any rights and remedies provided to Agent for the benefit of the Lenders under the Loan Documents or at law or equity, including all remedies provided under the Code; provided, that upon the occurrence of any Event of Default specified in clause (i) of either Sections 7.1(h) or (i), the Obligations shall become immediately due and payable (and any obligation of the Lenders to make the Loan, if not previously terminated, shall immediately be terminated) without declaration, notice or demand by Agent. (b) Without limiting the generality of the foregoing, each Grantor expressly agrees that upon the occurrence and during the continuance of any Event of Default, Agent may collect, receive, assemble, appropriate and realize upon the Collateral, or any part thereof, and may forthwith sell, lease, assign, give an option or options to purchase or otherwise dispose of and deliver said Collateral (or contract to do so), or any part thereof, in one or more parcels at public or private sale or sales, at any exchange at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. Agent shall have the right upon any such public sale, to the extent permitted by law, to purchase for the benefit of the Lenders the whole or any part of said Collateral so sold, free of any right of equity of redemption, which right each Grantor hereby releases. Such sales may be adjourned, or continued from time to time with or without notice. Agent shall have the right to conduct such sales on any Grantor's premises or elsewhere and shall have the right to use any Grantor's premises without rent or other charge for such sales or other action with respect to the Collateral for such time as Agent deems necessary or advisable. (c) Upon the occurrence and during the continuance of an Event of Default and at Agent's request, Borrower and each other Grantor further agrees, to assemble the Collateral and make it available to Agent at places that Agent shall reasonably select, whether at its premises or elsewhere. During the continuance of an Event of Default, until Agent is able to effect a sale, lease, or other disposition of the Collateral, Agent shall have the right to complete, assemble, use or operate the Collateral or any part thereof, to the extent that Agent deems appropriate, for the purpose of preserving such Collateral or its value or for any other purpose. Agent shall have no obligation to any Grantor to maintain or preserve the rights of any Grantor as against third parties with respect to any Collateral while such Collateral is in the possession of Agent. During the continuance of an Event of Default, Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession 42 of any Collateral and to enforce any of Agent's or the Lenders' remedies with respect thereto without prior notice or hearing. To the maximum extent permitted by applicable law, Borrower and each other Grantor waives all claims, damages, and demands against Agent, each Lender, their Affiliates, agents, and the officers and employees of any of them arising out of the repossession, retention or sale of any Collateral except such as are determined in a final judgment by a court of competent jurisdiction to have arisen solely out of the gross negligence or willful misconduct of such Person. Borrower and each other Grantor agrees that ten (10) days' prior notice by Agent to such Grantor of the time and place of any public sale or of the time after which a private sale may take place is reasonable notification of such matters. Borrower and each other Grantor shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all amounts to which Agent and each Lender are entitled. (d) Agent's and each Lender's rights and remedies under this Agreement shall be cumulative and nonexclusive of any other rights and remedies that Agent and each Lender may have under any Loan Document or at law or in equity. Recourse to the Collateral shall not be required. All provisions of this Agreement are intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited, to the extent necessary, so that they do not render this Agreement invalid or unenforceable, in whole or in part. 7.3 Waivers by Credit Parties. Except as otherwise provided for in this Agreement and to the fullest extent permitted by applicable law, Borrower and each other Credit Party executing this Agreement waives: (a) presentment, demand and protest, and notice of presentment, dishonor, intent to accelerate, protest, default, nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all Loan Documents; (b) all rights to notice and a hearing prior to Agent's taking possession or control of, or to Agent's replevy, attachment or levy upon, any Collateral or any bond or security that might be required by any court prior to allowing Agent or any Lender to exercise any of their remedies; and (c) the benefit of all valuation, appraisal, marshaling and exemption laws. Borrower and each other Credit Party executing this Agreement acknowledges that it has been advised by counsel of its choices and decisions with respect to this Agreement, the other Loan Documents and the transactions evidenced hereby and thereby. 7.4 Proceeds. The Proceeds of any sale, disposition or other realization upon any Collateral during the continuance of an Event of Default shall be applied by Agent upon receipt to the Obligations as set forth in Section 1.8 of this Agreement and after the indefeasible payment and satisfaction in full in cash of all of the Obligations, and after the payment by Agent of any other amount required by any provision of law, including Sections 9-608(a)(1) and 9-615(a)(3) of the Code (but only after Agent has received what Agent considers reasonable proof of a subordinate party's security interest), the surplus, if any, shall be paid to the applicable Grantor or its representatives or to whomsoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. In the event that any such Proceeds are insufficient to pay the Obligations in full, the Credit Parties shall remain liable, jointly and severally, for any deficiency.

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&nbsp;&nbsp;&nbsp;&nbsp;43 8. SUCCESSORS AND ASSIGNS (a) Each Loan Document shall be binding on and shall inure to the benefit of Borrower and each other Credit Party executing such Loan Document, Agent, each Lender, and their respective successors and assigns, except as otherwise provided herein or therein. If more than one party signs this instrument as Borrower, then the term "Borrower" as used herein shall mean all of such parties, jointly and severally. Neither Borrower nor any other Credit Party may assign, transfer, hypothecate, delegate or otherwise convey its rights, benefits, obligations or duties under any Loan Document without the prior express written consent of Agent (at the direction of Required Lenders). Any such purported conveyance by Borrower or such Credit Party without the prior express written consent of Agent shall be void. There shall be no third party beneficiaries of any of the terms and provisions of any of the Loan Documents. Each Lender reserves the right at any time create and sell participations in the Loan and the Loan Documents to any other Person (a "Participant") without the consent of any Credit Party and, with the prior written consent of Borrower (provided such consent shall (i) not be unreasonably withheld, conditioned or delayed, (ii) be deemed given if Borrower does not respond to a request for consent within five (5) Business Days from the date of such request, (iii) not be required in the case of an assignment to another Lender, an Affiliate of a Lender or an Approved Fund and (iv) not be required if an Event of Default has occurred and is continuing) to sell, transfer or assign any or all of its rights in the Loan and under the Loan Documents to any other Person (an "Assignee"). Any such sale, transfer or assignment shall be effected by a written assignment agreement substantially in the form of Exhibit J attached hereto (an "Assignment Agreement") delivered by such Assignee to Agent and such Assignee shall pay to Agent an assignment fee in the amount of $3,500, which shall be paid to the Agent on the effective date of each such Assignment Agreement. Agent shall, acting solely for this purpose as an agent of Borrower, maintain at one of its offices a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of each Lender and the principal amount of the Term Loan owing to each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive absent manifest error, and Borrower, Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. Any assignment of the Term Loan, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register. Any assignment or transfer of all or part of the Term Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of such Note evidencing the Loan, accompanied by a duly executed Assignment Agreement or transfer; thereupon a new Note in the same aggregate principal amount shall be issued to the designated Assignee, and the old Note shall be returned to Borrower marked "canceled." The Register shall be available for inspection by Borrower at any reasonable time and from time to time upon reasonable prior notice. Each Lender that sells a participation shall, acting solely for this purpose as a non- fiduciary agent of Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Loans or other obligations under the Loan Documents (the "Participant Register"); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information 44 relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register. (b) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to Borrower and Agent, at the time or times reasonably requested by Borrower or Agent, such properly completed and executed documentation reasonably requested by Borrower or Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by Borrower or Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by Borrower or Agent as will enable Borrower or Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (i), (ii) and (iv) of this Section 8(b)) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. Without limiting the generality of the foregoing, in the event that Borrower is a U.S. Borrower: (i) any Lender that is a U.S. Person shall deliver to Borrower and Agent on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; (ii) any Lender that is not a U.S. Person (a "Foreign Lender") shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: (A) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document,

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&nbsp;&nbsp;&nbsp;&nbsp;47 each Lender hereby agrees to take such further actions to the extent, and only to the extent, so authorized and directed. (c) Limited Duties. Under the Loan Documents, Agent (i) is acting solely on behalf of the Lenders, with duties that are entirely administrative in nature, notwithstanding the use of the defined term "Agent", the terms "agent", "administrative agent" and "collateral agent" and similar terms in any Loan Document to refer to Agent, which terms are used for title purposes only, (ii) is not assuming any obligation under any Loan Document other than as expressly set forth therein or any role as agent, fiduciary or trustee of or for any Lender and (iii) shall have no implied functions, responsibilities, duties, obligations or other liabilities under any Loan Document, and each Lender hereby waives and agrees not to assert any claim against Agent based on the roles, duties and legal relationships expressly disclaimed in clauses (i) through (iii) above. 9.2 Binding Effect. Each Lender agrees that (i) any action taken by Agent or the Required Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with the provisions of the Loan Documents, (ii) any action taken by Agent in reliance upon the instructions of Required Lenders (or, where so required, such greater proportion) and (iii) the exercise by Agent or the Required Lenders (or, where so required, such greater proportion) of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. 9.3 Use of Discretion. (a) No Action without Instructions. Agent shall not be required to exercise any discretion or take, or to omit to take, any action, including with respect to enforcement or collection, except any action it is required to take or omit to take (i) under any Loan Document or (ii) pursuant to instructions from the Required Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the Lenders). (b) Right Not to Follow Certain Instructions. Notwithstanding clause (a) above, Agent shall not be required to take, or to omit to take, any action (i) unless, upon demand, Agent receives an indemnification satisfactory to it from the Lenders against all costs, expenses, claims, actions or liabilities that, by reason of such action or omission, may be imposed on, incurred by or asserted against Agent or any Related Person thereof or (ii) that is, in the opinion of Agent or its counsel, contrary to any Loan Document or applicable Requirement of Law. 9.4 Delegation of Rights and Duties. Agent may, upon any term or condition it specifies, delegate or exercise any of its rights, powers and remedies under, and delegate or perform any of its duties or any other action with respect to, any Loan Document by or through any trustee, co- agent, employee, attorney-in-fact and any other Person (including any Lender). Any such Person shall benefit from this Section 9 to the extent provided by Agent. 9.5 Reliance and Liability. (a) Agent may, without incurring any liability hereunder, (i) treat the payee of any Note as its holder until such Note has been assigned in accordance with Section 48 8(a), (ii) rely on the Register to the extent set forth in Section 8(a), (iii) consult with any of its Related Persons and, whether or not selected by it, any other advisors, accountants and other experts (including advisors to, and accountants and experts engaged by, any Credit Party) and (iv) rely and act upon any document and information (including those transmitted by electronic transmission) and any telephone message or conversation, in each case believed by it to be genuine and transmitted, signed or otherwise authenticated by the appropriate parties. (b) None of Agent and its Related Persons shall be liable for any action taken or omitted to be taken by any of them under or in connection with any Loan Document (x) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 10.1(b)) or (y) in the absence of its own gross negligence or willful misconduct, and each Lender, Borrower and each other Credit Party to this Agreement hereby waive and shall not assert any right, claim or cause of action based thereon, except to the extent of liabilities resulting primarily from the gross negligence or willful misconduct of Agent or, as the case may be, such Related Person (each as determined in a final, non-appealable judgment by a court of competent jurisdiction) in connection with the duties expressly set forth herein. Without limiting the foregoing, Agent: (i) shall not be responsible or otherwise incur liability for any action or omission taken in reliance upon the instructions of the Required Lenders or for the actions or omissions of any of its Related Persons selected with reasonable care (other than employees, officers and directors of Agent, when acting on behalf of Agent); (ii) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, effectiveness, genuineness, sufficiency or value of, or the attachment, perfection or priority of any Lien created or purported to be created under or in connection with, any Loan Document; (iii) makes no warranty or representation, and shall not be responsible, to any Lender for any statement, document, information, representation or warranty made or furnished by or on behalf of any Related Person or any Credit Party in connection with any Loan Document or any transaction contemplated therein or any other document or information with respect to any Credit Party, whether or not transmitted or (except for documents expressly required under any Loan Document to be transmitted to the Lenders) omitted to be transmitted by Agent, including as to completeness, accuracy, scope or adequacy thereof, or for the scope, nature or results of any due diligence performed by Agent in connection with the Loan Documents; and (iv) shall not have any duty to ascertain or to inquire as to the performance or observance of any provision of any Loan Document,

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&nbsp;&nbsp;&nbsp;&nbsp;49 whether any condition set forth in any Loan Document is satisfied or waived, as to the financial condition of any Credit Party or as to the existence or continuation or possible occurrence or continuation of any Default and shall not be deemed to have notice or knowledge of such occurrence or continuation unless it has received a notice from Borrower or any Lender describing such Default clearly labeled "notice of default" (in which case Agent shall promptly give notice of such receipt to all Lenders); and, for each of the items set forth in clauses (i) through (iv) above, each Lender and Borrower and each other Credit Party to this Agreement hereby waives and agrees not to assert any right, claim or cause of action it might have against Agent based thereon, except to the extent such right, claim or cause of action arises from the gross negligence or willful misconduct of Agent, as determined in a final, non-appealable judgment by a court of competent jurisdiction. 9.6 Agent Individually. Agent and its Affiliates may make loans and other extensions of credit to, acquire Stock of, engage in any kind of business with, any Credit Party or Affiliate thereof as though it were not acting as Agent and may receive separate fees and other payments therefor. To the extent Agent or any of its Affiliates makes any Loan or otherwise becomes a Lender hereunder, it shall have and may exercise the same rights and powers hereunder and shall be subject to the same obligations and liabilities as any other Lender and the terms "Lender", "Required Lender" and any similar terms shall, except where otherwise expressly provided in any Loan Document, include, without limitation, Agent or such Affiliate, as the case may be, in its individual capacity as Lender or as one of the Required Lenders. 9.7 Intentionally Omitted. 9.8 Expenses; Indemnities. (a) Each Lender agrees to reimburse Agent and each of its Related Persons (to the extent not reimbursed by any Credit Party) promptly upon demand for such Lender's pro rata share with respect to the Loan of any costs and expenses (including fees, charges and disbursements of financial, legal and other advisors and taxes paid in the name of, or on behalf of, any Credit Party) that may be incurred by Agent or any of its Related Persons in connection with the preparation, syndication, execution, delivery, administration, modification, consent, waiver or enforcement (whether through negotiations, through any work-out, bankruptcy, restructuring or other legal or other proceeding or otherwise) of, or legal advice in respect of its rights or responsibilities under, any Loan Document. (b) Each Lender further agrees to indemnify Agent and each of its Related Persons (to the extent not reimbursed by any Credit Party), from and against such Lender's aggregate pro rata share with respect to the Loan of the costs, expenses, claims and liabilities (including taxes, interests and penalties imposed for not properly withholding or backup withholding on payments made to on or for the account of any Lender) that may be imposed on, incurred by or asserted against Agent or any of its Related Persons in any matter relating to or arising out of, in connection with or as a result of any Loan Document, or any other act, event or transaction related, contemplated in or attendant to any such document, or, in 50 each case, any action taken or omitted to be taken by Agent or any of its Related Persons under or with respect to any of the foregoing; provided, however, that no Lender shall be liable to Agent or any of its Related Persons to the extent such liability has resulted primarily from the gross negligence or willful misconduct of Agent or, as the case may be, such Related Person, as determined by a court of competent jurisdiction in a final non- appealable judgment or order. 9.9 Resignation of Agent. (a) Agent may resign at any time by delivering notice of such resignation to the Lenders and Borrower, effective on the date set forth in such notice or, if not such date is set forth therein, upon the date such notice shall be effective. If Agent delivers any such notice, the Required Lenders shall have the right to appoint a successor Agent. If, within forty-five (45) days after the retiring Agent having given notice of resignation, no successor Agent has been appointed by the Required Lenders that has accepted such appointment, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent from among the Lenders. Each appointment under this clause (a) shall be subject to the prior consent of Borrower, which may not be unreasonably withheld but shall not be required during the continuance of a Default. (b) Effective immediately upon its resignation, (i) the retiring Agent shall be discharged from its duties and obligations under the Loan Documents, (ii) the Lenders shall assume and perform all of the duties of Agent until a successor Agent shall have accepted a valid appointment hereunder, (iii) the retiring Agent and its Related Persons shall no longer have the benefit of any provision of any Loan Document other than with respect to any actions taken or omitted to be taken while such retiring Agent was, or because such Agent had been, validly acting as Agent under the Loan Documents and (iv) subject to its rights under Section 9.3, the retiring Agent shall take such action as may be reasonably necessary to assign to the successor Agent its rights as Agent under the Loan Documents. Effective immediately upon its acceptance of a valid appointment as Agent, a successor Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Agent under the Loan Documents. 9.10 Release of Collateral. Each Lender hereby consents to the release and hereby directs Agent to release (or, in the case of clause (ii) below, release or subordinate) any Lien held by Agent for the benefit of the Lenders against (i) any Collateral that is sold by a Credit Party in an Asset Sale permitted by the Loan Documents (including pursuant to a valid waiver or consent), (ii) any property subject to a Lien permitted hereunder to secure Purchase Money Obligations, and (iii) all of the Collateral and all Credit Parties, upon the Termination Date. Each Lender hereby directs Agent, and Agent hereby agrees, upon receipt of reasonable advance notice from Borrower, to execute and deliver or file such documents and to perform other actions reasonably necessary to release the Liens when and as directed in this Section 9.10.

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&nbsp;&nbsp;&nbsp;&nbsp;51 10. MISCELLANEOUS 10.1 Complete Agreement; Modification of Agreement. (a) This Agreement and the other Loan Documents constitute the complete agreement between the parties with respect to the subject matter hereof and thereof, supersede all prior agreements, commitments, understandings or inducements (oral or written, expressed or implied). Borrower and each other Credit Party executing this Agreement or any other Loan Document shall have all duties and obligations under this Agreement and such other Loan Documents from the date of its execution and delivery, regardless of whether the Loan has been funded at that time. (b) No amendment or waiver of any provision of any Loan Document and no consent to any departure by any Credit Party therefrom shall be effective unless the same shall be in writing and signed (1) in the case of an amendment, consent or waiver to cure any ambiguity, omission, defect or inconsistency or granting a new Lien for the benefit of the Lenders or extending an existing Lien over additional property, by Agent and Borrower and any other Credit Party which is a party to such agreement, (2) in the case of any other waiver or consent, by the Required Lenders (or by Agent with the consent of the Required Lenders) and (3) in the case of any other amendment, by the Required Lenders (or by Agent with the consent of the Required Lenders) and Borrower and any other Credit Party which is a party to such agreement; provided, however, that no amendment, consent or waiver described in clause (2) or (3) above shall, unless in writing and signed by each Lender directly affected thereby (or by Agent with the consent of such Lender), in addition to any other Person the signature of which is otherwise required pursuant to any Loan Document, do any of the following: (i) waive any condition specified in Section 2.1, except any condition referring to any other provision of any Loan Document; (ii) increase the Term Loan Commitment of such Lender or subject such Lender to any additional material obligation; (iii) reduce (including through release, forgiveness, assignment or otherwise) (A) the principal amount of, the interest rate on, or any obligation of Borrower to repay (whether or not on a fixed date), any outstanding Loan owing to such Lender, or (B) any Fee or accrued interest payable to such Lender; provided, however, that this clause (iii) does not apply to any change to any provision increasing any interest rate or Fee during the continuance of a Default or to any payment of any such increase; (iv) waive or postpone any scheduled maturity date or other scheduled date fixed for the payment, in whole or in part, of principal of or interest on any Term Loan or Fee owing to such Lender or for the reduction of such Lender's Term Loan Commitment; provided, however, that this clause (iv) does not apply to any change to Mandatory Prepayments, including those required under Section 1.2, or to the application of any payment, including as set forth in Section 1.8; 52 (v) except as provided in Section 9.10, release any material portion of the Collateral or any Guarantor from its guarantee of any Obligation of Borrower; (vi) reduce or increase the proportion of Lenders required for the Lenders (or any subset thereof) to take any action hereunder or change the definition of the term "Required Lenders"; or (vii) amend Section 10.14 or this Section 10.1; and provided, further, that (x)(A) any waiver of any payment applied pursuant to Section 1.8 to, and any modification of the application of any such payment to the Term Loan shall require the consent of the Required Lenders, and (B) any change to the definition of the term "Required Lenders" shall require the consent of the Required Lenders, (y) no amendment, waiver or consent shall affect the rights or duties under any Loan Document of, or any payment to, Agent (or otherwise modify any provision of Section 9 or the application thereof) unless in writing and signed by Agent in addition to any signature otherwise required and (z) the consent of Borrower shall not be required to change any order of priority set forth in Section 1.8. (c) Anything in this Section 9.2 to the contrary notwithstanding, any amendment, modification, waiver, consent, termination, or release of, or with respect to, any provision of this Agreement or any other Loan Document that relates only to the relationship of the Lenders among themselves, and that does not affect the rights or obligations of Borrower, shall not require consent by or the agreement of Borrower; provided, however, that Agent shall promptly give notice to Borrower of any agreement pursuant to this provision. (d) Each waiver or consent under any Loan Document shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on any Credit Party shall entitle any Credit Party to any notice or demand in the same, similar or other circumstances. No failure on the part of any Lender to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. 10.2 Expenses. Borrower agrees to pay or reimburse Agent (but not any Assignee or Participants) for reasonable and documented out-of-pocket costs and expenses (including the reasonable and documented out-of-pocket fees and expenses of all counsel retained in connection therewith), incurred in connection with: (a) the preparation, negotiation, execution, delivery, performance and enforcement of the Loan Documents and the preservation of any rights thereunder; (b) collection, including deficiency collections; (c) any amendment, waiver or other modification with respect to any Loan Document or advice in connection with the administration of the Loan or the rights thereunder; and (d) any litigation, dispute, suit, proceeding or action (whether instituted by or between any combination of Agent, any Lender, Borrower or any other Person), and an appeal or review thereof, in any way relating to the Collateral, any Loan Document, or any action taken or any other agreements to be executed or delivered in connection therewith, whether as a party, witness or otherwise, provided however, that upon the occurrence and during the continuation of an Event of Default, Borrower agrees to pay or reimburse Agent (but not any

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&nbsp;&nbsp;&nbsp;&nbsp;53 Assignee or Participants) for all additional costs and expenses (including the reasonable fees and expenses of all counsel, advisors, consultants and auditors retained in connection therewith), incurred in connection with any effort (i) to monitor the Loan, (ii) to evaluate, observe or assess Borrower or any other Credit Party or the affairs of such Person, and (iii) to verify, protect, evaluate, assess, appraise, collect, sell, liquidate or otherwise dispose of the Collateral. 10.3 No Waiver. Neither Agent's failure, at any time, to require strict performance by Borrower or any other Credit Party of any provision of any Loan Document, nor Agent's or any Lender's failure to exercise, nor any delay in exercising, any right, power or privilege hereunder, shall operate as a waiver thereof or waive, affect or diminish any right of Agent or any Lender thereafter to demand strict compliance and performance therewith. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or future exercise thereof or the exercise of any other right, power or privilege. Any suspension or waiver of a Default or other provision under the Loan Documents shall not suspend, waive or affect any other Default or other provision under any Loan Document, and shall not be construed as a bar to any right or remedy that Agent or any Lender would otherwise have had on any future occasion. None of the undertakings, indemnities, agreements, warranties, covenants and representations of Borrower or any other Credit Party to Agent or any Lender contained in any Loan Document and no Default by Borrower or any other Credit Party under any Loan Document shall be deemed to have been suspended or waived by Agent or any Lender, unless such waiver or suspension is by an instrument in writing signed by an officer or other authorized employee of Agent or the Lenders, as applicable, and directed to Borrower, specifying such suspension or waiver (and then such waiver shall be effective only to the extent therein expressly set forth), and neither Agent nor any Lender shall, by any act (other than execution of a formal written waiver), delay, omission or otherwise, be deemed to have waived any of its rights or remedies hereunder. 10.4 Severability; Section Titles. Wherever possible, each provision of the Loan Documents shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of any Loan Document shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of such Loan Document. Except as otherwise expressly provided for in the Loan Documents, no termination or cancellation (regardless of cause or procedure) of any financing arrangement under the Loan Documents shall in any way affect or impair the Obligations, duties, covenants, representations and warranties, indemnities, and liabilities of Borrower or any other Credit Party or the rights of Agent or any Lender relating to any unpaid Obligation, (due or not due, liquidated, contingent or unliquidated), or any transaction or event occurring prior to such termination, or any transaction or event, the performance of which is not required until after the Maturity Date, all of which shall not terminate or expire, but rather shall survive such termination or cancellation and shall continue in full force and effect until the Termination Date; provided, that all indemnity obligations of the Credit Parties under the Loan Documents shall survive the Termination Date. The Section titles contained in any Loan Document are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between parties hereto. 10.5 Authorized Signature. Until Agent shall be notified in writing by Borrower or any other Credit Party to the contrary, the signature upon any document or instrument delivered pursuant hereto and believed by Agent or any of Agent's officers, agents, or employees to be that of an 54 officer of Borrower or such other Credit Party shall bind Borrower and such other Credit Party and be deemed to be the act of Borrower or such other Credit Party affixed pursuant to and in accordance with resolutions duly adopted by Borrower's or such other Credit Party's Board of Directors, and Agent shall be entitled to assume the authority of each signature and authority of the Person whose signature it is or appears to be unless the Person acting in reliance thereon shall have actual knowledge to the contrary. 10.6 Notices. Except as otherwise provided herein, whenever any notice, demand, request or other communication shall or may be given to or served upon any party by any other party, or whenever any party desires to give or serve upon any other party any communication with respect to this Agreement or any other Loan Document, each communication shall be in writing and shall be deemed to have been validly served, given or delivered (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the United States Mail, registered or certified mail, return receipt requested, with proper postage prepaid, (b) upon transmission, when sent by telecopy or other similar facsimile transmission (with such telecopy or facsimile promptly confirmed by delivery of a copy by personal delivery or United States Mail as otherwise provided in this Section 10.6), (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid or (d) when hand-delivered, all of which shall be addressed to the party to be notified and sent to the address or facsimile number indicated in Schedule C or to such other address (or facsimile number) as may be substituted by notice given as herein provided. Failure or delay in delivering copies of any such communication to any Person (other than Borrower, any other Credit Party, Agent or any Lender) designated in Schedule C to receive copies shall in no way adversely affect the effectiveness of such communication. 10.7 Counterparts. Any Loan Document may be authenticated in any number of separate counterparts by any one or more of the parties thereto, and all of said counterparts taken together shall constitute one and the same instrument. Any Loan Document may be authenticated by manual signature, facsimile or, if approved in writing by Agent, electronic means, all of which shall be equally valid. 10.8 Time of the Essence. Time is of the essence for performance of the Obligations under the Loan Documents. 10.9 GOVERNING LAW. THE LOAN DOCUMENTS AND THE OBLIGATIONS ARISING UNDER THE LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICTS OF LAWS OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATION LAWS OF NEW YORK. 10.10 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. (a) AGENT, LENDERS, BORROWER AND EACH OTHER CREDIT PARTY EXECUTING THIS AGREEMENT EACH HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN BORROWER AND SUCH CREDIT PARTY AND ANY

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&nbsp;&nbsp;&nbsp;&nbsp;55 LENDER PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; PROVIDED, THAT THE LENDERS, BORROWER AND EACH CREDIT PARTY ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK; AND FURTHER PROVIDED, THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE ANY LENDER FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF SUCH LENDER. AGENT, LENDERS, BORROWER AND EACH OTHER CREDIT PARTY EXECUTING THIS AGREEMENT EACH EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND BORROWER AND SUCH CREDIT PARTY HEREBY WAIVE ANY OBJECTION THAT IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS. AGENT, LENDERS, BORROWER AND EACH OTHER CREDIT PARTY EXECUTING THIS AGREEMENT EACH HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO AGENT, SUCH LENDER, BORROWER OR SUCH CREDIT PARTY AT THE ADDRESS SET FORTH IN SCHEDULE C OF THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF AGENT, SUCH LENDER, BORROWER'S OR SUCH CREDIT PARTY'S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. (b) THE PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN ANY LENDER, BORROWER AND ANY CREDIT PARTY ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THE LOAN DOCUMENTS OR THE TRANSACTIONS RELATED THERETO. 10.11 Press Releases. Neither any Credit Party nor any of its Affiliates will in the future issue any press release or other public disclosure using the name of Energy Impact Credit Fund I LP or its Affiliates without at least two (2) Business Days' prior notice to Agent and without the prior written consent of Agent unless (and only to the extent that) such Credit Party or Affiliate is required to do so under law and then, in any event, such Credit Party or Affiliate will consult with Agent before issuing such press release or other public disclosure; provided that for purposes of this Section 10.11 only, the term "Affiliate" shall refer to any Person that, directly or indirectly, owns or controls, whether beneficially, or as trustee, guardian or other fiduciary, twenty percent (20%) or more of Stock having ordinary voting power for the election of directors of any Credit 56 Party or (ii) each other Person that controls, is controlled by or is under common control with such Credit Party or any Affiliate of such Credit Party. Notwithstanding anything to the contrary in this Section 10.11, any Credit Party may make such public disclosures with respect to the transactions contemplated by the Loan Documents in connection with all regular and periodic reports (including without limitation any Form 8-Ks) and all registration statements and prospectuses, if any, filed by any Credit Party with any securities exchange or with the Securities and Exchange Commission or any governmental or private regulatory authority. The Borrower hereby authorizes Agent to disclose Agent's participation in this Agreement or the other Loan Documents in its marketing, sales materials, printed media, tombstones or web-based material. 10.12 Reinstatement. This Agreement shall continue to be effective, or be reinstated, as the case may be, if at any time payment of all or any part of the Obligations is rescinded or must otherwise be returned or restored by Agent or the Lenders upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of Borrower or any other Credit Party, or otherwise, all as though such payments had not been made. 10.13 USA PATRIOT Act Notice and Customer Verification. Each Lender that is subject to the USA PATRIOT Act and the Agent (for itself and not on behalf of such Lender) hereby notify Borrower that pursuant to the "know your customer" regulations and the requirements of the USA PATRIOT Act, they are required to obtain, verify and record information that identifies each Credit Party, which information includes the name, address and tax identification number (and other identifying information in the event this information is insufficient to complete verification) that will allow such Lender or Agent, as applicable, to verify the identity of each Credit Party. This information must be delivered to such Lender and Agent no later than five days prior to the Closing Date and thereafter promptly upon request. This notice is given in accordance with the requirements of the USA PATRIOT Act and is effective as to the Lenders and the Agent. 10.14 Sharing of Payments, Etc. If any Lender, directly or through an Affiliate or branch office thereof, obtains any payment of any Obligation of any Credit Party (whether voluntary, involuntary or through the exercise of any right of setoff or the receipt of any Collateral or "proceeds" (as defined under the Code) of Collateral) other than pursuant to Section 1.14 and such payment exceeds the amount such Lender would have been entitled to receive if all payments had gone to, and been distributed by, Agent in accordance with the provisions of the Loan Documents, such Lender shall purchase for cash from other Lenders such participations in their Obligations as necessary for such Lender to share such excess payment with such Lenders to ensure such payment is applied as though it had been received by Agent and applied in accordance with this Agreement (or, if such application would then be at the discretion of Borrower, applied to repay the Obligations in accordance herewith); provided, however, that (a) if such payment is rescinded or otherwise recovered from such Lender in whole or in part, such purchase shall be rescinded and the purchase price therefor shall be returned to such Lender without interest and (b) such Lender shall, to the fullest extent permitted by applicable Requirements of Law, be able to exercise all its rights of payment (including the right of setoff) with respect to such participation as fully as if such Lender were the direct creditor of Borrower in the amount of such participation. 10.15 Intentionally Omitted.

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&nbsp;&nbsp;&nbsp;&nbsp;57 10.16 Confidentiality Agreements. With respect to any confidentiality agreements between the Parties, notwithstanding any requirements or obligations of Agent to destroy or return documentation or proprietary information related to Credit Parties, Agent will retain copies of any such documentation or information necessary to comply with the Investment Company Act of 1940 or other applicable laws. 11. GUARANTEE 11.1 The Guarantee. The Guarantors hereby jointly and severally guarantee, as a primary obligor and not as a surety to Agent and the Lenders and their respective successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest on (including any interest, fees, costs or charges that would accrue but for the provisions of the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code whether or not any such interest, fees, costs or charges are allowed in any proceeding thereunder) the Loan made by the Lenders to, and the Notes held by each Lender of, Borrower, and all other Obligations from time to time owing to Agent and the Lenders by any Credit Party under any Loan Document (such obligations being herein collectively called the "Guaranteed Obligations"). The Guarantors hereby jointly and severally agree that if Borrower or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. 11.2 Obligations Unconditional. The obligations of the Guarantors under Section 11.1 shall constitute a guarantee of payment and to the fullest extent permitted by applicable Requirements of Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of Borrower under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above: (a) at any time or from time to time, without notice to the Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; (b) any of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein shall be done or omitted; 58 (c) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; (d) any Lien or security interest granted to, or in favor of any Lender or Agent as security for any of the Guaranteed Obligations shall fail to be perfected; or (e) the release of any other Guarantor pursuant to Section 11.9. The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that Agent or any Lender exhaust any right, power or remedy or proceed against Borrower under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors waive any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by Agent or any Lender upon this Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guarantee, and all dealings between Borrower and Agent or any Lender shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guarantee. This Guarantee shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by Agent or any Lender, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by Agent or any Lender or any other person at any time of any right or remedy against Borrower or against any other person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. This Guarantee shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall inure to the benefit of Agent and the Lenders, and their respective successors and assigns. 11.3 Reinstatement. The obligations of the Guarantors under this Article XI shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of Borrower or other Credit Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise. 11.4 Subrogation; Subordination. Each Guarantor hereby agrees that until the indefeasible payment and satisfaction in full in cash of all Guaranteed Obligations it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in Section 11.1, whether by subrogation or otherwise, against Borrower or any Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations. Any Indebtedness of any Credit Party permitted pursuant to Section 5.1(d) shall be

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&nbsp;&nbsp;&nbsp;&nbsp;59 subordinated to such Credit Party's Obligations in the manner set forth in the intercompany note, if any, evidencing such Indebtedness. 11.5 Remedies. The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of Borrower under this Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in Section 7.2 (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 7.2) for purposes of Section 11.1, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 11.1. 11.6 Instrument for the Payment of Money. Each Guarantor hereby acknowledges that the guarantee in this Article XI constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion- action under New York CPLR Section 3213. 11.7 Continuing Guarantee. The guarantee in this Article XI is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising. 11.8 General Limitation on Guarantee Obligations. In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 11.1 would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 11.1, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Guarantor, any Credit Party or any other person, be automatically limited and reduced to the highest amount (after giving effect to the right of contribution established in Section 11.10) that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 11.9 Release of Guarantors. If, in compliance with the terms and provisions of the Loan Documents, all or substantially all of the Equity Interests of any Guarantor are sold or otherwise transferred (a "Transferred Guarantor") to a person or persons, none of which is Borrower or a Subsidiary, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be automatically released from its obligations under this Agreement (including under Section 10.2 hereof) and its obligations to pledge and grant any Collateral owned by it pursuant to any Loan Document and the pledge of such Equity Interests to Agent pursuant to the Loan Documents shall be automatically released, and, so long as Borrower shall have provided Agent such certifications or documents as Agent shall reasonably request, Agent shall take such actions as are necessary to effect each release described in this Section 11.9 in accordance with the relevant provisions of the Loan Documents, so long as Borrower shall have provided Agent such certifications or documents as Agent shall reasonably request in order to demonstrate compliance with this Agreement. 60 11.10 Right of Contribution. Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor's right of contribution shall be subject to the terms and conditions of Section 11.4. The provisions of this Section 11.10 shall in no respect limit the obligations and liabilities of any Guarantor to Agent and the Lenders, and each Guarantor shall remain liable to Agent and the Lenders for the full amount guaranteed by such Guarantor hereunder. [Remainder of Page Intentionally Left Blank, Next Page is Signature Page]

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&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT IN WITNESS WHEREOF, this Term Loan, Guarantee and Security Agreement has been duly executed as of the date first written above. VOLTA CHARGING, LLC, as Borrower and Grantor By: _____________________________ Name: Christopher Wendel Title: President VOLTA MEDIA LLC, as Borrower and Grantor By: _____________________________ Name: Christopher Wendel Title: President VOLTA CHARGING SERVICES LLC, as Borrower and Grantor By: _____________________________ Name: Christopher Wendel Title: President VOLTA INDUSTRIES, INC., as Guarantor and Grantor By: _____________________________ Name: Christopher Wendel Title: President SIGNATURE PAGE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT EICF AGENT LLC, as Agent for the Lenders By: _____________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT ENERGY IMPACT CREDIT FUND I LP, as a Lender By: _____________________________ Name: Title: SIGNATURE PAGE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT CION INVESTMENT CORPORATION, as Co-Lead Arranger and a Lender By: _____________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 1 SCHEDULE A DEFINITIONS Capitalized terms used in this Agreement and the other Loan Documents shall have (unless otherwise provided elsewhere in this Agreement or in the other Loan Documents) the following respective meanings: "Accounts" means, as at any date of determination, all "accounts" (as such term is defined in the Code) of the Credit Parties, including, without limitation, the unpaid portion of the obligation of a customer of a Credit Party in respect of Inventory purchased by and shipped to such customer and/or the rendition of services by a Credit Party, as stated on the respective invoice of a Credit Party, net of any credits, rebates or offsets owed to such customer. "Act" means the Small Business Investment Act of 1958, as amended and in effect from time to time, and the regulations promulgated thereunder. "Activation Notice" has the meaning set forth in Section 3.26(d). "Affected Lender" has the meaning given to such term in Section 1.14(a). "Affiliate" means, with respect to any Person: (i) each other Person that, directly or indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, ten percent (10%) or more of the Stock having ordinary voting power for the election of directors of such Person or (ii) each other Person that controls, is controlled by or is under common control with such Person or any Affiliate of such Person. For the purpose of this definition, "control" of a Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of its management or policies, whether through the ownership of voting securities, by contract or otherwise. "Agent" means the Person identified as such in the preamble of this Agreement. "Agreement" means this Agreement including all appendices, exhibits or schedules attached or otherwise identified thereto, restatements and modifications and supplements thereto, and any appendices, exhibits or schedules to any of the foregoing, each as effect at the time such reference becomes operative; provided, that except as specifically set forth in this Agreement, any reference to the Disclosure Schedules to this Agreement shall be deemed a reference to the Disclosure Schedules as in effect on the Closing Date or in a written amendment thereto delivered by Borrower to Agent. "Anti-Money Laundering Laws" has the meaning given to such term in Section 3.22. "Anti-Money Laundering Measures" has the meaning given to such term in Section 3.22. "Anti-Terrorism Laws" has the meaning given to such term in Section 3.22. SCHEDULE A - 2 "Approved Fund" means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. "Asset Sale" shall mean (a) any conveyance, sale, lease, sublease, assignment, transfer or other disposition (including by way of merger, amalgamation or consolidation and including any sale and leaseback transaction) of any property by any Credit Party, excluding sales of inventory and dispositions of cash and Cash Equivalents in the ordinary course of business in an aggregate outstanding amount not to exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate over the term of this Agreement, and (b) any issuance or sale of any Equity Interests of any Credit Party, in each case, to any Person other than (i) Borrower, (ii) any Guarantor or (iii) other than for purposes of Section 5.4, any other Subsidiary. "Assignee" has the meaning given to such term in Section 8(a). "Assignment Agreement" has the meaning given to such term in Section 8(a). "Attributable Indebtedness" shall mean, when used with respect to any sale and leaseback transaction, as at the time of determination, the present value (discounted at a rate equivalent to the applicable Borrower's then-current weighted average cost of funds for borrowed money as at the time of determination, compounded on a semi-annual basis) of the total obligations of the lessee for rental payments during the remaining term of the lease included in any such sale and leaseback transaction. "Average Number of Stations" means, as of any date of determination, the average number of electric charging stations installed and operated by the Borrower during the trailing twelve (12) Fiscal Month period most recently ended. "Average Revenue Per Unit" means, as of any date of determination, the revenue per unit calculated by dividing Total Revenue by the Average Number of Stations. "Board of Directors" means, with respect to any Person, (i) in the case of any corporation or unlimited liability corporation, the board of directors of such Person, (ii) in the case of any limited liability company, the board of managers of such Person, (iii) in the case of any partnership, the board of directors or the board of managers, as applicable, of the general partner of such Person and (iv) in any other case, the functional equivalent of the foregoing. "Books and Records" means all books, records, board minutes, contracts, licenses, insurance policies, environmental audits, business plans, files, computer files, computer discs and other data and software storage and media devices, accounting books and records, financial statements (actual and pro forma), filings with Governmental Authorities and any and all records and instruments relating to the Collateral or each Grantor's business. "Borrower" means the Persons identified as such in the preamble of this Agreement. "Brookfield Master Sale Agreement" means that certain Master Electric Vehicle Charging Station Sale and License Agreement, dated as of November 19, 2018, by and between Volta Charging Services LLC and GGPLP REIT Services, LLC, together with any and all related

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 3 purchase and license addendums, as the same may be amended or modified in accordance with the terms of Section 5.9. "BSA" has the meaning given to such term in Section 3.22. "Business Day" means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in the State of New York. "Cap Tables" has the meaning ascribed to such term in Section 2.1(r). "Capital Lease" means, with respect to any Person, any lease of any property (whether real, personal or mixed) by such Person as lessee that, in accordance with GAAP, either would be required to be classified and accounted for as a capital lease on a balance sheet of such Person or otherwise would be disclosed as such in a note to such balance sheet, other than, in the case of Borrower, any such lease under which Borrower is the lessor. "Capital Lease Obligation" means, of any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as Capital Leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. "Cash Balance" means, as of any date of determination, the balance of unrestricted cash of Credit Parties on such date that is (x) not subject to any Lien other than a Lien in favor of Agent, and (y) held in Deposit Accounts over which Agent has a first priority perfected Lien by virtue of "control" (as defined in the UCC) of such accounts for its benefit. "Cash Equivalents" means (a) any readily-marketable securities (i) issued by, or directly, unconditionally and fully guaranteed or insured by the United States federal government or (ii) issued by any agency of the United States federal government the obligations of which are fully backed by the full faith and credit of the United States federal government, (b) any readily- marketable direct obligations issued by any other agency of the United States federal government, any state of the United States or any political subdivision of any such state or any public instrumentality thereof, in each case having a rating of at least "A-1" from S&P or at least "P-1" from Moody's, (c) any commercial paper rated at least "A-1" by S&P or "P-1" by Moody's and issued by any Person organized under the laws of any state of the United States, (d) any Dollar- denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers' acceptance issued or accepted by (i) any Lender or (ii) any commercial bank that is (A) organized under the laws of the United States, any state thereof or the District of Columbia, (B) "adequately capitalized" (as defined in the regulations of its primary federal banking regulators) and (C) has Tier 1 capital (as defined in such regulations) in excess of $250,000,000 and (e) shares of any United States money market fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in clause (a), (b), (c) or (d) above with maturities as set forth in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has obtained from either S&P or Moody's the highest rating obtainable for money market funds in the United States; provided, however, that the maturities of all obligations specified in any of clauses (a), (b), (c) or (d) above shall not exceed 365 days. SCHEDULE A - 4 "Cash Management System" has the meaning ascribed to such term in Section 3.26(a). "Casualty Event" shall mean any involuntary loss of title or ownership, any involuntary loss of, damage to or any destruction of, or any condemnation or other taking (including by any Governmental Authority) of, any property of a Credit Party. "Casualty Event" shall include but not be limited to any taking of all or any part of any Real Property of any Person or any part thereof, in or by condemnation or other eminent domain proceedings pursuant to any Requirement of Law, or by reason of the temporary requisition of the use or occupancy of all or any part of any Real Property of any Person or any part thereof by any Governmental Authority, civil or military, or any settlement in lieu thereof. "Casualty Event" shall not include any of the foregoing events to the extent the Net Cash Proceeds received by a Credit Party in connection with such event do not exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate over the term of this Agreement. "Change of Control" means any of (a) Parent ceasing to own, directly or indirectly, 100% of the capital stock of each Borrower, (b) a liquidation, dissolution or winding up of any Credit Party, (c) a consolidation, merger, amalgamation, acquisition, sale of all or substantially all of the stock or assets of any Credit Party, exclusive license of all or substantially all of any Credit Party's owned intellectual property rights, a sale of voting control or any other corporate reorganization in which the capital stock of any Credit Party immediately prior to such consolidation, merger, amalgamation or reorganization represents less than 50% of the voting power of the surviving entity (or if the surviving entity is a wholly owned subsidiary, its parent) immediately after such consolidation, merger, amalgamation or reorganization or the entity acquiring such Credit Party's assets or the exclusive license to such Credit Party's owned intellectual property rights; provided, however, a Qualified IPO shall not constitute a Change in Control, or (d) a majority of the members of the board of directors or other equivalent governing body of Parent ceases to be composed of individuals who were members of that board or equivalent governing body on the Closing Date. "Charges" means all Federal, state, county, city, municipal, local, foreign or other governmental taxes (including taxes owed to PBGC at the time due and payable), levies, customs or other duties, assessments, charges, liens, and all additional charges, interest, penalties, expenses, claims or encumbrances upon or relating to (i) the Collateral, (ii) the Obligations, (iii) the employees, payroll, income or gross receipts of any Credit Party, (iv) the ownership or use of any assets by any Credit Party, or (v) any other aspect of any Credit Party's business. "Chief Executive Office" means the chief executive office of any Credit Party as set forth on Disclosure Schedule 3.2 hereto. "Closing Certificate" means that certain closing certificate of Borrower delivered to Agent as of the Closing Date in substantially the form of Exhibit G. "Closing Date" means the Business Day on which the conditions precedent set forth in Section 2 have been satisfied or specifically waived in writing by Agent and the Term Loan has been made. "Closing Date Term Loan" has the meaning assigned thereto in Section 1.1(a). "Closing Date Term Loan Commitment" means the commitment of each Lender under this Agreement to make or otherwise fund its portion of the Closing Date Term Loan as set forth on

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 5 Schedule B attached hereto. The aggregate amount of the Closing Date Term Loan Commitments as of the Closing Date is $20,000,000. "Co-Lead Arranger" means the Person identified as such in the preamble of this Agreement. "Code" means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Agent's Lien on any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term "Code" shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions of this Agreement relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions; provided further, that to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall govern. "Collateral" has the meaning assigned to it in Section 6.1. "Collateral Documents" means, collectively, the Pledge Agreements, the Mortgages, the Assignments of Leases and Rents set forth in Schedule D, the Collateral Assignment of Leases set forth on Schedule D, each Control Agreement, and all other U.S. and foreign law security agreements, pledge agreements, patent and trademark security agreements, lease assignments, guarantees and other similar agreements, and all amendments, restatements, modifications or supplements thereof or thereto, by or between any one or more of any Credit Party, any of their respective Subsidiaries or any other Person pledging or granting a Lien on Collateral or guaranteeing the payment and performance of the Obligations, and any Lender or Agent for the benefit of Agent, the Lenders and other Secured Parties now or hereafter delivered to the Lenders or Agent pursuant to or in connection with the transactions contemplated hereby, and all financing statements (or comparable documents now or hereafter filed in accordance with the Code or comparable law) against any such Person as debtor in favor of any Lender or Agent for the benefit of Agent, the Lenders and the other Secured Parties, as secured party, as any of the foregoing may be amended, restated and/or modified from time to time. "Compliance Certificate" means a compliance certificate in the form attached as Exhibit E hereto executed by a Responsible Officer of the Borrower relating to the financial performance of the Credit Parties. "Consolidated After-Tax Operating Cash Flow" shall mean, with respect to any Person for any measuring period of twelve (12) Fiscal Months, (i) Consolidated EBITDA minus (ii) Consolidated Tax Expense minus (iii) capital expenditures incurred. "Consolidated Amortization Expense" shall mean, for any period, the amortization expense of the Credit Parties for such period, determined on a consolidated basis in accordance with GAAP. "Consolidated Depreciation Expense" shall mean, for any period, the depreciation expense of the Credit Parties for mined on a consolidated basis in accordance with GAAP. SCHEDULE A - 6 "Consolidated EBITDA" shall mean, for any period, Consolidated Net Income for such period, adjusted by (x) adding thereto, in each case only to the extent (and in the same proportion) deducted in determining such Consolidated Net Income and without duplication (and with respect to the portion of Consolidated Net Income attributable to any Subsidiary of any Credit Party only if a corresponding amount would be permitted at the date of determination to be distributed to such Credit Party by such Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its Organizational Documents and all agreements, instruments and Requirement of Law applicable to such Subsidiary or its equity holders): (a) Consolidated Interest Expense for such period, (b) Consolidated Amortization Expense for such period, (c) Consolidated Depreciation Expense for such period, (d) Consolidated Tax Expense for such period, (e) expenses incurred in connection with the underwriting, diligence, negotiation and documentation of this Agreement and the other Loan Documents, including without limitation attorney fees and expenses of counsel to the parties to this Agreement and the fees of any diligence providers; (f) the aggregate amount of all other non-cash charges, expenses or losses reducing Consolidated Net Income (including for certainty all unrealized foreign exchange losses but excluding any non-cash charge, expense or loss that results in an accrual of a reserve for cash charges in any future period and any non-cash charge, expense or loss relating to write-offs, write-downs or reserves with respect to accounts or inventory) for such period, and (y) subtracting therefrom the aggregate amount of all non-cash items increasing Consolidated Net Income (including for certainty all unrealized foreign exchange gains but excluding the accrual of revenue or recording of receivables in the ordinary course of business) for such period. "Consolidated Fixed Charges" means, for any period, the sum of (a) Consolidated Interest Expense and (b) the aggregate amount of scheduled principal payments in respect of Indebtedness, determined on a consolidated basis for the Credit Parties and their respective Subsidiaries in conformity with GAAP. "Consolidated Indebtedness" shall mean, as at any date of determination, the aggregate amount of all Indebtedness of the Credit Parties, determined on a consolidated basis in accordance with GAAP. "Consolidated Interest Expense" shall mean, for any period, the total consolidated interest expense of the Credit Parties for such period determined on a consolidated basis in accordance with GAAP.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 7 "Consolidated Net Income" shall mean, for any period, the consolidated net income (or loss) of the Credit Parties determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded from such net income (to the extent otherwise included therein), without duplication: (a) the net income (or loss) of any Person (other than a Subsidiary of any Credit Party) in which any Person other a Credit Party or its Subsidiaries has an ownership interest, except to the extent that cash in an amount equal to any such income has actually been received by such Credit Party or (subject to clause (b) below) any of its Subsidiaries during such period; (b) the net income of any Subsidiary of any Credit Party during such period to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary of that income is not permitted by operation of the terms of its Organizational Documents or any agreement, instrument or Requirement of Law applicable to that Subsidiary during such period, except that such Credit Party's equity in net loss of any such Subsidiary for such period shall be included in determining Consolidated Net Income; (c) any gain (or loss), together with any related provisions for taxes on any such gain (or the tax effect of any such loss), realized during such period by any Credit Party upon any Asset Sale (other than any dispositions in the ordinary course of business) by any Credit Party; (d) gains and losses due solely to fluctuations in currency values and the related tax effects determined in accordance with GAAP for such period; (e) earnings resulting from any reappraisal, revaluation or write-up of assets; (f) unrealized gains and losses with respect to Hedging Obligations for such period; and (g) any extraordinary gain (or extraordinary loss), together with any related provision for taxes on any such gain (or the tax effect of any such loss), recorded or recognized by any Credit Party during such period. "Consolidated Tax Expense" shall mean, for any period, the tax expense of the Credit Parties, for such period, determined on a consolidated basis in accordance with GAAP. "Contingent Obligation" shall mean, as to any person, any obligation, agreement, understanding or arrangement of such person guaranteeing or intended to guarantee any Indebtedness, leases, dividends or other obligations ("primary obligations") of any other person (the "primary obligor") in any manner, whether directly or indirectly, including any obligation of such person, whether or not contingent, (a) to purchase any such primary obligation or any property constituting direct or indirect security therefor; (b) to advance or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor; (c) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation; (d) SCHEDULE A - 8 with respect to bankers' acceptances, letters of credit and similar credit arrangements, until a reimbursement obligation arises (which reimbursement obligation shall constitute Indebtedness); or (e) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof; provided, however, that the term "Contingent Obligation" shall not include endorsements of instruments for deposit or collection in the ordinary course of business or any product warranties. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which such person may be liable, whether singly or jointly, pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such person is required to perform thereunder) as determined by such person in good faith. "Contractual Obligation" means as to any Person, any provision of any security issued by such Person or of any agreement, instrument, or other undertaking to which such Person is a party or by which it or any of its property is bound. "Control Agreement" means a deposit account control agreement among any financial institution at which a Controlled Account is maintained, the Agent and the applicable Credit Party, which shall provide, among other things, that such financial institution executing such agreement has no rights of setoff or recoupment or any other claim against such Controlled Account other than for payment of its service fees and other charges directly related to the administration of such account, shall give the Agent "control" of such Controlled Account as such term is defined in Section 9- 104 of the Code and shall be in form and substance reasonably satisfactory to Agent. "Controlled Account" has the meaning assigned to it in Section 3.26(c). "Copyrights" shall mean all of the following now owned or hereafter adopted or acquired by any Person: (i) all copyrights in any original work of authorship fixed in any tangible medium of expression, now known or later developed, all registrations and applications for registration of any such copyrights in the United States or any other country, including registrations, recordings and applications, and supplemental registrations, recordings, and applications in the United States Copyright Office; and (ii) all Proceeds of the foregoing, including license royalties and proceeds of infringement suits, the right to sue for past, present and future infringements, all rights corresponding thereto throughout the world and all renewals and extensions thereof. "Credit Parties" means the Borrower and the Guarantors. "Debt Issuance" shall mean the incurrence by any Credit Party of any Indebtedness after the Closing Date (other than as permitted by Section 5.1). "Default" means any Event of Default or any event that, with the passage of time or notice or both, would, unless cured or waived, become an Event of Default. "Default Rate" has the meaning assigned to it in Section 1.5(c). "Deferred Interest" has the meaning assigned to it in Section 1.5(d).

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 9 "Delayed Draw Borrowing Request" means each Delayed Draw Borrowing Request delivered to Agent in substantially the form of Exhibit K pursuant to Section 1.1(b) and executed by a Responsible Officer of the Borrower, which shall include the calculation of the Delayed Draw Term Loan Available Amount and all of the supporting documentation for such calculation, including reports, statements and reconciliations with respect to the Eligible Capital Expenditures (including invoices underlying the purchase, installation and maintenance of electric charging stations with station-level detail), delivered to Agent in form and substance acceptable to Agent. The Delayed Draw Borrowing Request shall separately identify all allocations of capital expenditures made during the previous Fiscal Quarter pursuant to and in respect of the Brookfield Master Sale Agreement and Other Permitted Sales. For the avoidance of doubt, none of such capital expenditures made pursuant to and in respect of the Brookfield Master Sale Agreement and Other Permitted Sales shall constitute Eligible Capital Expenditures. "Delayed Draw Term Loan" has the meaning assigned to it in Section 1.1(b). "Delayed Draw Term Loan Available Amount" means, as of any funding date, an amount equal to (a) 90% of Eligible Capital Expenditures made by the Borrower in the immediately preceding Fiscal Quarter minus (b) Reserves established by Agent at such time; provided that the amount subtracted pursuant to clause (b) of this definition shall be no greater than 25% of Eligible Capital Expenditures made by the Borrower in the immediately preceding Fiscal Quarter; provided, further, that if any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term Loan made prior to such funding date no longer constitute Eligible Capital Expenditures as of such funding date because the applicable electric vehicle charging stations have been sold or financed pursuant to, or are otherwise the subject of, any Permitted Brookfield Sale or any Other Permitted Sale, the amount of such ineligible capital expenditures shall be deducted from the Delayed Draw Term Loan Available Amount as of such funding date unless a Mandatory Prepayment of the Obligations has been made in respect of such ineligible capital expenditures in accordance with the terms of Section 1.2 (e). "Delayed Draw Term Loan Commitment" means the commitment of each Lender under this Agreement to make or otherwise fund its portion of the Delayed Draw Term Loans as set forth on Schedule B hereto. The aggregate amount of the Delayed Draw Term Loan Commitments as of the Closing Date is $24,000,000. "Delayed Draw Term Loan Commitment Expiration Date" means the earliest of (a) the date on which the Delayed Draw Term Loan Commitment is terminated and has been reduced to zero (0), (b) the date on which the entire amount of the Delayed Draw Term Loan Commitment has been borrowed, or (c) the date that is two (2) years after the Closing Date. "Delayed Draw Term Loan Funded Amount" means, with respect to any Lender at any time, the aggregate principal amount of the Delayed Draw Term Loan funded by such Lender. "Delayed Draw Term Note" has the meaning given to such term in Section 1.1(b). "Designated Person" has the meaning assigned to it in Section 3.22(a). "Disqualified Capital Stock" shall mean any Equity Interest which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening SCHEDULE A - 10 of any event, (a) matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the first anniversary of the Maturity Date, (b) is convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Equity Interests referred to in (a) above, in each case at any time on or prior to the first anniversary of the Maturity Date, or (c) contains any repurchase obligation which may come into effect prior to payment in full of all Obligations; provided, however, that any Equity Interests that would not constitute Disqualified Capital Stock but for provisions thereof giving holders thereof (or the holders of any security into or for which such Equity Interests is convertible, exchangeable or exercisable) the right to require the issuer thereof to redeem such Equity Interests upon the occurrence of a change in control or an asset sale occurring shall not constitute Disqualified Capital Stock. "Distributions" shall mean, collectively, with respect to each Credit Party, all dividends, cash, options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity), or proceeds, including as a result of a split, revision, reclassification or other like change of the Pledged Securities, from time to time received, receivable or otherwise distributed to such Credit Party in respect of or in exchange for any or all of the Pledged Securities. "Dollars" or "$" means lawful currency of the United States of America. "Eligible Capital Expenditures" means, with respect to the Borrower, as of any date of determination for any Fiscal Quarter, all documented capital expenditures made by the Borrower during such Fiscal Quarter to purchase, install and maintain electric vehicle charging stations located in the United States (including third party labor costs paid in connection therewith) paid for in cash, as set forth in the Delayed Draw Borrowing Request, but not including any such capital expenditures made by the Borrower to purchase, install and maintain electric vehicle charging stations that are sold or financed pursuant to, or are otherwise the subject of, any Permitted Brookfield Sale or any Other Permitted Sale. "Embargoed Person" means any party that (i) is publicly identified on any List, including on the most current list of "Specially Designated Nationals and Blocked Persons" published by the OFAC or resides, is organized or chartered in a country or territory subject to OFAC sanctions or embargo programs or (ii) is publicly identified as prohibited from doing business with the United States under the International Emergency Economic Powers Act, the Trading With the Enemy Act, or any other Requirement of Law. "Environmental Laws" means all applicable Federal, state and local laws, statutes, ordinances and regulations, now or hereafter in effect, and in each case as amended or supplemented from time to time, and any applicable binding judicial or administrative interpretation thereof relating to the regulation and protection of human health as it relates to Hazardous Materials, the environment and natural resources (including ambient air, surface water, groundwater, wetlands, land surface or subsurface strata, wildlife, aquatic species and vegetation). "Environmental Liabilities" means all liabilities, obligations, responsibilities, remedial actions, removal costs, losses, damages of whatever nature, costs and expenses (including all reasonable

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 11 fees, disbursements and expenses of counsel, experts and consultants and costs of investigation and feasibility studies), fines, penalties, sanctions and interest incurred as a result of any written claim, suit, action or demand of whatever nature by any Person and which relate to any environmental condition regulated under any Environmental Law, environmental permits or in connection with any Release, threatened Release, or the presence of a Hazardous Material. "Equity Interest" shall mean, with respect to any Person, any and all shares, interests, participations or other equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such Person, including, if such Person is a partnership, partnership interests (whether general or limited) and any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, whether outstanding on the date hereof or issued after the Closing Date, but excluding debt securities convertible or exchangeable into such equity. "Equity Issuance" shall mean, without duplication, (i) any issuance or sale by a Credit Party after the Closing Date of any Equity Interests in such Credit Party (including any Equity Interests issued upon exercise of any warrant or option) or any warrants or options to purchase Equity Interests or (ii) any contribution to the capital of a Credit Party; provided, however, that an Equity Issuance shall not include (x) any Preferred Stock Issuance or Debt Issuance, or (y) any such sale or issuance by Borrower of not more than an aggregate amount of five percent (5.0%) of its Equity Interests (including its Equity Interests issued upon exercise of any option, warrant, convertible security or option or warrants or options to purchase its Equity Interests but excluding Disqualified Capital Stock), in each case, to directors, officers or employees of any Credit Party. "ERISA" means the Employee Retirement Income Security Act of 1974 (or any successor legislation thereto), as amended from time to time, and any regulations promulgated thereunder. "ERISA Affiliate" means any trade or business (whether or not incorporated) that, together with any Credit Party, is treated as a single employer under Section 414(b), (c), (m) or (o) of the IRC, or, solely for the purposes of Section 302 of ERISA and Section 412 of the IRC, is treated as a single employer under Section 414 of the IRC. "ERISA Event" shall mean (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the failure with respect to any Plan to meet the minimum funding standards of Section 412 of the Code, whether or not waived, or the failure to make by its due date a required installment under Section 430(j) of the Code; (c) the filing pursuant to Section 412(c) of the IRC or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by any Credit Party or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan pursuant to Section 4041(c) of ERISA; (e) the receipt by any Credit Party or any ERISA Affiliate from (i) a plan administrator of any notice relating to an intention to terminate any Plan pursuant to Section 4041(c) of ERISA, or (ii) from the PBGC to appoint a trustee to administer any Plan; (f) the incurrence by any Credit Party or any ERISA Affiliate of any liability with respect to any withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any Credit Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any Credit Party or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal SCHEDULE A - 12 Liability or a determination that a Multiemployer Plan is, or is expected to be insolvent within the meaning of Title IV of ERISA. "Event of Default" has the meaning assigned to it in Section 7.1. "Excluded Account" means (a) any deposit account the funds in which are used, in the ordinary course of business, exclusively for the payment of salaries, wages and benefits, workers' compensation taxes and similar taxes, in each case to or for the benefit of employees of the Borrower provided that the aggregate balance in such accounts does not exceed the amount necessary to make the immediately succeeding payroll, payroll tax or benefit payment (or such minimum amount as may be required by any requirement of law with respect to such accounts), as applicable, (b) any deposit account the funds in which consist exclusively of funds held by any Credit Party in trust for any director, officer or employee of any Credit Party or for any employee benefit plan maintained by any Credit Party for the benefit of any of the foregoing, or (c) any deposit account that is a zero-balance disbursement account. "Excluded Taxes" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 1.7, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office; (c) Taxes attributable to such Recipient's failure to comply with Section 8(b); and (d) any withholding Taxes imposed under FATCA. "Executive Orders" has the meaning given to such term in Section 3.22. "FATCA" means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the IRC and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the IRC. "Fee Letter" has the meaning assigned to it in Section 1.6. "Fees" means any and all fees due to Agent as set forth in Section 1.6. "Financial Statements" means, with respect to any Person, the income statement, balance sheet and statement of cash flows of such Person, prepared for the time period specified and prepared in accordance with GAAP setting forth in each case in comparative form the figures for such time period the previous year.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 13 "Fiscal Month" means any of the monthly accounting periods of Borrower. "Fiscal Quarter" means any of the quarterly accounting periods of Borrower. "Fiscal Year" means the twelve (12) month period of Borrower ending December 31 of each year. Subsequent changes of the fiscal year of Borrower shall not change the term "Fiscal Year" unless Agent shall give Borrower prior written consent to such change. "Fixed Charge Coverage Ratio" means, with respect to any Person for any measuring period of twelve (12) Fiscal Months, the ratio of (i) Consolidated After-Tax Operating Cash Flow for such measuring period to (ii) Consolidated Fixed Charges for such measuring period. "Foreign Lender" shall have the meaning ascribed to such term in Section 8(b)(ii). "Foreign Subsidiary" means a Subsidiary that is organized under the laws of a jurisdiction other than the United States or any state thereof or the District of Columbia or Canada or any province or territory thereof. "Fund" means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities. "GAAP" means generally accepted accounting principles in the United States of America as in effect from time to time, consistently applied. "Governmental Authority" means any nation or government, any state or other political subdivision thereof, and any agency, department or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. "Grantor" means Borrower and each Guarantor. "Guaranteed Indebtedness" means, as to any Person, any obligation of such Person guaranteeing any indebtedness, lease, dividend, or other obligation ("primary obligations") of any other Person (the "primary obligor") in any manner, including any obligation or arrangement of such guaranteeing Person (whether or not contingent): (i) to purchase or repurchase any such primary obligation; (ii) to advance or supply funds (a) for the purchase or payment of any such primary obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet condition of the primary obligor; (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation; or (iv) to indemnify the owner of such primary obligation against loss in respect thereof. "Guaranteed Obligations" shall have the meaning ascribed to such term in Section 11.1. "Guarantees" shall mean the guarantees issued pursuant to Article XI by the Guarantors. "Guarantors" means the Parent and the Subsidiary Guarantors. SCHEDULE A - 14 "Hazardous Material" means any substance, material or waste that is regulated as hazardous by or forms the basis of liability now or hereafter under, any Environmental Law, including any material or substance that is (a) defined as a "hazardous waste," "hazardous material," "hazardous substance," "extremely hazardous waste," "restricted hazardous waste," "pollutant," "contaminant," "hazardous constituent," "special waste," "toxic substance" or other similar term or phrase under any Environmental Law, (b) petroleum or any fraction or by-product thereof, asbestos, polychlorinated biphenyls (PCBs), or any radioactive substance. "Hedging Agreement" shall mean any swap, cap, collar, forward purchase or similar agreements or arrangements dealing with interest rates, currency exchange rates or commodity prices, either generally or under specific contingencies. "Hedging Obligations" shall mean obligations under or with respect to Hedging Agreements. "Indebtedness" of any Person shall mean, without duplication, (a) all obligations of such Person for borrowed money or advances; (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments; (c) all obligations of such Person upon which interest charges are customarily paid or accrued; (d) all obligations of such Person under conditional sale or other title retention agreements relating to property purchased by such Person; (e) all obligations of such Person issued or assumed as the deferred purchase price of property or services (excluding trade accounts payable and accrued obligations incurred in the ordinary course of business on normal trade terms and not overdue by more than 90 days); (f) all Indebtedness of others secured by any Lien on property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, but limited to the fair market value of such property; (g) all Capital Lease Obligations, Purchase Money Obligations and synthetic lease obligations of such Person; (h) all Hedging Obligations to the extent required to be reflected on a balance sheet of such Person; (i) all Attributable Indebtedness of such Person; (j) all obligations of such Person for the reimbursement of any obligor in respect of letters of credit, letters of guarantee, bankers' acceptances and similar credit transactions; (k) the principal balance outstanding under any synthetic lease, off-balance sheet loan or similar off-balance sheet financing product; (l) all obligations, whether or not contingent, to purchase, redeem, retire, defease or otherwise acquire for value any of its own Stock or Stock Equivalents (or any Stock or Stock Equivalent of a direct or indirect parent entity thereof) prior to the date that is 180 days after the Stated Maturity Date valued at, in the case of redeemable preferred Stock, the greater of the voluntary liquidation preference and the involuntary liquidation preference of such Stock plus accrued and unpaid dividends; and (m) all Contingent Obligations of such Person in respect of Indebtedness or obligations of others of the kinds referred to in clauses (a) through (l) above. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except (other than in the case of general partner liability) to the extent that terms of such Indebtedness expressly provide that such Person is not liable therefor. "Indemnified Liabilities" and "Indemnified Person" have the respective meanings assigned to them in Section 1.10.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 15 "Indemnified Taxes" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Borrower under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. "Intellectual Property" means any and all Licenses, Patents, Copyrights, Trademarks, trade secrets and customer lists. "IRC" and "IRS" mean respectively, the Internal Revenue Code of 1986 and the Internal Revenue Service, and any successors thereto. "Joinder Agreement" means each Joinder Agreement of a new Subsidiary delivered to the Agent after the Closing Date in substantially the form of Exhibit H pursuant to Sections 1.12 and 3.28(b). "Lender" means each of those certain financial institutions set forth on Schedule B attached hereto, and if at any time any Lender shall decide to assign or syndicate all or any of the Obligations, such term shall include such assignee or such other members of the syndicate. "Liabilities" means all claims, actions, suits, judgments, damages, losses, liability, obligations, responsibilities, fines, penalties, sanctions, costs, fees, taxes, commissions, charges, disbursements and expenses, in each case of any kind or nature (including interest accrued thereon or as a result thereto and fees, charges and disbursements of financial, legal and other advisors and consultants), whether joint or several, whether or not indirect, contingent, consequential, actual, punitive, treble or otherwise. "Licenses" shall mean, with respect to each Grantor, all license and distribution agreements with, and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright, whether such Grantor is a licensor or licensee, distributor or distributee under any such license or distribution agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements or violations thereof, (iii) rights to sue for past, present and future infringements or violations thereof and (iv) other rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or any other patent, trademark or copyright. "Lien" means any mortgage, security deed or deed of trust, pledge, hypothecation, assignment, deposit arrangement, lien, charge, claim, security interest, security title, easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any lease or title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement perfecting a security interest under the Code or comparable law of any jurisdiction). "Lists" has the meaning given to such term in Section 3.22. "Litigation" means any claim, lawsuit, litigation, investigation or proceeding of or before any arbitrator or Governmental Authority. SCHEDULE A - 16 "Loan" has the meaning given to such term in Section 1.1. "Loan Documents" means this Agreement, the Note, the Perfection Certificate, each Mortgage, the Pledge Agreement, the Control Agreements, each Power of Attorney, any waiver or consent of a landlord or mortgagee executed in favor of Agent for the benefit of the Lenders, and all other agreements, instruments, documents and certificates identified in Schedule D executed and delivered to, and in favor of, Agent and including all other agreements, pledges, consents, assignments, contracts and notices whether heretofore, now or hereafter executed by or on behalf of any Credit Party, or any employee of any Credit Party, and delivered to, and in favor of, Agent in connection with the Agreement or the transactions contemplated thereby. Any reference in the Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative. "Mandatory Equity Issuance" has the meaning assigned thereto in Section 4.2(b). "Mandatory Prepayments" has the meaning given to such term in Section 1.2(b). "Margin Stock" has the meaning given to such term in Section 3.8. "Material Adverse Effect" means: a material adverse effect on (a) the business, assets, operations, or financial condition of the Credit Parties taken as a whole, (b) the validity and enforceability of any Loan Document, (c) Borrower's or any other Credit Party's ability to pay or perform the Obligations under the Loan Documents to which such Credit Party is a party in accordance with the terms thereof, (d) the Collateral or Agent's Liens on the Collateral or the priority of any such Lien, or (e) Agent's or any Lender's rights and remedies under this Agreement and the other Loan Documents. "Maturity Date" means, with respect to the Term Loan, the earliest to occur of (i) the date of the termination of the acceleration of the maturity of any Obligations pursuant to Section 7.2 and (ii) the Stated Maturity Date. "Maximum Lawful Rate" has the meaning given to such term in Section 1.5(e). "Mortgage" means any mortgage or deed of trust from the relevant Credit Party in favor of Agent for the benefit of the Lenders relating to such Credit Party's real property owned or leased as of the Closing Date and any other mortgage or deed of trust delivered to the Agent pursuant to Section 3.28. "Multiemployer Plan" shall mean a multiemployer plan within the meaning of Section 4001(a)(3) or Section 3(37) of ERISA that is subject to Title IV of ERISA (a) to which any Grantor or any ERISA Affiliate is then making or accruing an obligation to make contributions; (b) to which any Grantor or any ERISA Affiliate has within the preceding five plan years made contributions; or (c) with respect to which any Grantor could reasonably be expected to incur liability.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 17 "Net Cash Proceeds" shall mean: (a) with respect to any Asset Sale (other than any issuance or sale of Equity Interests), the cash proceeds received by any Credit Party (including cash proceeds subsequently received (as and when received by any Credit Party) in respect of non-cash consideration initially received) net of (i) selling expenses (including reasonable brokers' fees or commissions, legal, accounting and other professional and transactional fees, transfer and similar taxes and Credit Party's good faith estimate of income taxes actually paid or payable in connection with such sale); (ii) amounts provided as a reserve, in accordance with GAAP, against (x) any liabilities under any indemnification obligations associated with such Asset Sale or (y) any other liabilities retained by any Credit Party associated with the properties sold in such Asset Sale (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds); (iii) Credit Party's good faith estimate of payments required to be made with respect to unassumed liabilities relating to the properties sold within ninety (90) days of such Asset Sale (provided that, to the extent such cash proceeds are not used to make payments in respect of such unassumed liabilities within ninety (90) days of such Asset Sale, such cash proceeds shall constitute Net Cash Proceeds); and (iv) the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness for borrowed money which is secured by a Lien on the properties sold in such Asset Sale (so long as such Lien was permitted to encumber such properties under the Loan Documents at the time of such sale) and which is repaid with such proceeds (other than any such Indebtedness assumed by the purchaser of such properties); (b) with respect to any Debt Issuance, any Equity Issuance or any other issuance or sale of Equity Interests by any Credit Party, the cash proceeds thereof, net of customary fees, commissions, costs and other expenses incurred in connection therewith; and (c) with respect to any Casualty Event, the cash insurance proceeds, condemnation awards and other compensation received in respect thereof, net of all reasonable costs and expenses incurred in connection with the collection of such proceeds, awards or other compensation in respect of such Casualty Event. "Non-Funding Lender" has the meaning given to such term in Section 1.13. "Note" means any Term Note or Delayed Draw Term Note. "Obligations" means all loans, advances, debts, expense reimbursement, fees, liabilities, and obligations for the performance of covenants, tasks or duties or for payment of monetary amounts (whether or not such performance is then required or contingent, or amounts are liquidated or determinable) owing by Borrower and any other Credit Party to the Lenders arising under any of the Loan Documents, of any kind or nature, present or future, whether or not evidenced by any note, agreement or other instrument, and all covenants and duties regarding such amounts. This term includes all principal, interest, Fees, Charges, expenses, attorneys' fees and any other sum chargeable to Borrower under any of the Loan Documents (including interest accruing at the then applicable rate provided in this Agreement after the maturity of the Loan, and Fees, Charges, costs, expenses and interest accruing at the then applicable rate provided in this Agreement after the SCHEDULE A - 18 filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, whether or not a claim for post-filing or post-petition interest or a claim for such Fees, Charges, costs and expense is allowed in such proceeding), and all principal and interest due in respect of the Loan and all obligations and liabilities of any Guarantor under any Guarantee. "OFAC" has the meaning given to such term in Section 3.22. "OFAC Laws and Regulations" has the meaning given to such term in Section 3.22. "Officers' Certificate" means a certificate executed by the chairman of the Board of Directors (if an officer), the Chief Executive Officer or the president and one of the Responsible Officers, each in his or her official (and not individual) capacity. "Organization Charts" has the meaning ascribed to such term in Section 2.1(s). "Organizational Documents" shall mean, with respect to any Person, (i) in the case of any corporation or unlimited liability corporation, the certificate or articles of incorporation, as applicable, and by-laws (or similar documents) of such Person, (ii) in the case of any limited liability company, the certificate of formation and operating agreement (or similar documents) of such Person, (iii) in the case of any limited partnership, the certificate of formation and limited partnership agreement (or similar documents) of such Person, (iv) in the case of any general partnership, the partnership agreement (or similar document) of such Person and (v) in any other case, the functional equivalent of the foregoing. "Other Lists" has the meaning given to such term in Section 3.22. "Other Connection Taxes" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). "Other Permitted Sales" means the sale, transfer, assignment, license or financing of electronic charging stations on terms and conditions substantially similar to those in the Brookfield Master Sale Agreement and reasonably acceptable to Required Lenders. "Other Taxes" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. "Ownership Interests" means, as applied to any Person, corporate stock and any and all securities, shares, partnership interests (whether general, limited, special or other), limited liability company interests, membership interests, equity interests, participations, rights or other equivalents (however designated and of any character) of corporate stock of such Person or any of the foregoing issued by such Person (whether a corporation, a partnership, a limited liability company

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 19 or another entity) and shall include securities convertible into Ownership Interests and rights, warrants or options to acquire Ownership Interests. "Parent" means the Person identified as such in the preamble of this Agreement. "Participant" has the meaning given to such term in Section 8(a). "Participant Register" has the meaning given to such term in Section 8(a). "Patents" means all of the following in which any Person now holds or hereafter acquires any interest: (i) all letters patent of the United States or any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or any other country, including registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State or Territory thereof, or any other country; and (ii) all reissues, continuations, continuations-in-part or extensions thereof. "Payment Date" means the first day of each calendar month beginning on January 1, 2019. "PBGC" means the Pension Benefit Guaranty Corporation or any successor thereto. "Perfection Certificate" means a certificate in the form of Exhibit A attached to this Agreement or any other form approved by the Agent, as the same shall be supplemented from time to time by a Perfection Certificate Supplement or otherwise. "Perfection Certificate Supplement" means a certificate supplement in the form of Exhibit I attached to this Agreement or any other form approved by the Agent. "Performance Metrics" has the meaning given to such term in Section 4.2(b). "Permit" means, with respect to any Person, any permit, approval, authorization, license, registration, certificate, concession, grant, franchise, variance or permission from, and any other Contractual Obligations with, any Governmental Authority, in each case whether or not having the force of law and applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. "Permitted Liens" means the following encumbrances: (i) Liens for taxes or assessments or other governmental Charges or levies, either not yet due and payable or to the extent that nonpayment thereof is permitted by the terms of Section 3.10; (ii) carriers', warehousemen's, suppliers', mechanics', materialmen's, repairmen's or other similar liens arising in the ordinary course of business and securing indebtedness not yet due and payable or overdue for more than 30 days or being contested in good faith by appropriate proceedings and in either case in an outstanding aggregate amount not in excess of $500,000 at any time; (iii) attachment, judgment or other similar Liens arising in connection with court or arbitration proceedings, provided that the same are discharged, or that execution or enforcement thereof is stayed pending appeal, within thirty (30) days or (in the case of any execution or enforcement pending appeal) such lesser time during which such appeal may be taken; (iv) zoning restrictions, easements, licenses, or other restrictions on the use of real property or other minor irregularities in title (including leasehold title) thereto, so long as the same do not materially impair the use, value, or marketability of such real estate; (v) SCHEDULE A - 20 Purchase Money Liens securing Purchase Money Obligations (or rent) to the extent permitted under Section 5.1; and (vi) Liens in favor of Agent for the benefit of the Lenders securing the Obligations. "Permitted Brookfield Sales" means the sale, transfer, assignment, license or financing of electronic charging stations pursuant to the Brookfield Master Sale Agreement. "Person" means any individual, sole proprietorship, partnership, limited liability partnership, joint venture, trust, unincorporated organization, association, corporation, limited liability company, institution, public benefit corporation, entity or government (whether Federal, state, county, city, municipal or otherwise, including any instrumentality, division, agency, body or department thereof), and shall include such Person's successors and assigns. "Plan" means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the IRC or Section 302 of ERISA, and in respect of which any Credit Party or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA. "Pledge Agreement" means that certain Pledge Agreement, dated as of the Closing Date, among the Credit Parties and the Agent pledging as Collateral for the Obligations any Ownership Interests of Subsidiaries owned by each Credit Party. "Pledged Securities" shall mean, collectively, with respect to each Credit Party, (i) all issued and outstanding Equity Interests of each issuer set forth on Schedule 10(a) to the Perfection Certificate as being owned by such Credit Party and all options, warrants, rights, agreements and additional Equity Interests of whatever class of any such issuer acquired by such Credit Party (including by issuance), together with all rights, privileges, authority and powers of such Credit Party relating to such Equity Interests in each such issuer or under any Organizational Document of each such issuer, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Credit Party in the entries on the books of any financial intermediary pertaining to such Equity Interests, (ii) all Equity Interests of any Subsidiary, which Equity Interests are hereafter acquired by such Credit Party (including by issuance) and all options, warrants, rights, agreements and additional Equity Interests of whatever class of any such Subsidiary acquired by such Credit Party (including by issuance), together with all rights, privileges, authority and powers of such Credit Party relating to such Equity Interests or under any Organizational Document of any such Subsidiary, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Credit Party in the entries on the books of any financial intermediary pertaining to such Equity Interests, from time to time acquired by such Credit Party in any manner, and (iii) all Equity Interests issued in respect of the Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of such Equity Interests; provided, however, that Pledged Securities shall not include any Equity Interests which are not required to be pledged pursuant to Section 3.28. "Post-Closing Cap Table" has the meaning ascribed to such term in Section 2.1(r). "Post-Closing Organization Chart" has the meaning ascribed to such term in Section 2.1(s).

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 21 "Power of Attorney" means each Power of Attorney of the Credit Parties delivered to Agent as of the Closing Date in substantially the form of Exhibit D and any Power of Attorney delivered to the Agent after the Closing Date pursuant to Section 1.12. "Pre-Closing Cap Table" has the meaning ascribed to such term in Section 2.1(r). "Pre-Closing Organization Chart" has the meaning ascribed to such term in Section 2.1(s). "Preferred Stock" shall mean, with respect to any Person, any and all preferred or preference Equity Interests (however designated) of such Person whether now outstanding or issued after the Closing Date. "Preferred Stock Issuance" shall mean the issuance or sale by any Credit Party of any Preferred Stock after the Closing Date. "Prepayment" has the meaning given to such term in Section 1.2(b). "Proceeds" means "proceeds," as such term is defined in the Code and, in any event, shall include: (i) any and all proceeds of any insurance, indemnity, warranty or guarantee payable to any Grantor from time to time with respect to any Collateral; (ii) any and all payments (in any form whatsoever) made or due and payable to any Grantor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of any Collateral by any governmental body, authority, bureau or agency (or any Person acting under color of governmental authority); (iii) any recoveries by any Grantor against third parties with respect to any litigation or dispute concerning any Collateral, including claims arising out of the loss or nonconformity of, interference with the use of, defects in, or infringement of rights in, or damage to, Collateral; and (iv) any and all other amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or other disposition of Collateral (excluding amounts and rights to payment arising from the rental of any of the Collateral to customers of the Borrower or any of its Subsidiaries or distributors) and all rights arising out of Collateral. "Property" means any interest in any kind of property or asset, whether real, personal or mixed, and whether tangible or intangible. "Purchase Money Lien" means any Lien upon any fixed assets that secure the Purchase Money Obligations related thereto but only if such Lien shall at all times be confined solely to the asset the purchase price of which was financed or refinanced through the incurrence of the Purchase Money Obligations secured by such Lien (and the proceeds thereof) and only if such Lien secures only such Purchase Money Obligations. "Purchase Money Obligations" means for any Person the obligations of such Person in respect of Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing all or any part of the purchase price of any property (including Equity Interests of any Person) or the cost of installation, construction or improvement of any property and any refinancing thereof; provided, however, that (i) such Indebtedness is incurred within one year after such acquisition, installation, construction or improvement of such property by such Person and (ii) the amount of such Indebtedness does not exceed 100% of the cost of such acquisition, installation, construction or improvement, as the case may be. SCHEDULE A - 22 "Qualified Capital Stock" means of any Person any Equity Interests of such Person that are not Disqualified Capital Stock. "Qualified IPO" means the initial firm commitment underwritten offering of any Credit Party's common stock or common Equity Interests pursuant to (a) in the case of any such offering in the United States of America, a registration statement under the Securities Act of 1933 filed with and declared effective by the Securities and Exchange Commission or (b) in the case of any offering under the laws of any jurisdiction outside the United States of America, the applicable laws and/or regulations of such other jurisdiction. "Real Property" shall mean, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property owned, leased or operated by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof. "Recipient" means Agent and any Lender. "Register" has the meaning given to such term in Section 8(a). "Related Persons" means, with respect to any Person, each Affiliate of such Person and each director, officer, employee, agent, trustee, representative, attorney, accountant and each insurance, environmental, legal, financial and other advisor and other consultants and agents of or to such Person or any of its Affiliates. "Release" means as to any Person, any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Materials in the indoor or outdoor environment by such Person, including the movement of Hazardous Materials through or in the air, soil, surface water, ground water or property. "Required Lenders" means, at any time, Lenders having at such time in excess of fifty percent (50%) of the sum of the aggregate Commitments (or, if such Commitments are terminated, the amount outstanding under the Term Loan) then in effect; provided that at any time that there are two (2) or more Lenders, the Required Lenders shall consist of not fewer than two (2) Lenders that are not Affiliates of one another. "Requirement of Law" means as to any Person, the Certificate or Articles of Incorporation and By-Laws or other Organizational Documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case, binding upon such Person or any of its property or to which such Person or any of its property is subject. "Reserves" means the reserves established by Agent from time to time against the Delayed Draw Term Loan Availability or availability of credit under this Agreement that Agent may establish from time to time in the good faith exercise of its reasonable credit judgment. Without limiting the generality of the foregoing, Agent may establish Reserves to ensure the payment of accrued interest expenses or Indebtedness.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 23 "Responsible Officer" means, with respect to any Person (other than an individual), any officer at the level of vice president or higher of, but in any event, with respect to financial matters, the chief financial officer, chief accounting officer, treasurer or controller of such Person. "Restricted Locations" has the meaning ascribed to such term in Section 3.21(c). "Restricted Payment" means: (a) the declaration or payment of any dividend or the incurrence of any liability to make any other payment or distribution of cash or other property or assets on or in respect of Borrower's or any other Credit Party's Stock, (b) any payment or distribution made in respect of any subordinated Indebtedness of Borrower or any other Credit Party in violation of any subordination or other agreement made in favor of Agent for the benefit of the Lenders, (c) any payment on account of the purchase, redemption, defeasance or other retirement of Borrower's or any other Credit Party's Stock or Indebtedness or any other payment or distribution made in respect of any thereof, either directly or indirectly; other than (i) that arising under this Agreement or (ii) interest and principal, when due without acceleration or modification of the amortization as in effect on the Closing Date, under Indebtedness (not including subordinated Indebtedness, payments of which shall be permitted only in accordance with the terms of the relevant subordination agreement made in favor of Agent for the benefit of the Lenders) permitted under Sections 5.1, or (d) any payment, loan, contribution, or other transfer of funds or other property to any holder of Stock of such Person which is not expressly and specifically permitted in this Agreement; provided that any payment by a Borrower to another Credit Party, Agent or any Lender shall not constitute a Restricted Payment. "SBA" means the United States Small Business Administration and any successor thereto. "SBA Forms" means, collectively, SBA forms 480, 652 and 1031. "SBA Side Letter" means a Small Business Investment Company side letter among the Borrower and the SBICs (as amended, restated, supplemented, or otherwise modified from time to time accordance with its terms) in form and substance reasonably satisfactory to Agent and the Borrower. "SBIC" means Agent or certain of its Affiliates that is a Federal licensee under the Act. "SDN List" has the meaning given to such term in Section 3.22. "Secretarial Certificate" means each Secretarial Certificate of the Credit Parties delivered to Agent as of the Closing Date in substantially the form of Exhibit C and any Secretarial Certificate delivered to the Agent after the Closing Date pursuant to Section 1.12. "Solvent" means, with respect to any Person on a particular date, that on such date (a) the assets of such Person, at a fair valuation, exceed its liabilities, including contingent liabilities, (b) the remaining capital of such Person is not unreasonably small to conduct its business and (c) such Person will not have incurred debts, and does not have the present intent to incur debts, beyond its ability to pay such debts as they mature. For purposes of this definition, "debt" means any liability on a claim, and "claim" means any (i) right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured, or (ii) right to an equitable remedy for breach of SCHEDULE A - 24 performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured. In computing the amount of contingent liabilities of any Person on any date, such liabilities shall be computed at the amount that, in the judgment of the Agent in light of all facts and circumstances existing at such time, represents the amount of such liabilities that reasonably can be expected to become actual or matured liabilities. "Stated Maturity Date" means June 19, 2024. "Stock" means all certificated and uncertificated shares, options, warrants, membership interests, general or limited partnership interests, participation or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common stock, preferred stock, beneficial interests in a trust or any other "equity security" (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934) or other equity interests in any Person. "Stock Equivalents" means all securities convertible into or exchangeable for Stock or any other Stock Equivalent and all warrants, options or other rights to purchase, subscribe for or otherwise acquire any Stock or any other Stock Equivalent, whether or not presently convertible, exchangeable or exercisable. "Subsidiary" means, with respect to any Person, (i) any corporation of which an aggregate of more than fifty percent (50%) of the outstanding Stock having ordinary voting power to elect a majority of the Board of Directors of such corporation (irrespective of whether, at the time, Stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, owned legally or beneficially by such Person and/or one or more Subsidiaries of such Person, or with respect to which any such Person has the right to vote or designate the vote of more than fifty percent (50%) of such Stock whether by proxy, agreement, operation of law or otherwise, and (ii) any partnership or limited liability company in which such Person or one or more Subsidiaries of such Person has an equity interest (whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%) or of which any such Person is a general partner or manager or may exercise the powers of a general partner or manager. If "Subsidiary" or "Subsidiaries" is used in this Agreement or any other of the Loan Documents without reference to being the Subsidiary of any specific Credit Party or other Person, then that reference to "Subsidiary" or "Subsidiaries" shall be deemed to refer to any Subsidiary or the Subsidiaries of Borrower. "Subsidiary Guarantor" means each direct or indirect Subsidiary of the Borrower as of the Closing Date and each other direct or indirect Subsidiary that becomes a party to this Agreement pursuant to Section 1.12. "Substitute Lender" has the meaning given to such term in Section 1.14(a). "Taxes" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 25 "Term Loan" has the meaning given to such term in Section 1.1(b). "Term Loan Commitments" means, collectively, the Closing Date Term Loan Commitments and the Delayed Draw Term Loan Commitments. "Term Note" has the meaning given to such term in Section 1.1(a). "Term Sheet Deposit" means an amount equal to $75,000 paid by Borrower to Agent in connection with that certain Proposal Letter, dated April 12, 2019, from the Agent to Borrower. "Termination Date" means the date on which all Obligations under this Agreement are paid in full, in cash (other than contingent obligations not yet due and payable), and Borrower shall have no further right to borrow any moneys or obtain other credit extensions or financial accommodations from the Lenders under this Agreement. "Title IV Plan" means a pension plan subject to Title IV of ERISA, other than a Multiemployer Plan, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise. "Total Revenue" means, as of any date of determination, the total revenue of the Borrower for the trailing twelve (12) Fiscal Month period most recently ended (as determined in accordance with GAAP). "Trademarks" means all of the following now owned or hereafter adopted or acquired by any Person: (i) all trademarks, trade names, corporate names, business names, trade styles, service marks, logos, other source or business identifiers, prints and labels on which any of the foregoing have appeared or appear, designs and general intangibles of like nature (whether registered or unregistered) all registrations and recordings thereof, and all applications in connection therewith, including all registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State or Territory thereof, or any other country or any political subdivision thereof: (ii) all reissues, extensions or renewals thereof; and (iii) all goodwill associated with or symbolized by any of the foregoing. "Transactions" means, collectively, the transactions to occur on or prior to the Closing Date pursuant to this Agreement, including (a) the execution, delivery and performance of the Loan Documents and the initial borrowings hereunder; and (b) the payment of all fees and expenses to be paid on or prior to the Closing Date and owing in connection with the foregoing. "Transferred Guarantor" has the meaning given to such term in Section 11.9. "USA PATRIOT Act" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56). "U.S. Borrower" means a Borrower that is a U.S. Person. "U.S. Person" means any Person that is a "United States person" as defined in Section 7701(a)(30) of the IRC. SCHEDULE A - 26 "U.S. Publicly-Traded Entity" has the meaning given to such term in Section 3.22. "U.S. Tax Compliance Certificate" shall have the meaning ascribed to such term in Section 8(b)(ii)(C). "Volta Charging" means the Person identified as such in the preamble of this Agreement. "Volta Media" means the Person identified as such in the preamble of this Agreement. "Volta Services" means the Person identified as such in the preamble of this Agreement. "Voluntary Prepayment" has the meaning given to such term in Section 1.2(b). "Voting Stock" means, with respect to any Person, any class or classes of Equity Interests pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the Board of Directors of such Person. "Wholly Owned Subsidiary" means, as to any Person, (a) any corporation 100% of whose capital stock (other than directors' qualifying shares) is at the time owned by such Person and/or one or more Wholly Owned Subsidiaries of such Person and (b) any partnership, association, joint venture, limited liability company or other entity in which such Person and/or one or more Wholly Owned Subsidiaries of such Person have a 100% equity interest at such time. "Withdrawal Liability" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. "Withholding Agent" means Borrower and Agent. Any accounting term used in this Agreement or the other Loan Documents shall have, unless otherwise specifically provided therein, the meaning customarily given such term in accordance with GAAP, and all financial computations thereunder shall be computed, unless otherwise specifically provided therein, in accordance with GAAP consistently applied; provided, that all financial covenants and calculations in the Loan Documents shall be made in accordance with GAAP as in effect on the Closing Date unless Borrower and Agent shall otherwise specifically agree in writing. That certain items or computations are explicitly modified by the phrase "in accordance with GAAP" shall in no way be construed to limit the foregoing. All other capitalized terms contained in this Agreement or the other Loan Documents, but not defined herein or therein, shall, unless the context indicates otherwise, have the meanings provided for by the Code. The words "herein," "hereof" and "hereunder" or other words of similar import refer to this Agreement as a whole, including the exhibits and schedules thereto, as the same may from time to time be amended, modified or supplemented, and not to any particular section, subsection or clause contained in this Agreement. For purposes of this Agreement and the other Loan Documents, the following additional rules of construction shall apply, unless specifically indicated to the contrary: (a) wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and the plural; (b) the term "or" is not exclusive; (c) the term "including" (or any form

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 27 thereof) shall not be limiting or exclusive; (d) all references to statutes and related regulations shall include any amendments of same and any successor statutes and regulations; and (e) all references to any instruments or agreements, including references to any of the Loan Documents, shall include any and all modifications or amendments thereto and any and all extensions or renewals thereof. [Remainder of Page Intentionally Blank] FIRST AMENDMENT TO LOAN AGREEMENT This FIRST AMENDMENT TO LOAN AGREEMENT (this "Amendment") is made as of March 26, 2020, by and among VOLTA CHARGING, LLC, a Delaware limited liability company ("Volta Charging"), VOLTA MEDIA LLC, a Delaware limited liability company ("Volta Media") and VOLTA CHARGING SERVICES LLC, a Delaware limited liability company ("Volta Services" and collectively with Volta Charging and Volta Media, "Borrower"), VOLTA INDUSTRIES, INC., a Delaware corporation ("Parent"), the Lenders signatory hereto (the "Required Lenders"), and EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the "Agent"). W I T N E S S E T H: WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time party thereto (the "Lenders") and the Agent are parties to that certain Term Loan, Guarantee and Security Agreement dated as of June 19, 2019 (as amended, modified, extended, restated, replaced, and/or supplemented from time to time, the "Loan Agreement"); WHEREAS, Parent has advised the Agent that it wishes to issue and sell convertible promissory notes in an aggregate amount not to exceed $30,000,000 (collectively and each on an individual basis, the "Subordinated Note") pursuant to the terms of that certain Convertible Note Purchase Agreement, dated as of even date herewith (the "Note Purchase Agreement"); WHEREAS, Section 5.1 of the Loan Agreement prohibits the Credit Parties from incurring Indebtedness other than the Indebtedness expressly permitted by Section 5.1; and WHEREAS, Parent and the other Credit Parties have requested that the Agent and the Lenders consent to the incurrence of the Indebtedness pursuant to, and in accordance with the terms and conditions of, the Note Purchase Agreement, and the Required Lenders have agreed to permit the Parent to incur such Indebtedness solely on the terms and subject to the conditions set forth herein. NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. Defined Terms. All terms used but not otherwise defined herein have the meanings assigned to them in the Loan Agreement. 2. Amendments to Loan Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Loan Agreement is hereby amended as of the date hereof as follows: (a) Schedule A shall be amended to insert the following new definitions in the proper alphabetical order therein:

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&nbsp;&nbsp;&nbsp;&nbsp;2 "Note Purchase Agreement" means that certain Convertible Note Purchase Agreement, dated as of March 26, 2020, by and among Parent, as issuer, and each of the purchasers listed on Exhibit A thereto or additional purchasers from time to time party thereto, as may be amended from time to time in accordance with the terms of the Subordination Agreement. "Subordination Agreement" means that certain Subordination and Intercreditor Agreement, dated as of March 26, 2020, by and among each of the parties thereto as Subordinated Creditors, the Credit Parties and Agent, as may be amended from time to time. (b) Section 5.1 of the Loan Agreement is hereby amended by re-lettering the existing clause (e) as clause (f), replacing the existing clause (e) with the new clause (e) which shall read as follows: "(e) Indebtedness arising under that certain Note Purchase Agreement in an amount not to exceed $30,000,000, provided that such Indebtedness is at all times subordinated to the Obligations pursuant to the terms of the Subordination Agreement and provided that each of the holders thereof have executed and delivered the Subordination Agreement." 3. Conditions to Effectiveness. This Amendment shall not become effective until the date (the "Effective Date") upon which: (a) counterparts of this Amendment shall have been executed and delivered by the Borrower, the Credit Parties signatory hereto and the Required Lenders; (b) delivery to the Agent of fully and duly executed, true and correct copies of the Note Purchase Agreement, the Subordinated Notes and the Subordination Agreement ; and (c) the Borrower has paid the legal fees and expenses of Chapman and Cutler LLP, Agent's counsel, incurred in connection with the preparation, negotiation, execution and delivery of this Amendment and other post-closing services rendered in connection with the Loan Agreement prior to the date hereof. 4. Representations, Warranties and Covenants. The Credit Parties represent and warrant to Agent and each Lender that, after giving effect to this Amendment: (a) the execution, delivery and performance by each Credit Party of this Agreement has been duly authorized by all necessary action, and do not and will not: (i) contravene the terms of any of its Organization Documents; (ii) conflict with or result in any material breach or contravention of, or result in the creation of any Lien under, any document evidencing any material Contractual Obligation to which it is a party or any order, injunction, writ or decree of any Governmental Authority to which it or its Property is subject; or 3 (iii) violate any material Requirement of Law in any material respect; (b) it has the power and authority to execute, deliver and perform its obligations under this Agreement and the Loan Agreement, as amended hereby; (c) this Agreement constitutes the legal, valid and binding obligation of each Credit Party enforceable against such Credit Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability; and (d) no Default or Event of Default shall have occurred and be continuing on and as of the date hereof. 5. Additional Obligations. No later than ten (10) days from the date hereof, the Credit Parties shall deliver to the Agent an Officers' Certificate stating that the representations and warranties contained in Section 3 of the Loan Agreement are true and correct in all material respects on and as of the date hereof as if such representations and warranties had been made on and as of the date hereof (except to the extent that any such representations and warranties specifically relate to an earlier date which shall be true and correct as of such specific date)) and attaching to such Officers' Certificate updated Disclosure Schedules as may be appropriate. Failure to comply with the foregoing covenant shall constitute a Default under the Loan Agreement. 6. Loan Document. This Amendment is designated a Loan Document by Agent. 7. Full Force and Effect. Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Loan Agreement or any of the other Loan Documents. Except as expressly amended hereby, the Loan Agreement shall continue unmodified and in full force and effect in accordance with the provisions thereof on the date hereof. This Amendment shall be limited precisely as drafted and shall not imply an obligation on the Agent or any Lender to consent to any matter on any future occasion. As used in the Loan Agreement, the terms "Agreement," "this Agreement," "this Loan Agreement," "herein," "hereafter," "hereto," "hereof" and words of similar import shall mean, unless the context otherwise requires, the Loan Agreement as amended by this Amendment. 8. CHOICE OF LAW. THIS AMENDMENT SHALL IN ALL RESPECTS BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 9. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to be as effective as an original signature page delivered manually.

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&nbsp;&nbsp;&nbsp;&nbsp;4 10. Headings. The headings of this Amendment are for the purposes of reference only and shall not affect the construction of this Amendment. 11. Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that none of the Credit Parties may assign or transfer any of its rights or obligations under this Amendment without the prior written consent of the Agent. 12. Severability. The illegality or unenforceability of any provision of this Amendment or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement required hereunder. 13. Reaffirmation. Each Credit Party as debtor, grantor, pledgor, guarantor, assignor, or in other any other similar capacity in which such Credit Party grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party (after giving effect hereto) and (ii) to the extent such credit party granted liens on or security interests in any of its property pursuant to any such Loan Document as security for or otherwise guaranteed the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such guarantee and grant of security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations as amended hereby. Each Credit Party hereby consents to this Agreement and acknowledges that each of the Loan Documents remains in full force and effect and is hereby ratified and reaffirmed. The execution of this Agreement shall not operate as a waiver of any right, power or remedy of the Agent or Lenders, constitute a waiver of any provision of any of the Loan Documents or serve to effect a novation of the Obligations. [The remainder of this page is intentionally blank.] Signature Page to Amendment Agreement IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written. BORROWER: VOLTA CHARGING, LLC, a Delaware limited liability company By: Name: Title: VOLTA MEDIA LLC, a Delaware limited liability company By: Name: Title: VOLTA CHARGING SERVICES LLC, a Delaware limited liability company By: Name: Title: GUARANTORS: VOLTA INDUSTRIES, INC., a Delaware corporation By: Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;Signature Page to Amendment Agreement AGENT: EICF AGENT LLC By: Name: Title: Signature Page to Amendment Agreement LENDERS: ENERGY IMPACT CREDIT FUND I LP By: Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;Signature Page to Amendment Agreement CION INVESTMENT CORPORATION By: Name: Title: SECOND AMENDMENT TO LOAN AGREEMENT This SECOND AMENDMENT TO LOAN AGREEMENT (this "Amendment") is made as of May 4, 2020, by and among VOLTA CHARGING, LLC, a Delaware limited liability company ("Volta Charging"), VOLTA MEDIA LLC, a Delaware limited liability company ("Volta Media") and VOLTA CHARGING SERVICES LLC, a Delaware limited liability company ("Volta Services" and collectively with Volta Charging and Volta Media, "Borrower"), VOLTA INDUSTRIES, INC., a Delaware corporation ("Parent"), the Lenders signatory hereto (the "Required Lenders"), and EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the "Agent"). W I T N E S S E T H: WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time party thereto (the "Lenders") and the Agent are parties to that certain Term Loan, Guarantee and Security Agreement dated as of June 19, 2019, as amended by that certain First Amendment to Loan Agreement, dated as of March 26, 2020 (as amended, modified, extended, restated, replaced, and/or supplemented from time to time, the "Loan Agreement"); WHEREAS, Parent has advised the Agent that it wishes to participate in the loan program issued by the Small Business Administration implementing PPP Rule (as herein defined); WHEREAS, Parent has advised the Agent that Continental Bank has authorized the PPP Loan (as herein defined) to Parent; WHEREAS, Section 5.1 of the Loan Agreement prohibits the Credit Parties from incurring Indebtedness other than the Indebtedness expressly permitted by Section 5.1; and WHEREAS, Parent and the other Credit Parties have requested that the Agent and the Lenders consent to the incurrence of the Indebtedness pursuant to, and in accordance with the terms and conditions of, the PPP Loan, and the Required Lenders have agreed to permit the Parent to incur such Indebtedness solely on the terms and subject to the conditions set forth herein. NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. Defined Terms. All terms used but not otherwise defined herein have the meanings assigned to them in the Loan Agreement. 2. Amendments to Loan Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Loan Agreement is hereby amended as of the date hereof as follows: a. Schedule A shall be amended to insert the following new definitions in the proper alphabetical order therein:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Business Loan Agreement" means that certain Business Loan Agreement, dated April 27, 2020, by and between Parent and Continental Bank. "PPP Loan" means an unsecured loan in an aggregate principal amount not to exceed $3,193,300.00 incurred by Parent under 15 U.S.C. 636(a)(36) (as added to the Small Business Act by Section 1102 of the PPP Rule) pursuant to the Business Loan Agreement and the Promissory Note. "PPP Rule" means the Coronavirus Aid, Relief, and Economic Security Act and applicable rules and regulations, as amended from time to time. For the avoidance of doubt, references to specific sections of the PPP Rule shall also include applicable rules and regulations, as amended from time to time. "Promissory Note" mean that certain Promissory Note, dated as of April 27, 2020, issued by Parent in favor of Continental Bank in an aggregate amount equal to $3,193,300.00. b. Schedule A shall be amended to insert the following sentence at the end of the definition of "Indebtedness": "For the avoidance of doubt, the PPP Loan shall constitute "Indebtedness" for all purposes under this Agreement until such time and to the extent that such PPP Loan is forgiven." c. Schedule A shall be amended to insert the following sentence at the end of the definition of "Cash Balance": "For the avoidance of doubt, no proceeds of the PPP Loan shall be included in the calculation of Cash Balance." d. Section 3.26 of the Loan Agreement is hereby amended by adding a new clause (e) at the end thereof: "(e) Notwithstanding anything to the contrary contained herein, Parent shall (i) establish a new deposit account, which account shall not be subject to a Control Agreement, to receive and hold exclusively the proceeds of the PPP Loan, (ii) not comingle the proceeds of the PPP Loan in such account with any other funds and only to make transfers or disbursements from such account for PPP Forgivable Uses and (iii) maintain all records required to be submitted in connection with the forgiveness of the PPP Loan." e. Section 5.1 of the Loan Agreement is hereby amended by re-lettering the existing clause (f) as clause (g), replacing the existing clause (f) with the new clause (f) which shall read as follows: "(e) the PPP Loan, provided that Parent shall (i) use all of the proceeds of the PPP Loan exclusively for the PPP Forgivable Uses in the manner required under the PPP Rule to obtain forgiveness of the largest possible amount of the PPP Loan, (ii) use commercially reasonable efforts to conduct its business in a manner that maximizes the amount of the PPP Loan that is forgiven, (iii) apply for forgiveness of the PPP Loan in accordance with regulations implementing Section 1106 of the PPP Rule within thirty (30) days (or such longer period as the Agent may agree to in its sole discretion) after the last day of the eight (8) week period immediately following the date of funding of the PPP Loan and (iv) provide the Agent with a copy of its application for forgiveness and all supporting documentation required by the Small Business Administration or Continental Bank in connection with the forgiveness of the PPP Loan." 3. Conditions to Effectiveness. This Amendment shall not become effective until the date (the "Effective Date") upon which: a. counterparts of this Amendment shall have been executed and delivered by the Borrower, the Credit Parties signatory hereto and the Required Lenders; and b. delivery to the Agent of fully and duly executed, true and correct copies of the Business Loan Agreement and the Promissory Note. 4. Representations, Warranties and Covenants. The Credit Parties represent and warrant to Agent and each Lender that, after giving effect to this Amendment: a. the execution, delivery and performance by each Credit Party of this Agreement has been duly authorized by all necessary action, and do not and will not: i. contravene the terms of any of its Organization Documents; ii. conflict with or result in any material breach or contravention of, or result in the creation of any Lien under, any document evidencing any material Contractual Obligation to which it is a party or any order, injunction, writ or decree of any Governmental Authority to which it or its Property is subject; or iii. violate any material Requirement of Law in any material respect. b. it has the power and authority to execute, deliver and perform its obligations under this Agreement and the Loan Agreement, as amended hereby; c. this Agreement constitutes the legal, valid and binding obligation of each Credit Party enforceable against such Credit Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the representations and warranties contained in Section 3 of the Loan Agreement are true and correct in all material respects on and as of the date hereof as if such representations and warranties had been made on and as of the date hereof (except to the extent that any such representations and warranties specifically relate to an earlier date which shall be true and correct as of such specific date)); and e. no Default or Event of Default shall have occurred and be continuing on and as of the date hereof. 5. Loan Document. This Amendment is designated a Loan Document by Agent. 6. Full Force and Effect. Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Loan Agreement or any of the other Loan Documents. Except as expressly amended hereby, the Loan Agreement shall continue unmodified and in full force and effect in accordance with the provisions thereof on the date hereof. This Amendment shall be limited precisely as drafted and shall not imply an obligation on the Agent or any Lender to consent to any matter on any future occasion. As used in the Loan Agreement, the terms "Agreement," "this Agreement," "this Loan Agreement," "herein," "hereafter," "hereto," "hereof" and words of similar import shall mean, unless the context otherwise requires, the Loan Agreement as amended by this Amendment. 7. CHOICE OF LAW. THIS AMENDMENT SHALL IN ALL RESPECTS BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 8. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to be as effective as an original signature page delivered manually. 9. Headings. The headings of this Amendment are for the purposes of reference only and shall not affect the construction of this Amendment. 10. Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that none of the Credit Parties may assign or transfer any of its rights or obligations under this Amendment without the prior written consent of the Agent. 11. Severability. The illegality or unenforceability of any provision of this Amendment or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement required hereunder. 12. Reaffirmation. Each Credit Party as debtor, grantor, pledgor, guarantor, assignor, or in other any other similar capacity in which such Credit Party grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party (after giving effect hereto) and (ii) to the extent such credit party granted liens on or security interests in any of its property pursuant to any such Loan Document as security for or otherwise guaranteed the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such guarantee and grant of security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations as amended hereby. Each Credit Party hereby consents to this Agreement and acknowledges that each of the Loan Documents remains in full force and effect and is hereby ratified and reaffirmed. The execution of this Agreement shall not operate as a waiver of any right, power or remedy of the Agent or Lenders, constitute a waiver of any provision of any of the Loan Documents or serve to effect a novation of the Obligations. [The remainder of this page is intentionally blank.]

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&nbsp;&nbsp;&nbsp;&nbsp;Signature Page to Second Amendment to Loan Agreement IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written. BORROWER: VOLTA CHARGING, LLC, a Delaware limited liability company By: Name: Scott Mercer Title: Founder & CEO VOLTA MEDIA LLC, a Delaware limited liability company By: Name: Scott Mercer Title: Founder & CEO VOLTA CHARGING SERVICES LLC, a Delaware limited liability company By: Name: Scott Mercer Title: Founder & CEO GUARANTORS: VOLTA INDUSTRIES, INC., a Delaware corporation By: Name: Scott Mercer Title: Founder & CEO Signature Page to Second Amendment to Loan Agreement AGENT: EICF AGENT LLC By: Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;Signature Page to Second Amendment to Loan Agreement LENDERS: ENERGY IMPACT CREDIT FUND I LP By: Name: Title: CION INVESTMENT CORPORATION By: Name: Title: EXECUTION VERSION THIRD AMENDMENT TO LOAN AGREEMENT This THIRD AMENDMENT TO LOAN AGREEMENT (this "Amendment") is made as of November 25, 2020, by and among VOLTA CHARGING, LLC, a Delaware limited liability company ("Volta Charging"), VOLTA MEDIA LLC, a Delaware limited liability company ("Volta Media") and VOLTA CHARGING SERVICES LLC, a Delaware limited liability company ("Volta Services" and collectively with Volta Charging and Volta Media, "Borrower"), VOLTA INDUSTRIES, INC., a Delaware corporation ("Parent"), the Lenders signatory hereto, EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the "Agent") and CION INVESTMENT CORPORATION ("CION"), as co-lead arranger. W I T N E S S E T H: WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time party thereto (the "Lenders") and the Agent are parties to that certain Term Loan, Guarantee and Security Agreement dated as of June 19, 2019 (as amended, modified, extended, restated, replaced, and/or supplemented from time to time, the "Loan Agreement"); and WHEREAS, the Borrower has requested that the Lenders increase the aggregate amount of Term Loans by $5.0 million under the Loan Agreement and CION, as Lender, has agreed to so increase its Term Loan Commitment solely on the terms and subject to the conditions set forth herein. NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. Defined Terms. All terms used but not otherwise defined herein have the meanings assigned to them in the Loan Agreement. 2. Amendments to Loan Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Loan Agreement (including Schedules A and B thereto) is hereby amended as of the date hereof by incorporating the changes shown on the marked copy of the Loan Agreement attached hereto as Exhibit A (it being understood that language which appears "struck out" has been deleted and language which appears as "double-underlined" has been added). 3. Conditions to Effectiveness. This Amendment shall not become effective until the date upon which: a. the Agent has received counterparts of this Amendment shall have been executed and delivered by the parties hereto; b. the representations and warranties contained in Section 4 hereof shall be true and correct in all respects;

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&nbsp;&nbsp;&nbsp;&nbsp;2 c. the Agent has received good standing certificates (or the federal or local law equivalent) with respect to each of the jurisdictions where a Credit Party organized or chartered; and d. the Borrower shall have paid (i) the fees to be received by the Agent for the benefit of CION on or prior to the date hereof pursuant to the CION Fee Letter dated November 25, 2020 between the Borrower and the Agent and (ii) the legal fees and expenses of Chapman and Cutler LLP, Agent's counsel, incurred in connection with the preparation, negotiation, execution and delivery of this Amendment and other post-closing services rendered in connection with the Loan Agreement prior to the date hereof. 4. Representations and Warranties. The Credit Parties represent and warrant to Agent and each Lender that, after giving effect to this Amendment: a. the execution, delivery and performance by each Credit Party of this Amendment has been duly authorized by all necessary action, and do not and will not: i. contravene the terms of any of its Organization Documents; ii. conflict with or result in any material breach or contravention of, or result in the creation of any Lien under, any document evidencing any material Contractual Obligation to which it is a party or any order, injunction, writ or decree of any Governmental Authority to which it or its Property is subject; or iii. violate any material Requirement of Law in any material respect. b. it has the power and authority to execute, deliver and perform its obligations under this Amendment and the Loan Agreement, as amended hereby; c. this Amendment constitutes the legal, valid and binding obligation of each Credit Party enforceable against such Credit Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability; d. the representations and warranties contained in Section 3 of the Loan Agreement are true and correct in all material respects (without duplication of any Material Adverse Effect or other materiality qualifier therein) on and as of the date hereof as if such representations and warranties had been made on and as of the date hereof (except to the extent that any such representations and warranties specifically relate to an earlier date which shall be true and correct as of such specific date)); and e. no Default or Event of Default has occurred and is continuing on and as of the date hereof. 5. Loan Document. This Amendment is designated a Loan Document by Agent. 3 6. Full Force and Effect. Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Loan Agreement or any of the other Loan Documents. Except as expressly amended hereby, the Loan Agreement shall continue unmodified and in full force and effect in accordance with the provisions thereof on the date hereof. This Amendment shall be limited precisely as drafted and shall not imply an obligation on the Agent or any Lender to consent to any matter on any future occasion. As used in the Loan Agreement, the terms "Agreement," "this Agreement," "this Loan Agreement," "herein," "hereafter," "hereto," "hereof" and words of similar import shall mean, unless the context otherwise requires, the Loan Agreement as amended by this Amendment. 7. CHOICE OF LAW. THIS AMENDMENT SHALL IN ALL RESPECTS BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 8. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to be as effective as an original signature page delivered manually. 9. Headings. The headings of this Amendment are for the purposes of reference only and shall not affect the construction of this Amendment. 10. 10. Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that none of the Credit Parties may assign or transfer any of its rights or obligations under this Amendment without the prior written consent of the Agent. 11. Severability. The illegality or unenforceability of any provision of this Amendment or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement required hereunder. 12. Reaffirmation. Each Credit Party as debtor, grantor, pledgor, guarantor, assignor, or in other any other similar capacity in which such Credit Party grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party (after giving effect hereto) and (ii) to the extent such credit party granted liens on or security interests in any of its property pursuant to any such Loan Document as security for or otherwise guaranteed the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such guarantee and grant of security interests and liens and confirms and agrees that such

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&nbsp;&nbsp;&nbsp;&nbsp;4 security interests and liens hereafter secure all of the Obligations as amended hereby. Each Credit Party hereby consents to this Amendment and acknowledges that each of the Loan Documents remains in full force and effect and is hereby ratified and reaffirmed. The execution of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or Lenders, constitute a waiver of any provision of any of the Loan Documents or serve to effect a novation of the Obligations. 13. Release of Claims. In consideration of the Lenders' and the Agent's agreements contained in this Amendment, each Credit Party hereby irrevocably releases and forever discharge the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors, officers, employees, agents, consultants and attorneys (each, a "Released Person") of and from any and all claims, suits, actions, investigations, proceedings or demands, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown, which such Credit Party ever had or now has against Agent, any Lender or any other Released Person which relates, directly or indirectly, to any acts or omissions of Agent, any Lender or any other Released Person relating to the Loan Agreement or any other Loan Document on or prior to the date hereof. [The remainder of this page is intentionally blank.] Signature Page to Third Amendment to Loan Agreement IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written. BORROWER: VOLTA CHARGING, LLC, a Delaware limited liability company By: __________________________________ Name: Title: VOLTA MEDIA LLC, a Delaware limited liability company By: _________________________________ Name: Title: VOLTA CHARGING SERVICES LLC, a Delaware limited liability company By: _________________________________ Name: Title: GUARANTORS: VOLTA INDUSTRIES, INC., a Delaware corporation By: _________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;Signature Page to Third Amendment to Loan Agreement AGENT: EICF AGENT LLC By: _________________________________ Name: Title: LENDERS: ENERGY IMPACT CREDIT FUND I LP By: Energy Impact Credit Fund I GP LLC, its general partner By: _________________________________ Name: Title: Signature Page to Third Amendment to Loan Agreement CION INVESTMENT CORPORATION By: _________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;A-1 EXHIBIT A MARKED CREDIT AGREEMENT (See attached) CONFORMED COPY – NOT EXECUTED IN THIS FORM Incorporating that certain First Amendment to Loan Agreement, dated a of March 26, 2020; and Second Amendment to Loan Agreement, dated as of May 4, 2020; and Third Amendment to Loan Agreement, dated as of November 25, 2020. TERM LOAN, GUARANTEE AND SECURITY AGREEMENT DATED AS OF JUNE 19, 2019 AMONG EICF AGENT LLC, AS AGENT FOR THE LENDERS SIGNATORY HERETO, VOLTA CHARGING, LLC, VOLTA MEDIA LLC AND VOLTA CHARGING SERVICES LLC, AS BORROWER AND THE OTHER CREDIT PARTIES SIGNATORY HERETO CHAPMAN AND CUTLER LLP 1270 Avenue of the Americas, 30th Floor New York, New York 10020

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INDEX – PAGE i **TABLE OF CONTENTS** PAGE 1. AMOUNT AND TERMS OF CREDIT .......................................................................... 1 1.1 Term Loan........................................................................................................................ 1 1.2 Term and Prepayment. ..................................................................................................... 3 1.3 Use of Proceeds. ............................................................................................................ 45 1.4 Single Loan. ................................................................................................................... 45 1.5 Interest ............................................................................................................................. 5 1.6 Fees. ................................................................................................................................. 6 1.7 Receipt of Payments; Taxes. .......................................................................................... 67 1.8 Application and Allocation of Payments. ........................................................................ 7 1.9 Accounting. .................................................................................................................... 78 1.10 Indemnity. ...................................................................................................................... 78 1.11 Intentionally Omitted. ...................................................................................................... 8 1.12 Joinder of New Subsidiaries as a Credit Party, Etc. ......................................................... 8 1.13 Non-Funding Lenders. ................................................................................................... 89 1.14 Substitution of Lenders. ................................................................................................... 9 2. CONDITIONS PRECEDENT ....................................................................................... 10 2.1 Conditions to the Loan. .................................................................................................. 10 3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE COVENANTS1314 3.1 Corporate Existence; Compliance with Law. ............................................................ 1314 3.2 Executive Offices; Corporate or Other Names. ......................................................... 1415 3.3 Corporate Power; Authorization; Enforceable Obligations. ....................................... 1415 3.4 Financial Statements; Books and Records. ................................................................ 1415 3.5 Material Adverse Change. .......................................................................................... 1516 3.6 Collection of Accounts. .............................................................................................. 1516 3.7 Subsidiaries ................................................................................................................ 1516 3.8 Government Regulation; Margin Regulations ........................................................... 1516 3.9 Taxes; Charges. .......................................................................................................... 1516 3.10 Payment of Obligations. .............................................................................................. 1617 3.11 ERISA. ....................................................................................................................... 1617 3.12 Litigation. .................................................................................................................. 1718 3.13 Intellectual Property.................................................................................................... 1718 3.14 Full Disclosure. .......................................................................................................... 1819 3.15 Environmental Liabilities. .......................................................................................... 1819 3.16 Insurance. ................................................................................................................... 1820 3.17 Solvency. ................................................................................................................... 2021 3.18 Other Financings. ....................................................................................................... 2021 3.19 Conduct of Business .................................................................................................. 2022 3.20 Further Assurances. .................................................................................................... 2022 3.21 Collateral/Maintenance of Property. .......................................................................... 2122 3.22 Anti-Terrorism and Anti-Money Laundering Compliance. ....................................... 2223 3.23 Maintenance of Corporate Existence. ........................................................................ 2324 3.24 Compliance with Laws, Etc........................................................................................ 2324 3.25 Landlord Agreement. ................................................................................................. 2325 3.26 Deposit Accounts; Cash Collateral Accounts. ........................................................... 2325 INDEX – PAGE ii **TABLE OF CONTENTS** PAGE 3.27 Assets of Parent.......................................................................................................... 2425 3.28 After-acquired Property; Additional Collateral. ......................................................... 2426 3.29 Equity Interests and Subsidiaries ................................................................................ 2527 3.30 Security Documents. .................................................................................................. 2628 3.31 Intentionally Omitted. ................................................................................................ 2628 3.32 Government Contracts. .............................................................................................. 2628 3.33 Customer and Trade Relations. .................................................................................. 2628 3.34 Bonding; Licenses. ..................................................................................................... 2628 3.35 Affiliate Transactions. ................................................................................................ 2628 3.36 Post-Closing Matters .................................................................................................. 2628 3.37 Investment Company Act. ......................................................................................... 2728 3.38 Notice of Change in Investment Company Status ..................................................... 2728 3.39 Notice of Change in Ownership. ................................................................................ 2729 3.40 Notice of Change in Organization Chart. ................................................................... 2729 4. FINANCIAL MATTERS; REPORTS ...................................................................... 2729 4.1 Reports, Notices, and Related Rights. ....................................................................... 2729 4.2 Financial Covenants. .................................................................................................. 2931 4.3 Other Reports and Information. ................................................................................. 3032 5. NEGATIVE COVENANTS ....................................................................................... 3132 5.1 Indebtedness .............................................................................................................. 3133 5.2 Liens .......................................................................................................................... 3133 5.3 Investments; Fundamental Changes. .......................................................................... 3133 5.4 Asset Sales. ................................................................................................................ 3133 5.5 Restricted Payments. .................................................................................................. 3234 5.6 Changes in Nature of Business. ................................................................................. 3234 5.7 Transactions with Affiliates. ...................................................................................... 3234 5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments.3234 5.9 Modification of Certain Documents. ......................................................................... 3234 5.10 Accounting Changes; Fiscal Year. ............................................................................. 3235 5.11 Changes to Name, Locations, Etc. ............................................................................. 3235 5.12 Bank Accounts ........................................................................................................... 3335 5.13 Margin Regulations. ................................................................................................... 3335 5.14 Compliance with ERISA. .......................................................................................... 3335 5.15 Hazardous Materials. ................................................................................................. 3335 5.16 Parent ......................................................................................................................... 3335 5.17 Use of Proceeds. ......................................................................................................... 3335 5.18 Compliance with Anti-Terrorism Laws. .................................................................... 3336 5.19 Sale-Leasebacks. ........................................................................................................ 3436 5.20 Leases ........................................................................................................................ 3436 5.21 Compensation. ........................................................................................................... 3437 6. SECURITY INTEREST ............................................................................................. 3537 6.1 Grant of Security Interest. .......................................................................................... 3537 6.2 Intentionally Omitted. ................................................................................................ 3739 6.3 Agent's Appointment as Attorney-in-fact. ................................................................. 3739

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INDEX – PAGE iii **TABLE OF CONTENTS** PAGE 6.4 Grant of License to Use Intellectual Property Collateral. .......................................... 3840 6.5 Commercial Tort Claims. .......................................................................................... 3840 6.6 Duties of Agent. ......................................................................................................... 3840 7. EVENTS OF DEFAULT: RIGHTS AND REMEDIES .......................................... 3941 7.1 Events of Default. ...................................................................................................... 3941 7.2 Remedies. .................................................................................................................. 4143 7.3 Waivers by Credit Parties .......................................................................................... 4345 7.4 Proceeds. .................................................................................................................... 4345 8. SUCCESSORS AND ASSIGNS ................................................................................. 4345 9. AGENT ........................................................................................................................ 4649 9.1 Appointment and Duties. ........................................................................................... 4649 9.2 Binding Effect. ........................................................................................................... 4750 9.3 Use of Discretion. ...................................................................................................... 4850 9.4 Delegation of Rights and Duties ................................................................................ 4850 9.5 Reliance and Liability. ............................................................................................... 4850 9.6 Agent Individually. .................................................................................................... 4952 9.7 Intentionally Omitted. ................................................................................................ 5052 9.8 Expenses; Indemnities. .............................................................................................. 5052 9.9 Resignation of Agent. ................................................................................................ 5053 9.10 Release of Collateral. ................................................................................................. 5153 10. MISCELLANEOUS ................................................................................................... 5153 10.1 Complete Agreement; Modification of Agreement. .................................................. 5153 10.2 Expenses. ................................................................................................................... 5355 10.3 No Waiver. ................................................................................................................. 5356 10.4 Severability; Section Titles ........................................................................................ 5356 10.5 Authorized Signature. ................................................................................................ 5456 10.6 Notices ....................................................................................................................... 5457 10.7 Counterparts. .............................................................................................................. 5457 10.8 Time of the Essence. .................................................................................................. 5557 10.9 GOVERNING LAW. ................................................................................................. 5557 10.10 Submission to Jurisdiction; Waiver of Jury TrialSUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL ...................................................................................... 5557 10.11 Press Releases. ........................................................................................................... 5658 10.12 Reinstatement. ........................................................................................................... 5659 10.13 USA PATRIOT Act Notice and Customer Verification. ........................................... 5659 10.14 Sharing of Payments, Etc. .......................................................................................... 5659 10.15 Intentionally Omitted. ................................................................................................ 5760 10.16 Confidentiality Agreements. ...................................................................................... 5760 11. GUARANTEE ............................................................................................................. 5760 11.1 The Guarantee. ........................................................................................................... 5760 11.2 Obligations Unconditional. ........................................................................................ 5760 11.3 Reinstatement. ........................................................................................................... 5961 11.4 Subrogation; Subordination........................................................................................ 5962 11.5 Remedies. .................................................................................................................. 5962 **TABLE OF CONTENTS** PAGE Index-Page iv 11.6 Instrument for the Payment of Money. ...................................................................... 5962 11.7 Continuing Guarantee. ............................................................................................... 5962 11.8 General Limitation on Guarantee Obligations. .......................................................... 5962 11.9 Release of Guarantors. ............................................................................................... 6062 11.10 Right of Contribution. ................................................................................................ 6063

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&nbsp;&nbsp;&nbsp;&nbsp;Index-Page v INDEX OF EXHIBITS AND SCHEDULES Schedule A - Definitions Schedule B - Schedule of Term Loan Commitments Schedule C - Agent's, Lenders' and Credit Parties' Addresses for Notices Schedule D - Closing Checklist Schedule E - Restricted Locations Schedule F - Post-Closing Matters Disclosure Schedule (3.2) - Places of Business; Corporate Names Disclosure Schedule (3.7) - Subsidiaries Disclosure Schedule (3.9) - Taxes Disclosure Schedule (3.11) - ERISA Disclosure Schedule (3.12) - Litigation Disclosure Schedule (3.13) - Intellectual Property Disclosure Schedule (3.15) - Environmental Matters Disclosure Schedule (3.16) - Insurance Disclosure Schedule (3.18) - Existing Indebtedness Disclosure Schedule (3.26) - Controlled Accounts Disclosure Schedule (3.27) - Assets of Parent Disclosure Schedule (3.32) - Government Contracts Disclosure Schedule (3.34) - Bonding; Licensing Disclosure Schedule (3.35) - Affiliate Transactions Disclosure Schedule (5.3) - Investments Disclosure Schedule (5.21) - Employee Compensation Disclosure Schedule (6.1) - Actions to Perfect Liens Exhibit A - Form of Perfection Certificate Exhibit B - Form of Term Note Exhibit C - Form of Secretarial Certificate Exhibit D - Form of Power of Attorney Exhibit E - Form of Compliance Certificate Exhibit F - [Reserved] Exhibit G - Form of Closing Certificate Exhibit H - Form of Joinder Agreement Exhibit I - Form of Perfection Certificate Supplement Exhibit J - Form of Assignment Agreement Exhibit K - Form of Delayed Draw Borrowing Request 1 TERM LOAN, GUARANTEE AND SECURITY AGREEMENT This TERM LOAN, GUARANTEE AND SECURITY AGREEMENT is dated as of June 19, 2019, and agreed to by and among VOLTA CHARGING, LLC, a Delaware limited liability company ("Volta Charging"), VOLTA MEDIA LLC, a Delaware limited liability company ("Volta Media") and VOLTA CHARGING SERVICES LLC, a Delaware limited liability company ("Volta Services" and collectively with Volta Charging and Volta Media, "Borrower"), VOLTA INDUSTRIES, INC., a Delaware corporation ("Parent"), the other Credit Parties from time to time party hereto, CION Investment Corporation, as co-lead arranger (in such capacity, "Co-Lead Arranger") and EICF AGENT LLC, a Delaware limited liability company, as lead arranger, administrative agent and collateral agent (in such capacity, "Agent") for the lenders set forth on Schedule B attached hereto and party hereto (each herein referred to as a "Lender" and collectively, the "Lenders"). RECITALS A. The Credit Parties desire that Borrower obtain the Term Loans described herein from the Lenders and the Lenders are willing to provide the Term Loans all in accordance with and subject to the terms and conditions of this Agreement. B. Capitalized terms used herein shall have the meanings assigned to them in Schedule A and, for purposes of this Agreement and the other Loan Documents, the rules of construction set forth in Schedule A shall govern. All schedules, attachments, addenda and exhibits hereto, or expressly identified to this Agreement, are incorporated herein by reference, and taken together with this Agreement, constitute but a single agreement. AGREEMENT NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, the parties hereto agree as follows: 1. AMOUNT AND TERMS OF CREDIT 1.1 Term Loan. (a) Closing Date Term Loan. Each Lender agrees severally, but not jointly, upon the terms and subject to the conditions of this Agreement, to make to the Borrower an advance (each, a "Closing Date Term Loan"; collectively, the "Closing Date Term Loans") on the Closing Date in the principal amount not to exceed such Lender's Closing Date Term Loan Commitment. Each Lender's Closing Date Term Loan Commitment, and the Closing Date Term Loans made by a Lender shall be evidenced by a promissory note (each a "Term Note") duly executed and delivered by the Borrower on or prior to the Closing Date in the form attached hereto as Exhibit B-1, and be repayable in accordance with the terms of such Term Note and this Agreement. (b) Delayed Draw Term Loans. Subject to the satisfaction of the conditions in Section 1.1(b) and this Agreement, upon not less than fifteen (15) Business Days after delivery by Borrower to Agent of a Delayed Draw Borrowing Request by no later than 3:00 PM New York City time on such day, each Lender, severally, agrees to lend to Borrower, in one or more advances (each such advance, a "Delayed Draw Term Loan" and collectively, the "Delayed Draw Term Loans", and together

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&nbsp;&nbsp;&nbsp;&nbsp;2 with any Closing Date Term Loans and any Third Amendment Term Loans, each, a "Term Loan", and collectively, the "Term Loans" or the "Loan") in a principal amount not to exceed the Delayed Draw Term Loan Available Amount and the Delayed Draw Term Loan Commitment of such Lender; provided, however, that the aggregate Delayed Draw Term Loan Funded Amount of all Lenders shall in no event exceed the aggregate Delayed Draw Term Loan Commitments. The Lenders shall make no more than one Delayed Draw Term Loan in any Fiscal Quarter commencing with the Fiscal Quarter ending on September 30, 2019. No Delayed Draw Term Loan shall be made until after receipt by Agent of the Delayed Draw Borrowing Request which contains the calculation of the Delayed Draw Term Loan Available Amount. Any Delayed Draw Term Loan shall be in a minimum amount of One Million Dollars ($1,000,000) and multiples of One Hundred Thousand Dollars ($100,000) in excess thereof. No Lender shall have any obligation to make a Delayed Draw Term Loan to Borrower if, both before and after giving effect to the Delayed Draw Term Loan, (A) any Default or Event of Default exists and is continuing or would result therefrom, (B) the aggregate Delayed Draw Term Loan Funded Amount of all Lenders would exceed the aggregate Delayed Draw Term Loan Commitments, (C) the Delayed Draw Term Loan Funded Amount of any Lender would exceed such Lender's Delayed Draw Term Loan Commitment, (D) the Cash Balance on the funding date is less than $6,000,000 or (E) the Borrower is not in compliance with the covenants set forth in Section 4.2 (including the Performance Metrics, to the extent measured at such time) on a pro forma basis. The Delayed Draw Borrowing Request shall be irrevocable and binding on Borrower and shall obligate Borrower to accept the Delayed Draw Term Loans requested from the Lenders on the proposed funding date. Each Lender's Delayed Draw Term Loan shall be evidenced by a promissory note (each, a "Delayed Draw Term Note") duly executed and delivered by the Borrower prior to the funding of such Delayed Draw Term Loan in the form attached hereto as Exhibit B-2 and be repayable in accordance with the terms of such Delayed Draw Term Note and this Agreement. The Delayed Draw Term Loan Commitment shall reduce to zero automatically on the Delayed Draw Term Loan Commitment Expiration Date and no Delayed Draw Term Loan shall be made on or after the Delayed Draw Term Loan Commitment Expiration Date. (c) Third Amendment Term Loans. Each Lender agrees severally, but not jointly, upon the terms and subject to the conditions of this Agreement, to make to the Borrower an advance (each, a "Third Amendment Term Loan"; collectively, the "Third Amendment Term Loans") on the Third Amendment Effective Date in the principal amount not to exceed such Lender's Third Amendment Term Loan Commitment. Each Lender's Third Amendment Term Loan Commitment, and the Third Amendment Term Loans made by a Lender shall be evidenced by a Term Note duly executed and delivered by the Borrower on or prior to the Third Amendment Effective Date, and be repayable in accordance with the terms of such Term Note and this Agreement. (c) Principal Repayments of the Term Loans. (i) Commencing with the July 1, 2021 Payment Date, Borrower shall make principal payments on the Term Loans to the Agent for the pro rata benefit of the Lenders in monthly installments equal to 2.7777% (such percentage being equal to 100% divided by 36 monthly installments until the Maturity Date) of the aggregate principal amount of the Term Loans (as in effect immediately prior to the making 3 of the first such payment on July 1, 2021), payable on each Payment Date from July 1, 2021 until and including the Maturity Date. (ii) Notwithstanding the foregoing, in the event the Mandatory Equity Issuance fails to be completed on a timely basis in accordance with Section 4.2(b), commencing with the Payment Date occurring immediately after such failure, Borrower shall make principal payments on the Term Loans to the Agent for the pro rata benefit of the Lenders in monthly installments equal to (i) with respect to any Payment Date that occurs on or prior to the date that is twenty-four (24) months following the Closing Date, 2.7777% of the aggregate principal amount of the Term Loans outstanding at such time, and (ii) with respect to any Payment Date that occurs after the date that is twenty-four (24) months after the Closing Date, 4.1666% of the aggregate principal amount of the Term Loans outstanding at such time. (iii) Subject to Section 1.2, all amounts owed hereunder with respect to the Term Loans shall be paid in full no later than the Maturity Date. Amounts repaid or prepaid on any of the Term Loans may not be reborrowed. 1.2 Term and Prepayment. (a) Upon the Maturity Date of the Loan, Borrower shall pay to Agent for the pro rata benefit of the Lenders (i) all outstanding principal and accrued but unpaid interest on the Loan and (ii) all other Obligations relating to the Loan then due to or incurred by Agent or the Lenders. (b) On any Payment Date, Borrower shall have the right upon five (5) calendar days' prior written notice to Agent, to make a voluntary prepayment (a "Voluntary Prepayment") of the Term Loans then outstanding in whole or in part. If the Borrower elects to prepay the Term Loans in whole or in part pursuant to this Section 1.2(b) or otherwise, or if the Term Loans are mandatorily prepaid in whole or in part pursuant to Sections 1.2(c) through 1.2(g) (each, a "Mandatory Prepayment" and together with any Voluntary Prepayment, the "Prepayments"), the Borrower shall pay to the Agent for the benefit of the Lenders a prepayment fee of (i) five percent (5%) of the principal Loan amount being prepaid on the date of such Prepayment if such date is on or prior to the date that is twelve (12) months following the Closing Date, (ii) four percent (4%) of the principal Loan amount being prepaid on the date of such Prepayment if such date occurs after the date that is twelve (12) months after the Closing Date and on or prior to the date that is twenty-four (24) months following the Closing Date, (iii) three percent (3%) of the principal Loan amount being prepaid on the date of such Prepayment if such date occurs after the date that is twenty-four (24) months after the Closing Date and on or prior to the date that is thirty (30) months following the Closing Date, (iv) one percent (1%) of the principal Loan amount being prepaid on the date of such Prepayment if such date occurs after the date that is twenty-fourthirty (2430) months after the Closing Date and on or prior to the date that is thirty sixforty-two (3642) months following the Closing Date, or (ivv) zero percent (0%) of the principal Loan amount being prepaid on the date of such Prepayment if such date is later than the date that is thirty sixforty-two (3642) months

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&nbsp;&nbsp;&nbsp;&nbsp;4 following the Closing Date. Each Lender shall have the right in its sole discretion to decline any Mandatory Prepayment in accordance with Section 1.2(h) below. (c) Asset Sales or Casualty Events. Not later than five (5) Business Days following the receipt of any Net Cash Proceeds of any Asset Sale (other than the Permitted Brookfield Sales or Other Permitted Sales) or any Casualty Event by any Credit Party or its Subsidiaries, Credit Parties shall make Mandatory Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount equal to such Net Cash Proceeds; provided, that such Net Cash Proceeds shall not be required to be so applied on such date to the extent that (x) no Default or Event of Default has occurred and is continuing or would result therefrom and (y) Credit Parties shall have delivered an Officers' Certificate to the Agent on or prior to such date stating that such Net Cash Proceeds are expected to be reinvested in fixed or capital assets within six (6) following the date of such Asset Sale or Casualty Event (which Officers' Certificate shall set forth the estimates of the proceeds to be so expended); provided, that if all or any portion of such Net Cash Proceeds is not so reinvested within such six-month period, such unused portion shall be applied on the last day of such period as a Mandatory Prepayment as provided in this Section 1.2(c); provided, further, that if the property subject to such Asset Sale or such Casualty Event constituted Collateral, then all property purchased with the Net Cash Proceeds thereof pursuant to this subsection shall be subject to the Lien created pursuant to this Agreement in favor of the Agent for the benefit of the Lenders in accordance with Sections 3.20 and 3.28. Nothing contained in this Section 1.2(c) shall permit any Credit Party or any of its Subsidiaries to effect any Asset Sale other than in accordance with Section 5.4. (d) Debt Issuance. Not later than one (1) Business Day following the receipt of any Net Cash Proceeds of any Debt Issuance by Borrower or any of its Subsidiaries (other than a Debt Issuance that is permitted under Section 5.1), Borrower shall make Mandatory Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount equal to 100% of such Net Cash Proceeds. The provisions of this Section 1.2(d) shall not be an implied consent to any such issuance otherwise prohibited by the terms of this Agreement. (e) Repayments in Connection with Permitted Sales. If at the end of any Fiscal Quarter any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term Loan made in the Fiscal Quarter immediately preceding such Fiscal Quarter no longer constitute Eligible Capital Expenditures because the applicable electric vehicle charging stations have been sold or financed pursuant to, or are otherwise the subject of, any Permitted Brookfield Sale or any Other Permitted Sale, the Borrower shall, within three (3) Business Days after the end of such Fiscal Quarter, make a Mandatory Prepayment of the Obligations in an amount equal to the amount of such ineligible capital expenditures that formed the basis of such Delayed Draw Term Loan unless such ineligible capital expenditures have been netted out of the Delayed Draw Term Loan Available Amount in accordance with clause (y) of the definition thereof in respect of any Delayed Draw Term Loan made, if any, during such Fiscal Quarter. 5 (f) Qualified IPO or Change of Control. Simultaneously with the occurrence of a Qualified IPO or a Change of Control, Borrower shall make Mandatory Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount equal to the amount of all Obligations then outstanding. (g) Intentionally Omitted. 1.3 Use of Proceeds. Borrower shall only use the proceeds of the Loan (i) to purchase, install, operate and maintain the Borrower's electric vehicle charging stations in the United States (other than any electric vehicle charging stations to be sold, transferred, licensed or financed pursuant to the Brookfield Master Sale Agreement or pursuant to agreements governing Other Permitted Sales), (ii) for other general corporate purposes and (iii) to pay any fees or expenses associated with transactions contemplated under this Agreement and the other Loan Documents. 1.4 Single Loan. The Loan and all of the other Obligations shall constitute one general obligation of Borrower secured by all of the Collateral. 1.5 Interest. (a) Borrower shall pay interest to Agent for the pro rata benefit of the Lenders on the outstanding balance of the Loan at a fixed rate equal to twelve percent (12.0%) per annum. All computations of interest on the Loan shall be made by Agent on the basis of a three hundred and sixty (360) day year, in each case for the actual number of days occurring in the period for which such interest is payable. In no event will Agent charge interest at a rate that exceeds the highest rate of interest permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. (b) Interest shall be payable on the balance of the Loan (i) quarterly in arrears and shall be due on the first Business Day of each Fiscal Quarter, (ii) on the Maturity Date of the Loan, and (iii) if any interest accrues or remains payable after the Maturity Date of the Loan, upon demand by Agent. (c) Effective automatically upon the occurrence of any Event of Default arising under Section 7.1(a), 7.1(h) or 7.1(i), or in the case of any other Event of Default upon written notice from Agent to Borrower, and in each case for so long as any such Event of Default shall be continuing, the interest rate applicable to the Loan shall be increased by three percentage points (3.0%) per annum (such increased rate, the "Default Rate"), and all outstanding Obligations, including accrued but unpaid interest (to the extent permitted under applicable law), shall continue to accrue interest from the date of such Event of Default until the earlier of (x) the date on which such Obligations are paid in full and (y) the date on which such Event of Default ceases to be continuing, at the Default Rate applicable to such Obligations. (d) On the earlier to occur of (i) the Maturity Date, or (ii) the date that Borrower prepays in whole or in part any of the Loans, Borrower shall pay to Agent for the pro rata benefit of the Lenders additional deferred interest equal to eleven percent (11%) of the principal Loan amount being prepaid on the such date (such amount, the "Deferred Interest"); provided, however, that Borrower shall not be obligated to pay the Deferred

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&nbsp;&nbsp;&nbsp;&nbsp;6 Interest on such principal Loan amount being prepaid as long as the Fixed Charge Coverage Ratio for the most recently ended Fiscal Quarter is greater than 1.0 to 1.0 after giving effect to the proposed prepayment of such principal Loan amount, the Prepayment Amount payable on such principal amount, and the Deferred Interest payable on such principal Loan amount (as if such prepayment had been made during the measuring period); provided, further, that notwithstanding the foregoing proviso, the Borrower shall pay to the Agent for the pro rata benefit of the Lenders, Deferred Interest of one percent (1%) the principal Loan amount being prepaid on the date of any Prepayment if such date occurs after the date that is twenty-four (24) months after the Closing Date and on or prior to the date that is thirty (30) months following the Closing Date. Such Deferred Interest shall be deemed fully earned by Agent and the Lenders as of the Closing Date and non-refundable. (e) If any payment to the Agent or any Lender under this Agreement becomes due and payable on a day other than a Business Day, such Payment Date shall be extended to the next succeeding Business Day and interest thereon shall be payable at the then applicable rate during such extension. (f) Notwithstanding anything to the contrary set forth in this Section 1.5, if a court of competent jurisdiction determines in a final order that the rate of interest payable hereunder exceeds the highest rate of interest permissible under law (the "Maximum Lawful Rate"), then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable hereunder shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, Borrower shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by Agent for the pro rata benefit of the Lenders is equal to the total interest that would have been received had the interest rate payable hereunder been (but for the operation of this paragraph) the interest rate payable since the Closing Date as otherwise provided in this Agreement. In no event shall the total interest received by Agent for the pro rata benefit of the Lenders pursuant to the terms hereof exceed the amount that Agent could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. 1.6 Fees. Borrower agrees to pay to Agent for the pro rata benefit of the Lenders: (a) the fees set forth in (i) that certain Fee Letter, dated as of the Closing Date, by and among Agent and the Borrower (and (ii) that certain CION Fee Letter, dated as of the Third Amendment Effective Date, by and among Agent and the Borrower (collectively, the "Fee Letter"); and (b) all reasonable and documented out-of-pocket fees, costs and expenses of closing due and owing and presented as of the Closing Date, including those relating to (i) Agent's due diligence review and evaluation of the transaction, (ii) the preparation, negotiation, execution and delivery of the Loan Documents, (iii) the closing of the Transactions, (iv) all appraisal, audit, environmental, title work, travel (including, without limitation, travel expenses incurred by Co-Lead Arranger), inspection, surveys, filing, search and registration fees, (v) any loan, escrow, recording and transfer fees and taxes (as applicable), 7 and (vi) Agent's and Co-Lead Arranger's reasonable and documented out-of-pocket counsel fees and expenses relating to any of the foregoing (it being acknowledged that Co- Lead Arranger's counsel fees shall not exceed $10,000 in the aggregate); provided that Agent agrees to apply the Term Sheet Deposit to any amounts payable by Borrower pursuant to Section 1.6(b). 1.7 Receipt of Payments; Taxes. Borrower shall make each payment under this Agreement (not otherwise made pursuant to Section 1.8) without set-off, counterclaim or deduction and free and clear of all Taxes not later than 3:00 PM New York City time on the day when due in lawful money of the United States of America in immediately available funds to an account specified by the Agent in writing, except as required by applicable law. If a Withholding Agent shall be required by applicable law to deduct any Taxes from any payment to any Recipient under any Loan Document, then the applicable Withholding Agent shall be entitled to make such deduction and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by Borrower shall be increased so that, after making all required deductions (including such deductions applicable to additional sums payable under this Section 1.7), the applicable Recipient receives an amount equal to that which it would have received had no such deductions been made. Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of Agent timely reimburse it for the payment of, any Other Taxes. As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to this Section 1.7, Borrower shall deliver to Agent a certified copy of a receipt issued by such Governmental Authority evidencing such payment or a copy of the return reporting such payment. 1.8 Application and Allocation of Payments. Borrower irrevocably agrees that Agent shall have the continuing and exclusive right to apply any and all payments against the then due and payable Obligations; provided, unless the Required Lenders determine otherwise, all payments against the Obligations shall be applied (a) first, to payment of costs and expenses, including attorneys' fees, of Agent payable or reimbursable by Credit Parties under the Loan Documents; (b) second, to payment of all accrued unpaid interest on the Obligations; (c) third, to payment of principal on all remaining installments of the Loans in inverse order of maturity; (d) fourth, to payment of any other amounts owing constituting Obligations; and (e) fifth, any remainder shall be for the account of and paid to whoever may be lawfully entitled thereto. Each of Lenders or other Persons entitled to payment shall receive an amount equal to its pro rata share of amounts available to be applied pursuant to clauses second, third, fourth or fifth above. 1.9 Accounting. Each Lender is authorized to record on its books and records the date and amount of the Loan and each payment of principal thereof and such recordation shall constitute prima facie evidence of the accuracy of the information so recorded. 1.10 Indemnity. Borrower and each other Credit Party executing this Agreement jointly and severally agree to indemnify and hold each Recipient and their Affiliates, and their respective employees, attorneys and agents (each, an "Indemnified Person"), harmless from and against any and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses of any kind or nature whatsoever (including reasonable and documented out-of-pocket attorneys' fees and disbursements and other costs of investigation or defense, including those incurred upon any appeal) that may be instituted or asserted against or incurred by any such Indemnified Person as

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&nbsp;&nbsp;&nbsp;&nbsp;8 the result of credit having been extended, suspended or terminated under this Agreement and the other Loan Documents or with respect to the execution, delivery, enforcement, performance and administration of, or in any other way arising out of or relating to, this Agreement and the other Loan Documents or any other documents or transactions contemplated by or referred to herein or therein and any actions or failures to act with respect to any of the foregoing, including any and all product liabilities, Environmental Liabilities, Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under Section 1.7 or Section 1.10) and reasonable legal costs and expenses arising out of or incurred in connection with disputes between or among any parties to any of the Loan Documents (collectively, "Indemnified Liabilities"), except to the extent that any such Indemnified Liability is finally determined by a non-appealable court order by a court of competent jurisdiction to have resulted solely from such Indemnified Person's gross negligence or willful misconduct or arises solely out of disputes between and among the Agent and the Lenders. NO INDEMNIFIED PERSON SHALL BE RESPONSIBLE OR LIABLE TO ANY CREDIT PARTY, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY BENEFICIARY OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR ANY ACT OR FAILURE TO ACT UNDER ANY POWER OF ATTORNEY OR FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES THAT MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR AS A RESULT OF ANY OTHER TRANSACTION CONTEMPLATED HEREUNDER OR THEREUNDER. 1.11 Intentionally Omitted. 1.12 Joinder of New Subsidiaries as a Credit Party, Etc. As soon as possible (and in any event within twenty (20) days) after the formation of any new Subsidiary of a Credit Party and in any event prior to the transfer of any material assets to such new Subsidiary or simultaneously with the consummation of acquisition of any new Subsidiary of a Credit Party, Borrower shall take such actions as required by Section 3.28 and cause such new Subsidiary to become a Guarantor and a Grantor under this Agreement by having the following documents delivered to the Lenders: (i) a Secretarial Certificate, a Power of Attorney and a Joinder Agreement in the forms of Exhibits C, D and H attached hereto, respectively, duly completed, executed and delivered by such new Subsidiary, (ii) agreements and documents with respect to such new Subsidiary of the types described under the defined term Collateral Documents, (iii) an opinion of counsel to such new Subsidiary, in form, substance and scope comparable to the legal opinion of Grantor's counsel delivered to Agent and Lenders on the Closing Date and (iv) an updated Disclosure Schedule (3.7). 1.13 Non-Funding Lenders. Unless Agent shall have received notice from any Lender prior to the date such Lender is required to make any payment hereunder with respect to the Loan that such Lender will not make such payment (or any portion thereof) available to Agent, Agent may assume that such Lender has made such payment available to Agent on the date such payment is required to be made in accordance with this Section 1 and Agent may, in reliance upon such assumption, make available to Borrower on such date a corresponding amount. Borrower agrees to repay to Agent on demand such amount (until repaid by such Lender) with interest thereon for each day from the date such amount is made available to Borrower until the date such amount is repaid to Agent, at the interest rate applicable to the Obligation that would have been created when Agent made available such amount to Borrower had such Lender made a corresponding payment 9 available; provided, however, that such payment shall not relieve such Lender of any obligation it may have to Borrower. In addition, any Lender that shall not have made available to Agent any portion of any payment described above (any such Lender, a "Non-Funding Lender") agrees to pay such amount to Agent on demand together with interest thereon, for each day from the date such amount is made available to Borrower until the date such amount is repaid to Agent, at the interest rate applicable at the time to the Term Loan. Such repayment shall then constitute the funding of the corresponding Loan (including any Loan deemed to have been made hereunder with such payment) or participation. The existence of any Non-Funding Lender shall not relieve any other Lender of its obligations under any Loan Document, but no other Lender shall be responsible for the failure of any Non-Funding Lender to make any payment required under any Loan Document. (b) Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender shall not have any voting or consent rights under or with respect to any Loan Document or constitute a "Lender" (or be, or have its Term Loans and Commitments, included in the determination of "Required Lenders" or "Lenders directly affected" pursuant to Section 10.1(b)) for any voting or consent rights under or with respect to any Loan Document, provided that (A) the Commitment of a Non-Funding Lender may not be increased, extended or reinstated, (B) the principal of a Non-Funding Lender's Loans may not be reduced or forgiven, and (C) the interest rate applicable to Obligations owing to a Non-Funding Lender may not be reduced, in each case, without the consent of such Non- Funding Lender. Moreover, for the purposes of determining Required Lenders and the Loans and Commitments held by Non-Funding Lenders shall be excluded from the total Loans and Commitments outstanding. 1.14 Substitution of Lenders. (a) Substitution Right. In the event that any Lender, other than Agent, that is not an Affiliate of Agent (any such Lender, an "Affected Lender"), (i) becomes a Non-Funding Lender with respect to the Loan or (ii) does not consent to any amendment, waiver or consent to any Loan Document for which the consent of the Required Lenders is obtained but that requires the consent of all Lenders, Borrower may either pay in full such Affected Lender with respect to amounts due on the Term Loan of such Lender without premium or penalty and with the consent of Agent or substitute for such Affected Lender any Lender or any Affiliate of any Lender or any other Person acceptable (which acceptance shall not be unreasonably withheld or delayed) to Agent (in each case, a "Substitute Lender"). (b) Procedure. To substitute such Affected Lender or pay in full the Obligations owed to such Affected Lender under such Lender's Term Loan, Borrower shall deliver a notice to Agent and such Affected Lender. The effectiveness of such payment or substitution shall be subject to the delivery to Agent by Borrower (or, as may be applicable in the case of a substitution, by the Substitute Lender) of (i) payment for the account of such Affected Lender, of, to the extent accrued through, and outstanding on, the effective date for such payment or substitution, all Obligations owing to such Affected Lender with respect to such Lender's Term Loan (including those that will be owed because of such payment and all Obligations that would be owed to such Lender as if it was solely a Lender hereunder), and (ii) in the case of a substitution, (A) payment of the assignment fee set forth in Section 8(a) and (B) an assumption agreement in form and substance satisfactory to Agent

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&nbsp;&nbsp;&nbsp;&nbsp;10 whereby the Substitute Lender shall, among other things, agree to be bound by the terms of the Loan Documents and assume the Term Loan Commitment of the Affected Lender. (c) Effectiveness. Upon satisfaction of the conditions set forth in clause (b) above, Agent shall record such substitution or payment in the Register, whereupon (i) in the case of any payment in full of all Obligations owing to such Affected Lender, such Affected Lender's Term Loan Commitments shall be terminated and (ii) in the case of any substitution, (A) the Affected Lender shall sell and be relieved of, and the Substitute Lender shall purchase and assume, all rights and claims of such Affected Lender under the Loan Documents with respect to such Lender's Term Loan, except that the Affected Lender shall retain such rights expressly providing that they survive the repayment of the Obligations and the termination of the Term Loan Commitments, (B) the Substitute Lender shall become a "Lender" hereunder having a Term Loan Commitment in the amount of such Affected Lender's Term Loan Commitment and (C) the Affected Lender shall execute and deliver to Agent an Assignment Agreement to evidence such substitution and deliver any Note in its possession with respect to its Term Loan; provided, however, that the failure of any Affected Lender to execute any such Assignment Agreement or deliver any such Note shall not render such sale and purchase (or the corresponding assignment) invalid. 2. CONDITIONS PRECEDENT 2.1 Conditions to the Loan. No Lender shall be obligated to make a Closing Date Term Loan on the Closing Date, unless and until all of the following conditions have been satisfied in a manner satisfactory to Agent in its sole discretion, or waived in writing by Agent: (a) Closing Checklist. The documents and other items or actions set forth on the Closing Checklist (Schedule D) shall have been duly executed and delivered, or completed by the appropriate parties, except where such Closing Checklist expressly indicates that such document item or action may be delivered or completed after the Closing Date; (b) Insurance. Agent shall have received evidence satisfactory to it that the insurance policies provided for in Section 3.16 are in full force and effect; (c) Opinions of Counsel. Agent shall have received opinions of counsel to the Credit Parties with respect to this Agreement, the Notes and the other Loan Documents in form and substance reasonably satisfactory to Agent; (d) Fees. Borrower has paid the fees set forth in the Fee Letter and shall have reimbursed Agent and Co-Lead Arranger for all reasonable and documented out-of-pocket attorneys' fees (it being acknowledged that Co-Lead Arranger's counsel fees shall not exceed $10,000 in the aggregate), and other costs and expenses of closing due and owing and presented as of the Closing Date, each in immediately available funds, or authorized the Agent to deduct the fees under the Fee Letter and such other fees, costs and expenses of closing from the amount of the Term Loan made on the Closing Date; (e) Intentionally Omitted. 11 (f) Representations and Warranties. Any representation or warranty by any Credit Party contained herein or in any of the other Loan Documents shall be true and correct (x) as stated as to representations and warranties which contain materiality limitations, and (y) in all material respects as to all other representations and warranties; except to the extent that any such representation or warranty is expressly stated to relate to a specific earlier date, in which case, such representation and warranty shall be true and correct as of such earlier date (x) as stated as to representations and warranties which contain materiality limitations, and (y) in all material respects as to all other representations and warranties; (g) Material Adverse Effect. No event or circumstance that has had or reasonably could be expected to have a Material Adverse Effect has occurred; (h) Default. No Default has occurred or is continuing or would result after giving effect to the Loan; (i) Intentionally Omitted. (j) Indebtedness and Minority Interests. After giving effect to the Transactions and the other transactions contemplated hereby, no Credit Party shall have outstanding any Indebtedness or preferred stock other than (i) the Loans hereunder, (ii) the Indebtedness and preferred stock listed on Disclosure Schedule (3.18), and (iii) any Indebtedness otherwise permitted under Section 5.1; (k) Requirements of Law. The Credit Parties and the Transactions shall be in full compliance with all material Requirements of Law, including Regulations T, U and X of the Federal Reserve Board, and shall have received satisfactory evidence of such compliance reasonably requested by them; (l) Consents. All requisite Governmental Authorities and third parties shall have approved or consented to the Transactions, and there shall be no governmental or judicial action, actual or threatened in writing, that has or would have, singly or in the aggregate, a reasonable likelihood of restraining, preventing or imposing burdensome conditions on the Transactions or the other transactions contemplated hereby; (m) Litigation. There shall be no litigation, public or private, or administrative proceedings, governmental investigation or other legal or regulatory developments, actual or threatened, that, singly or in the aggregate, would reasonably be expected to result in a Material Adverse Effect, or could materially and adversely affect the ability of the Credit Parties to fully and timely perform their respective obligations under the Loan Documents or the ability of the parties to consummate the financings contemplated hereby or the other Transactions; (n) Sources and Uses. The sources and uses of the Loan shall be as set forth in Section 1.3;

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&nbsp;&nbsp;&nbsp;&nbsp;12 (o) Personal Property Requirements. The Agent shall have received: (i) (A) originals of all certificates, agreements or instruments representing or evidencing the Pledged Securities and (B) original instruments of transfer and stock powers undated and endorsed in blank with respect to such certificates, agreements and instruments; (ii) Intentionally omitted; (iii) all other certificates, agreements, or instruments necessary to perfect the Agent's security interest in all Chattel Paper, all Instruments, and all Investment Property of each Credit Party (to the extent required hereunder); (iv) UCC financing statements in appropriate form for filing under the Code, filings with the United States Patent and Trademark Office, United States Copyright Office, and such other documents under applicable Requirements of Law in each jurisdiction as may be necessary or appropriate or, in the opinion of the Agent, desirable to perfect the Liens created, or purported to be created, hereunder; (v) copies (to the extent applicable) of UCC, United States Patent and Trademark Office and United States Copyright Office, tax and judgment lien searches, bankruptcy, execution and pending lawsuit searches or equivalent reports or searches, each of a recent date listing all effective financing statements, lien notices or comparable documents that name any Credit Party as debtor and that are filed in those Federal, provincial, state and county jurisdictions in which any Credit Party is organized or maintains its chief executive office, principal place of business, property and such other searches that are required by the Perfection Certificate or that the Agent reasonably deems necessary or appropriate, none of which encumber the Collateral covered or intended to be covered hereunder (other than Permitted Liens or any other Liens acceptable to the Agent); and (vi) evidence acceptable to the Agent of payment or arrangements for payment by the Credit Parties of all applicable recording taxes, fees, charges, costs and expenses required for the recording of Liens. (p) USA PATRIOT Act. The Lenders and the Agent shall have timely received the information required under Section 10.13 and background investigations of the Guarantors and the Borrower's management and the results thereof shall be satisfactory to Agent in its sole discretion; (q) Intentionally Omitted. (r) Capitalization Information. Agent shall have received from the Borrower an accurate and complete capitalization table reflecting all of the direct and indirect owners of each Credit Party (including the applicable ownership percentages) as of: (i) the date immediately prior to the Closing Date (the "Pre-Closing Cap Table"), and (ii) the date immediately following the Closing Date (the "Post-Closing Cap Table") (collectively, the "Cap Tables"); 13 (s) Organization Chart. Agent shall have received from the Borrower an accurate and complete organization chart reflecting all of the direct and indirect Subsidiaries of the Borrower (including the applicable ownership percentages) as of: (i) the date immediately prior to the Closing Date (the "Pre-Closing Organization Chart"), and (ii) the date immediately following the Closing Date (the "Post-Closing Organization Chart") (collectively, the "Organization Charts"). To the extent that the Pre-Closing Organization Chart is identical to the Post-Closing Organization Chart, the Borrower may certify to Agent that the Post-Closing Organization Chart is identical to the Pre-Closing Organization Chart; and (t) Delivery of SBA Documents. The Borrower shall have delivered the following documents in form and substance reasonably satisfactory to Agent and each Lender that is an SBIC (and, as applicable, duly executed and dated as of the Closing Date or an earlier date satisfactory to such SBIC): (i) a Note; (ii) the SBA Side Letter; (iii) each duly executed and completed SBA Form; and (iv) such other documents or instruments as reasonably requested by such SBIC to comply with the Act. (u) Minimum Qualified Capital Stock Contribution. On or before the Closing Date, Parent shall have received not less than $12,000,000 of proceeds of the issuance of its Qualified Capital Stock pursuant to its recent equity issuance of Class C-2 stock. (v) Advisor Engagement. The Borrower shall have consented to and approved the engagement of HunterPoint LLC as advisor to Agent, at the sole cost and expense of the Borrower, to perform the services described in the memorandum delivered to Borrower for a period of three (3) months following the Closing Date; provided that the term of such engagement may be extended at the discretion of Agent for no longer than three (3) months and any further extensions thereafter shall be subject to the mutual consent of Borrower and Agent. (w) Closing Certificate. The Borrower shall have delivered to Agent a duly executed Closing Certificate. (x) Projections and Quality of Earnings. The Borrower shall have delivered to Agent (i) reasonably detailed projections for the succeeding five (5) years, with monthly projections of not less than the first twenty-four (24) months following the Closing Date and (ii) quality of earnings report conducted by a firm reasonably acceptable to Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;14 3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE COVENANTS To induce Agent and the Lenders to enter into this Agreement and to induce the Lenders to make the Loan, Borrower and each other Credit Party executing this Agreement, jointly and severally, represent and warrant to Agent and each Lender (each of which representations and warranties shall survive the execution and delivery of this Agreement), and promise to and agree with Agent and each Lender until the Termination Date as follows: 3.1 Corporate Existence; Compliance with Law. Each Grantor: (a) is, as of the Closing Date, and will continue to be (i) (A) a corporation, limited liability company or limited partnership, as applicable, duly organized, and validly existing and (B) in good standing under the laws of the jurisdiction of its incorporation or organization, (ii) duly qualified to do business and in good standing in each other jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect, and (iii) in compliance with all Requirements of Law and Contractual Obligations, except to the extent failure to comply therewith could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (b) has and will continue to have (i) the requisite corporate power and authority and the legal right to execute, deliver and perform its obligations under the Loan Documents, and to own, pledge, mortgage or otherwise encumber and operate its properties, to lease the property it operates under lease, and to conduct its business as now, heretofore or proposed to be conducted, and (ii) except as could not, individually, or in the aggregate, reasonably be expected to have a Material Adverse Effect, all licenses, permits, franchises, rights, powers, consents or approvals from or by all Persons or Governmental Authorities having jurisdiction over such Grantor that are necessary or appropriate for the conduct of its business. 3.2 Executive Offices; Corporate or Other Names. (a) Each Grantor's name as it appears in official filings in the state of its incorporation or organization, (b) the type of entity of each Grantor, (c) the organizational identification number issued by each Grantor's state of incorporation or organization or a statement that no such number has been issued, (d) each Grantor's state of organization or incorporation, and (e) the location of each Grantor's chief executive office and locations of Collateral when not in use by a customer of any Grantor are as set forth in Disclosure Schedule (3.2) and, except as set forth in such Disclosure Schedule, such locations have not changed during the preceding twelve (12) months. As of the Closing Date, during the prior five (5) years, except as set forth in Disclosure Schedule (3.2), no Grantor has been known as or conducted business in any other name (including trade names) than the name of such Grantor set forth on the signature page hereto. Borrower has only one state of incorporation or organization. 3.3 Corporate Power; Authorization; Enforceable Obligations. The execution, delivery and performance by each Grantor of the Loan Documents to which it is a party, and the creation of all Liens provided for herein and therein: (a) are and will continue to be within such Grantor's power and authority; (b) have been and will continue to be duly authorized by all necessary or proper action; (c) are not and will not be in violation of any Requirement of Law or Contractual Obligation of such Grantor; (d) do not and will not result in the creation or imposition of any Lien (other than Permitted Liens) upon any of the Collateral; and (e) do not and will not require the consent or approval of any Governmental Authority or any other Person other than any consent or approval 15 that has been obtained. As of the Closing Date, each Loan Document shall have been duly executed and delivered on behalf of each Grantor party thereto, and each such Loan Document upon such execution and delivery shall be and will continue to be a legal, valid and binding obligation of such Grantor, enforceable against it in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency and other similar laws affecting creditors' rights generally. 3.4 Financial Statements; Books and Records. (a) The annual and monthly Financial Statements of the Grantors delivered pursuant to Section 4.1 present fairly in all material respects the financial condition of such Grantors as of the date of each such Financial Statement in accordance with GAAP (subject to normal year-end adjustments and to the absence of footnotes in the case of unaudited statements). (b) The Grantors shall keep proper Books and Records in which proper entries, reflecting all consolidated and consolidating financial transactions, will be made in accordance with GAAP and all Requirements of Law in all material respects of all financial transactions and the assets and business of each Grantor on a basis consistent with the Financial Statements. 3.5 Material Adverse Change. Between March 31, 2019 and the Closing Date, no events with respect to any Grantor have occurred that alone or in the aggregate has had or would reasonably be expected to have a Material Adverse Effect. No Requirement of Law or Contractual Obligation of any Grantor has or has had or would reasonably be expected to have a Material Adverse Effect. No Grantor is in default, and to such Grantor's knowledge no third party is in default, under or with respect to any of its Contractual Obligations, that alone or in the aggregate has had or would reasonably be expected to have a Material Adverse Effect. 3.6 Collection of Accounts. Credit Parties will continue to collect on their Accounts in accordance with customary practices in the media industry and consistent with the normal collection policy of the Credit Parties as in effect in the period prior to the Closing Date. 3.7 Subsidiaries. Except as set forth in Disclosure Schedule (3.7), as of the Closing Date, Borrower does not have any Subsidiaries. The issued and outstanding Stock of Borrower and its Subsidiaries (excluding all rights to purchase, options, warrants or similar rights or agreements pursuant to which Borrower or such Subsidiaries' may be required to issue, sell, repurchase or redeem any of its Stock) as of the Closing Date is accurately reflected in the organizational chart delivered pursuant to Section 3.29(c) and set forth on Schedule 10(a) to the Perfection Certificate or any Perfection Certificate Supplement (whichever was most recently delivered to Agent). 3.8 Government Regulation; Margin Regulations. No Grantor is subject to or regulated under any Federal or state statute, rule or regulation that restricts or limits such Person's ability to incur Indebtedness, pledge its assets, or to perform its obligations under the Loan Documents. The making of the Loan, the application of the proceeds and repayment thereof, and the consummation of the transactions contemplated by the Loan Documents do not and will not violate any Requirement of Law. No Grantor is engaged, nor will it engage, in the business of extending credit

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&nbsp;&nbsp;&nbsp;&nbsp;16 for the purpose of "purchasing" or "carrying" any "margin security" as such terms are defined in Regulation U of the Federal Reserve Board as now and hereafter in effect (such securities being referred to herein as "Margin Stock"). No Grantor owns any Margin Stock, and none of the proceeds of the Loan or other extensions of credit under this Agreement will be used, directly or indirectly, for the purpose of purchasing or carrying any Margin Stock or reducing or retiring any Indebtedness that was originally incurred to purchase or carry any Margin Stock. No Grantor will take or permit to be taken any action that might cause any Loan Document to violate any regulation of the Federal Reserve Board. 3.9 Taxes; Charges. Except as disclosed in Disclosure Schedule (3.9), all tax returns, reports and statements required by any Governmental Authority to be filed by Borrower or any other Grantor have, as of the Closing Date, been filed and will, until the Termination Date, be filed with the appropriate Governmental Authority and no tax Lien has been filed against any Grantor or any Grantor's property. Disclosure Schedule (3.9) sets forth as of the Closing Date those taxable years for which any Grantor's tax returns are currently being audited by the IRS or any other applicable Governmental Authority and any assessments or threatened assessments in connection with such audit, or otherwise currently outstanding. As of the Closing Date, no Grantor has agreed or been requested to make any adjustment under Section 481(a) of the IRC, by reason of a change in accounting method or otherwise, which would reasonably be expected to have a Material Adverse Effect. 3.10 Payment of Obligations. Each Grantor will pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all of its material Charges and other obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of such Grantor and none of the Collateral is or would reasonably be expected to become subject to any Lien or forfeiture or loss as a result of such contest. 3.11 ERISA. (a) No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other existing ERISA Events, would reasonably be expected to have a Material Adverse Effect. Except as disclosed in Disclosure Schedule (3.11), (i) the present value of all accumulated benefit obligations of the Grantors under each Plan (based on the assumptions used for purposes of ASC 715) did not, as of the date of the most recent Financial Statements reflecting such amounts, exceed the fair market value of the assets of such Plan by more than $500,000, and (ii) the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of ASC 715) did not, as of the date of the most recent Financial Statements reflecting such amounts, exceed the fair market value of the assets of such underfunded Plans by more than $500,000. No Grantor or ERISA Affiliate has incurred or reasonably expects to incur any Withdrawal Liability in excess of $500,000. (b) Each Grantor shall furnish to the Agent (x) as soon as possible after, and in any event within five (5) days after any Responsible Officer of any Credit Party knows or has reason to know that, any ERISA Event has occurred that, alone or together with any other 17 ERISA Event would reasonably be expected to result in liability of the Credit Parties or any of their ERISA Affiliates in an aggregate amount exceeding $500,000 or the imposition of a Lien, a statement of a Responsible Officer of such Credit Party setting forth details as to such ERISA Event and the action, if any, that such Credit Party or such ERISA Affiliate proposes to take with respect thereto; (y) upon request by the Agent, copies of (i) each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by any Credit Party or any ERISA Affiliate with the Department of Labor with respect to each Plan; (ii) the most recent actuarial valuation report for each Plan; (iii) all notices received by any Credit Party or any ERISA Affiliate from a Multiemployer Plan sponsor or any governmental agency concerning an ERISA Event; and (iv) such other documents or governmental reports or filings relating to any Plan (or employee benefit plan sponsored or contributed to by any Credit Party) as the Agent shall reasonably request and (z) promptly following any request therefor, copies of (i) any documents described in Section 101(k) of ERISA that any Credit Party or its ERISA Affiliate may request with respect to any Multiemployer Plan and (ii) any notices described in Section 101(1) of ERISA that any Credit Party or its ERISA Affiliate may request with respect to any Multiemployer Plan; provided, that if any Credit Party or its ERISA Affiliate has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, the applicable Credit Party or ERISA Affiliate shall promptly make a request for such documents or notices from such administrator or sponsor and shall provide copies of such documents and notices promptly after receipt thereof. 3.12 Litigation. Except as specifically disclosed in Disclosure Schedule (3.12), there are no actions, suits, proceedings, claims or disputes pending, or to the knowledge of each Credit Party, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, against any Credit Party or any of their respective Properties which: (a) purport to affect or pertain to this Agreement, any other Loan Document, or any of the Transactions contemplated hereby or thereby; or (b) would reasonably be expected to result in equitable relief or monetary judgment(s), individually or in the aggregate, in excess of $500,000 and unless fully covered by insurance and the issuer(s) of the applicable policies have not disclaimed coverage. No injunction, writ, temporary restraining order or any order of any nature has been issued by any court or other Governmental Authority purporting to enjoin or restrain the execution, delivery or performance of this Agreement, any other Loan Document, or directing that the transactions provided for herein or therein not be consummated as herein or therein provided. As of the Closing Date, except with respect to matters set forth on Disclosure Schedule (3.12), no Credit Party or any Subsidiary of any Credit Party is the subject of an audit or, to each Credit Party's knowledge, any review or investigation by any Governmental Authority (excluding the IRS and other taxing authorities) concerning the violation or possible violation of any Requirement of Law. Each Grantor shall notify Agent promptly in writing upon learning of the existence, threat or commencement of any such Litigation or any such order, investigation or audit. 3.13 Intellectual Property. Each Grantor owns, or is licensed to use, all such Intellectual Property material to its business as currently conducted, except for such Intellectual Property the

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&nbsp;&nbsp;&nbsp;&nbsp;18 failure of which to so own or be so licensed would not reasonably be expected to have a Material Adverse Effect. Each Grantor will take all necessary steps to preserve its ownership and licenses in such Intellectual Property so as to permit Agent to sell, transfer, rent, or use the Collateral upon the occurrence and during the continuation of an Event of Default. To permit Agent to sell, transfer, rent, or use the Collateral upon the occurrence and during the continuation of an Event of Default, each Grantor hereby grants to Agent an irrevocable, nonexclusive, worldwide license (exercisable without payment of royalty or other compensation to such Grantor), including in such license the right to sublicense, use and practice any Intellectual Property now owned or hereafter acquired by such Grantor and access to all media in which any of the licensed items may be recorded or stored and to all software and programs used for the compilation or printout thereof. As of the Closing Date, the Grantors own or are licensed to use the Intellectual Property as set forth in Disclosure Schedule (3.13). Each Grantor shall maintain the patenting and registration of all Intellectual Property with the United States Patent and Trademark Office, the United States Copyright Office, or other appropriate Governmental Authority. In the event that any Grantor becomes aware that any Intellectual Property material to the conduct of its business has been infringed, misappropriated or diluted by a third party in any material respect, such Grantor promptly shall notify the Agent and shall take such actions as are appropriate under the circumstances to protect such Intellectual Property. Notwithstanding the foregoing, each Grantor may transfer, abandon, or otherwise dispose of Intellectual Property that is, in the applicable Grantor's reasonable business judgment, no longer economically practicable or commercially desirable to maintain, or used or useful in its business, in each case, in the ordinary course of business; provided that in the case of registered Intellectual Property, Agent has given prior written consent (email acceptable) to such transfer, abandon or disposition, which consent shall not be unreasonably withheld, delayed or denied. 3.14 Full Disclosure. No information contained in any Loan Document, the Financial Statements or any written statement furnished by or on behalf of any Grantor under any Loan Document, or to induce Agent and the Lenders to execute the Loan Documents (as such information has been amended, supplemented or superseded by any other information later delivered to the same parties receiving such information, provided that the delivery of such amended, supplemented or superseding information shall not cure any Event of Default arising under Section 7.1(b) other than with respect to this Section 3.14), contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained herein or therein not materially misleading in light of the circumstances under which they were made. 3.15 Environmental Liabilities. Except as set forth in Disclosure Schedule (3.15), as of the Closing Date, (a) no Grantor is subject to any Environmental Liabilities or, to any Grantor's knowledge, potential Environmental Liabilities, that would reasonably be expected to result in Environmental Liabilities to Grantors in excess of $500,000 in the aggregate and (b) no written notice has been received by any Grantor identifying it as a "potentially responsible party" or requesting information under CERCLA or analogous state statutes, and to the knowledge of any Grantor, there are no facts, circumstances or conditions that would reasonably be expected to result in any Grantor being identified as a "potentially responsible party" under CERCLA or analogous state statutes, in each such case if such circumstance would reasonably be expected to result in Environmental Liabilities in excess of $500,000 in the aggregate. Each Grantor: (i) shall comply in all material respects with all applicable Environmental Laws and environmental permits, except for any such non-compliance that could not reasonably be expected to result in Environmental 19 Liabilities to Grantors in excess of $500,000, (ii) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any Release, on, at, in, under, above, to, from or about any real property owned, leased or occupied by a Grantor if such Release would reasonably be expected to result in Environmental Liabilities to Grantors in excess of $500,000 in the aggregate, (iii) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any claims that could form the basis for any Environmental Liabilities that would reasonably be expected to result in Environmental Liabilities in excess of $500,000 in the aggregate, and (iv) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any occurrences of non-compliance with Environmental Laws or environmental permits, except for any such non-compliance that could not reasonably be expected to result in Environmental Liabilities to Grantors in excess of $500,000. Each Credit Party has made available to Agent copies of all existing environmental reports, reviews and audits and all documents prepared since January 1, 2010 pertaining to actual or potential Environmental Liabilities, in each case to the extent such reports, reviews, audits and documents are in their possession, custody, control or otherwise available to the Credit Parties. 3.16 Insurance. As of the Closing Date, Disclosure Schedule (3.16) lists all insurance of any nature maintained by Borrower with respect to the Collateral as well as all liability insurance maintained by the Grantors, as well as a summary of the terms of such insurance. (a) Coverage. Without limiting any of the other obligations or liabilities of the Grantors under this Agreement, the Grantors shall, during the term of this Agreement, carry and maintain, at its own expense, at least the minimum insurance coverage set forth in this Section 3.16. All insurance carried pursuant to this Section 3.16 shall be placed with such insurers having a minimum A.M. Best rating of A-:VIII (or as may be otherwise reasonably acceptable to the Agent) and be in such form, with terms, conditions, limits and deductibles as shall be reasonably acceptable to Agent. The insurance required to be carried and maintained by Grantors hereunder shall, in all events, include, without limitation, the following: (i) All Risk Property Insurance. The Grantors shall maintain, all risk property insurance covering against physical loss or damage, including but not limited to fire and extended coverage, and collapse coverage. Coverage shall be written on a replacement cost basis in an amount reasonably acceptable to Agent; and, (ii) Commercial General Liability Insurance. The Grantors shall maintain comprehensive general liability insurance written on an occurrence basis with a limit of not less than $2,000,000. Such coverage shall include, but not be limited to, premises/operations, broad form contractual liability, products/completed operations, property damage and personal injury liability; and, (iii) Excess/Umbrella Liability Insurance. The Grantors shall maintain excess and/or umbrella liability insurance written on an occurrence basis in an amount not less than $5,000,000 providing coverage limits excess of the insurance limits required under subsection (a)(ii). Such insurance shall follow the form of the primary insurances and drop down in case of exhaustion of underlying limits and/or aggregates.

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&nbsp;&nbsp;&nbsp;&nbsp;20 (b) Endorsements. The Grantors shall cause all insurance policies carried and maintained in accordance with this Section 3.16 to be endorsed as follows: (i) Agent, on behalf of Lenders, shall be an additional insured and loss payee with respect to property policy described in subsection (a)(i). Agent, on behalf of Lenders, shall be an additional insured with respect to liability policies described in subsections (a)(ii) and, to the extent allowed by law (iii). It shall be understood that any obligation imposed upon the Grantors, including but not limited to the obligation to pay premiums, shall be the sole obligation of the Grantors and not that of the Agent; and, (ii) With respect to property policy described in subsection (a)(i), the interests of the Agent shall not be invalidated by any action or inaction of any Grantor or any other Person, and shall insure the Agent regardless of any breach or violation by any Grantor or any other Person, of any warranties, declarations or conditions of such policies; and, (iii) The insurers thereunder shall waive all rights of subrogation against Agent, any right of setoff or counterclaim and any other right to deduction, whether by attachment or otherwise; and, (iv) If such insurance is canceled for any reason whatsoever, including nonpayment of premium, such cancellation shall not be effective as to the Agent until thirty (30) days after receipt by Agent of written notice from such insurer. (c) Certifications. On the Closing Date, and at each policy renewal, but not less than annually, the Grantors shall provide to the Agent a certification from each insurer or by an authorized representative of each insurer. Such certification shall identify the underwriters, the type of insurance, the limits, deductibles, and term thereof and shall specifically list the special provisions delineated in section (b) above for such insurance required for this Section 3.16. (d) Intentionally Omitted. (e) Notice to Agent. The Grantors shall notify the Agent immediately whenever any separate insurance concurrent in form or contributing in the event of loss with that required to be maintained under this Section 3.16 is taken out by any Credit Party; and promptly deliver to the Agent a copy of such policy or policies. Borrower shall direct all present and future insurers under its policies of insurance to pay all proceeds payable thereunder with respect to the Collateral directly to Agent for application pursuant to Section 1.2(f). If any insurance proceeds are paid by check, draft or other instrument payable to Borrower and Agent jointly, Agent may endorse Borrower's name thereon and do such other things as Agent may deem advisable to reduce the same to cash. 3.17 Solvency. Both before and after giving effect to (a) the Loan, the issuance of the Guarantees of the Obligations and the pledge of assets as security therefor by all of the Grantors, (b) the disbursement of the proceeds of the Loan pursuant to the instructions of the Borrower, and 21 (c) the payment and accrual of all transaction costs in connection with the foregoing, the Credit Parties taken as a whole are Solvent. 3.18 Other Financings. Except as disclosed in Disclosure Schedule (3.18) attached hereto, none of the Credit Parties has outstanding as of the Closing Date any Indebtedness. 3.19 Conduct of Business. Each Grantor (a) shall conduct its business substantially as now conducted or as reasonably related, ancillary, complementary, or incidental thereto or as otherwise permitted hereunder, and (b) shall at all times maintain, preserve and protect all of the Collateral and keep the same in good repair, working order and condition and make, or cause to be made, all necessary or appropriate repairs, replacements and improvements thereto consistent with manufacturer specifications and industry practices; provided such Grantor shall not be obligated to comply with the foregoing covenant if, (i) in such Grantor's reasonable business judgment, such Collateral is no longer economically practicable or commercially desirable to maintain, or used or useful in its business, in each case, in the ordinary course of business and (ii) in the event fair market value of such Collateral, individually or in the aggregate, exceeds $500,000, Agent has given prior written consent (email acceptable) which consent shall not be unreasonably withheld, delayed or denied. 3.20 Further Assurances. At any time and from time to time, upon the written request of Agent and at the sole expense of the Grantors, the Grantors shall promptly and duly execute and deliver any and all such further instruments and documents and take such further action as Agent may reasonably deem desirable (a) to obtain the full benefits of this Agreement and the other Loan Documents, (b) to protect, preserve and maintain Agent's rights in any Collateral and security interests or the equivalent under any foreign law, or (c) to enable Agent to exercise all or any of the rights and powers herein granted. 3.21 Collateral/Maintenance of Property. (a) Each Grantor holds and will continue to hold good title to any of its property constituting the Collateral and none of such property is or will be subject to any Liens except Permitted Liens. (b) Each Grantor shall (i) maintain and preserve in all material respects in good working order and condition the Collateral and all other of its property necessary in the conduct of its business, and such Collateral shall be maintained in accordance with all manufacturer's suggested and recommended maintenance procedures, including preventive maintenance, (ii) obtain, maintain and preserve all material rights, permits, licenses, approvals and privileges (including all Permits) necessary, used or useful, whether because of its ownership, lease, sublease or other operation or occupation of property or other conduct of its business, and shall make all necessary or appropriate filings with, and give all required notices to, Governmental Authorities, and (iii) maintain the Collateral in compliance with all statutes, laws, ordinances, regulations, standards, directives, orders, judgments and permits (including environmental) issued by any Governmental Authority. (c) Collateral shall not be located in, in transit to or used by a customer, in any country, state, nation, or territory (i) listed on the Lists or otherwise under United States sanctions

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&nbsp;&nbsp;&nbsp;&nbsp;22 for conducting business or (ii) set forth on Schedule E hereto (as such Schedule E may be amended by written notice from time to time by Agent to Borrower on a prospective basis) (each a "Restricted Location"). Upon an amendment to Schedule E pursuant to the forgoing sentence such that Collateral is located in a Restricted Location that was not located in a Restricted Location prior to such amendment, no Grantor shall extend or renew any rental agreements or enter into any new rental agreements which would cause the Collateral to be located in, in transit to or in use in a Restricted Location by a customer of such Grantor and such Grantor shall remove such Collateral from such Restricted Location within fifteen (15) days from the delivery of such notice or, if such Collateral is subject to a rental agreement with a customer of such Grantor at such time, fifteen (15) days from the end of the then current term of such rental agreement. (d) Real Property. Schedules 8(a) and 8(b) to the Perfection Certificate dated the Closing Date contain a true and complete list of each interest in Real Property (i) owned by any Credit Party as of the date hereof and describes the type of interest therein held by such Credit Party and whether such owned Real Property is leased and if leased whether the underlying lease contains any option to purchase all or any portion of such Real Property or any interest therein or contains any right of first refusal relating to any sale of such Real Property or any portion thereof or interest therein and (ii) leased, subleased or otherwise occupied or utilized by any Credit Party, as lessee, sublessee, franchisee or licensee, as of the date hereof and describes the type of interest therein held by such Credit Party and, in each of the cases described in clauses (i) and (ii) of this Section 3.21(d), whether any lease requires the consent of the landlord or tenant thereunder, or other party thereto, to the Transactions. 3.22 Anti-Terrorism and Anti-Money Laundering Compliance. (a) No Credit Party and, to the knowledge of the Credit Parties, no Person who owns a controlling interest in or otherwise controls a Credit Party, and no customer of a Credit Party, is (i) listed on the Specially Designated Nationals and Blocked Persons List (the "SDN List") maintained by the Office of Foreign Assets Control ("OFAC"), Department of the Treasury, and/or on any other similar list ("Other Lists" and, collectively with the SDN List, the "Lists") maintained by the OFAC pursuant to any authorizing statute, Executive Order or regulation (collectively, "OFAC Laws and Regulations"); or (ii) a Person (a "Designated Person") either (A) included within the term "designated national" as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (B) designated under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079 (published September 25, 2001) or similarly designated under any related enabling legislation or any other similar Executive Orders (collectively, the "Executive Orders"). The OFAC Laws and Regulations and the Executive Orders are collectively referred to in this Agreement as the "Anti-Terrorism Laws". Each of the Credit Parties represents and warrants that it requires, and has taken reasonable measures to ensure compliance with the requirement, that no Person who owns any other direct interest in a Credit Party is or shall be listed on any of the Lists or is or shall be a Designated Person. This Section 3.22 shall not apply to any Person to the extent that such Person's interest in the Borrower is through a U.S. Publicly-Traded Entity. As used in this Agreement, "U.S. Publicly-Traded Entity" means a Person (other than an individual) whose securities are listed on a national securities 23 exchange, or quoted on an automated quotation system, in the United States, or a wholly- owned subsidiary of such a Person. (b) Each Credit Party represents and warrants that it has taken reasonable measures appropriate to the circumstances (and in any event as required by law), with respect to each holder of a direct or indirect interest in such Credit Party, to assure that funds invested by such holders in the Credit Parties are derived from legal sources ("Anti-Money Laundering Measures"). The Anti-Money Laundering Measures have been undertaken in accordance with the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq. ("BSA"), and all applicable laws, regulations and government guidance on BSA compliance and on the prevention and detection of money laundering violations under 18 U.S.C. §§ 1956 and 1957 (collectively with the BSA, "Anti-Money Laundering Laws"). (c) Each Credit Party represents and warrants to Agent and each Lender, to its actual knowledge after making due inquiry, that no such Credit Party or any holder of a direct or indirect interest in such Credit Party (i) is under investigation by any Governmental Authority for, or has been charged with, or convicted of, money laundering under 18 U.S.C. §§ 1956 and 1957, drug trafficking, terrorist-related activities or other money laundering predicate crimes, or any violation of the BSA, (ii) has been assessed civil penalties under any Anti-Money Laundering Laws, or (iii) has had any of its funds seized or forfeited in an action under any Anti-Money Laundering Laws. (d) Each Credit Party represents and warrants to Agent and each Lender that it has taken reasonable measures appropriate to the circumstances (in any event as required by law), to ensure that such Credit Party is in compliance with all current and future Anti- Money Laundering Laws and laws, regulations and government guidance for the prevention of terrorism, terrorist financing and drug trafficking. (e) Each Credit Party and its respective directors, officers and employees and, to the knowledge of the applicable Credit Party, the agents of each Credit Party and their Subsidiaries, are in compliance with the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "FCPA") and any other applicable anti-corruption law, including without limitation the UK Bribery Act, in all material respects. The Credit Parties and their Subsidiaries have instituted and maintained, and shall maintain, policies and procedures designed to ensure continued compliance with the FCPA and any other applicable anti-corruption laws. 3.23 Maintenance of Corporate Existence. Each Credit Party shall preserve and maintain (a) its legal existence and good standing under the laws of the jurisdiction of its incorporation or organization and (b) it rights (charter and statutory), privileges, franchises and Permits necessary or desirable in the conduct of its business, except, in the case of this clause (b), where the failure to do so would not, in the aggregate, have a Material Adverse Effect. 3.24 Compliance with Laws, Etc. Each Credit Party shall comply with all applicable Requirements of Law, Contractual Obligations and Permits, except for such failures to comply that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;28 4. FINANCIAL MATTERS; REPORTS 4.1 Reports, Notices, and Related Rights. The Credit Parties shall furnish to the Agent and each Lender: (a) Monthly Reports. Within thirty (30) days after the last day of each Fiscal Month of the Credit Parties, the balance sheets of the Credit Parties on a consolidated and consolidating basis as at the end of such Fiscal Month and as of the end of the preceding Fiscal Year, and the related statements of operations, the related statements of profits and losses and related statements of cash flows of the Credit Parties on a consolidated basis for such Fiscal Month and for the elapsed portion of the Fiscal Year ended with the last day of such Fiscal Month, and, beginning with the Fiscal Month ending January 31, 2020 and thereafter, which shall set forth in comparative form such figures as at the end of and for such Fiscal Month and appropriate prior period and shall be certified by the Chief Financial Officer of the Borrower to have been prepared in accordance with GAAP and to present fairly in all material respects the financial position of the Credit Parties on a consolidated basis as at the end of such period and the results of operations for such period, and for the elapsed portion of the Fiscal Year ended with the last day of such period, subject only to normal year-end and audit adjustments and the absence of footnotes; (b) Annual Reports. Within one hundred twenty (120) days after the end of each Fiscal Year of the Credit Parties (or one hundred eighty (180) days after the end of the Fiscal Year ending December 31, 2019), the audited consolidated balance sheet of the Credit Parties as of the end of such Fiscal Year and the related audited consolidated statements of operations for such Fiscal Year and for the previous Fiscal Year, the related audited consolidated statements of profits and losses and the related audited consolidated statements of cash flows and stockholders' equity for such Fiscal Year and for the previous Fiscal Year, which shall be accompanied by an opinion, without a going concern or similar qualification or an exception as to scope, prepared by an independent certified public accountant of recognized national standing reasonably acceptable to Agent; (c) Cash Balance. Within two (2) Business Days after the end of each Fiscal Month, Borrower will deliver a certificate reporting to Agent the Cash Balance as of the last day of the Fiscal Month just ended, which certificate shall be executed and certified by a Responsible Officer of the Borrower as true and correct; (d) Average Revenue Per Unit. Concurrently with any delivery of Financial Statements under Section 4.1(a) and regardless of whether compliance with the Performance Metrics is required at such time, Borrower will deliver a certificate reporting to Agent the Average Revenue Per Unit calculations, which certificate shall be executed and certified by a Responsible Officer of the Borrower as true and correct; (e) Compliance Certificate. At the time the financial statements are furnished pursuant to Section 4.1(a), a Compliance Certificate in the form attached as Exhibit E executed by a Responsible Officer of the Borrower as to the financial performance of the Credit Parties. The Compliance Certificate shall include a listing of government contracts of the Borrower 29 subject to the Federal Assignment of Claims Act of 1940 or any similar state or municipal law; (f) [Reserved.] (g) Responsible Officer's Certificate Regarding Collateral. Concurrently with any delivery of Financial Statements under Section 4.1(a), a certificate of a Responsible Officer setting forth the information required pursuant to the Perfection Certificate Supplement or confirming that there has been no change in such information since the date of the Perfection Certificate or latest Perfection Certificate Supplement; (h) Public Reports. Promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by any Credit Party with any provincial securities commission or the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said commissions, or with any national securities exchange, or distributed to holders of its Indebtedness pursuant to the terms of the documentation governing such Indebtedness (or any trustee, agent or other representative therefor), as the case may be; (i) Management Letters. Promptly after the receipt thereof by any Credit Party, a copy of any "management letter" received by any such Person from its independent chartered accountants and the management's responses thereto; (j) Budgets. Promptly (and in any event within 2 Business Days) after approval by the Board of Directors of Parent (and in no event later than February 28 of each Fiscal Year), (i) a consolidated budget for Credit Parties in form reasonably satisfactory to the Agent, but to include balance sheets, statements of income and sources and uses of cash, capital expenditures, and projected borrowing availability on a consolidated basis under this Agreement, for each Fiscal Quarter of such Fiscal Year prepared in detail and (ii) a financial model for the subsequent Fiscal Year, in each case, prepared in summary form, with appropriate presentation and discussion of the principal assumptions upon which such budget or model is based, accompanied by the statement of a Responsible Officer of Borrower to the effect that each budget and model has been prepared in good faith and based on assumptions believed to be reasonable and, promptly when available, any significant revisions of such budget or model; (k) Organization. Concurrently with any delivery of Financial Statements under Section 4.1(a), an accurate organizational chart as required by Section 3.29(c), or confirmation that there are no changes to Schedule 10(a) to the Perfection Certificate dated the Closing Date or since the most recent organization chart delivered to Agent under this Section 4.1(k); (l) Organizational Documents. Promptly provide copies of any Organizational Documents that have been amended or modified in accordance with the terms hereof and deliver a copy of any notice of default given or received by any Credit Party under any Organizational Document within fifteen (15) days after such Credit Party gives or receives such notice;

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&nbsp;&nbsp;&nbsp;&nbsp;30 (m) Appraisals. At any time after the occurrence of an Event of Default promptly upon the request of the Agent, an appraisal report performed at the expense of Borrower by a nationally recognized appraiser satisfactory to Agent, setting forth in reasonable detail the orderly liquidation value of the Collateral; and (n) Inspection of Property; Field Examinations and Audits. Each Credit Party shall, and shall cause each of its Subsidiaries to, with respect to each owned, leased, or controlled property, (a) provide access to such property to Agent as frequently as Agent determines to be appropriate; and (b) permit Agent to conduct field examinations, audit, inspect and make extracts and copies from all of such Credit Party's books and records, including invoices from and payments to the Credit Parties' vendors, and evaluate and make verifications of the Eligible Capital Expenditures and any Collateral in any manner and through any medium that Agent considers advisable, in each instance, at the Credit Parties' expense; provided the Credit Parties shall only be obligated to reimburse Agent for the expenses for one (1) such field examination, audit and inspection per year or at any time if an Event of Default has occurred and is continuing or Agent reasonably suspects fraudulent activity in connection with the Eligible Capital Expenditures. 4.2 Financial Covenants. (a) Minimum Cash Balance. As of the last day of each Fiscal Month, Credit Parties shall not permit Cash Balance to be less than $6,000,000. (b) Performance Metrics. Commencing with the Fiscal Quarter ending on September 30, 2019, if as of the last day of any Fiscal Quarter the Credit Parties have a Cash Balance of less than $9,000,000, the Credit Parties shall not permit (i) the Total Revenue (measured as of the trailing twelve (12) month period ending on each date set forth in the table below) to be less than the amount set forth in the table below and (ii) Average Revenue Per Unit to be less than the amount set forth in the table below (collectively clauses (i) and (ii), the "Performance Metrics"). Period Total Revenue Average Revenue Per Unit August 31, 2019 $17,000,000 $20,000 November 30, 2019 $20,000,000 $20,000 February 29, 2020 $28,000,000 $22,000 May 31, 2020 $33,000,000 $22,000 August 31, 2020 $39,000,000 $22,000 November 30, 2020 $44,000,000 $22,000 February 28, 2021 $52,000,000 $25,000 May 31, 2021 $67,000,000 $25,000 August 31, 2021 $83,000,000 $25,000 November 30, 2021 $100,000,000 $25,000 February 28, 2022 $117,000,000 $30,000 May 31, 2022 $132,000,000 $30,000 August 31, 2022 $132,000,000 $30,000 November 30, 2022 $132,000,000 $30,000 31 Period Total Revenue Average Revenue Per Unit February 28, 2023 $132,000,000 $30,000 May 31, 2023 $132,000,000 $30,000 August 31, 2023 $132,000,000 $30,000 November 30, 2023 $132,000,000 $30,000 February 29, 2024 $132,000,000 $30,000 If the Credit Parties are not in compliance with the Performance Metrics at the end of any Fiscal Quarter in which compliance with the Performance Metrics is required, the Parent shall promptly (and in any event within 60 days after delivery of the Compliance Certificate that evidenced non-compliance with the Performance Metrics) issue Qualified Capital Stock (the "Mandatory Equity Issuance") in an amount as reasonably acceptable to Agent and promptly contribute the proceeds of such Mandatory Equity Issuance to the Borrower. If the Parent fails to complete the Mandatory Equity Issuance within 60 days after delivery of the Compliance Certificate that evidenced non-compliance with the Performance Metrics, the Borrower shall make mandatory prepayments of the Loans in accordance with Section 1.1(c)(ii). 4.3 Other Reports and Information. The Grantors shall advise Agent and each Lender in reasonable detail promptly after becoming aware of: (a) any Lien, other than Permitted Liens, attaching to or asserted against any of the Collateral or any occurrence causing a material loss or decline in value of any Collateral and the estimated (or actual, if available) amount of such loss or decline; (b) any material change in the composition of the Collateral; and (c) the occurrence of any Default or other event that has had or would reasonably be expected to have a Material Adverse Effect. The Grantors shall, upon the reasonable request of Agent or any Lender, furnish to Agent and Lenders such other reports and information in connection with the affairs, business, financial condition, operations, prospects or management of Borrower or any other Grantor or the Collateral, all in reasonable detail. 5. NEGATIVE COVENANTS Borrower and each Credit Party executing this Agreement covenants and agrees (for itself and each other Credit Party) that, without Agent's prior written consent, from the Closing Date until the Termination Date, neither Borrower nor any other Credit Party shall, directly or indirectly, by operation of law or otherwise: 5.1 Indebtedness. Create, incur, assume or permit to exist any Indebtedness, except: (a) the Obligations, (b) Indebtedness existing as of the Closing Date set forth in Disclosure Schedule (3.18), (c) by endorsement of instruments or items of payment for deposit to the general account of such Credit Party, (d) for Guaranteed Indebtedness incurred for the benefit of Borrower if the primary obligation is permitted by this Agreement, (e) Indebtedness arising under that certain Note Purchase Agreement in an amount not to exceed $30,000,000, provided that such Indebtedness is at all times subordinated to the Obligations pursuant to the terms of the Subordination Agreement and provided that each of the holders thereof have executed and delivered the Subordination Agreement, (f) the PPP Loan, provided that Parent shall (i) use all of the proceeds of the PPP Loan exclusively for the PPP Forgivable Uses in the manner required

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&nbsp;&nbsp;&nbsp;&nbsp;32 under the PPP Rule to obtain forgiveness of the largest possible amount of the PPP Loan, (ii) use commercially reasonable efforts to conduct its business in a manner that maximizes the amount of the PPP Loan that is forgiven, (iii) apply for forgiveness of the PPP Loan in accordance with regulations implementing Section 1106 of the PPP Rule within thirty (30) days (or such longer period as the Agent may agree to in its sole discretion) after the last day of the eight (8) week period immediately following the date of funding of the PPP Loan and (iv) provide the Agent with a copy of its application for forgiveness and all supporting documentation required by the Small Business Administration or Continental Bank in connection with the forgiveness of the PPP Loan, and (g) additional Indebtedness (including Purchase Money Obligations) incurred after the Closing Date in an aggregate outstanding amount for all such Credit Parties combined not exceeding $500,000. 5.2 Liens. Incur, maintain or otherwise suffer to exist any Lien upon or with respect to any of its property, whether now owned or hereafter acquired, or assign any right to receive income or profits, except for Permitted Liens. 5.3 Investments; Fundamental Changes. Except as expressly permitted by Section 5.7 below investments or loans existing as of the Closing Date and set forth in Disclosure Schedule (5.3), merge or amalgamate with, consolidate with, acquire all or substantially all of the assets or Stock of, or otherwise combine with or make any investment in or make any loan or advance to, any Person; except, any Credit Party may form any direct or indirect Subsidiary after the Closing Date so long as within ten (10) Business Days after such formation, such Subsidiary becomes a Guarantor hereunder and grants to Agent a Lien in all of its rights, title and interests in, to and under its Collateral to secure the Obligations for the benefit of the Lenders, all pursuant to written documentation in form and substance reasonably satisfactory to Agent in accordance with Sections 1.12 and 3.28; provided, that no Credit Party shall transfer any assets or property to a new Subsidiary until all requirements of Sections 1.12 and 3.28 have been met for such new Subsidiary. For the avoidance of doubt, no Credit Party shall make any investment in or make any loan or advance to, any Person located outside of the United States without the prior written consent of Required Lenders. 5.4 Asset Sales. Sell, transfer, convey, assign, issue or otherwise dispose any of its assets or properties (including its accounts or any shares of its Stock) or engage in any sale-leaseback, synthetic lease or similar transaction, including without limitation the Collateral or Loan proceeds; provided, however, that (i) any Grantor may transfer any of its Collateral to any other Grantor, provided such Collateral remains subject to the Liens of Agent under this Agreement to secure the Obligations, (ii) Volta Services may enter into the Permitted Brookfield Sales and Other Permitted Sales, and (iii) any Grantor may dispose of Collateral that is, in the applicable Grantor's reasonable business judgment, no longer economically practicable or commercially desirable to maintain, or used or useful in its business, in each case, in the ordinary course of business; provided that, with respect to Collateral that has a fair market value in excess of $500,000, Agent has given prior written consent (email acceptable) which consent shall not be unreasonably withheld, delayed or denied. 5.5 Restricted Payments. Make or permit any Restricted Payment. 33 5.6 Changes in Nature of Business. Make any changes in any of its business that would reasonably be expected to adversely affect repayment of the Obligations or would reasonably be expected to have a Material Adverse Effect, or engage in any business other than (a) that presently engaged in or (b) any business reasonably related, ancillary, complementary, or incidental thereto and reasonable extensions thereof. 5.7 Transactions with Affiliates. Enter into any lending, borrowing or other commercial transaction with any of its employees, directors, or Affiliates other than (a) loans or advances to employees in the ordinary course of business in an aggregate outstanding amount not exceeding $500,000 at any time and (b) transactions entered on arms-length terms as would be obtained in a transaction between parties that are not Affiliates or set forth on Disclosure Schedule (3.35). 5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments. Incur or otherwise suffer to exist or become effective or remain liable on or responsible for any Contractual Obligation limiting or restricting the ability of (a) any Credit Party to make Restricted Payments to, or investments in, or repay Indebtedness of, or otherwise sell property to, any Credit Party or (b) any Credit Party to incur or suffer to exist any Lien upon any property of any Credit Party, whether now owned or hereafter acquired, securing any of its Obligations (including any such limitation or restriction in the form of any "equal and ratable" clause and any similar Contractual Obligation requiring, when a Lien is granted on any property, another Lien to be granted on such property or any other property), except, for each of clauses (a) and (b) above, (x) pursuant to the Loan Documents, and (y) limitations on Liens (other than those securing any Obligation) on any property whose acquisition, repair, improvement or construction is financed by Purchase Money Indebtedness in reliance upon Section 5.1(b) or (e) set forth in the Contractual Obligations governing such Indebtedness with respect thereto. 5.9 Modification of Certain Documents. Amend, waive, or otherwise modify (a) its charter or by-laws or other Organizational Documents other than in connection with the issuance of Equity Interests by Parent permitted by this Agreement or (b) the Brookfield Master Sale Agreement or any agreements governing Other Permitted Sales in a manner material and adverse to the Agent or the Lenders. 5.10 Accounting Changes; Fiscal Year. Change its (a) accounting treatment or reporting practices, except as required by GAAP or any Requirement of Law or (b) its Fiscal Year or its method for determining Fiscal Quarters. 5.11 Changes to Name, Locations, Etc. Change (i) its name, Chief Executive Office, corporate offices from those set forth on Disclosure Schedule (3.2), (ii) its warehouses or other Collateral locations, or location of its records concerning the Collateral from those locations set forth on Disclosure Schedule (3.2); provided, that any Credit Party may change the location of electric charging stations in the ordinary course of business, (iii) the type of legal entity that it is, (iv) its organization identification number, if any, issued by its state of incorporation or organization or (v) its state of incorporation or organization from that set forth on Disclosure Schedule (3.2). 5.12 Bank Accounts. (a) Establish any depository or other bank account of any kind with any financial institution (other than the accounts set forth on Disclosure Schedule (3.26)) or (b) close

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&nbsp;&nbsp;&nbsp;&nbsp;34 or permit to be closed any of the accounts listed on Disclosure Schedule (3.26) in each case, without Agent's prior written consent. 5.13 Margin Regulations. Use all or any portion of the proceeds of any credit extended hereunder to purchase or carry Margin Stock in contravention of Regulation U of the Federal Reserve Board. 5.14 Compliance with ERISA. No Credit Party or ERISA Affiliate shall cause or suffer to exist (a) any event that would reasonably be expected to result in the imposition of a Lien upon the assets of any Credit Party with respect to any Title IV Plan or Multiemployer Plan or (b) any other ERISA Event, that would, in the aggregate, reasonably be expected to result in liabilities of the Credit Parties in excess of $500,000. 5.15 Hazardous Materials. Cause or suffer to exist any Release of any Hazardous Material at, to or from any Real Property owned, leased, subleased or otherwise operated by any Credit Party that would violate any Environmental Law, form the basis for any Environmental Liabilities or otherwise adversely affect the value or marketability of any real property (whether or not owned by any Credit Party), other than such violations, Environmental Liabilities and effects that would not, in the aggregate, have a Material Adverse Effect. 5.16 Parent. Parent shall not (a) acquire any intellectual property, electric vehicle charging stations or other material assets with an aggregate fair market value in excess of $1,000,000 or enter into any new agreements other than agreements related to employment, administrative operations, issuance of equity, Parent's ownership of the Borrowers, or other agreements similar in subject matter to those agreements described on Disclosure Schedule (3.27), and (b) accept or receive any dividends, property, cash or Cash Equivalents or other assets from any other Credit Party other than in the ordinary course of business. 5.17 Use of Proceeds. Use all or any of the proceeds of any Loans other than as set forth in Section 1.3. For the avoidance of doubt, no proceeds of the Loans shall be used to finance any electric charging stations in connection with the Brookfield Master Sale Agreement or the agreements governing Other Permitted Sales. 5.18 Compliance with Anti-Terrorism Laws. (a) Directly or indirectly, in connection with the Loans, knowingly (i) conduct any business or engage in making or receiving any contribution of funds, goods or services to or for the benefit of any Embargoed Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to any Anti- Terrorism Law or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. (b) Directly or indirectly, in connection with the Loans, knowingly cause or permit any of the funds of such Credit Party that are used to repay the Loans to be derived from any unlawful activity with the result that the making of the Loans would be in violation of any Anti-Terrorism Law. 35 (c) Knowingly cause or permit (i) an Embargoed Person to have any direct or indirect interest in or benefit of any nature whatsoever in the Credit Parties or (ii) any of the funds or properties of the Credit Parties that are used to repay the Loans to constitute property of, or be beneficially owned directly or indirectly by, an Embargoed Person. (d) Deliver to the Lenders any certification or other evidence requested from time to time by any Lender in its reasonable discretion, confirming the Credit Parties' compliance with this Section 5.18. (e) The Borrower will not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of the FCPA or any other applicable anti-corruption law. 5.19 Sale-Leasebacks. Permit any of its Subsidiaries to, engage in a sale leaseback, synthetic lease or similar transaction involving any of its assets. For the avoidance of doubt, Permitted Brookfield Sales and Other Permitted Sales shall not be prohibited by this Section 5.19. 5.20 Leases. Enter as lessee into any lease arrangement for real property to be used by any Credit Party as a Chief Executive Office, other office space or warehouse, if after giving effect thereto, the aggregate annual rental payments for all such leased properties would exceed $700,000 in the aggregate in Fiscal Year 2019 and $1,200,000 in the aggregate in any Fiscal Year thereafter. For the avoidance of doubt, this Section 5.20 shall not apply to any lease arrangement for real property used as an electric vehicle charging station location. 5.21 Compensation. Except as set forth on Disclosure Schedule (5.21), no Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, pay any management, consulting or similar fees to any Affiliate of any Credit Party or to any officer, director or employee of any Credit Party or any Affiliate of any Credit Party except, in each case, payment of reasonable compensation for actual services rendered to the Credit Parties and their Subsidiaries in the ordinary course of business. 6. SECURITY INTEREST 6.1 Grant of Security Interest. (a) As collateral security for the prompt and complete payment and performance of the Obligations, each of Borrower and each other Credit Party executing this Agreement hereby grants to Agent for the benefit of the Lenders a security interest in and Lien upon all of its property and assets, whether real or personal, tangible or intangible, and whether now owned or hereafter acquired, or in which it now has or at any time in the future may acquire any right, title, or interest, including all of the following property in which it now has or at any time in the future may acquire any right, title or interest: (i) all Accounts;

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&nbsp;&nbsp;&nbsp;&nbsp;36 (ii) all deposit accounts; (iii) all other bank accounts and all funds on deposit therein; all money, cash and cash equivalents; (iv) all investment property; (v) all Stock and all Distributions in respect thereof; (vi) all goods (including, without limitation, inventory, equipment, and fixtures); (vii) all chattel paper, documents and instruments; (viii) all Books and Records; (ix) all general intangibles (including, without limitation, all Intellectual Property, Intellectual Property applications, contract rights, choses in action, payment intangibles, licenses, Permits, and software, and all rights and interests under any key man life insurance policies); (x) all letter-of-credit rights; (xi) all commercial tort claims; (xii) all property, including all property of every description, in custody or in transit for any purpose, including safekeeping, collection or pledge, for the account of Borrower or any Credit Party or to which Borrower or any Credit Party may have any right or power, including but not limited to cash; (xiii) all other goods (including but not limited to fixtures) and personal property, whether tangible or intangible and wherever located; (xiv) all supporting obligations and consents and agreements of any kind or nature that are material to the operation, management, maintenance and conduct of any Credit Party; (xv) all Real Property of every kind and nature, including leases; and (xvi) to the extent not otherwise included, all Proceeds, tort claims, insurance claims and other rights to payment not otherwise included in the foregoing and products of all and any of the foregoing and all accessions to, substitutions and replacements for, and rents and profits of, each of the foregoing (all of the foregoing, collectively, the "Collateral"). Notwithstanding the foregoing, "Collateral" shall not include: (i) any property, aircraft, motor vehicles and other assets subject to certificates of title; (ii) any "intent-to-use" application unless and until a "statement of use" or "amendment to allege use" is filed and accepted by the U.S. Patent 37 and Trademark Office or any other filing is made or circumstances otherwise change so that the interests of the applicable Grantor in such trademarks is no longer on an "intent-to-use" basis, at which time such trademarks shall automatically be deemed "Collateral" hereunder; (iii) (A) assets if the granting of a security interest in such asset would (x) be prohibited by Applicable Law or (y) trigger termination of any agreement, document or instrument pursuant to any "change of control" or similar provision and (B) any contract, license, franchise or other agreement to the extent the pledge of such agreement is expressly prohibited by the terms thereof (provided that such contractual restriction shall not have been created in contemplation of this restriction); provided, however, the foregoing exclusions in this clause (iii) shall in no way be construed (A) to apply if any such prohibition would be rendered ineffective under the UCC (including Sections 9-406, 9-407 and 9-408 thereof) or other Applicable Law (including the United States bankruptcy code) or principles of equity, (B) so as to limit, impair or otherwise affect Agent's unconditional continuing Liens upon any rights or interests of any Grantor in or to the Proceeds thereof (including proceeds from the sale, license, lease or other disposition thereof), including monies due or to become due under any such lease, license, contract, or agreement (including any Accounts or other Receivables), or (C) to apply at such time as the condition causing such prohibition shall be remedied and, to the extent severable, "Collateral" shall include any portion of such lease, license, franchise, contract, or agreement, or assets subject thereto that does not result in such prohibition; (iv) Excluded Accounts; (v) any property and assets the pledge of which would require governmental consent, approval, license or authorization (unless such consent, approval, license or authorization has been obtained); (vi) assets located outside the United States or the pledge of which would require registration or other action outside the United States; (vii) [reserved]; (viii) [reserved]; and (ix) assets in circumstances where Borrower and Agent determine in their reasonable discretion that the cost, burden or consequences (including material adverse tax consequences) of obtaining or perfecting a security interest in such assets is excessive in relation to the practical benefit afforded thereby; provided, that for the avoidance of doubt, no Grantor shall be required to enter into any foreign-law governed security documents in connection with any share pledge, intellectual property registered in any non-U.S. jurisdiction or any other grant of security interest. Notwithstanding anything herein to the contrary or any other Loan Document, no Grantor shall be required to make any filings, enter into any documents or agreements or take any other actions to grant, record or perfect a security interest or Lien in the Collateral in, or deliver any legal opinions covered by, any jurisdiction other than in the United States or any of its states, including on any Collateral located outside of the United States. (b) Borrower, Agent, each Lender and each other Grantor agrees that this Agreement creates, and is intended to create, valid and continuing Liens upon the Collateral in favor of Agent for the benefit of the Lenders. Each Grantor represents, warrants and promises to Agent and each Lender that: (i) such Grantor has rights in and the power to transfer each item of the Collateral upon which it purports to grant a Lien pursuant to this Agreement, free and clear of any and all Liens or claims of others, other than Permitted Liens; (ii) the security interests granted pursuant to this Agreement, upon completion of the filings and other actions listed on Disclosure Schedule (6.1) (which, in the case of all filings and other documents referred to in said Schedule, have been delivered to the Agent in duly executed form) and the filing of UCC-1 financing statements with respect to the Collateral, will constitute valid perfected security interests in all of the Collateral in favor of Agent for the benefit of the Lenders as security for the prompt and complete payment and performance of the Obligations, enforceable in accordance with the terms hereof against any and all

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&nbsp;&nbsp;&nbsp;&nbsp;40 untrue or incorrect in any material respect as of the date when made or deemed made, regardless of whether such breach involves a representation or warranty with respect to a Credit Party that has not signed this Agreement; or (c) any Borrower or any other Credit Party shall fail or neglect to perform, keep or observe any of the covenants, promises, agreements, requirements, or other terms or provisions contained in Section 3.1(a)(i)(A), Section 3.16, Section 3.21, Section 3.22, Section 3.23, Section 3.36, Section 4.1, Section 4.2, Section 4.3, each subsection of Section 5, and each subsection of Section 6 of this Agreement, or the SBA Side Letter; or (d) any Borrower or any other Credit Party shall fail or neglect to perform, keep or observe any of the covenants, promises, agreements, requirements, or other terms or provisions contained in Section 3.28 of this Agreement, and such failure or neglect shall continue unremedied for a period of five (5) Business Days; or (e) any Borrower or any other Credit Party shall fail or neglect to perform, keep or observe any of the covenants, promises, agreements, requirements, or other terms or provisions contained in this Agreement or any of the other Loan Documents (other than as specified in paragraphs (a) through (d) above), and such failure or neglect shall continue unremedied for a period of thirty (30) days; or (f) an event of default shall occur under any Contractual Obligation of any Borrower or any other Credit Party (other than this Agreement and the other Loan Documents), and such event of default (i) involves the failure to make any payment (whether or not such payment is blocked pursuant to the terms of an intercreditor agreement or otherwise), whether of principal, interest or otherwise, and whether due by scheduled maturity, required prepayment, acceleration, demand or otherwise and such failure continues after the applicable grace or notice period, if any, specified in the document relating thereto, in respect of any Indebtedness (other than the Obligations) of such Person in an aggregate original principal amount exceeding $500,000, or (ii) causes (or permits any holder of such Indebtedness or a trustee to cause) such Indebtedness, or a portion thereof, in an aggregate original principal amount exceeding $500,000 to become due prior to its stated maturity or prior to its regularly scheduled date of payment; or (g) there shall be commenced against any Borrower or any other Credit Party any Litigation seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that remains unstayed, undismissed or unbonded for sixty (60) consecutive days; or any Borrower or any other Credit Party shall have concealed, removed or permitted to be concealed or removed, any part of its property with intent to hinder, delay or defraud any of its creditors or made or suffered a transfer of any of its property or the incurring of an obligation that may be fraudulent under any bankruptcy, fraudulent transfer or other similar law; or (h) a case or proceeding shall have been commenced involuntarily against any Borrower or any other Credit Party in a court having competent jurisdiction seeking a decree or order: (i) under the United States Bankruptcy Code or any other applicable 41 Federal, state or foreign bankruptcy or other similar law, and seeking either (x) the appointment of a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for such Person or of any substantial part of its properties, or (y) the reorganization or winding up or liquidation of the affairs of any such Person, and such case or proceeding shall remain undismissed, unstayed or unbonded for sixty (60) consecutive days or such court shall enter a decree or order granting the relief sought in such case or proceeding; or (ii) invalidating or denying any Person's right, power, or competence to enter into or perform any of its obligations under any Loan Document or invalidating or denying the validity or enforceability of this Agreement or any other Loan Document or any action taken hereunder or thereunder; or (i) any Borrower or any other Credit Party shall (i) commence any case, proceeding or other action under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors, seeking to have an order for relief entered with respect to it or seeking appointment of a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for it or any substantial part of its properties, (ii) make a general assignment for the benefit of creditors, (iii) consent to or take any action in furtherance of, or, indicating its consent to, approval of, or acquiescence in, any of the acts set forth in paragraph (h) of this Section 7.1 or clauses (i) and (ii) of this paragraph (i), or (iv) shall admit in writing its inability to, or shall be generally unable to, pay its debts as such debts become due; or (j) a final judgment or judgments for the payment of money in excess of $500,000 in the aggregate shall be rendered against any Borrower or any other Credit Party, unless the same shall be (i) fully covered by insurance and the issuer(s) of the applicable policies have not disclaimed coverage, or (ii) vacated, stayed, bonded, paid or discharged within a period of thirty (30) days from the date of such judgment; or (k) any provision of any Loan Document shall for any reason cease to be valid, binding and enforceable in accordance with its terms, or any Lien granted, or intended by the Loan Documents to be granted, to Agent for the benefit of the Lenders shall cease to be a valid and perfected Lien having the first priority (or a lesser priority if expressly permitted in the Loan Documents) in any of the Collateral (or any Credit Party shall so assert any of the foregoing); or (l) a Change of Control shall have occurred with respect to any Credit Party; or (m) an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred and are then continuing, would reasonably be expected to have Material Adverse Effect; or (n) any event occurs, whether or not insured or insurable, as a result of which revenue- producing activities cease or are substantially curtailed with respect to any property or facilities of the Credit Parties generating more than fifty percent (50%) of Borrower's consolidated revenue for the Fiscal Year preceding such event and such cessation or curtailment continues for more than thirty (30) days; or

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&nbsp;&nbsp;&nbsp;&nbsp;42 (o) an event of default shall occur under any other Loan Document; or (p) if the obligation of any Guarantor under its Guarantee or under any of the Loan Documents is limited or terminated by operation of law or by such Guarantor (other than in accordance with the terms of this Agreement). 7.2 Remedies. (a) If any Default shall have occurred and be continuing, then each Lender may suspend its commitment hereunder to make the Term Loan. In addition, if any Event of Default shall have occurred and be continuing, Agent may, and at the direction of Required Lenders, shall, take any one or more of the following actions: (i) by notice to Borrower declare all or any portion of the Obligations to be forthwith due and payable, whereupon such Obligations shall become and be due and payable; or (ii) exercise any rights and remedies provided to Agent for the benefit of the Lenders under the Loan Documents or at law or equity, including all remedies provided under the Code; provided, that upon the occurrence of any Event of Default specified in clause (i) of either Sections 7.1(h) or (i), the Obligations shall become immediately due and payable (and any obligation of the Lenders to make the Loan, if not previously terminated, shall immediately be terminated) without declaration, notice or demand by Agent. (b) Without limiting the generality of the foregoing, each Grantor expressly agrees that upon the occurrence and during the continuance of any Event of Default, Agent may collect, receive, assemble, appropriate and realize upon the Collateral, or any part thereof, and may forthwith sell, lease, assign, give an option or options to purchase or otherwise dispose of and deliver said Collateral (or contract to do so), or any part thereof, in one or more parcels at public or private sale or sales, at any exchange at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. Agent shall have the right upon any such public sale, to the extent permitted by law, to purchase for the benefit of the Lenders the whole or any part of said Collateral so sold, free of any right of equity of redemption, which right each Grantor hereby releases. Such sales may be adjourned, or continued from time to time with or without notice. Agent shall have the right to conduct such sales on any Grantor's premises or elsewhere and shall have the right to use any Grantor's premises without rent or other charge for such sales or other action with respect to the Collateral for such time as Agent deems necessary or advisable. (c) Upon the occurrence and during the continuance of an Event of Default and at Agent's request, Borrower and each other Grantor further agrees, to assemble the Collateral and make it available to Agent at places that Agent shall reasonably select, whether at its premises or elsewhere. During the continuance of an Event of Default, until Agent is able to effect a sale, lease, or other disposition of the Collateral, Agent shall have the right to complete, assemble, use or operate the Collateral or any part thereof, to the extent that Agent deems appropriate, for the purpose of preserving such Collateral or its value or for any other purpose. Agent shall have no obligation to any Grantor to maintain or preserve the rights of any Grantor as against third parties with respect to any Collateral while such Collateral is in the possession of Agent. During the continuance of an Event of Default, Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession 43 of any Collateral and to enforce any of Agent's or the Lenders' remedies with respect thereto without prior notice or hearing. To the maximum extent permitted by applicable law, Borrower and each other Grantor waives all claims, damages, and demands against Agent, each Lender, their Affiliates, agents, and the officers and employees of any of them arising out of the repossession, retention or sale of any Collateral except such as are determined in a final judgment by a court of competent jurisdiction to have arisen solely out of the gross negligence or willful misconduct of such Person. Borrower and each other Grantor agrees that ten (10) days' prior notice by Agent to such Grantor of the time and place of any public sale or of the time after which a private sale may take place is reasonable notification of such matters. Borrower and each other Grantor shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all amounts to which Agent and each Lender are entitled. (d) Agent's and each Lender's rights and remedies under this Agreement shall be cumulative and nonexclusive of any other rights and remedies that Agent and each Lender may have under any Loan Document or at law or in equity. Recourse to the Collateral shall not be required. All provisions of this Agreement are intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited, to the extent necessary, so that they do not render this Agreement invalid or unenforceable, in whole or in part. 7.3 Waivers by Credit Parties. Except as otherwise provided for in this Agreement and to the fullest extent permitted by applicable law, Borrower and each other Credit Party executing this Agreement waives: (a) presentment, demand and protest, and notice of presentment, dishonor, intent to accelerate, protest, default, nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all Loan Documents; (b) all rights to notice and a hearing prior to Agent's taking possession or control of, or to Agent's replevy, attachment or levy upon, any Collateral or any bond or security that might be required by any court prior to allowing Agent or any Lender to exercise any of their remedies; and (c) the benefit of all valuation, appraisal, marshaling and exemption laws. Borrower and each other Credit Party executing this Agreement acknowledges that it has been advised by counsel of its choices and decisions with respect to this Agreement, the other Loan Documents and the transactions evidenced hereby and thereby. 7.4 Proceeds. The Proceeds of any sale, disposition or other realization upon any Collateral during the continuance of an Event of Default shall be applied by Agent upon receipt to the Obligations as set forth in Section 1.8 of this Agreement and after the indefeasible payment and satisfaction in full in cash of all of the Obligations, and after the payment by Agent of any other amount required by any provision of law, including Sections 9-608(a)(1) and 9-615(a)(3) of the Code (but only after Agent has received what Agent considers reasonable proof of a subordinate party's security interest), the surplus, if any, shall be paid to the applicable Grantor or its representatives or to whomsoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. In the event that any such Proceeds are insufficient to pay the Obligations in full, the Credit Parties shall remain liable, jointly and severally, for any deficiency.

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&nbsp;&nbsp;&nbsp;&nbsp;44 8. SUCCESSORS AND ASSIGNS (a) Each Loan Document shall be binding on and shall inure to the benefit of Borrower and each other Credit Party executing such Loan Document, Agent, each Lender, and their respective successors and assigns, except as otherwise provided herein or therein. If more than one party signs this instrument as Borrower, then the term "Borrower" as used herein shall mean all of such parties, jointly and severally. Neither Borrower nor any other Credit Party may assign, transfer, hypothecate, delegate or otherwise convey its rights, benefits, obligations or duties under any Loan Document without the prior express written consent of Agent (at the direction of Required Lenders). Any such purported conveyance by Borrower or such Credit Party without the prior express written consent of Agent shall be void. There shall be no third party beneficiaries of any of the terms and provisions of any of the Loan Documents. Each Lender reserves the right at any time create and sell participations in the Loan and the Loan Documents to any other Person (a "Participant") without the consent of any Credit Party and, with the prior written consent of Borrower (provided such consent shall (i) not be unreasonably withheld, conditioned or delayed, (ii) be deemed given if Borrower does not respond to a request for consent within five (5) Business Days from the date of such request, (iii) not be required in the case of an assignment to another Lender, an Affiliate of a Lender or an Approved Fund and (iv) not be required if an Event of Default has occurred and is continuing) to sell, transfer or assign any or all of its rights in the Loan and under the Loan Documents to any other Person (an "Assignee"). Any such sale, transfer or assignment shall be effected by a written assignment agreement substantially in the form of Exhibit J attached hereto (an "Assignment Agreement") delivered by such Assignee to Agent and such Assignee shall pay to Agent an assignment fee in the amount of $3,500, which shall be paid to the Agent on the effective date of each such Assignment Agreement. Agent shall, acting solely for this purpose as an agent of Borrower, maintain at one of its offices a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of each Lender and the principal amount of the Term Loan owing to each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive absent manifest error, and Borrower, Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. Any assignment of the Term Loan, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register. Any assignment or transfer of all or part of the Term Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of such Note evidencing the Loan, accompanied by a duly executed Assignment Agreement or transfer; thereupon a new Note in the same aggregate principal amount shall be issued to the designated Assignee, and the old Note shall be returned to Borrower marked "canceled." The Register shall be available for inspection by Borrower at any reasonable time and from time to time upon reasonable prior notice. Each Lender that sells a participation shall, acting solely for this purpose as a non- fiduciary agent of Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Loans or other obligations under the Loan Documents (the "Participant Register"); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information 45 relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register. (b) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to Borrower and Agent, at the time or times reasonably requested by Borrower or Agent, such properly completed and executed documentation reasonably requested by Borrower or Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by Borrower or Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by Borrower or Agent as will enable Borrower or Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (i), (ii) and (iv) of this Section 8(b)) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. Without limiting the generality of the foregoing, in the event that Borrower is a U.S. Borrower: (i) any Lender that is a U.S. Person shall deliver to Borrower and Agent on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; (ii) any Lender that is not a U.S. Person (a "Foreign Lender") shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: (A) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document,

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&nbsp;&nbsp;&nbsp;&nbsp;48 of enforcing such Liens or otherwise to transfer the Collateral subject thereto to Agent, and each Lender hereby agrees to take such further actions to the extent, and only to the extent, so authorized and directed. (c) Limited Duties. Under the Loan Documents, Agent (i) is acting solely on behalf of the Lenders, with duties that are entirely administrative in nature, notwithstanding the use of the defined term "Agent", the terms "agent", "administrative agent" and "collateral agent" and similar terms in any Loan Document to refer to Agent, which terms are used for title purposes only, (ii) is not assuming any obligation under any Loan Document other than as expressly set forth therein or any role as agent, fiduciary or trustee of or for any Lender and (iii) shall have no implied functions, responsibilities, duties, obligations or other liabilities under any Loan Document, and each Lender hereby waives and agrees not to assert any claim against Agent based on the roles, duties and legal relationships expressly disclaimed in clauses (i) through (iii) above. 9.2 Binding Effect. Each Lender agrees that (i) any action taken by Agent or the Required Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with the provisions of the Loan Documents, (ii) any action taken by Agent in reliance upon the instructions of Required Lenders (or, where so required, such greater proportion) and (iii) the exercise by Agent or the Required Lenders (or, where so required, such greater proportion) of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. 9.3 Use of Discretion. (a) No Action without Instructions. Agent shall not be required to exercise any discretion or take, or to omit to take, any action, including with respect to enforcement or collection, except any action it is required to take or omit to take (i) under any Loan Document or (ii) pursuant to instructions from the Required Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the Lenders). (b) Right Not to Follow Certain Instructions. Notwithstanding clause (a) above, Agent shall not be required to take, or to omit to take, any action (i) unless, upon demand, Agent receives an indemnification satisfactory to it from the Lenders against all costs, expenses, claims, actions or liabilities that, by reason of such action or omission, may be imposed on, incurred by or asserted against Agent or any Related Person thereof or (ii) that is, in the opinion of Agent or its counsel, contrary to any Loan Document or applicable Requirement of Law. 9.4 Delegation of Rights and Duties. Agent may, upon any term or condition it specifies, delegate or exercise any of its rights, powers and remedies under, and delegate or perform any of its duties or any other action with respect to, any Loan Document by or through any trustee, co- agent, employee, attorney-in-fact and any other Person (including any Lender). Any such Person shall benefit from this Section 9 to the extent provided by Agent. 9.5 Reliance and Liability. 49 (a) Agent may, without incurring any liability hereunder, (i) treat the payee of any Note as its holder until such Note has been assigned in accordance with Section 8(a), (ii) rely on the Register to the extent set forth in Section 8(a), (iii) consult with any of its Related Persons and, whether or not selected by it, any other advisors, accountants and other experts (including advisors to, and accountants and experts engaged by, any Credit Party) and (iv) rely and act upon any document and information (including those transmitted by electronic transmission) and any telephone message or conversation, in each case believed by it to be genuine and transmitted, signed or otherwise authenticated by the appropriate parties. (b) None of Agent and its Related Persons shall be liable for any action taken or omitted to be taken by any of them under or in connection with any Loan Document (x) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 10.1(b)) or (y) in the absence of its own gross negligence or willful misconduct, and each Lender, Borrower and each other Credit Party to this Agreement hereby waive and shall not assert any right, claim or cause of action based thereon, except to the extent of liabilities resulting primarily from the gross negligence or willful misconduct of Agent or, as the case may be, such Related Person (each as determined in a final, non-appealable judgment by a court of competent jurisdiction) in connection with the duties expressly set forth herein. Without limiting the foregoing, Agent: (i) shall not be responsible or otherwise incur liability for any action or omission taken in reliance upon the instructions of the Required Lenders or for the actions or omissions of any of its Related Persons selected with reasonable care (other than employees, officers and directors of Agent, when acting on behalf of Agent); (ii) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, effectiveness, genuineness, sufficiency or value of, or the attachment, perfection or priority of any Lien created or purported to be created under or in connection with, any Loan Document; (iii) makes no warranty or representation, and shall not be responsible, to any Lender for any statement, document, information, representation or warranty made or furnished by or on behalf of any Related Person or any Credit Party in connection with any Loan Document or any transaction contemplated therein or any other document or information with respect to any Credit Party, whether or not transmitted or (except for documents expressly required under any Loan Document to be transmitted to the Lenders) omitted to be transmitted by Agent, including as to completeness, accuracy, scope or adequacy thereof, or for the scope, nature or results of any due diligence performed by Agent in connection with the Loan Documents; and (iv) shall not have any duty to ascertain or to inquire as to the performance or observance of any provision of any Loan Document, whether any condition set

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&nbsp;&nbsp;&nbsp;&nbsp;50 forth in any Loan Document is satisfied or waived, as to the financial condition of any Credit Party or as to the existence or continuation or possible occurrence or continuation of any Default and shall not be deemed to have notice or knowledge of such occurrence or continuation unless it has received a notice from Borrower or any Lender describing such Default clearly labeled "notice of default" (in which case Agent shall promptly give notice of such receipt to all Lenders); and, for each of the items set forth in clauses (i) through (iv) above, each Lender and Borrower and each other Credit Party to this Agreement hereby waives and agrees not to assert any right, claim or cause of action it might have against Agent based thereon, except to the extent such right, claim or cause of action arises from the gross negligence or willful misconduct of Agent, as determined in a final, non-appealable judgment by a court of competent jurisdiction. 9.6 Agent Individually. Agent and its Affiliates may make loans and other extensions of credit to, acquire Stock of, engage in any kind of business with, any Credit Party or Affiliate thereof as though it were not acting as Agent and may receive separate fees and other payments therefor. To the extent Agent or any of its Affiliates makes any Loan or otherwise becomes a Lender hereunder, it shall have and may exercise the same rights and powers hereunder and shall be subject to the same obligations and liabilities as any other Lender and the terms "Lender", "Required Lender" and any similar terms shall, except where otherwise expressly provided in any Loan Document, include, without limitation, Agent or such Affiliate, as the case may be, in its individual capacity as Lender or as one of the Required Lenders. 9.7 Intentionally Omitted. 9.8 Expenses; Indemnities. (a) Each Lender agrees to reimburse Agent and each of its Related Persons (to the extent not reimbursed by any Credit Party) promptly upon demand for such Lender's pro rata share with respect to the Loan of any costs and expenses (including fees, charges and disbursements of financial, legal and other advisors and taxes paid in the name of, or on behalf of, any Credit Party) that may be incurred by Agent or any of its Related Persons in connection with the preparation, syndication, execution, delivery, administration, modification, consent, waiver or enforcement (whether through negotiations, through any work-out, bankruptcy, restructuring or other legal or other proceeding or otherwise) of, or legal advice in respect of its rights or responsibilities under, any Loan Document. (b) Each Lender further agrees to indemnify Agent and each of its Related Persons (to the extent not reimbursed by any Credit Party), from and against such Lender's aggregate pro rata share with respect to the Loan of the costs, expenses, claims and liabilities (including taxes, interests and penalties imposed for not properly withholding or backup withholding on payments made to on or for the account of any Lender) that may be imposed on, incurred by or asserted against Agent or any of its Related Persons in any matter relating to or arising out of, in connection with or as a result of any Loan Document, or any other act, event or transaction related, contemplated in or attendant to any such document, or, in each case, any action taken or omitted to be taken by Agent or any of its Related Persons 51 under or with respect to any of the foregoing; provided, however, that no Lender shall be liable to Agent or any of its Related Persons to the extent such liability has resulted primarily from the gross negligence or willful misconduct of Agent or, as the case may be, such Related Person, as determined by a court of competent jurisdiction in a final non- appealable judgment or order. 9.9 Resignation of Agent. (a) Agent may resign at any time by delivering notice of such resignation to the Lenders and Borrower, effective on the date set forth in such notice or, if not such date is set forth therein, upon the date such notice shall be effective. If Agent delivers any such notice, the Required Lenders shall have the right to appoint a successor Agent. If, within forty-five (45) days after the retiring Agent having given notice of resignation, no successor Agent has been appointed by the Required Lenders that has accepted such appointment, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent from among the Lenders. Each appointment under this clause (a) shall be subject to the prior consent of Borrower, which may not be unreasonably withheld but shall not be required during the continuance of a Default. (b) Effective immediately upon its resignation, (i) the retiring Agent shall be discharged from its duties and obligations under the Loan Documents, (ii) the Lenders shall assume and perform all of the duties of Agent until a successor Agent shall have accepted a valid appointment hereunder, (iii) the retiring Agent and its Related Persons shall no longer have the benefit of any provision of any Loan Document other than with respect to any actions taken or omitted to be taken while such retiring Agent was, or because such Agent had been, validly acting as Agent under the Loan Documents and (iv) subject to its rights under Section 9.3, the retiring Agent shall take such action as may be reasonably necessary to assign to the successor Agent its rights as Agent under the Loan Documents. Effective immediately upon its acceptance of a valid appointment as Agent, a successor Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Agent under the Loan Documents. 9.10 Release of Collateral. Each Lender hereby consents to the release and hereby directs Agent to release (or, in the case of clause (ii) below, release or subordinate) any Lien held by Agent for the benefit of the Lenders against (i) any Collateral that is sold by a Credit Party in an Asset Sale permitted by the Loan Documents (including pursuant to a valid waiver or consent), (ii) any property subject to a Lien permitted hereunder to secure Purchase Money Obligations, and (iii) all of the Collateral and all Credit Parties, upon the Termination Date. Each Lender hereby directs Agent, and Agent hereby agrees, upon receipt of reasonable advance notice from Borrower, to execute and deliver or file such documents and to perform other actions reasonably necessary to release the Liens when and as directed in this Section 9.10. 10. MISCELLANEOUS 10.1 Complete Agreement; Modification of Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;52 (a) This Agreement and the other Loan Documents constitute the complete agreement between the parties with respect to the subject matter hereof and thereof, supersede all prior agreements, commitments, understandings or inducements (oral or written, expressed or implied). Borrower and each other Credit Party executing this Agreement or any other Loan Document shall have all duties and obligations under this Agreement and such other Loan Documents from the date of its execution and delivery, regardless of whether the Loan has been funded at that time. (b) No amendment or waiver of any provision of any Loan Document and no consent to any departure by any Credit Party therefrom shall be effective unless the same shall be in writing and signed (1) in the case of an amendment, consent or waiver to cure any ambiguity, omission, defect or inconsistency or granting a new Lien for the benefit of the Lenders or extending an existing Lien over additional property, by Agent and Borrower and any other Credit Party which is a party to such agreement, (2) in the case of any other waiver or consent, by the Required Lenders (or by Agent with the consent of the Required Lenders) and (3) in the case of any other amendment, by the Required Lenders (or by Agent with the consent of the Required Lenders) and Borrower and any other Credit Party which is a party to such agreement; provided, however, that no amendment, consent or waiver described in clause (2) or (3) above shall, unless in writing and signed by each Lender directly affected thereby (or by Agent with the consent of such Lender), in addition to any other Person the signature of which is otherwise required pursuant to any Loan Document, do any of the following: (i) waive any condition specified in Section 2.1, except any condition referring to any other provision of any Loan Document; (ii) increase the Term Loan Commitment of such Lender or subject such Lender to any additional material obligation; (iii) reduce (including through release, forgiveness, assignment or otherwise) (A) the principal amount of, the interest rate on, or any obligation of Borrower to repay (whether or not on a fixed date), any outstanding Loan owing to such Lender, or (B) any Fee or accrued interest payable to such Lender; provided, however, that this clause (iii) does not apply to any change to any provision increasing any interest rate or Fee during the continuance of a Default or to any payment of any such increase; (iv) waive or postpone any scheduled maturity date or other scheduled date fixed for the payment, in whole or in part, of principal of or interest on any Term Loan or Fee owing to such Lender or for the reduction of such Lender's Term Loan Commitment; provided, however, that this clause (iv) does not apply to any change to Mandatory Prepayments, including those required under Section 1.2, or to the application of any payment, including as set forth in Section 1.8; (v) except as provided in Section 9.10, release any material portion of the Collateral or any Guarantor from its guarantee of any Obligation of Borrower; 53 (vi) reduce or increase the proportion of Lenders required for the Lenders (or any subset thereof) to take any action hereunder or change the definition of the term "Required Lenders"; or (vii) amend Section 10.14 or this Section 10.1; and provided, further, that (x)(A) any waiver of any payment applied pursuant to Section 1.8 to, and any modification of the application of any such payment to the Term Loan shall require the consent of the Required Lenders, and (B) any change to the definition of the term "Required Lenders" shall require the consent of the Required Lenders, (y) no amendment, waiver or consent shall affect the rights or duties under any Loan Document of, or any payment to, Agent (or otherwise modify any provision of Section 9 or the application thereof) unless in writing and signed by Agent in addition to any signature otherwise required and (z) the consent of Borrower shall not be required to change any order of priority set forth in Section 1.8. (c) Anything in this Section 9.2 to the contrary notwithstanding, any amendment, modification, waiver, consent, termination, or release of, or with respect to, any provision of this Agreement or any other Loan Document that relates only to the relationship of the Lenders among themselves, and that does not affect the rights or obligations of Borrower, shall not require consent by or the agreement of Borrower; provided, however, that Agent shall promptly give notice to Borrower of any agreement pursuant to this provision. (d) Each waiver or consent under any Loan Document shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on any Credit Party shall entitle any Credit Party to any notice or demand in the same, similar or other circumstances. No failure on the part of any Lender to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. 10.2 Expenses. Borrower agrees to pay or reimburse Agent (but not any Assignee or Participants) for reasonable and documented out-of-pocket costs and expenses (including the reasonable and documented out-of-pocket fees and expenses of all counsel retained in connection therewith), incurred in connection with: (a) the preparation, negotiation, execution, delivery, performance and enforcement of the Loan Documents and the preservation of any rights thereunder; (b) collection, including deficiency collections; (c) any amendment, waiver or other modification with respect to any Loan Document or advice in connection with the administration of the Loan or the rights thereunder; and (d) any litigation, dispute, suit, proceeding or action (whether instituted by or between any combination of Agent, any Lender, Borrower or any other Person), and an appeal or review thereof, in any way relating to the Collateral, any Loan Document, or any action taken or any other agreements to be executed or delivered in connection therewith, whether as a party, witness or otherwise, provided however, that upon the occurrence and during the continuation of an Event of Default, Borrower agrees to pay or reimburse Agent (but not any Assignee or Participants) for all additional costs and expenses (including the reasonable fees and expenses of all counsel, advisors, consultants and auditors retained in connection therewith), incurred in connection with any effort (i) to monitor the Loan, (ii) to evaluate, observe or assess

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&nbsp;&nbsp;&nbsp;&nbsp;54 Borrower or any other Credit Party or the affairs of such Person, and (iii) to verify, protect, evaluate, assess, appraise, collect, sell, liquidate or otherwise dispose of the Collateral. 10.3 No Waiver. Neither Agent's failure, at any time, to require strict performance by Borrower or any other Credit Party of any provision of any Loan Document, nor Agent's or any Lender's failure to exercise, nor any delay in exercising, any right, power or privilege hereunder, shall operate as a waiver thereof or waive, affect or diminish any right of Agent or any Lender thereafter to demand strict compliance and performance therewith. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or future exercise thereof or the exercise of any other right, power or privilege. Any suspension or waiver of a Default or other provision under the Loan Documents shall not suspend, waive or affect any other Default or other provision under any Loan Document, and shall not be construed as a bar to any right or remedy that Agent or any Lender would otherwise have had on any future occasion. None of the undertakings, indemnities, agreements, warranties, covenants and representations of Borrower or any other Credit Party to Agent or any Lender contained in any Loan Document and no Default by Borrower or any other Credit Party under any Loan Document shall be deemed to have been suspended or waived by Agent or any Lender, unless such waiver or suspension is by an instrument in writing signed by an officer or other authorized employee of Agent or the Lenders, as applicable, and directed to Borrower, specifying such suspension or waiver (and then such waiver shall be effective only to the extent therein expressly set forth), and neither Agent nor any Lender shall, by any act (other than execution of a formal written waiver), delay, omission or otherwise, be deemed to have waived any of its rights or remedies hereunder. 10.4 Severability; Section Titles. Wherever possible, each provision of the Loan Documents shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of any Loan Document shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of such Loan Document. Except as otherwise expressly provided for in the Loan Documents, no termination or cancellation (regardless of cause or procedure) of any financing arrangement under the Loan Documents shall in any way affect or impair the Obligations, duties, covenants, representations and warranties, indemnities, and liabilities of Borrower or any other Credit Party or the rights of Agent or any Lender relating to any unpaid Obligation, (due or not due, liquidated, contingent or unliquidated), or any transaction or event occurring prior to such termination, or any transaction or event, the performance of which is not required until after the Maturity Date, all of which shall not terminate or expire, but rather shall survive such termination or cancellation and shall continue in full force and effect until the Termination Date; provided, that all indemnity obligations of the Credit Parties under the Loan Documents shall survive the Termination Date. The Section titles contained in any Loan Document are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between parties hereto. 10.5 Authorized Signature. Until Agent shall be notified in writing by Borrower or any other Credit Party to the contrary, the signature upon any document or instrument delivered pursuant hereto and believed by Agent or any of Agent's officers, agents, or employees to be that of an officer of Borrower or such other Credit Party shall bind Borrower and such other Credit Party and be deemed to be the act of Borrower or such other Credit Party affixed pursuant to and in accordance with resolutions duly adopted by Borrower's or such other Credit Party's Board of 55 Directors, and Agent shall be entitled to assume the authority of each signature and authority of the Person whose signature it is or appears to be unless the Person acting in reliance thereon shall have actual knowledge to the contrary. 10.6 Notices. Except as otherwise provided herein, whenever any notice, demand, request or other communication shall or may be given to or served upon any party by any other party, or whenever any party desires to give or serve upon any other party any communication with respect to this Agreement or any other Loan Document, each communication shall be in writing and shall be deemed to have been validly served, given or delivered (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the United States Mail, registered or certified mail, return receipt requested, with proper postage prepaid, (b) upon transmission, when sent by telecopy or other similar facsimile transmission (with such telecopy or facsimile promptly confirmed by delivery of a copy by personal delivery or United States Mail as otherwise provided in this Section 10.6), (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid or (d) when hand-delivered, all of which shall be addressed to the party to be notified and sent to the address or facsimile number indicated in Schedule C or to such other address (or facsimile number) as may be substituted by notice given as herein provided. Failure or delay in delivering copies of any such communication to any Person (other than Borrower, any other Credit Party, Agent or any Lender) designated in Schedule C to receive copies shall in no way adversely affect the effectiveness of such communication. 10.7 Counterparts. Any Loan Document may be authenticated in any number of separate counterparts by any one or more of the parties thereto, and all of said counterparts taken together shall constitute one and the same instrument. Any Loan Document may be authenticated by manual signature, facsimile or, if approved in writing by Agent, electronic means, all of which shall be equally valid. 10.8 Time of the Essence. Time is of the essence for performance of the Obligations under the Loan Documents. 10.9 GOVERNING LAW. THE LOAN DOCUMENTS AND THE OBLIGATIONS ARISING UNDER THE LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICTS OF LAWS OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATION LAWS OF NEW YORK. 10.10 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. (a) AGENT, LENDERS, BORROWER AND EACH OTHER CREDIT PARTY EXECUTING THIS AGREEMENT EACH HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN BORROWER AND SUCH CREDIT PARTY AND ANY LENDER PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; PROVIDED, THAT

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&nbsp;&nbsp;&nbsp;&nbsp;56 THE LENDERS, BORROWER AND EACH CREDIT PARTY ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK; AND FURTHER PROVIDED, THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE ANY LENDER FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF SUCH LENDER. AGENT, LENDERS, BORROWER AND EACH OTHER CREDIT PARTY EXECUTING THIS AGREEMENT EACH EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND BORROWER AND SUCH CREDIT PARTY HEREBY WAIVE ANY OBJECTION THAT IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS. AGENT, LENDERS, BORROWER AND EACH OTHER CREDIT PARTY EXECUTING THIS AGREEMENT EACH HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO AGENT, SUCH LENDER, BORROWER OR SUCH CREDIT PARTY AT THE ADDRESS SET FORTH IN SCHEDULE C OF THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF AGENT, SUCH LENDER, BORROWER'S OR SUCH CREDIT PARTY'S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. (b) THE PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN ANY LENDER, BORROWER AND ANY CREDIT PARTY ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THE LOAN DOCUMENTS OR THE TRANSACTIONS RELATED THERETO. 10.11 Press Releases. Neither any Credit Party nor any of its Affiliates will in the future issue any press release or other public disclosure using the name of Energy Impact Credit Fund I LP or its Affiliates without at least two (2) Business Days' prior notice to Agent and without the prior written consent of Agent unless (and only to the extent that) such Credit Party or Affiliate is required to do so under law and then, in any event, such Credit Party or Affiliate will consult with Agent before issuing such press release or other public disclosure; provided that for purposes of this Section 10.11 only, the term "Affiliate" shall refer to any Person that, directly or indirectly, owns or controls, whether beneficially, or as trustee, guardian or other fiduciary, twenty percent (20%) or more of Stock having ordinary voting power for the election of directors of any Credit Party or (ii) each other Person that controls, is controlled by or is under common control with such Credit Party or any Affiliate of such Credit Party. Notwithstanding anything to the contrary in this Section 10.11, any Credit Party may make such public disclosures with respect to the transactions 57 contemplated by the Loan Documents in connection with all regular and periodic reports (including without limitation any Form 8-Ks) and all registration statements and prospectuses, if any, filed by any Credit Party with any securities exchange or with the Securities and Exchange Commission or any governmental or private regulatory authority. The Borrower hereby authorizes Agent to disclose Agent's participation in this Agreement or the other Loan Documents in its marketing, sales materials, printed media, tombstones or web-based material. 10.12 Reinstatement. This Agreement shall continue to be effective, or be reinstated, as the case may be, if at any time payment of all or any part of the Obligations is rescinded or must otherwise be returned or restored by Agent or the Lenders upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of Borrower or any other Credit Party, or otherwise, all as though such payments had not been made. 10.13 USA PATRIOT Act Notice and Customer Verification. Each Lender that is subject to the USA PATRIOT Act and the Agent (for itself and not on behalf of such Lender) hereby notify Borrower that pursuant to the "know your customer" regulations and the requirements of the USA PATRIOT Act, they are required to obtain, verify and record information that identifies each Credit Party, which information includes the name, address and tax identification number (and other identifying information in the event this information is insufficient to complete verification) that will allow such Lender or Agent, as applicable, to verify the identity of each Credit Party. This information must be delivered to such Lender and Agent no later than five days prior to the Closing Date and thereafter promptly upon request. This notice is given in accordance with the requirements of the USA PATRIOT Act and is effective as to the Lenders and the Agent. 10.14 Sharing of Payments, Etc. If any Lender, directly or through an Affiliate or branch office thereof, obtains any payment of any Obligation of any Credit Party (whether voluntary, involuntary or through the exercise of any right of setoff or the receipt of any Collateral or "proceeds" (as defined under the Code) of Collateral) other than pursuant to Section 1.14 and such payment exceeds the amount such Lender would have been entitled to receive if all payments had gone to, and been distributed by, Agent in accordance with the provisions of the Loan Documents, such Lender shall purchase for cash from other Lenders such participations in their Obligations as necessary for such Lender to share such excess payment with such Lenders to ensure such payment is applied as though it had been received by Agent and applied in accordance with this Agreement (or, if such application would then be at the discretion of Borrower, applied to repay the Obligations in accordance herewith); provided, however, that (a) if such payment is rescinded or otherwise recovered from such Lender in whole or in part, such purchase shall be rescinded and the purchase price therefor shall be returned to such Lender without interest and (b) such Lender shall, to the fullest extent permitted by applicable Requirements of Law, be able to exercise all its rights of payment (including the right of setoff) with respect to such participation as fully as if such Lender were the direct creditor of Borrower in the amount of such participation. 10.15 Intentionally Omitted. 10.16 Confidentiality Agreements. With respect to any confidentiality agreements between the Parties, notwithstanding any requirements or obligations of Agent to destroy or return documentation or proprietary information related to Credit Parties, Agent will retain copies of any

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&nbsp;&nbsp;&nbsp;&nbsp;58 such documentation or information necessary to comply with the Investment Company Act of 1940 or other applicable laws. 11. GUARANTEE 11.1 The Guarantee. The Guarantors hereby jointly and severally guarantee, as a primary obligor and not as a surety to Agent and the Lenders and their respective successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest on (including any interest, fees, costs or charges that would accrue but for the provisions of the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code whether or not any such interest, fees, costs or charges are allowed in any proceeding thereunder) the Loan made by the Lenders to, and the Notes held by each Lender of, Borrower, and all other Obligations from time to time owing to Agent and the Lenders by any Credit Party under any Loan Document (such obligations being herein collectively called the "Guaranteed Obligations"). The Guarantors hereby jointly and severally agree that if Borrower or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. 11.2 Obligations Unconditional. The obligations of the Guarantors under Section 11.1 shall constitute a guarantee of payment and to the fullest extent permitted by applicable Requirements of Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of Borrower under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above: (a) at any time or from time to time, without notice to the Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; (b) any of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein shall be done or omitted; (c) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be 59 amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; (d) any Lien or security interest granted to, or in favor of any Lender or Agent as security for any of the Guaranteed Obligations shall fail to be perfected; or (e) the release of any other Guarantor pursuant to Section 11.9. The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that Agent or any Lender exhaust any right, power or remedy or proceed against Borrower under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors waive any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by Agent or any Lender upon this Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guarantee, and all dealings between Borrower and Agent or any Lender shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guarantee. This Guarantee shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by Agent or any Lender, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by Agent or any Lender or any other person at any time of any right or remedy against Borrower or against any other person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. This Guarantee shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall inure to the benefit of Agent and the Lenders, and their respective successors and assigns. 11.3 Reinstatement. The obligations of the Guarantors under this Article XI shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of Borrower or other Credit Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise. 11.4 Subrogation; Subordination. Each Guarantor hereby agrees that until the indefeasible payment and satisfaction in full in cash of all Guaranteed Obligations it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in Section 11.1, whether by subrogation or otherwise, against Borrower or any Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations. Any Indebtedness of any Credit Party permitted pursuant to Section 5.1(d) shall be subordinated to such Credit Party's Obligations in the manner set forth in the intercompany note, if any, evidencing such Indebtedness.

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&nbsp;&nbsp;&nbsp;&nbsp;60 11.5 Remedies. The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of Borrower under this Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in Section 7.2 (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 7.2) for purposes of Section 11.1, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 11.1. 11.6 Instrument for the Payment of Money. Each Guarantor hereby acknowledges that the guarantee in this Article XI constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213. 11.7 Continuing Guarantee. The guarantee in this Article XI is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising. 11.8 General Limitation on Guarantee Obligations. In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 11.1 would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 11.1, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Guarantor, any Credit Party or any other person, be automatically limited and reduced to the highest amount (after giving effect to the right of contribution established in Section 11.10) that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 11.9 Release of Guarantors. If, in compliance with the terms and provisions of the Loan Documents, all or substantially all of the Equity Interests of any Guarantor are sold or otherwise transferred (a "Transferred Guarantor") to a person or persons, none of which is Borrower or a Subsidiary, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be automatically released from its obligations under this Agreement (including under Section 10.2 hereof) and its obligations to pledge and grant any Collateral owned by it pursuant to any Loan Document and the pledge of such Equity Interests to Agent pursuant to the Loan Documents shall be automatically released, and, so long as Borrower shall have provided Agent such certifications or documents as Agent shall reasonably request, Agent shall take such actions as are necessary to effect each release described in this Section 11.9 in accordance with the relevant provisions of the Loan Documents, so long as Borrower shall have provided Agent such certifications or documents as Agent shall reasonably request in order to demonstrate compliance with this Agreement. 11.10 Right of Contribution. Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder 61 which has not paid its proportionate share of such payment. Each Guarantor's right of contribution shall be subject to the terms and conditions of Section 11.4. The provisions of this Section 11.10 shall in no respect limit the obligations and liabilities of any Guarantor to Agent and the Lenders, and each Guarantor shall remain liable to Agent and the Lenders for the full amount guaranteed by such Guarantor hereunder. [Remainder of Page Intentionally Left Blank, Next Page is Signature Page]

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&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT IN WITNESS WHEREOF, this Term Loan, Guarantee and Security Agreement has been duly executed as of the date first written above. VOLTA CHARGING, LLC, as Borrower and Grantor By: Name: Title: VOLTA MEDIA LLC, as Borrower and Grantor By: Name: Title: VOLTA CHARGING SERVICES LLC, as Borrower and Grantor By: Name: Title: VOLTA INDUSTRIES, INC., as Guarantor and Grantor By: Name: Title: SIGNATURE PAGE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT EICF AGENT LLC, as Agent for the Lenders By: Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT ENERGY IMPACT CREDIT FUND I LP, as a Lender By: Name: Title: SIGNATURE PAGE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT CION INVESTMENT CORPORATION, as Co-Lead Arranger and a Lender By: Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 1 SCHEDULE A DEFINITIONS Capitalized terms used in this Agreement and the other Loan Documents shall have (unless otherwise provided elsewhere in this Agreement or in the other Loan Documents) the following respective meanings: "Accounts" means, as at any date of determination, all "accounts" (as such term is defined in the Code) of the Credit Parties, including, without limitation, the unpaid portion of the obligation of a customer of a Credit Party in respect of Inventory purchased by and shipped to such customer and/or the rendition of services by a Credit Party, as stated on the respective invoice of a Credit Party, net of any credits, rebates or offsets owed to such customer. "Act" means the Small Business Investment Act of 1958, as amended and in effect from time to time, and the regulations promulgated thereunder. "Activation Notice" has the meaning set forth in Section 3.26(d). "Affected Lender" has the meaning given to such term in Section 1.14(a). "Affiliate" means, with respect to any Person: (i) each other Person that, directly or indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, ten percent (10%) or more of the Stock having ordinary voting power for the election of directors of such Person or (ii) each other Person that controls, is controlled by or is under common control with such Person or any Affiliate of such Person. For the purpose of this definition, "control" of a Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of its management or policies, whether through the ownership of voting securities, by contract or otherwise. "Agent" means the Person identified as such in the preamble of this Agreement. "Agreement" means this Agreement including all appendices, exhibits or schedules attached or otherwise identified thereto, restatements and modifications and supplements thereto, and any appendices, exhibits or schedules to any of the foregoing, each as effect at the time such reference becomes operative; provided, that except as specifically set forth in this Agreement, any reference to the Disclosure Schedules to this Agreement shall be deemed a reference to the Disclosure Schedules as in effect on the Closing Date or in a written amendment thereto delivered by Borrower to Agent. "Anti-Money Laundering Laws" has the meaning given to such term in Section 3.22. "Anti-Money Laundering Measures" has the meaning given to such term in Section 3.22. "Anti-Terrorism Laws" has the meaning given to such term in Section 3.22. SCHEDULE A - 2 "Approved Fund" means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. "Asset Sale" shall mean (a) any conveyance, sale, lease, sublease, assignment, transfer or other disposition (including by way of merger, amalgamation or consolidation and including any sale and leaseback transaction) of any property by any Credit Party, excluding sales of inventory and dispositions of cash and Cash Equivalents in the ordinary course of business in an aggregate outstanding amount not to exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate over the term of this Agreement, and (b) any issuance or sale of any Equity Interests of any Credit Party, in each case, to any Person other than (i) Borrower, (ii) any Guarantor or (iii) other than for purposes of Section 5.4, any other Subsidiary. "Assignee" has the meaning given to such term in Section 8(a). "Assignment Agreement" has the meaning given to such term in Section 8(a). "Attributable Indebtedness" shall mean, when used with respect to any sale and leaseback transaction, as at the time of determination, the present value (discounted at a rate equivalent to the applicable Borrower's then-current weighted average cost of funds for borrowed money as at the time of determination, compounded on a semi-annual basis) of the total obligations of the lessee for rental payments during the remaining term of the lease included in any such sale and leaseback transaction. "Average Number of Stations" means, as of any date of determination, the average number of electric charging stations installed and operated by the Borrower during the trailing twelve (12) Fiscal Month period most recently ended. "Average Revenue Per Unit" means, as of any date of determination, the revenue per unit calculated by dividing Total Revenue by the Average Number of Stations. "Board of Directors" means, with respect to any Person, (i) in the case of any corporation or unlimited liability corporation, the board of directors of such Person, (ii) in the case of any limited liability company, the board of managers of such Person, (iii) in the case of any partnership, the board of directors or the board of managers, as applicable, of the general partner of such Person and (iv) in any other case, the functional equivalent of the foregoing. "Books and Records" means all books, records, board minutes, contracts, licenses, insurance policies, environmental audits, business plans, files, computer files, computer discs and other data and software storage and media devices, accounting books and records, financial statements (actual and pro forma), filings with Governmental Authorities and any and all records and instruments relating to the Collateral or each Grantor's business. "Borrower" means the Persons identified as such in the preamble of this Agreement. "Brookfield Master Sale Agreement" means that certain Master Electric Vehicle Charging Station Sale and License Agreement, dated as of November 19, 2018, by and between Volta Charging Services LLC and GGPLP REIT Services, LLC, together with any and all related

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 3 purchase and license addendums, as the same may be amended or modified in accordance with the terms of Section 5.9. "BSA" has the meaning given to such term in Section 3.22. "Business Day" means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in the State of New York. "Business Loan Agreement" means that certain Business Loan Agreement, dated April 27, 2020, by and between Parent and Continental Bank. "Cap Tables" has the meaning ascribed to such term in Section 2.1(r). "Capital Lease" means, with respect to any Person, any lease of any property (whether real, personal or mixed) by such Person as lessee that, in accordance with GAAP, either would be required to be classified and accounted for as a capital lease on a balance sheet of such Person or otherwise would be disclosed as such in a note to such balance sheet, other than, in the case of Borrower, any such lease under which Borrower is the lessor. "Capital Lease Obligation" means, of any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as Capital Leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. "Cash Balance" means, as of any date of determination, the balance of unrestricted cash of Credit Parties on such date that is (x) not subject to any Lien other than a Lien in favor of Agent, and (y) held in Deposit Accounts over which Agent has a first priority perfected Lien by virtue of "control" (as defined in the UCC) of such accounts for its benefit. For the avoidance of doubt, no proceeds of the PPP Loan shall be included in the calculation of Cash Balance. "Cash Equivalents" means (a) any readily-marketable securities (i) issued by, or directly, unconditionally and fully guaranteed or insured by the United States federal government or (ii) issued by any agency of the United States federal government the obligations of which are fully backed by the full faith and credit of the United States federal government, (b) any readily- marketable direct obligations issued by any other agency of the United States federal government, any state of the United States or any political subdivision of any such state or any public instrumentality thereof, in each case having a rating of at least "A-1" from S&P or at least "P-1" from Moody's, (c) any commercial paper rated at least "A-1" by S&P or "P-1" by Moody's and issued by any Person organized under the laws of any state of the United States, (d) any Dollar-denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers' acceptance issued or accepted by (i) any Lender or (ii) any commercial bank that is (A) organized under the laws of the United States, any state thereof or the District of Columbia, (B) "adequately capitalized" (as defined in the regulations of its primary federal banking regulators) and (C) has Tier 1 capital (as defined in such regulations) in excess of $250,000,000 and (e) shares of any United States money market fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in clause (a), (b), (c) or (d) above with maturities as set forth in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has obtained from either SCHEDULE A - 4 S&P or Moody's the highest rating obtainable for money market funds in the United States; provided, however, that the maturities of all obligations specified in any of clauses (a), (b), (c) or (d) above shall not exceed 365 days. "Cash Management System" has the meaning ascribed to such term in Section 3.26(a). "Casualty Event" shall mean any involuntary loss of title or ownership, any involuntary loss of, damage to or any destruction of, or any condemnation or other taking (including by any Governmental Authority) of, any property of a Credit Party. "Casualty Event" shall include but not be limited to any taking of all or any part of any Real Property of any Person or any part thereof, in or by condemnation or other eminent domain proceedings pursuant to any Requirement of Law, or by reason of the temporary requisition of the use or occupancy of all or any part of any Real Property of any Person or any part thereof by any Governmental Authority, civil or military, or any settlement in lieu thereof. "Casualty Event" shall not include any of the foregoing events to the extent the Net Cash Proceeds received by a Credit Party in connection with such event do not exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate over the term of this Agreement. "Change of Control" means any of (a) Parent ceasing to own, directly or indirectly, 100% of the capital stock of each Borrower, (b) a liquidation, dissolution or winding up of any Credit Party, (c) a consolidation, merger, amalgamation, acquisition, sale of all or substantially all of the stock or assets of any Credit Party, exclusive license of all or substantially all of any Credit Party's owned intellectual property rights, a sale of voting control or any other corporate reorganization in which the capital stock of any Credit Party immediately prior to such consolidation, merger, amalgamation or reorganization represents less than 50% of the voting power of the surviving entity (or if the surviving entity is a wholly owned subsidiary, its parent) immediately after such consolidation, merger, amalgamation or reorganization or the entity acquiring such Credit Party's assets or the exclusive license to such Credit Party's owned intellectual property rights; provided, however, a Qualified IPO shall not constitute a Change in Control, or (d) a majority of the members of the board of directors or other equivalent governing body of Parent ceases to be composed of individuals who were members of that board or equivalent governing body on the Closing Date. "Charges" means all Federal, state, county, city, municipal, local, foreign or other governmental taxes (including taxes owed to PBGC at the time due and payable), levies, customs or other duties, assessments, charges, liens, and all additional charges, interest, penalties, expenses, claims or encumbrances upon or relating to (i) the Collateral, (ii) the Obligations, (iii) the employees, payroll, income or gross receipts of any Credit Party, (iv) the ownership or use of any assets by any Credit Party, or (v) any other aspect of any Credit Party's business. "Chief Executive Office" means the chief executive office of any Credit Party as set forth on Disclosure Schedule 3.2 hereto. "Closing Certificate" means that certain closing certificate of Borrower delivered to Agent as of the Closing Date in substantially the form of Exhibit G. "Closing Date" means the Business Day on which the conditions precedent set forth in Section 2 have been satisfied or specifically waived in writing by Agent and the Term Loan has been made.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 5 "Closing Date Term Loan" has the meaning assigned thereto in Section 1.1(a). "Closing Date Term Loan Commitment" means the commitment of each Lender under this Agreement to make or otherwise fund its portion of the Closing Date Term Loan as set forth on Schedule B attached hereto. The aggregate amount of the Closing Date Term Loan Commitments as of the Closing Date is $20,000,000. "Co-Lead Arranger" means the Person identified as such in the preamble of this Agreement. "Code" means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Agent's Lien on any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term "Code" shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions of this Agreement relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions; provided further, that to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall govern. "Collateral" has the meaning assigned to it in Section 6.1. "Collateral Documents" means, collectively, the Pledge Agreements, the Mortgages, the Assignments of Leases and Rents set forth in Schedule D, the Collateral Assignment of Leases set forth on Schedule D, each Control Agreement, and all other U.S. and foreign law security agreements, pledge agreements, patent and trademark security agreements, lease assignments, guarantees and other similar agreements, and all amendments, restatements, modifications or supplements thereof or thereto, by or between any one or more of any Credit Party, any of their respective Subsidiaries or any other Person pledging or granting a Lien on Collateral or guaranteeing the payment and performance of the Obligations, and any Lender or Agent for the benefit of Agent, the Lenders and other Secured Parties now or hereafter delivered to the Lenders or Agent pursuant to or in connection with the transactions contemplated hereby, and all financing statements (or comparable documents now or hereafter filed in accordance with the Code or comparable law) against any such Person as debtor in favor of any Lender or Agent for the benefit of Agent, the Lenders and the other Secured Parties, as secured party, as any of the foregoing may be amended, restated and/or modified from time to time. "Compliance Certificate" means a compliance certificate in the form attached as Exhibit E hereto executed by a Responsible Officer of the Borrower relating to the financial performance of the Credit Parties. "Consolidated After-Tax Operating Cash Flow" shall mean, with respect to any Person for any measuring period of twelve (12) Fiscal Months, (i) Consolidated EBITDA minus (ii) Consolidated Tax Expense minus (iii) capital expenditures incurred. "Consolidated Amortization Expense" shall mean, for any period, the amortization expense of the Credit Parties for such period, determined on a consolidated basis in accordance with GAAP. SCHEDULE A - 6 "Consolidated Depreciation Expense" shall mean, for any period, the depreciation expense of the Credit Parties for mined on a consolidated basis in accordance with GAAP. "Consolidated EBITDA" shall mean, for any period, Consolidated Net Income for such period, adjusted by (x) adding thereto, in each case only to the extent (and in the same proportion) deducted in determining such Consolidated Net Income and without duplication (and with respect to the portion of Consolidated Net Income attributable to any Subsidiary of any Credit Party only if a corresponding amount would be permitted at the date of determination to be distributed to such Credit Party by such Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its Organizational Documents and all agreements, instruments and Requirement of Law applicable to such Subsidiary or its equity holders): (a) Consolidated Interest Expense for such period, (b) Consolidated Amortization Expense for such period, (c) Consolidated Depreciation Expense for such period, (d) Consolidated Tax Expense for such period, (e) expenses incurred in connection with the underwriting, diligence, negotiation and documentation of this Agreement and the other Loan Documents, including without limitation attorney fees and expenses of counsel to the parties to this Agreement and the fees of any diligence providers; (f) the aggregate amount of all other non-cash charges, expenses or losses reducing Consolidated Net Income (including for certainty all unrealized foreign exchange losses but excluding any non-cash charge, expense or loss that results in an accrual of a reserve for cash charges in any future period and any non-cash charge, expense or loss relating to write-offs, write-downs or reserves with respect to accounts or inventory) for such period, and (y) subtracting therefrom the aggregate amount of all non-cash items increasing Consolidated Net Income (including for certainty all unrealized foreign exchange gains but excluding the accrual of revenue or recording of receivables in the ordinary course of business) for such period. "Consolidated Fixed Charges" means, for any period, the sum of (a) Consolidated Interest Expense and (b) the aggregate amount of scheduled principal payments in respect of Indebtedness, determined on a consolidated basis for the Credit Parties and their respective Subsidiaries in conformity with GAAP. "Consolidated Indebtedness" shall mean, as at any date of determination, the aggregate amount of all Indebtedness of the Credit Parties, determined on a consolidated basis in accordance with GAAP.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 7 "Consolidated Interest Expense" shall mean, for any period, the total consolidated interest expense of the Credit Parties for such period determined on a consolidated basis in accordance with GAAP. "Consolidated Net Income" shall mean, for any period, the consolidated net income (or loss) of the Credit Parties determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded from such net income (to the extent otherwise included therein), without duplication: (a) the net income (or loss) of any Person (other than a Subsidiary of any Credit Party) in which any Person other a Credit Party or its Subsidiaries has an ownership interest, except to the extent that cash in an amount equal to any such income has actually been received by such Credit Party or (subject to clause (b) below) any of its Subsidiaries during such period; (b) the net income of any Subsidiary of any Credit Party during such period to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary of that income is not permitted by operation of the terms of its Organizational Documents or any agreement, instrument or Requirement of Law applicable to that Subsidiary during such period, except that such Credit Party's equity in net loss of any such Subsidiary for such period shall be included in determining Consolidated Net Income; (c) any gain (or loss), together with any related provisions for taxes on any such gain (or the tax effect of any such loss), realized during such period by any Credit Party upon any Asset Sale (other than any dispositions in the ordinary course of business) by any Credit Party; (d) gains and losses due solely to fluctuations in currency values and the related tax effects determined in accordance with GAAP for such period; (e) earnings resulting from any reappraisal, revaluation or write-up of assets; (f) unrealized gains and losses with respect to Hedging Obligations for such period; and (g) any extraordinary gain (or extraordinary loss), together with any related provision for taxes on any such gain (or the tax effect of any such loss), recorded or recognized by any Credit Party during such period. "Consolidated Tax Expense" shall mean, for any period, the tax expense of the Credit Parties, for such period, determined on a consolidated basis in accordance with GAAP. "Contingent Obligation" shall mean, as to any person, any obligation, agreement, understanding or arrangement of such person guaranteeing or intended to guarantee any Indebtedness, leases, dividends or other obligations ("primary obligations") of any other person (the "primary obligor") in any manner, whether directly or indirectly, including any obligation of such person, whether or not contingent, (a) to purchase any such primary obligation or any property constituting direct or indirect security therefor; (b) to advance or supply funds (i) for the purchase or payment of any SCHEDULE A - 8 such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor; (c) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation; (d) with respect to bankers' acceptances, letters of credit and similar credit arrangements, until a reimbursement obligation arises (which reimbursement obligation shall constitute Indebtedness); or (e) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof; provided, however, that the term "Contingent Obligation" shall not include endorsements of instruments for deposit or collection in the ordinary course of business or any product warranties. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which such person may be liable, whether singly or jointly, pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such person is required to perform thereunder) as determined by such person in good faith. "Contractual Obligation" means as to any Person, any provision of any security issued by such Person or of any agreement, instrument, or other undertaking to which such Person is a party or by which it or any of its property is bound. "Control Agreement" means a deposit account control agreement among any financial institution at which a Controlled Account is maintained, the Agent and the applicable Credit Party, which shall provide, among other things, that such financial institution executing such agreement has no rights of setoff or recoupment or any other claim against such Controlled Account other than for payment of its service fees and other charges directly related to the administration of such account, shall give the Agent "control" of such Controlled Account as such term is defined in Section 9-104 of the Code and shall be in form and substance reasonably satisfactory to Agent. "Controlled Account" has the meaning assigned to it in Section 3.26(c). "Copyrights" shall mean all of the following now owned or hereafter adopted or acquired by any Person: (i) all copyrights in any original work of authorship fixed in any tangible medium of expression, now known or later developed, all registrations and applications for registration of any such copyrights in the United States or any other country, including registrations, recordings and applications, and supplemental registrations, recordings, and applications in the United States Copyright Office; and (ii) all Proceeds of the foregoing, including license royalties and proceeds of infringement suits, the right to sue for past, present and future infringements, all rights corresponding thereto throughout the world and all renewals and extensions thereof. "Credit Parties" means the Borrower and the Guarantors. "Debt Issuance" shall mean the incurrence by any Credit Party of any Indebtedness after the Closing Date (other than as permitted by Section 5.1). "Default" means any Event of Default or any event that, with the passage of time or notice or both, would, unless cured or waived, become an Event of Default.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 9 "Default Rate" has the meaning assigned to it in Section 1.5(c). "Deferred Interest" has the meaning assigned to it in Section 1.5(d). "Delayed Draw Borrowing Request" means each Delayed Draw Borrowing Request delivered to Agent in substantially the form of Exhibit K pursuant to Section 1.1(b) and executed by a Responsible Officer of the Borrower, which shall include the calculation of the Delayed Draw Term Loan Available Amount and all of the supporting documentation for such calculation, including reports, statements and reconciliations with respect to the Eligible Capital Expenditures (including invoices underlying the purchase, installation and maintenance of electric charging stations with station-level detail), delivered to Agent in form and substance acceptable to Agent. The Delayed Draw Borrowing Request shall separately identify all allocations of capital expenditures made during the previous Fiscal Quarter pursuant to and in respect of the Brookfield Master Sale Agreement and Other Permitted Sales. For the avoidance of doubt, none of such capital expenditures made pursuant to and in respect of the Brookfield Master Sale Agreement and Other Permitted Sales shall constitute Eligible Capital Expenditures. "Delayed Draw Term Loan" has the meaning assigned to it in Section 1.1(b). "Delayed Draw Term Loan Available Amount" means, as of any funding date, an amount equal to (a) 90% of Eligible Capital Expenditures made by the Borrower in the immediately preceding Fiscal Quarter minus (b) Reserves established by Agent at such time; provided that the amount subtracted pursuant to clause (b) of this definition shall be no greater than 25% of Eligible Capital Expenditures made by the Borrower in the immediately preceding Fiscal Quarter; provided, further, that if any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term Loan made prior to such funding date no longer constitute Eligible Capital Expenditures as of such funding date because the applicable electric vehicle charging stations have been sold or financed pursuant to, or are otherwise the subject of, any Permitted Brookfield Sale or any Other Permitted Sale, the amount of such ineligible capital expenditures shall be deducted from the Delayed Draw Term Loan Available Amount as of such funding date unless a Mandatory Prepayment of the Obligations has been made in respect of such ineligible capital expenditures in accordance with the terms of Section 1.2 (e). "Delayed Draw Term Loan Commitment" means the commitment of each Lender under this Agreement to make or otherwise fund its portion of the Delayed Draw Term Loans as set forth on Schedule B hereto. The aggregate amount of the Delayed Draw Term Loan Commitments as of the Closing Date is $24,000,000. "Delayed Draw Term Loan Commitment Expiration Date" means the earliest of (a) the date on which the Delayed Draw Term Loan Commitment is terminated and has been reduced to zero (0), (b) the date on which the entire amount of the Delayed Draw Term Loan Commitment has been borrowed, or (c) the date that is two (2) years after the Closing Date. "Delayed Draw Term Loan Funded Amount" means, with respect to any Lender at any time, the aggregate principal amount of the Delayed Draw Term Loan funded by such Lender. "Delayed Draw Term Note" has the meaning given to such term in Section 1.1(b). SCHEDULE A - 10 "Designated Person" has the meaning assigned to it in Section 3.22(a). "Disqualified Capital Stock" shall mean any Equity Interest which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, (a) matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the first anniversary of the Maturity Date, (b) is convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Equity Interests referred to in (a) above, in each case at any time on or prior to the first anniversary of the Maturity Date, or (c) contains any repurchase obligation which may come into effect prior to payment in full of all Obligations; provided, however, that any Equity Interests that would not constitute Disqualified Capital Stock but for provisions thereof giving holders thereof (or the holders of any security into or for which such Equity Interests is convertible, exchangeable or exercisable) the right to require the issuer thereof to redeem such Equity Interests upon the occurrence of a change in control or an asset sale occurring shall not constitute Disqualified Capital Stock. "Distributions" shall mean, collectively, with respect to each Credit Party, all dividends, cash, options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity), or proceeds, including as a result of a split, revision, reclassification or other like change of the Pledged Securities, from time to time received, receivable or otherwise distributed to such Credit Party in respect of or in exchange for any or all of the Pledged Securities. "Dollars" or "$" means lawful currency of the United States of America. "Eligible Capital Expenditures" means, with respect to the Borrower, as of any date of determination for any Fiscal Quarter, all documented capital expenditures made by the Borrower during such Fiscal Quarter to purchase, install and maintain electric vehicle charging stations located in the United States (including third party labor costs paid in connection therewith) paid for in cash, as set forth in the Delayed Draw Borrowing Request, but not including any such capital expenditures made by the Borrower to purchase, install and maintain electric vehicle charging stations that are sold or financed pursuant to, or are otherwise the subject of, any Permitted Brookfield Sale or any Other Permitted Sale. "Embargoed Person" means any party that (i) is publicly identified on any List, including on the most current list of "Specially Designated Nationals and Blocked Persons" published by the OFAC or resides, is organized or chartered in a country or territory subject to OFAC sanctions or embargo programs or (ii) is publicly identified as prohibited from doing business with the United States under the International Emergency Economic Powers Act, the Trading With the Enemy Act, or any other Requirement of Law. "Environmental Laws" means all applicable Federal, state and local laws, statutes, ordinances and regulations, now or hereafter in effect, and in each case as amended or supplemented from time to time, and any applicable binding judicial or administrative interpretation thereof relating to the regulation and protection of human health as it relates to Hazardous Materials, the

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 11 environment and natural resources (including ambient air, surface water, groundwater, wetlands, land surface or subsurface strata, wildlife, aquatic species and vegetation). "Environmental Liabilities" means all liabilities, obligations, responsibilities, remedial actions, removal costs, losses, damages of whatever nature, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts and consultants and costs of investigation and feasibility studies), fines, penalties, sanctions and interest incurred as a result of any written claim, suit, action or demand of whatever nature by any Person and which relate to any environmental condition regulated under any Environmental Law, environmental permits or in connection with any Release, threatened Release, or the presence of a Hazardous Material. "Equity Interest" shall mean, with respect to any Person, any and all shares, interests, participations or other equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such Person, including, if such Person is a partnership, partnership interests (whether general or limited) and any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, whether outstanding on the date hereof or issued after the Closing Date, but excluding debt securities convertible or exchangeable into such equity. "Equity Issuance" shall mean, without duplication, (i) any issuance or sale by a Credit Party after the Closing Date of any Equity Interests in such Credit Party (including any Equity Interests issued upon exercise of any warrant or option) or any warrants or options to purchase Equity Interests or (ii) any contribution to the capital of a Credit Party; provided, however, that an Equity Issuance shall not include (x) any Preferred Stock Issuance or Debt Issuance, or (y) any such sale or issuance by Borrower of not more than an aggregate amount of five percent (5.0%) of its Equity Interests (including its Equity Interests issued upon exercise of any option, warrant, convertible security or option or warrants or options to purchase its Equity Interests but excluding Disqualified Capital Stock), in each case, to directors, officers or employees of any Credit Party. "ERISA" means the Employee Retirement Income Security Act of 1974 (or any successor legislation thereto), as amended from time to time, and any regulations promulgated thereunder. "ERISA Affiliate" means any trade or business (whether or not incorporated) that, together with any Credit Party, is treated as a single employer under Section 414(b), (c), (m) or (o) of the IRC, or, solely for the purposes of Section 302 of ERISA and Section 412 of the IRC, is treated as a single employer under Section 414 of the IRC. "ERISA Event" shall mean (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the failure with respect to any Plan to meet the minimum funding standards of Section 412 of the Code, whether or not waived, or the failure to make by its due date a required installment under Section 430(j) of the Code; (c) the filing pursuant to Section 412(c) of the IRC or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by any Credit Party or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan pursuant to Section 4041(c) of ERISA; (e) the receipt by any Credit Party or any ERISA Affiliate from (i) a plan administrator of any notice relating to an intention to terminate any Plan pursuant to SCHEDULE A - 12 Section 4041(c) of ERISA, or (ii) from the PBGC to appoint a trustee to administer any Plan; (f) the incurrence by any Credit Party or any ERISA Affiliate of any liability with respect to any withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any Credit Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any Credit Party or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be insolvent within the meaning of Title IV of ERISA. "Event of Default" has the meaning assigned to it in Section 7.1. "Excluded Account" means (a) any deposit account the funds in which are used, in the ordinary course of business, exclusively for the payment of salaries, wages and benefits, workers' compensation taxes and similar taxes, in each case to or for the benefit of employees of the Borrower provided that the aggregate balance in such accounts does not exceed the amount necessary to make the immediately succeeding payroll, payroll tax or benefit payment (or such minimum amount as may be required by any requirement of law with respect to such accounts), as applicable, (b) any deposit account the funds in which consist exclusively of funds held by any Credit Party in trust for any director, officer or employee of any Credit Party or for any employee benefit plan maintained by any Credit Party for the benefit of any of the foregoing, or (c) any deposit account that is a zero-balance disbursement account. "Excluded Taxes" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 1.7, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office; (c) Taxes attributable to such Recipient's failure to comply with Section 8(b); and (d) any withholding Taxes imposed under FATCA. "Executive Orders" has the meaning given to such term in Section 3.22. "FATCA" means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the IRC and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the IRC. "Fee Letter" has the meaning assigned to it in Section 1.6.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 13 "Fees" means any and all fees due to Agent as set forth in Section 1.6. "Financial Statements" means, with respect to any Person, the income statement, balance sheet and statement of cash flows of such Person, prepared for the time period specified and prepared in accordance with GAAP setting forth in each case in comparative form the figures for such time period the previous year. "Fiscal Month" means any of the monthly accounting periods of Borrower. "Fiscal Quarter" means any of the quarterly accounting periods of Borrower. "Fiscal Year" means the twelve (12) month period of Borrower ending December 31 of each year. Subsequent changes of the fiscal year of Borrower shall not change the term "Fiscal Year" unless Agent shall give Borrower prior written consent to such change. "Fixed Charge Coverage Ratio" means, with respect to any Person for any measuring period of twelve (12) Fiscal Months, the ratio of (i) Consolidated After-Tax Operating Cash Flow for such measuring period to (ii) Consolidated Fixed Charges for such measuring period. "Foreign Lender" shall have the meaning ascribed to such term in Section 8(b)(ii). "Foreign Subsidiary" means a Subsidiary that is organized under the laws of a jurisdiction other than the United States or any state thereof or the District of Columbia or Canada or any province or territory thereof. "Fund" means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities. "GAAP" means generally accepted accounting principles in the United States of America as in effect from time to time, consistently applied. "Governmental Authority" means any nation or government, any state or other political subdivision thereof, and any agency, department or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. "Grantor" means Borrower and each Guarantor. "Guaranteed Indebtedness" means, as to any Person, any obligation of such Person guaranteeing any indebtedness, lease, dividend, or other obligation ("primary obligations") of any other Person (the "primary obligor") in any manner, including any obligation or arrangement of such guaranteeing Person (whether or not contingent): (i) to purchase or repurchase any such primary obligation; (ii) to advance or supply funds (a) for the purchase or payment of any such primary obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet condition of the primary obligor; (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation; or (iv) to indemnify the owner of such primary obligation against loss in respect thereof. SCHEDULE A - 14 "Guaranteed Obligations" shall have the meaning ascribed to such term in Section 11.1. "Guarantees" shall mean the guarantees issued pursuant to Article XI by the Guarantors. "Guarantors" means the Parent and the Subsidiary Guarantors. "Hazardous Material" means any substance, material or waste that is regulated as hazardous by or forms the basis of liability now or hereafter under, any Environmental Law, including any material or substance that is (a) defined as a "hazardous waste," "hazardous material," "hazardous substance," "extremely hazardous waste," "restricted hazardous waste," "pollutant," "contaminant," "hazardous constituent," "special waste," "toxic substance" or other similar term or phrase under any Environmental Law, (b) petroleum or any fraction or by-product thereof, asbestos, polychlorinated biphenyls (PCBs), or any radioactive substance. "Hedging Agreement" shall mean any swap, cap, collar, forward purchase or similar agreements or arrangements dealing with interest rates, currency exchange rates or commodity prices, either generally or under specific contingencies. "Hedging Obligations" shall mean obligations under or with respect to Hedging Agreements. "Indebtedness" of any Person shall mean, without duplication, (a) all obligations of such Person for borrowed money or advances; (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments; (c) all obligations of such Person upon which interest charges are customarily paid or accrued; (d) all obligations of such Person under conditional sale or other title retention agreements relating to property purchased by such Person; (e) all obligations of such Person issued or assumed as the deferred purchase price of property or services (excluding trade accounts payable and accrued obligations incurred in the ordinary course of business on normal trade terms and not overdue by more than 90 days); (f) all Indebtedness of others secured by any Lien on property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, but limited to the fair market value of such property; (g) all Capital Lease Obligations, Purchase Money Obligations and synthetic lease obligations of such Person; (h) all Hedging Obligations to the extent required to be reflected on a balance sheet of such Person; (i) all Attributable Indebtedness of such Person; (j) all obligations of such Person for the reimbursement of any obligor in respect of letters of credit, letters of guarantee, bankers' acceptances and similar credit transactions; (k) the principal balance outstanding under any synthetic lease, off-balance sheet loan or similar off-balance sheet financing product; (l) all obligations, whether or not contingent, to purchase, redeem, retire, defease or otherwise acquire for value any of its own Stock or Stock Equivalents (or any Stock or Stock Equivalent of a direct or indirect parent entity thereof) prior to the date that is 180 days after the Stated Maturity Date valued at, in the case of redeemable preferred Stock, the greater of the voluntary liquidation preference and the involuntary liquidation preference of such Stock plus accrued and unpaid dividends; and (m) all Contingent Obligations of such Person in respect of Indebtedness or obligations of others of the kinds referred to in clauses (a) through (l) above. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except (other than in the case of general partner liability) to the extent that terms of such Indebtedness expressly provide that

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 15 such Person is not liable therefor. For the avoidance of doubt, the PPP Loan shall constitute "Indebtedness" for all purposes under this Agreement until such time and to the extent that such PPP Loan is forgiven. "Indemnified Liabilities" and "Indemnified Person" have the respective meanings assigned to them in Section 1.10. "Indemnified Taxes" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Borrower under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. "Intellectual Property" means any and all Licenses, Patents, Copyrights, Trademarks, trade secrets and customer lists. "IRC" and "IRS" mean respectively, the Internal Revenue Code of 1986 and the Internal Revenue Service, and any successors thereto. "Joinder Agreement" means each Joinder Agreement of a new Subsidiary delivered to the Agent after the Closing Date in substantially the form of Exhibit H pursuant to Sections 1.12 and 3.28(b). "Lender" means each of those certain financial institutions set forth on Schedule B attached hereto, and if at any time any Lender shall decide to assign or syndicate all or any of the Obligations, such term shall include such assignee or such other members of the syndicate. "Liabilities" means all claims, actions, suits, judgments, damages, losses, liability, obligations, responsibilities, fines, penalties, sanctions, costs, fees, taxes, commissions, charges, disbursements and expenses, in each case of any kind or nature (including interest accrued thereon or as a result thereto and fees, charges and disbursements of financial, legal and other advisors and consultants), whether joint or several, whether or not indirect, contingent, consequential, actual, punitive, treble or otherwise. "Licenses" shall mean, with respect to each Grantor, all license and distribution agreements with, and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright, whether such Grantor is a licensor or licensee, distributor or distributee under any such license or distribution agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements or violations thereof, (iii) rights to sue for past, present and future infringements or violations thereof and (iv) other rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or any other patent, trademark or copyright. "Lien" means any mortgage, security deed or deed of trust, pledge, hypothecation, assignment, deposit arrangement, lien, charge, claim, security interest, security title, easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any lease or title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to SCHEDULE A - 16 give, any financing statement perfecting a security interest under the Code or comparable law of any jurisdiction). "Lists" has the meaning given to such term in Section 3.22. "Litigation" means any claim, lawsuit, litigation, investigation or proceeding of or before any arbitrator or Governmental Authority. "Loan" has the meaning given to such term in Section 1.1. "Loan Documents" means this Agreement, the Note, the Perfection Certificate, each Mortgage, the Pledge Agreement, the Control Agreements, each Power of Attorney, any waiver or consent of a landlord or mortgagee executed in favor of Agent for the benefit of the Lenders, and all other agreements, instruments, documents and certificates identified in Schedule D executed and delivered to, and in favor of, Agent and including all other agreements, pledges, consents, assignments, contracts and notices whether heretofore, now or hereafter executed by or on behalf of any Credit Party, or any employee of any Credit Party, and delivered to, and in favor of, Agent in connection with the Agreement or the transactions contemplated thereby. Any reference in the Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative. "Mandatory Equity Issuance" has the meaning assigned thereto in Section 4.2(b). "Mandatory Prepayments" has the meaning given to such term in Section 1.2(b). "Margin Stock" has the meaning given to such term in Section 3.8. "Material Adverse Effect" means: a material adverse effect on (a) the business, assets, operations, or financial condition of the Credit Parties taken as a whole, (b) the validity and enforceability of any Loan Document, (c) Borrower's or any other Credit Party's ability to pay or perform the Obligations under the Loan Documents to which such Credit Party is a party in accordance with the terms thereof, (d) the Collateral or Agent's Liens on the Collateral or the priority of any such Lien, or (e) Agent's or any Lender's rights and remedies under this Agreement and the other Loan Documents. "Maturity Date" means, with respect to the Term Loan, the earliest to occur of (i) the date of the termination of the acceleration of the maturity of any Obligations pursuant to Section 7.2 and (ii) the Stated Maturity Date. "Maximum Lawful Rate" has the meaning given to such term in Section 1.5(e). "Mortgage" means any mortgage or deed of trust from the relevant Credit Party in favor of Agent for the benefit of the Lenders relating to such Credit Party's real property owned or leased as of the Closing Date and any other mortgage or deed of trust delivered to the Agent pursuant to Section 3.28.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 17 "Multiemployer Plan" shall mean a multiemployer plan within the meaning of Section 4001(a)(3) or Section 3(37) of ERISA that is subject to Title IV of ERISA (a) to which any Grantor or any ERISA Affiliate is then making or accruing an obligation to make contributions; (b) to which any Grantor or any ERISA Affiliate has within the preceding five plan years made contributions; or (c) with respect to which any Grantor could reasonably be expected to incur liability. "Net Cash Proceeds" shall mean: (a) with respect to any Asset Sale (other than any issuance or sale of Equity Interests), the cash proceeds received by any Credit Party (including cash proceeds subsequently received (as and when received by any Credit Party) in respect of non-cash consideration initially received) net of (i) selling expenses (including reasonable brokers' fees or commissions, legal, accounting and other professional and transactional fees, transfer and similar taxes and Credit Party's good faith estimate of income taxes actually paid or payable in connection with such sale); (ii) amounts provided as a reserve, in accordance with GAAP, against (x) any liabilities under any indemnification obligations associated with such Asset Sale or (y) any other liabilities retained by any Credit Party associated with the properties sold in such Asset Sale (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds); (iii) Credit Party's good faith estimate of payments required to be made with respect to unassumed liabilities relating to the properties sold within ninety (90) days of such Asset Sale (provided that, to the extent such cash proceeds are not used to make payments in respect of such unassumed liabilities within ninety (90) days of such Asset Sale, such cash proceeds shall constitute Net Cash Proceeds); and (iv) the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness for borrowed money which is secured by a Lien on the properties sold in such Asset Sale (so long as such Lien was permitted to encumber such properties under the Loan Documents at the time of such sale) and which is repaid with such proceeds (other than any such Indebtedness assumed by the purchaser of such properties); (b) with respect to any Debt Issuance, any Equity Issuance or any other issuance or sale of Equity Interests by any Credit Party, the cash proceeds thereof, net of customary fees, commissions, costs and other expenses incurred in connection therewith; and (c) with respect to any Casualty Event, the cash insurance proceeds, condemnation awards and other compensation received in respect thereof, net of all reasonable costs and expenses incurred in connection with the collection of such proceeds, awards or other compensation in respect of such Casualty Event. "Non-Funding Lender" has the meaning given to such term in Section 1.13. "Note" means any Term Note or Delayed Draw Term Note. "Note Purchase Agreement" means that certain Convertible Note Purchase Agreement, dated as of March 26, 2020, by and among Parent, as issuer, and each of the purchasers listed on Exhibit A SCHEDULE A - 18 thereto or additional purchasers from time to time party thereto, as may be amended from time to time in accordance with the terms of the Subordination Agreement. "Obligations" means all loans, advances, debts, expense reimbursement, fees, liabilities, and obligations for the performance of covenants, tasks or duties or for payment of monetary amounts (whether or not such performance is then required or contingent, or amounts are liquidated or determinable) owing by Borrower and any other Credit Party to the Lenders arising under any of the Loan Documents, of any kind or nature, present or future, whether or not evidenced by any note, agreement or other instrument, and all covenants and duties regarding such amounts. This term includes all principal, interest, Fees, Charges, expenses, attorneys' fees and any other sum chargeable to Borrower under any of the Loan Documents (including interest accruing at the then applicable rate provided in this Agreement after the maturity of the Loan, and Fees, Charges, costs, expenses and interest accruing at the then applicable rate provided in this Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, whether or not a claim for post-filing or post-petition interest or a claim for such Fees, Charges, costs and expense is allowed in such proceeding), and all principal and interest due in respect of the Loan and all obligations and liabilities of any Guarantor under any Guarantee. "OFAC" has the meaning given to such term in Section 3.22. "OFAC Laws and Regulations" has the meaning given to such term in Section 3.22. "Officers' Certificate" means a certificate executed by the chairman of the Board of Directors (if an officer), the Chief Executive Officer or the president and one of the Responsible Officers, each in his or her official (and not individual) capacity. "Organization Charts" has the meaning ascribed to such term in Section 2.1(s). "Organizational Documents" shall mean, with respect to any Person, (i) in the case of any corporation or unlimited liability corporation, the certificate or articles of incorporation, as applicable, and by-laws (or similar documents) of such Person, (ii) in the case of any limited liability company, the certificate of formation and operating agreement (or similar documents) of such Person, (iii) in the case of any limited partnership, the certificate of formation and limited partnership agreement (or similar documents) of such Person, (iv) in the case of any general partnership, the partnership agreement (or similar document) of such Person and (v) in any other case, the functional equivalent of the foregoing. "Other Lists" has the meaning given to such term in Section 3.22. "Other Connection Taxes" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 19 "Other Permitted Sales" means the sale, transfer, assignment, license or financing of electronic charging stations on terms and conditions substantially similar to those in the Brookfield Master Sale Agreement and reasonably acceptable to Required Lenders. "Other Taxes" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. "Ownership Interests" means, as applied to any Person, corporate stock and any and all securities, shares, partnership interests (whether general, limited, special or other), limited liability company interests, membership interests, equity interests, participations, rights or other equivalents (however designated and of any character) of corporate stock of such Person or any of the foregoing issued by such Person (whether a corporation, a partnership, a limited liability company or another entity) and shall include securities convertible into Ownership Interests and rights, warrants or options to acquire Ownership Interests. "Parent" means the Person identified as such in the preamble of this Agreement. "Participant" has the meaning given to such term in Section 8(a). "Participant Register" has the meaning given to such term in Section 8(a). "Patents" means all of the following in which any Person now holds or hereafter acquires any interest: (i) all letters patent of the United States or any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or any other country, including registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State or Territory thereof, or any other country; and (ii) all reissues, continuations, continuations-in-part or extensions thereof. "Payment Date" means the first day of each calendar month beginning on January 1, 2019. "PBGC" means the Pension Benefit Guaranty Corporation or any successor thereto. "Perfection Certificate" means a certificate in the form of Exhibit A attached to this Agreement or any other form approved by the Agent, as the same shall be supplemented from time to time by a Perfection Certificate Supplement or otherwise. "Perfection Certificate Supplement" means a certificate supplement in the form of Exhibit I attached to this Agreement or any other form approved by the Agent. "Performance Metrics" has the meaning given to such term in Section 4.2(b). "Permit" means, with respect to any Person, any permit, approval, authorization, license, registration, certificate, concession, grant, franchise, variance or permission from, and any other Contractual Obligations with, any Governmental Authority, in each case whether or not having the SCHEDULE A - 20 force of law and applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. "Permitted Liens" means the following encumbrances: (i) Liens for taxes or assessments or other governmental Charges or levies, either not yet due and payable or to the extent that nonpayment thereof is permitted by the terms of Section 3.10; (ii) carriers', warehousemen's, suppliers', mechanics', materialmen's, repairmen's or other similar liens arising in the ordinary course of business and securing indebtedness not yet due and payable or overdue for more than 30 days or being contested in good faith by appropriate proceedings and in either case in an outstanding aggregate amount not in excess of $500,000 at any time; (iii) attachment, judgment or other similar Liens arising in connection with court or arbitration proceedings, provided that the same are discharged, or that execution or enforcement thereof is stayed pending appeal, within thirty (30) days or (in the case of any execution or enforcement pending appeal) such lesser time during which such appeal may be taken; (iv) zoning restrictions, easements, licenses, or other restrictions on the use of real property or other minor irregularities in title (including leasehold title) thereto, so long as the same do not materially impair the use, value, or marketability of such real estate; (v) Purchase Money Liens securing Purchase Money Obligations (or rent) to the extent permitted under Section 5.1; and (vi) Liens in favor of Agent for the benefit of the Lenders securing the Obligations. "Permitted Brookfield Sales" means the sale, transfer, assignment, license or financing of electronic charging stations pursuant to the Brookfield Master Sale Agreement. "Person" means any individual, sole proprietorship, partnership, limited liability partnership, joint venture, trust, unincorporated organization, association, corporation, limited liability company, institution, public benefit corporation, entity or government (whether Federal, state, county, city, municipal or otherwise, including any instrumentality, division, agency, body or department thereof), and shall include such Person's successors and assigns. "Plan" means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the IRC or Section 302 of ERISA, and in respect of which any Credit Party or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA. "Pledge Agreement" means that certain Pledge Agreement, dated as of the Closing Date, among the Credit Parties and the Agent pledging as Collateral for the Obligations any Ownership Interests of Subsidiaries owned by each Credit Party. "Pledged Securities" shall mean, collectively, with respect to each Credit Party, (i) all issued and outstanding Equity Interests of each issuer set forth on Schedule 10(a) to the Perfection Certificate as being owned by such Credit Party and all options, warrants, rights, agreements and additional Equity Interests of whatever class of any such issuer acquired by such Credit Party (including by issuance), together with all rights, privileges, authority and powers of such Credit Party relating to such Equity Interests in each such issuer or under any Organizational Document of each such issuer, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Credit Party in the entries on the books of any financial intermediary pertaining to such Equity Interests, (ii) all Equity Interests of any Subsidiary, which Equity

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 21 Interests are hereafter acquired by such Credit Party (including by issuance) and all options, warrants, rights, agreements and additional Equity Interests of whatever class of any such Subsidiary acquired by such Credit Party (including by issuance), together with all rights, privileges, authority and powers of such Credit Party relating to such Equity Interests or under any Organizational Document of any such Subsidiary, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Credit Party in the entries on the books of any financial intermediary pertaining to such Equity Interests, from time to time acquired by such Credit Party in any manner, and (iii) all Equity Interests issued in respect of the Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of such Equity Interests; provided, however, that Pledged Securities shall not include any Equity Interests which are not required to be pledged pursuant to Section 3.28. "Post-Closing Cap Table" has the meaning ascribed to such term in Section 2.1(r). "Post-Closing Organization Chart" has the meaning ascribed to such term in Section 2.1(s). "Power of Attorney" means each Power of Attorney of the Credit Parties delivered to Agent as of the Closing Date in substantially the form of Exhibit D and any Power of Attorney delivered to the Agent after the Closing Date pursuant to Section 1.12. "PPP Loan" means an unsecured loan in an aggregate principal amount not to exceed $3,193,300.00 incurred by Parent under 15 U.S.C. 636(a)(36) (as added to the Small Business Act by Section 1102 of the PPP Rule) pursuant to the Business Loan Agreement and the Promissory Note. "PPP Rule" means the Coronavirus Aid, Relief, and Economic Security Act and applicable rules and regulations, as amended from time to time. For the avoidance of doubt, references to specific sections of the PPP Rule shall also include applicable rules and regulations, as amended from time to time. "Pre-Closing Cap Table" has the meaning ascribed to such term in Section 2.1(r). "Pre-Closing Organization Chart" has the meaning ascribed to such term in Section 2.1(s). "Preferred Stock" shall mean, with respect to any Person, any and all preferred or preference Equity Interests (however designated) of such Person whether now outstanding or issued after the Closing Date. "Preferred Stock Issuance" shall mean the issuance or sale by any Credit Party of any Preferred Stock after the Closing Date. "Prepayment" has the meaning given to such term in Section 1.2(b). "Proceeds" means "proceeds," as such term is defined in the Code and, in any event, shall include: (i) any and all proceeds of any insurance, indemnity, warranty or guarantee payable to any Grantor from time to time with respect to any Collateral; (ii) any and all payments (in any form whatsoever) made or due and payable to any Grantor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of any Collateral by any governmental body, SCHEDULE A - 22 authority, bureau or agency (or any Person acting under color of governmental authority); (iii) any recoveries by any Grantor against third parties with respect to any litigation or dispute concerning any Collateral, including claims arising out of the loss or nonconformity of, interference with the use of, defects in, or infringement of rights in, or damage to, Collateral; and (iv) any and all other amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or other disposition of Collateral (excluding amounts and rights to payment arising from the rental of any of the Collateral to customers of the Borrower or any of its Subsidiaries or distributors) and all rights arising out of Collateral. "Promissory Note" mean that certain Promissory Note, dated as of April 27, 2020, issued by Parent in favor of Continental Bank in an aggregate amount equal to $3,193,300.00. "Property" means any interest in any kind of property or asset, whether real, personal or mixed, and whether tangible or intangible. "Purchase Money Lien" means any Lien upon any fixed assets that secure the Purchase Money Obligations related thereto but only if such Lien shall at all times be confined solely to the asset the purchase price of which was financed or refinanced through the incurrence of the Purchase Money Obligations secured by such Lien (and the proceeds thereof) and only if such Lien secures only such Purchase Money Obligations. "Purchase Money Obligations" means for any Person the obligations of such Person in respect of Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing all or any part of the purchase price of any property (including Equity Interests of any Person) or the cost of installation, construction or improvement of any property and any refinancing thereof; provided, however, that (i) such Indebtedness is incurred within one year after such acquisition, installation, construction or improvement of such property by such Person and (ii) the amount of such Indebtedness does not exceed 100% of the cost of such acquisition, installation, construction or improvement, as the case may be. "Qualified Capital Stock" means of any Person any Equity Interests of such Person that are not Disqualified Capital Stock. "Qualified IPO" means the initial firm commitment underwritten offering of any Credit Party's common stock or common Equity Interests pursuant to (a) in the case of any such offering in the United States of America, a registration statement under the Securities Act of 1933 filed with and declared effective by the Securities and Exchange Commission or (b) in the case of any offering under the laws of any jurisdiction outside the United States of America, the applicable laws and/or regulations of such other jurisdiction. "Real Property" shall mean, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property owned, leased or operated by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof. "Recipient" means Agent and any Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 23 "Register" has the meaning given to such term in Section 8(a). "Related Persons" means, with respect to any Person, each Affiliate of such Person and each director, officer, employee, agent, trustee, representative, attorney, accountant and each insurance, environmental, legal, financial and other advisor and other consultants and agents of or to such Person or any of its Affiliates. "Release" means as to any Person, any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Materials in the indoor or outdoor environment by such Person, including the movement of Hazardous Materials through or in the air, soil, surface water, ground water or property. "Required Lenders" means, at any time, Lenders having at such time in excess of fifty percent (50%) of the sum of the aggregate Commitments (or, if such Commitments are terminated, the amount outstanding under the Term Loan) then in effect; provided that at any time that there are two (2) or more Lenders, the Required Lenders shall consist of not fewer than two (2) Lenders that are not Affiliates of one another. "Requirement of Law" means as to any Person, the Certificate or Articles of Incorporation and By-Laws or other Organizational Documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case, binding upon such Person or any of its property or to which such Person or any of its property is subject. "Reserves" means the reserves established by Agent from time to time against the Delayed Draw Term Loan Availability or availability of credit under this Agreement that Agent may establish from time to time in the good faith exercise of its reasonable credit judgment. Without limiting the generality of the foregoing, Agent may establish Reserves to ensure the payment of accrued interest expenses or Indebtedness. "Responsible Officer" means, with respect to any Person (other than an individual), any officer at the level of vice president or higher of, but in any event, with respect to financial matters, the chief financial officer, chief accounting officer, treasurer or controller of such Person. "Restricted Locations" has the meaning ascribed to such term in Section 3.21(c). "Restricted Payment" means: (a) the declaration or payment of any dividend or the incurrence of any liability to make any other payment or distribution of cash or other property or assets on or in respect of Borrower's or any other Credit Party's Stock, (b) any payment or distribution made in respect of any subordinated Indebtedness of Borrower or any other Credit Party in violation of any subordination or other agreement made in favor of Agent for the benefit of the Lenders, (c) any payment on account of the purchase, redemption, defeasance or other retirement of Borrower's or any other Credit Party's Stock or Indebtedness or any other payment or distribution made in respect of any thereof, either directly or indirectly; other than (i) that arising under this Agreement or (ii) interest and principal, when due without acceleration or modification of the amortization as in effect on the Closing Date, under Indebtedness (not including subordinated Indebtedness, payments of which shall be permitted only in accordance with the terms of the relevant subordination agreement made in favor of Agent for the benefit of the Lenders) permitted under Sections 5.1, or (d) any payment, loan, contribution, or other transfer of funds or other property to SCHEDULE A - 24 any holder of Stock of such Person which is not expressly and specifically permitted in this Agreement; provided that any payment by a Borrower to another Credit Party, Agent or any Lender shall not constitute a Restricted Payment. "SBA" means the United States Small Business Administration and any successor thereto. "SBA Forms" means, collectively, SBA forms 480, 652 and 1031. "SBA Side Letter" means a Small Business Investment Company side letter among the Borrower and the SBICs (as amended, restated, supplemented, or otherwise modified from time to time accordance with its terms) in form and substance reasonably satisfactory to Agent and the Borrower. "SBIC" means Agent or certain of its Affiliates that is a Federal licensee under the Act. "SDN List" has the meaning given to such term in Section 3.22. "Secretarial Certificate" means each Secretarial Certificate of the Credit Parties delivered to Agent as of the Closing Date in substantially the form of Exhibit C and any Secretarial Certificate delivered to the Agent after the Closing Date pursuant to Section 1.12. "Solvent" means, with respect to any Person on a particular date, that on such date (a) the assets of such Person, at a fair valuation, exceed its liabilities, including contingent liabilities, (b) the remaining capital of such Person is not unreasonably small to conduct its business and (c) such Person will not have incurred debts, and does not have the present intent to incur debts, beyond its ability to pay such debts as they mature. For purposes of this definition, "debt" means any liability on a claim, and "claim" means any (i) right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured, or (ii) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured. In computing the amount of contingent liabilities of any Person on any date, such liabilities shall be computed at the amount that, in the judgment of the Agent in light of all facts and circumstances existing at such time, represents the amount of such liabilities that reasonably can be expected to become actual or matured liabilities. "Stated Maturity Date" means June 19, 2024. "Stock" means all certificated and uncertificated shares, options, warrants, membership interests, general or limited partnership interests, participation or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common stock, preferred stock, beneficial interests in a trust or any other "equity security" (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934) or other equity interests in any Person. "Stock Equivalents" means all securities convertible into or exchangeable for Stock or any other Stock Equivalent and all warrants, options or other rights to purchase, subscribe for or otherwise

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 25 acquire any Stock or any other Stock Equivalent, whether or not presently convertible, exchangeable or exercisable. "Subordination Agreement" means that certain Subordination and Intercreditor Agreement, dated as of March 26, 2020, by and among each of the parties thereto as Subordinated Creditors, the Credit Parties and Agent, as may be amended from time to time. "Subsidiary" means, with respect to any Person, (i) any corporation of which an aggregate of more than fifty percent (50%) of the outstanding Stock having ordinary voting power to elect a majority of the Board of Directors of such corporation (irrespective of whether, at the time, Stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, owned legally or beneficially by such Person and/or one or more Subsidiaries of such Person, or with respect to which any such Person has the right to vote or designate the vote of more than fifty percent (50%) of such Stock whether by proxy, agreement, operation of law or otherwise, and (ii) any partnership or limited liability company in which such Person or one or more Subsidiaries of such Person has an equity interest (whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%) or of which any such Person is a general partner or manager or may exercise the powers of a general partner or manager. If "Subsidiary" or "Subsidiaries" is used in this Agreement or any other of the Loan Documents without reference to being the Subsidiary of any specific Credit Party or other Person, then that reference to "Subsidiary" or "Subsidiaries" shall be deemed to refer to any Subsidiary or the Subsidiaries of Borrower. "Subsidiary Guarantor" means each direct or indirect Subsidiary of the Borrower as of the Closing Date and each other direct or indirect Subsidiary that becomes a party to this Agreement pursuant to Section 1.12. "Substitute Lender" has the meaning given to such term in Section 1.14(a). "Taxes" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. "Term Loan" has the meaning given to such term in Section 1.1(b). "Term Loan Commitments" means, collectively, the Closing Date Term Loan Commitments and, the Delayed Draw Term Loan Commitments and the Third Amendment Term Loan Commitment. "Term Note" has the meaning given to such term in Section 1.1(a). "Term Sheet Deposit" means an amount equal to $75,000 paid by Borrower to Agent in connection with that certain Proposal Letter, dated April 12, 2019, from the Agent to Borrower. "Termination Date" means the date on which all Obligations under this Agreement are paid in full, in cash (other than contingent obligations not yet due and payable), and Borrower shall have SCHEDULE A - 26 no further right to borrow any moneys or obtain other credit extensions or financial accommodations from the Lenders under this Agreement. "Third Amendment" means that certain Third Amendment to Loan Agreement dated as of November 25, 2020, among Borrower, Parent, the Lenders signatory thereto and Agent. "Third Amendment Effective Date" means November 25, 2020. "Third Amendment Term Loan" has the meaning assigned thereto in Section 1.1(c). "Third Amendment Term Loan Commitment" means the commitment of each Lender under this Agreement, to make or otherwise fund the Third Amendment Term Loans as set forth on Schedule B attached hereto. The aggregate amount of the Third Amendment Term Loans as of the Third Amendment Effective Date is $5,000,000. "Title IV Plan" means a pension plan subject to Title IV of ERISA, other than a Multiemployer Plan, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise. "Total Revenue" means, as of any date of determination, the total revenue of the Borrower for the trailing twelve (12) Fiscal Month period most recently ended (as determined in accordance with GAAP). "Trademarks" means all of the following now owned or hereafter adopted or acquired by any Person: (i) all trademarks, trade names, corporate names, business names, trade styles, service marks, logos, other source or business identifiers, prints and labels on which any of the foregoing have appeared or appear, designs and general intangibles of like nature (whether registered or unregistered) all registrations and recordings thereof, and all applications in connection therewith, including all registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State or Territory thereof, or any other country or any political subdivision thereof: (ii) all reissues, extensions or renewals thereof; and (iii) all goodwill associated with or symbolized by any of the foregoing. "Transactions" means, collectively, the transactions to occur on or prior to the Closing Date pursuant to this Agreement, including (a) the execution, delivery and performance of the Loan Documents and the initial borrowings hereunder; and (b) the payment of all fees and expenses to be paid on or prior to the Closing Date and owing in connection with the foregoing. "Transferred Guarantor" has the meaning given to such term in Section 11.9. "USA PATRIOT Act" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56). "U.S. Borrower" means a Borrower that is a U.S. Person. "U.S. Person" means any Person that is a "United States person" as defined in Section 7701(a)(30) of the IRC.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 27 "U.S. Publicly-Traded Entity" has the meaning given to such term in Section 3.22. "U.S. Tax Compliance Certificate" shall have the meaning ascribed to such term in Section 8(b)(ii)(C). "Volta Charging" means the Person identified as such in the preamble of this Agreement. "Volta Media" means the Person identified as such in the preamble of this Agreement. "Volta Services" means the Person identified as such in the preamble of this Agreement. "Voluntary Prepayment" has the meaning given to such term in Section 1.2(b). "Voting Stock" means, with respect to any Person, any class or classes of Equity Interests pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the Board of Directors of such Person. "Wholly Owned Subsidiary" means, as to any Person, (a) any corporation 100% of whose capital stock (other than directors' qualifying shares) is at the time owned by such Person and/or one or more Wholly Owned Subsidiaries of such Person and (b) any partnership, association, joint venture, limited liability company or other entity in which such Person and/or one or more Wholly Owned Subsidiaries of such Person have a 100% equity interest at such time. "Withdrawal Liability" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. "Withholding Agent" means Borrower and Agent. Any accounting term used in this Agreement or the other Loan Documents shall have, unless otherwise specifically provided therein, the meaning customarily given such term in accordance with GAAP, and all financial computations thereunder shall be computed, unless otherwise specifically provided therein, in accordance with GAAP consistently applied; provided, that all financial covenants and calculations in the Loan Documents shall be made in accordance with GAAP as in effect on the Closing Date unless Borrower and Agent shall otherwise specifically agree in writing. That certain items or computations are explicitly modified by the phrase "in accordance with GAAP" shall in no way be construed to limit the foregoing. All other capitalized terms contained in this Agreement or the other Loan Documents, but not defined herein or therein, shall, unless the context indicates otherwise, have the meanings provided for by the Code. The words "herein," "hereof" and "hereunder" or other words of similar import refer to this Agreement as a whole, including the exhibits and schedules thereto, as the same may from time to time be amended, modified or supplemented, and not to any particular section, subsection or clause contained in this Agreement. For purposes of this Agreement and the other Loan Documents, the following additional rules of construction shall apply, unless specifically indicated to the contrary: (a) wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and the plural; (b) the term "or" is not exclusive; (c) the term "including" (or any form SCHEDULE A - 28 thereof) shall not be limiting or exclusive; (d) all references to statutes and related regulations shall include any amendments of same and any successor statutes and regulations; and (e) all references to any instruments or agreements, including references to any of the Loan Documents, shall include any and all modifications or amendments thereto and any and all extensions or renewals thereof. [Remainder of Page Intentionally Blank]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH AMENDMENT TO LOAN AGREEMENT This FOURTH AMENDMENT TO LOAN AGREEMENT (this "Amendment") is made as of August 24, 2021, by and among VOLTA CHARGING, LLC, a Delaware limited liability company ("Volta Charging"), VOLTA MEDIA LLC, a Delaware limited liability company ("Volta Media") and VOLTA CHARGING SERVICES LLC, a Delaware limited liability company ("Volta Services" and collectively with Volta Charging and Volta Media, "Borrower"), VOLTA INDUSTRIES, INC., a Delaware corporation ("Parent"), the Lenders signatory hereto, EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the "Agent") and CION INVESTMENT CORPORATION ("CION"), as co-lead arranger. W I T N E S S E T H: WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time party thereto (the "Lenders") and the Agent are parties to that certain Term Loan, Guarantee and Security Agreement dated as of June 19, 2019 (as amended, modified, extended, restated, replaced, and/or supplemented from time to time, the "Loan Agreement"); and WHEREAS, the Credit Parties have requested that the Agent and Lenders amend certain provisions of the Loan Agreement, and, subject to the satisfaction of the conditions set forth herein, the Agent and the Lenders signatory hereto are willing to do so, on the terms set forth herein; NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. Defined Terms. All terms used but not otherwise defined herein have the meanings assigned to them in the Loan Agreement. 2. Amendments to Loan Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Loan Agreement (including Schedules A and B thereto) is hereby amended as of the date hereof by incorporating the changes shown on the marked copy of the Loan Agreement attached hereto as Exhibit A (it being understood that language which appears "struck out" has been deleted and language which appears as "double-underlined" has been added). 3. Conditions to Effectiveness. This Amendment shall not become effective until the date upon which: a. the Agent has received counterparts of this Amendment executed and delivered by the parties hereto; b. the representations and warranties contained in Section 4 hereof shall be true and correct in all respects; c. the Borrower shall have paid the legal fees and expenses of Chapman and Cutler LLP, Agent's counsel, incurred in connection with the preparation, negotiation, 2 execution and delivery of this Amendment and other post-closing services rendered in connection with the Loan Agreement prior to the date hereof. 4. Representations and Warranties. The Credit Parties represent and warrant to Agent and each Lender that, after giving effect to this Amendment: a. the execution, delivery and performance by each Credit Party of this Amendment has been duly authorized by all necessary action, and do not and will not: i. contravene the terms of any of its Organization Documents; ii. conflict with or result in any material breach or contravention of, or result in the creation of any Lien under, any document evidencing any material Contractual Obligation to which it is a party or any order, injunction, writ or decree of any Governmental Authority to which it or its Property is subject; or iii. violate any material Requirement of Law in any material respect. b. it has the power and authority to execute, deliver and perform its obligations under this Amendment and the Loan Agreement, as amended hereby; c. this Amendment constitutes the legal, valid and binding obligation of each Credit Party enforceable against such Credit Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability; d. the representations and warranties contained in Section 3 of the Loan Agreement are true and correct in all material respects (without duplication of any Material Adverse Effect or other materiality qualifier therein) on and as of the date hereof as if such representations and warranties had been made on and as of the date hereof (except to the extent that any such representations and warranties specifically relate to an earlier date which shall be true and correct as of such specific date)); and e. no Default or Event of Default has occurred and is continuing on and as of the date hereof. 5. Loan Document. This Amendment is designated a Loan Document by Agent. 6. Full Force and Effect. Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Loan Agreement or any of the other Loan Documents. Except as expressly amended hereby, the Loan Agreement shall continue unmodified and in full force and effect in accordance with the provisions thereof on the date hereof. This Amendment shall be limited precisely as drafted and shall not imply an obligation on the Agent or any Lender to consent to any matter on any future occasion. As used in the Loan Agreement, the terms "Agreement," "this Agreement," "this Loan Agreement," "herein," "hereafter," "hereto,"

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&nbsp;&nbsp;&nbsp;&nbsp;3 "hereof" and words of similar import shall mean, unless the context otherwise requires, the Loan Agreement as amended by this Amendment. 7. CHOICE OF LAW. THIS AMENDMENT SHALL IN ALL RESPECTS BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 8. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to be as effective as an original signature page delivered manually. 9. Headings. The headings of this Amendment are for the purposes of reference only and shall not affect the construction of this Amendment. 10. Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that none of the Credit Parties may assign or transfer any of its rights or obligations under this Amendment without the prior written consent of the Agent. 11. Severability. The illegality or unenforceability of any provision of this Amendment or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement required hereunder. 12. Reaffirmation. Each Credit Party as debtor, grantor, pledgor, guarantor, assignor, or in other any other similar capacity in which such Credit Party grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party (after giving effect hereto) and (ii) to the extent such credit party granted liens on or security interests in any of its property pursuant to any such Loan Document as security for or otherwise guaranteed the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such guarantee and grant of security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations as amended hereby. Each Credit Party hereby consents to this Amendment and acknowledges that each of the Loan Documents remains in full force and effect and is hereby ratified and reaffirmed. The execution of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or Lenders, constitute a waiver of any provision of any of the Loan Documents or serve to effect a novation of the Obligations. 4 13. Release of Claims. In consideration of the Lenders' and the Agent's agreements contained in this Amendment, each Credit Party hereby irrevocably releases and forever discharge the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors, officers, employees, agents, consultants and attorneys (each, a "Released Person") of and from any and all claims, suits, actions, investigations, proceedings or demands, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown, which such Credit Party ever had or now has against Agent, any Lender or any other Released Person which relates, directly or indirectly, to any acts or omissions of Agent, any Lender or any other Released Person relating to the Loan Agreement or any other Loan Document on or prior to the date hereof. [The remainder of this page is intentionally blank.]

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&nbsp;&nbsp;&nbsp;&nbsp;Signature Page to Fourth Amendment to Loan Agreement IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written. BORROWER: VOLTA CHARGING, LLC, a Delaware limited liability company By: __________________________________ Name: Title: VOLTA MEDIA LLC, a Delaware limited liability company By: __________________________________ Name: Title: VOLTA CHARGING SERVICES LLC, a Delaware limited liability company By: __________________________________ Name: Title: GUARANTORS: VOLTA INDUSTRIES, INC., a Delaware corporation By: __________________________________ Name: Title: Signature Page to Fourth Amendment to Loan Agreement AGENT: EICF AGENT LLC By: __________________________________ Name: Title: LENDERS: ENERGY IMPACT CREDIT FUND I LP By: Energy Impact Credit Fund I GP LC, its general partner By: __________________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;Signature Page to Fourth Amendment to Loan Agreement CION INVESTMENT CORPORATION By: __________________________________ Name: Title: A-1 EXHIBIT A MARKED CREDIT AGREEMENT (See attached)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONFORMED COPY – NOT EXECUTED IN THIS FORM Incorporating that certain First Amendment to Loan Agreement, dated aas of March 26, 2020; Second Amendment to Loan Agreement, dated as of May 4, 2020; and Third Amendment to Loan Agreement, dated as of November 25, 2020; and Fourth Amendment to Loan Agreement, dated as of August 24, 2021. TERM LOAN, GUARANTEE AND SECURITY AGREEMENT DATED AS OF JUNE 19, 2019 AMONG EICF AGENT LLC, AS AGENT FOR THE LENDERS SIGNATORY HERETO, VOLTA CHARGING, LLC, VOLTA MEDIA LLC AND VOLTA CHARGING SERVICES LLC, AS BORROWER AND THE OTHER CREDIT PARTIES SIGNATORY HERETO CHAPMAN AND CUTLER LLP 1270 Avenue of the Americas, 30th Floor New York, New York 10020 **TABLE OF CONTENTS** PAGE INDEX – PAGE i 1. AMOUNT AND TERMS OF CREDIT ..........................................................................1 1.1 Term Loan. ......................................................................................................................1 1.2 Term and Prepayment. .....................................................................................................3 1.3 Use of Proceeds. ..............................................................................................................5 1.4 Single Loan. .....................................................................................................................5 1.5 Interest .............................................................................................................................5 1.6 Fees. .................................................................................................................................6 1.7 Receipt of Payments; Taxes. ...........................................................................................7 1.8 Application and Allocation of Payments. ........................................................................7 1.9 Accounting.......................................................................................................................8 1.10 Indemnity. ........................................................................................................................8 1.11 Intentionally Omitted. ......................................................................................................8 1.12 Joinder of New Subsidiaries as a Credit Party, Etc. ........................................................8 1.13 Non-Funding Lenders. .....................................................................................................9 1.14 Substitution of Lenders. ...................................................................................................9 2. CONDITIONS PRECEDENT .......................................................................................10 2.1 Conditions to the Loan. .................................................................................................10 3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE COVENANTS ....14 3.1 Corporate Existence; Compliance with Law. ................................................................14 3.2 Executive Offices; Corporate or Other Names. .............................................................15 3.3 Corporate Power; Authorization; Enforceable Obligations...........................................15 3.4 Financial Statements; Books and Records. ....................................................................15 3.5 Material Adverse Change. .............................................................................................16 3.6 Collection of Accounts. .................................................................................................16 3.7 Subsidiaries ....................................................................................................................16 3.8 Government Regulation; Margin Regulations ...............................................................16 3.9 Taxes; Charges. .............................................................................................................16 3.10 Payment of Obligations. ................................................................................................17 3.11 ERISA. ...........................................................................................................................17 3.12 Litigation. ......................................................................................................................18 3.13 Intellectual Property. .....................................................................................................18 3.3 Full Disclosure. ..............................................................................................................19 3.15 Environmental Liabilities. .............................................................................................19 3.16 Insurance. .......................................................................................................................20 3.17 Solvency. .......................................................................................................................21 3.18 Other Financings............................................................................................................21 3.19 Conduct of Business ......................................................................................................22 3.20 Further Assurances. .......................................................................................................22 3.21 Collateral/Maintenance of Property...............................................................................22 3.22 Anti-Terrorism and Anti-Money Laundering Compliance. ..........................................23 3.23 Maintenance of Corporate Existence. ............................................................................24 3.24 Compliance with Laws, Etc. ..........................................................................................24 3.25 Landlord Agreement. .....................................................................................................25 3.26 Deposit Accounts; Cash Collateral Accounts. ...............................................................25 3.27 Assets of Parent. ............................................................................................................25

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**TABLE OF CONTENTS** PAGE INDEX – PAGE ii 3.28 After-acquired Property; Additional Collateral. ............................................................26 3.29 Equity Interests and Subsidiaries ...................................................................................27 3.30 Security Documents. ......................................................................................................28 3.31 Intentionally Omitted. ....................................................................................................28 3.32 Government Contracts. ..................................................................................................28 3.33 Customer and Trade Relations. .....................................................................................28 3.34 Bonding; Licenses. ........................................................................................................28 3.35 Affiliate Transactions. ...................................................................................................28 3.36 Post-Closing Matters .....................................................................................................28 3.37 Investment Company Act. .............................................................................................28 3.38 Notice of Change in Investment Company Status .........................................................28 3.39 Notice of Change in Ownership. ...................................................................................29 3.40 Notice of Change in Organization Chart. ......................................................................29 4. FINANCIAL MATTERS; REPORTS ..........................................................................29 4.1 Reports, Notices, and Related Rights. ...........................................................................29 4.2 Financial Covenants. .....................................................................................................31 4.3 Other Reports and Information. .....................................................................................32 5. NEGATIVE COVENANTS ...........................................................................................32 5.1 Indebtedness ..................................................................................................................33 5.2 Liens ..............................................................................................................................33 5.3 Investments; Fundamental Changes. .............................................................................33 5.4 Asset Sales. ....................................................................................................................33 5.5 Restricted Payments. .....................................................................................................34 5.6 Changes in Nature of Business. .....................................................................................34 5.7 Transactions with Affiliates. ..........................................................................................34 5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments.34 5.9 Modification of Certain Documents. .............................................................................34 5.10 Accounting Changes; Fiscal Year. ................................................................................35 5.11 Changes to Name, Locations, Etc. .................................................................................35 5.12 Bank Accounts ...............................................................................................................35 5.13 Margin Regulations. ......................................................................................................35 5.14 Compliance with ERISA. ..............................................................................................35 5.15 Hazardous Materials. .....................................................................................................35 5.16 Parent .............................................................................................................................35 5.17 Use of Proceeds. ............................................................................................................35 5.18 Compliance with Anti-Terrorism Laws. ........................................................................36 5.19 Sale-Leasebacks. ............................................................................................................36 5.20 Leases ............................................................................................................................36 5.21 Compensation. ...............................................................................................................37 6. SECURITY INTEREST ................................................................................................37 6.1 Grant of Security Interest. .............................................................................................37 6.2 Intentionally Omitted. ....................................................................................................39 6.3 Agent's Appointment as Attorney-in-fact. ....................................................................39 6.4 Grant of License to Use Intellectual Property Collateral. .............................................40 6.5 Commercial Tort Claims. ..............................................................................................40 **TABLE OF CONTENTS** PAGE INDEX – PAGE iii 6.6 Duties of Agent. .............................................................................................................40 7. EVENTS OF DEFAULT: RIGHTS AND REMEDIES .............................................41 7.1 Events of Default. ..........................................................................................................41 7.2 Remedies. ......................................................................................................................43 7.3 Waivers by Credit Parties ..............................................................................................45 7.4 Proceeds. ........................................................................................................................45 8. SUCCESSORS AND ASSIGNS ....................................................................................45 9. AGENT ............................................................................................................................49 9.1 Appointment and Duties. ...............................................................................................49 9.2 Binding Effect................................................................................................................50 9.3 Use of Discretion. ..........................................................................................................50 9.4 Delegation of Rights and Duties ....................................................................................50 9.5 Reliance and Liability. ...................................................................................................50 9.6 Agent Individually. ........................................................................................................52 9.7 Intentionally Omitted. ....................................................................................................52 9.8 Expenses; Indemnities. ..................................................................................................52 9.9 Resignation of Agent. ....................................................................................................53 9.10 Release of Collateral. .....................................................................................................53 10. MISCELLANEOUS .......................................................................................................53 10.1 Complete Agreement; Modification of Agreement. ......................................................53 10.2 Expenses. .......................................................................................................................55 10.3 No Waiver. .....................................................................................................................56 10.4 Severability; Section Titles ............................................................................................56 10.5 Authorized Signature. ....................................................................................................56 10.6 Notices ...........................................................................................................................57 10.7 Counterparts...................................................................................................................57 10.8 Time of the Essence. ......................................................................................................57 10.9 GOVERNING LAW. ....................................................................................................57 10.10 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.............................57 10.11 Press Releases. ...............................................................................................................58 10.12 Reinstatement. ...............................................................................................................59 10.13 USA PATRIOT Act Notice and Customer Verification. ..............................................59 10.14 Sharing of Payments, Etc...............................................................................................59 10.15 Intentionally Omitted. ....................................................................................................60 10.16 Confidentiality Agreements. ..........................................................................................60 11. GUARANTEE .................................................................................................................60 11.1 The Guarantee. ...............................................................................................................60 11.2 Obligations Unconditional. ............................................................................................60 11.3 Reinstatement. ...............................................................................................................61 11.4 Subrogation; Subordination. ..........................................................................................62 11.5 Remedies. ......................................................................................................................62 11.6 Instrument for the Payment of Money. ..........................................................................62 11.7 Continuing Guarantee. ...................................................................................................62 11.8 General Limitation on Guarantee Obligations. ..............................................................62 11.9 Release of Guarantors. ...................................................................................................62

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**TABLE OF CONTENTS** PAGE INDEX – PAGE iv 11.10 Right of Contribution.....................................................................................................63 INDEX – PAGE i INDEX OF EXHIBITS AND SCHEDULES Schedule A - Definitions Schedule B - Schedule of Term Loan Commitments Schedule C - Agent's, Lenders' and Credit Parties' Addresses for Notices Schedule D - Closing Checklist Schedule E - Restricted Locations Schedule F - Post-Closing Matters Disclosure Schedule (3.2) - Places of Business; Corporate Names Disclosure Schedule (3.7) - Subsidiaries Disclosure Schedule (3.9) - Taxes Disclosure Schedule (3.11) - ERISA Disclosure Schedule (3.12) - Litigation Disclosure Schedule (3.13) - Intellectual Property Disclosure Schedule (3.15) - Environmental Matters Disclosure Schedule (3.16) - Insurance Disclosure Schedule (3.18) - Existing Indebtedness Disclosure Schedule (3.26) - Controlled Accounts Disclosure Schedule (3.27) - Assets of Parent Disclosure Schedule (3.32) - Government Contracts Disclosure Schedule (3.34) - Bonding; Licensing Disclosure Schedule (3.35) - Affiliate Transactions Disclosure Schedule (5.3) - Investments Disclosure Schedule (5.21) - Employee Compensation Disclosure Schedule (6.1) - Actions to Perfect Liens Exhibit A - Form of Perfection Certificate Exhibit B - Form of Term Note Exhibit C - Form of Secretarial Certificate Exhibit D - Form of Power of Attorney Exhibit E - Form of Compliance Certificate Exhibit F - [Reserved] Exhibit G - Form of Closing Certificate Exhibit H - Form of Joinder Agreement Exhibit I - Form of Perfection Certificate Supplement Exhibit J - Form of Assignment Agreement Exhibit K - Form of Delayed Draw Borrowing Request

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&nbsp;&nbsp;&nbsp;&nbsp;1 TERM LOAN, GUARANTEE AND SECURITY AGREEMENT This TERM LOAN, GUARANTEE AND SECURITY AGREEMENT is dated as of June 19, 2019, and agreed to by and among VOLTA CHARGING, LLC, a Delaware limited liability company ("Volta Charging"), VOLTA MEDIA LLC, a Delaware limited liability company ("Volta Media") and VOLTA CHARGING SERVICES LLC, a Delaware limited liability company ("Volta Services" and collectively with Volta Charging and Volta Media, "Borrower"), VOLTA INDUSTRIES, INC., a Delaware corporation ("Parent"), the other Credit Parties from time to time party hereto, CION Investment Corporation, as co-lead arranger (in such capacity, "Co-Lead Arranger") and EICF AGENT LLC, a Delaware limited liability company, as lead arranger, administrative agent and collateral agent (in such capacity, "Agent") for the lenders set forth on Schedule B attached hereto and party hereto (each herein referred to as a "Lender" and collectively, the "Lenders"). RECITALS A. The Credit Parties desire that Borrower obtain the Term Loans described herein from the Lenders and the Lenders are willing to provide the Term Loans all in accordance with and subject to the terms and conditions of this Agreement. B. Capitalized terms used herein shall have the meanings assigned to them in Schedule A and, for purposes of this Agreement and the other Loan Documents, the rules of construction set forth in Schedule A shall govern. All schedules, attachments, addenda and exhibits hereto, or expressly identified to this Agreement, are incorporated herein by reference, and taken together with this Agreement, constitute but a single agreement. AGREEMENT NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, the parties hereto agree as follows: 1. AMOUNT AND TERMS OF CREDIT 1.1 Term Loan. (a) Closing Date Term Loan. Each Lender agrees severally, but not jointly, upon the terms and subject to the conditions of this Agreement, to make to the Borrower an advance (each, a "Closing Date Term Loan"; collectively, the "Closing Date Term Loans") on the Closing Date in the principal amount not to exceed such Lender's Closing Date Term Loan Commitment. Each Lender's Closing Date Term Loan Commitment, and the Closing Date Term Loans made by a Lender shall be evidenced by a promissory note (each a "Term Note") duly executed and delivered by the Borrower on or prior to the Closing Date in the form attached hereto as Exhibit B-1, and be repayable in accordance with the terms of such Term Note and this Agreement. (b) Delayed Draw Term Loans. Subject to the satisfaction of the conditions in Section 1.1(b) and this Agreement, upon not less than fifteen (15) Business Days after delivery by Borrower to Agent of a Delayed Draw Borrowing Request by no later than 3:00 PM New York City time on such day, each Lender, severally, agrees to lend to Borrower, in one or more advances (each such advance, a "Delayed Draw Term Loan" and collectively, the "Delayed Draw Term Loans", and together 2 with any Closing Date Term Loans and any Third Amendment Term Loans, each, a "Term Loan", and collectively, the "Term Loans" or the "Loan") in a principal amount not to exceed the Delayed Draw Term Loan Available Amount and the Delayed Draw Term Loan Commitment of such Lender; provided, however, that the aggregate Delayed Draw Term Loan Funded Amount of all Lenders shall in no event exceed the aggregate Delayed Draw Term Loan Commitments. The Lenders shall make no more than one Delayed Draw Term Loan in any Fiscal Quarter commencing with the Fiscal Quarter ending on September 30, 2019. No Delayed Draw Term Loan shall be made until after receipt by Agent of the Delayed Draw Borrowing Request which contains the calculation of the Delayed Draw Term Loan Available Amount. Any Delayed Draw Term Loan shall be in a minimum amount of One Million Dollars ($1,000,000) and multiples of One Hundred Thousand Dollars ($100,000) in excess thereof. No Lender shall have any obligation to make a Delayed Draw Term Loan to Borrower if, both before and after giving effect to the Delayed Draw Term Loan, (A) any Default or Event of Default exists and is continuing or would result therefrom, (B) the aggregate Delayed Draw Term Loan Funded Amount of all Lenders would exceed the aggregate Delayed Draw Term Loan Commitments, (C) the Delayed Draw Term Loan Funded Amount of any Lender would exceed such Lender's Delayed Draw Term Loan Commitment, (D) the Cash Balance on the funding date is less than $6,000,000 or (E) the Borrower is not in compliance with the covenants set forth in Section 4.2 (including the Performance Metrics, to the extent measured at such time) on a pro forma basis. The Delayed Draw Borrowing Request shall be irrevocable and binding on Borrower and shall obligate Borrower to accept the Delayed Draw Term Loans requested from the Lenders on the proposed funding date. Each Lender's Delayed Draw Term Loan shall be evidenced by a promissory note (each, a "Delayed Draw Term Note") duly executed and delivered by the Borrower prior to the funding of such Delayed Draw Term Loan in the form attached hereto as Exhibit B-2 and be repayable in accordance with the terms of such Delayed Draw Term Note and this Agreement. The Delayed Draw Term Loan Commitment shall reduce to zero automatically on the Delayed Draw Term Loan Commitment Expiration Date and no Delayed Draw Term Loan shall be made on or after the Delayed Draw Term Loan Commitment Expiration Date. (c) Third Amendment Term Loans. Each Lender agrees severally, but not jointly, upon the terms and subject to the conditions of this Agreement, to make to the Borrower an advance (each, a "Third Amendment Term Loan"; collectively, the "Third Amendment Term Loans") on the Third Amendment Effective Date in the principal amount not to exceed such Lender's Third Amendment Term Loan Commitment. Each Lender's Third Amendment Term Loan Commitment, and the Third Amendment Term Loans made by a Lender shall be evidenced by a Term Note duly executed and delivered by the Borrower on or prior to the Third Amendment Effective Date, and be repayable in accordance with the terms of such Term Note and this Agreement. (c) Principal Repayments of the Term Loans. (i) Commencing with the July 1, 2021 Payment Date, Borrower shall make principal payments on the Term Loans to the Agent for the pro rata benefit of the Lenders in monthly installments equal to 2.7777% (such percentage being equal to 100% divided by 36 monthly installments until the Maturity Date) of the aggregate principal amount of the Term Loans (as in effect immediately prior to the making of the first such payment on

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&nbsp;&nbsp;&nbsp;&nbsp;3 July 1, 2021), payable on each Payment Date from July 1, 2021 until and including the Maturity Date. (ii) Notwithstanding the foregoing, in the event the Mandatory Equity Issuance fails to be completed on a timely basis in accordance with Section 4.2(b), commencing with the Payment Date occurring immediately after such failure, Borrower shall make principal payments on the Term Loans to the Agent for the pro rata benefit of the Lenders in monthly installments equal to (i) with respect to any Payment Date that occurs on or prior to the date that is twenty-four (24) months following the Closing Date, 2.7777% of the aggregate principal amount of the Term Loans outstanding at such time, and (ii) with respect to any Payment Date that occurs after the date that is twenty-four (24) months after the Closing Date, 4.1666% of the aggregate principal amount of the Term Loans outstanding at such time. (iii) Subject to Section 1.2, all amounts owed hereunder with respect to the Term Loans shall be paid in full no later than the Maturity Date. Amounts repaid or prepaid on any of the Term Loans may not be reborrowed. 1.2 Term and Prepayment. (a) Upon the Maturity Date of the Loan, Borrower shall pay to Agent for the pro rata benefit of the Lenders (i) all outstanding principal and accrued but unpaid interest on the Loan and (ii) all other Obligations relating to the Loan then due to or incurred by Agent or the Lenders. (b) On any Payment Date, Borrower shall have the right upon five (5) calendar days' prior written notice to Agent, to make a voluntary prepayment (a "Voluntary Prepayment") of the Term Loans then outstanding in whole or in part. If the Borrower elects to prepay the Term Loans in whole or in part pursuant to this Section 1.2(b) or otherwise, or if the Term Loans are mandatorily prepaid in whole or in part pursuant to Sections 1.2(c) through 1.2(g) (each, a "Mandatory Prepayment" and together with any Voluntary Prepayment, the "Prepayments"), the Borrower shall pay to the Agent for the benefit of the Lenders a prepayment fee of (i) five percent (5%) of the principal Loan amount being prepaid on the date of such Prepayment if such date is on or prior to the date that is twelve (12) months following the Closing Date, (ii) four percent (4%) of the principal Loan amount being prepaid on the date of such Prepayment if such date occurs after the date that is twelve (12) months after the Closing Date and on or prior to the date that is twenty-four (24) months following the Closing Date, (iii) three percent (3%) of the principal Loan amount being prepaid on the date of such Prepayment if such date occurs after the date that is twenty-four (24) months after the Closing Date and on or prior to the date that is thirty (30) months following the Closing Date, (iv) one percent (1%) of the principal Loan amount being prepaid on the date of such Prepayment if such date occurs after the date that is thirty (30) months after the Closing Date and on or prior to the date that is forty-two (42) months following the Closing Date, or (v) zero percent (0%) of the principal Loan amount being prepaid on the date of such Prepayment if such date is later than the date that is forty-two (42) months following the Closing Date. Each Lender shall 4 have the right in its sole discretion to decline any Mandatory Prepayment in accordance with Section 1.2(h) below. (c) Asset Sales or Casualty Events. Not later than five (5) Business Days following the receipt of any Net Cash Proceeds of any Asset Sale (other than the Permitted Brookfield Sales or Other Permitted Sales) or any Casualty Event by any Credit Party or its Subsidiaries, Credit Parties shall make Mandatory Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount equal to such Net Cash Proceeds; provided, that such Net Cash Proceeds shall not be required to be so applied on such date to the extent that (x) no Default or Event of Default has occurred and is continuing or would result therefrom and (y) Credit Parties shall have delivered an Officers' Certificate to the Agent on or prior to such date stating that such Net Cash Proceeds are expected to be reinvested in fixed or capital assets within six (6) months following the date of such Asset Sale or Casualty Event (which Officers' Certificate shall set forth the estimates of the proceeds to be so expended); provided, that if all or any portion of such Net Cash Proceeds is not so reinvested within such six-month period, such unused portion shall be applied on the last day of such period as a Mandatory Prepayment as provided in this Section 1.2(c); provided, further, that if the property subject to such Asset Sale or such Casualty Event constituted Collateral, then all property purchased with the Net Cash Proceeds thereof pursuant to this subsection shall be subject to the Lien created pursuant to this Agreement in favor of the Agent for the benefit of the Lenders in accordance with Sections 3.20 and 3.28. Nothing contained in this Section 1.2(c) shall permit any Credit Party or any of its Subsidiaries to effect any Asset Sale other than in accordance with Section 5.4. (d) Debt Issuance. Not later than one (1) Business Day following the receipt of any Net Cash Proceeds of any Debt Issuance by Borrower or any of its Subsidiaries (other than a Debt Issuance that is permitted under Section 5.1), Borrower shall make Mandatory Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount equal to 100% of such Net Cash Proceeds. The provisions of this Section 1.2(d) shall not be an implied consent to any such issuance otherwise prohibited by the terms of this Agreement. (e) Repayments in Connection with Permitted Sales. If at the end of any Fiscal Quarter any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term Loan made in the Fiscal Quarter immediately preceding such Fiscal Quarter no longer constitute Eligible Capital Expenditures because the applicable electric vehicle charging stations have been sold or financed pursuant to, or are otherwise the subject of, any Permitted Brookfield Sale or any Other Permitted Sale, the Borrower shall, within three (3) Business Days after the end of such Fiscal Quarter, make a Mandatory Prepayment of the Obligations in an amount equal to the amount of such ineligible capital expenditures that formed the basis of such Delayed Draw Term Loan unless such ineligible capital expenditures have been netted out of the Delayed Draw Term Loan Available Amount in accordance with clause (y) of the definition thereof in respect of any Delayed Draw Term Loan made, if any, during such Fiscal Quarter.

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&nbsp;&nbsp;&nbsp;&nbsp;5 (f) Qualified IPO or Change of Control. Simultaneously with the occurrence of a Qualified IPO or a Change of Control, Borrower shall make Mandatory Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount equal to the amount of all Obligations then outstanding. (g) Intentionally Omitted. 1.3 Use of Proceeds. Borrower shall only use the proceeds of the Loan (i) to purchase, install, operate and maintain the Borrower's electric vehicle charging stations in the United States (other than any electric vehicle charging stations to be sold, transferred, licensed or financed pursuant to the Brookfield Master Sale Agreement or pursuant to agreements governing Other Permitted Sales), (ii) for other general corporate purposes and (iii) to pay any fees or expenses associated with transactions contemplated under this Agreement and the other Loan Documents. 1.4 Single Loan. The Loan and all of the other Obligations shall constitute one general obligation of Borrower secured by all of the Collateral. 1.5 Interest. (a) Borrower shall pay interest to Agent for the pro rata benefit of the Lenders on the outstanding balance of the Loan at a fixed rate equal to twelve percent (12.0%) per annum. All computations of interest on the Loan shall be made by Agent on the basis of a three hundred and sixty (360) day year, in each case for the actual number of days occurring in the period for which such interest is payable. In no event will Agent charge interest at a rate that exceeds the highest rate of interest permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. (b) Interest shall be payable on the balance of the Loan (i) quarterly in arrears and shall be due on the first Business Day of each Fiscal Quarter, (ii) on the Maturity Date of the Loan, and (iii) if any interest accrues or remains payable after the Maturity Date of the Loan, upon demand by Agent. (c) Effective automatically upon the occurrence of any Event of Default arising under Section 7.1(a), 7.1(h) or 7.1(i), or in the case of any other Event of Default upon written notice from Agent to Borrower, and in each case for so long as any such Event of Default shall be continuing, the interest rate applicable to the Loan shall be increased by three percentage points (3.0%) per annum (such increased rate, the "Default Rate"), and all outstanding Obligations, including accrued but unpaid interest (to the extent permitted under applicable law), shall continue to accrue interest from the date of such Event of Default until the earlier of (x) the date on which such Obligations are paid in full and (y) the date on which such Event of Default ceases to be continuing, at the Default Rate applicable to such Obligations. (d) On the earlier to occur of (i) the Maturity Date, or (ii) the date that Borrower prepays in whole or in part any of the Loans, Borrower shall pay to Agent for the pro rata benefit of the Lenders additional deferred interest equal to eleven percent (11%) of the principal Loan amount being prepaid on the such date (such amount, the "Deferred Interest"); provided, however, that Borrower shall not be obligated to pay the Deferred 6 Interest on such principal Loan amount being prepaid as long as the Fixed Charge Coverage Ratio for the most recently ended Fiscal Quarter is greater than 1.0 to 1.0 after giving effect to the proposed prepayment of such principal Loan amount, the Prepayment Amount payable on such principal amount, and the Deferred Interest payable on such principal Loan amount (as if such prepayment had been made during the measuring period); provided, further, that notwithstanding the foregoing proviso, the Borrower shall pay to the Agent for the pro rata benefit of the Lenders, Deferred Interest of one percent (1%) of the principal Loan amount being prepaid on the date of any Prepayment if such date occurs after the date that is twenty-four (24) months after the Closing Date and on or prior to the date that is thirty (30) months following the Closing Date. Such Deferred Interest shall be deemed fully earned by Agent and the Lenders as of the Closing Date and non-refundable. (e) If any payment to the Agent or any Lender under this Agreement becomes due and payable on a day other than a Business Day, such Payment Date shall be extended to the next succeeding Business Day and interest thereon shall be payable at the then applicable rate during such extension. (f) Notwithstanding anything to the contrary set forth in this Section 1.5, if a court of competent jurisdiction determines in a final order that the rate of interest payable hereunder exceeds the highest rate of interest permissible under law (the "Maximum Lawful Rate"), then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable hereunder shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, Borrower shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by Agent for the pro rata benefit of the Lenders is equal to the total interest that would have been received had the interest rate payable hereunder been (but for the operation of this paragraph) the interest rate payable since the Closing Date as otherwise provided in this Agreement. In no event shall the total interest received by Agent for the pro rata benefit of the Lenders pursuant to the terms hereof exceed the amount that Agent could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. 1.6 Fees. Borrower agrees to pay to Agent for the pro rata benefit of the Lenders: (a) the fees set forth in (i) that certain Fee Letter, dated as of the Closing Date, by and among Agent and the Borrower and (ii) that certain CION Fee Letter, dated as of the Third Amendment Effective Date, by and among Agent and the Borrower (collectively, the "Fee Letter"); and (b) all reasonable and documented out-of-pocket fees, costs and expenses of closing due and owing and presented as of the Closing Date, including those relating to (i) Agent's due diligence review and evaluation of the transaction, (ii) the preparation, negotiation, execution and delivery of the Loan Documents, (iii) the closing of the Transactions, (iv) all appraisal, audit, environmental, title work, travel (including, without limitation, travel expenses incurred by Co-Lead Arranger), inspection, surveys, filing, search and registration fees, (v) any loan, escrow, recording and transfer fees and taxes (as applicable),

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&nbsp;&nbsp;&nbsp;&nbsp;7 and (vi) Agent's and Co-Lead Arranger's reasonable and documented out-of-pocket counsel fees and expenses relating to any of the foregoing (it being acknowledged that Co-Lead Arranger's counsel fees shall not exceed $10,000 in the aggregate); provided that Agent agrees to apply the Term Sheet Deposit to any amounts payable by Borrower pursuant to Section 1.6(b). 1.7 Receipt of Payments; Taxes. Borrower shall make each payment under this Agreement (not otherwise made pursuant to Section 1.8) without set-off, counterclaim or deduction and free and clear of all Taxes not later than 3:00 PM New York City time on the day when due in lawful money of the United States of America in immediately available funds to an account specified by the Agent in writing, except as required by applicable law. If a Withholding Agent shall be required by applicable law to deduct any Taxes from any payment to any Recipient under any Loan Document, then the applicable Withholding Agent shall be entitled to make such deduction and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by Borrower shall be increased so that, after making all required deductions (including such deductions applicable to additional sums payable under this Section 1.7), the applicable Recipient receives an amount equal to that which it would have received had no such deductions been made. Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of Agent timely reimburse it for the payment of, any Other Taxes. As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to this Section 1.7, Borrower shall deliver to Agent a certified copy of a receipt issued by such Governmental Authority evidencing such payment or a copy of the return reporting such payment. 1.8 Application and Allocation of Payments. Borrower irrevocably agrees that Agent shall have the continuing and exclusive right to apply any and all payments against the then due and payable Obligations; provided, unless the Required Lenders determine otherwise, all payments against the Obligations shall be applied (a) first, to payment of costs and expenses, including attorneys' fees, of Agent payable or reimbursable by Credit Parties under the Loan Documents; (b) second, to payment of all accrued unpaid interest on the Obligations; (c) third, to payment of principal on all remaining installments of the Loans in inverse order of maturity; (d) fourth, to payment of any other amounts owing constituting Obligations; and (e) fifth, any remainder shall be for the account of and paid to whoever may be lawfully entitled thereto. Each of Lenders or other Persons entitled to payment shall receive an amount equal to its pro rata share of amounts available to be applied pursuant to clauses second, third, fourth or fifth above. 1.9 Accounting. Each Lender is authorized to record on its books and records the date and amount of the Loan and each payment of principal thereof and such recordation shall constitute prima facie evidence of the accuracy of the information so recorded. 1.10 Indemnity. Borrower and each other Credit Party executing this Agreement jointly and severally agree to indemnify and hold each Recipient and their Affiliates, and their respective employees, attorneys and agents (each, an "Indemnified Person"), harmless from and against any and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses of any kind or nature whatsoever (including reasonable and documented out-of-pocket attorneys' fees and disbursements and other costs of investigation or defense, including those incurred upon any appeal) that may be instituted or asserted against or incurred by any such Indemnified Person as 8 the result of credit having been extended, suspended or terminated under this Agreement and the other Loan Documents or with respect to the execution, delivery, enforcement, performance and administration of, or in any other way arising out of or relating to, this Agreement and the other Loan Documents or any other documents or transactions contemplated by or referred to herein or therein and any actions or failures to act with respect to any of the foregoing, including any and all product liabilities, Environmental Liabilities, Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under Section 1.7 or Section 1.10) and reasonable legal costs and expenses arising out of or incurred in connection with disputes between or among any parties to any of the Loan Documents (collectively, "Indemnified Liabilities"), except to the extent that any such Indemnified Liability is finally determined by a non-appealable court order by a court of competent jurisdiction to have resulted solely from such Indemnified Person's gross negligence or willful misconduct or arises solely out of disputes between and among the Agent and the Lenders. NO INDEMNIFIED PERSON SHALL BE RESPONSIBLE OR LIABLE TO ANY CREDIT PARTY, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY BENEFICIARY OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR ANY ACT OR FAILURE TO ACT UNDER ANY POWER OF ATTORNEY OR FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES THAT MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR AS A RESULT OF ANY OTHER TRANSACTION CONTEMPLATED HEREUNDER OR THEREUNDER. 1.11 Intentionally Omitted. 1.12 Joinder of New Subsidiaries as a Credit Party, Etc. As soon as possible (and in any event within twenty (20) days) after the formation of any new Subsidiary of a Credit Party and in any event prior to the transfer of any material assets to such new Subsidiary or simultaneously with the consummation of acquisition of any new Subsidiary of a Credit Party, Borrower shall take such actions as required by Section 3.28 and cause such new Subsidiary to become a Guarantor and a Grantor under this Agreement by having the following documents delivered to the Lenders: (i) a Secretarial Certificate, a Power of Attorney and a Joinder Agreement in the forms of Exhibits C, D and H attached hereto, respectively, duly completed, executed and delivered by such new Subsidiary, (ii) agreements and documents with respect to such new Subsidiary of the types described under the defined term Collateral Documents, (iii) an opinion of counsel to such new Subsidiary, in form, substance and scope comparable to the legal opinion of Grantor's counsel delivered to Agent and Lenders on the Closing Date and (iv) an updated Disclosure Schedule (3.7). 1.13 Non-Funding Lenders. Unless Agent shall have received notice from any Lender prior to the date such Lender is required to make any payment hereunder with respect to the Loan that such Lender will not make such payment (or any portion thereof) available to Agent, Agent may assume that such Lender has made such payment available to Agent on the date such payment is required to be made in accordance with this Section 1 and Agent may, in reliance upon such assumption, make available to Borrower on such date a corresponding amount. Borrower agrees to repay to Agent on demand such amount (until repaid by such Lender) with interest thereon for each day from the date such amount is made available to Borrower until the date such amount is repaid to Agent, at the interest rate applicable to the Obligation that would have been created when Agent made available such amount to Borrower had such Lender made a corresponding payment

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&nbsp;&nbsp;&nbsp;&nbsp;9 available; provided, however, that such payment shall not relieve such Lender of any obligation it may have to Borrower. In addition, any Lender that shall not have made available to Agent any portion of any payment described above (any such Lender, a "Non-Funding Lender") agrees to pay such amount to Agent on demand together with interest thereon, for each day from the date such amount is made available to Borrower until the date such amount is repaid to Agent, at the interest rate applicable at the time to the Term Loan. Such repayment shall then constitute the funding of the corresponding Loan (including any Loan deemed to have been made hereunder with such payment) or participation. The existence of any Non-Funding Lender shall not relieve any other Lender of its obligations under any Loan Document, but no other Lender shall be responsible for the failure of any Non-Funding Lender to make any payment required under any Loan Document. (b) Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender shall not have any voting or consent rights under or with respect to any Loan Document or constitute a "Lender" (or be, or have its Term Loans and Commitments, included in the determination of "Required Lenders" or "Lenders directly affected" pursuant to Section 10.1(b)) for any voting or consent rights under or with respect to any Loan Document, provided that (A) the Commitment of a Non-Funding Lender may not be increased, extended or reinstated, (B) the principal of a Non-Funding Lender's Loans may not be reduced or forgiven, and (C) the interest rate applicable to Obligations owing to a Non-Funding Lender may not be reduced, in each case, without the consent of such Non- Funding Lender. Moreover, for the purposes of determining Required Lenders and the Loans and Commitments held by Non-Funding Lenders shall be excluded from the total Loans and Commitments outstanding. 1.14 Substitution of Lenders. (a) Substitution Right. In the event that any Lender, other than Agent, that is not an Affiliate of Agent (any such Lender, an "Affected Lender"), (i) becomes a Non-Funding Lender with respect to the Loan or (ii) does not consent to any amendment, waiver or consent to any Loan Document for which the consent of the Required Lenders is obtained but that requires the consent of all Lenders, Borrower may either pay in full such Affected Lender with respect to amounts due on the Term Loan of such Lender without premium or penalty and with the consent of Agent or substitute for such Affected Lender any Lender or any Affiliate of any Lender or any other Person acceptable (which acceptance shall not be unreasonably withheld or delayed) to Agent (in each case, a "Substitute Lender"). (b) Procedure. To substitute such Affected Lender or pay in full the Obligations owed to such Affected Lender under such Lender's Term Loan, Borrower shall deliver a notice to Agent and such Affected Lender. The effectiveness of such payment or substitution shall be subject to the delivery to Agent by Borrower (or, as may be applicable in the case of a substitution, by the Substitute Lender) of (i) payment for the account of such Affected Lender, of, to the extent accrued through, and outstanding on, the effective date for such payment or substitution, all Obligations owing to such Affected Lender with respect to such Lender's Term Loan (including those that will be owed because of such payment and all Obligations that would be owed to such Lender as if it was solely a Lender hereunder), and (ii) in the case of a substitution, (A) payment of the assignment fee set forth in Section 8(a) and (B) an assumption agreement in form and substance satisfactory to Agent 10 whereby the Substitute Lender shall, among other things, agree to be bound by the terms of the Loan Documents and assume the Term Loan Commitment of the Affected Lender. (c) Effectiveness. Upon satisfaction of the conditions set forth in clause (b) above, Agent shall record such substitution or payment in the Register, whereupon (i) in the case of any payment in full of all Obligations owing to such Affected Lender, such Affected Lender's Term Loan Commitments shall be terminated and (ii) in the case of any substitution, (A) the Affected Lender shall sell and be relieved of, and the Substitute Lender shall purchase and assume, all rights and claims of such Affected Lender under the Loan Documents with respect to such Lender's Term Loan, except that the Affected Lender shall retain such rights expressly providing that they survive the repayment of the Obligations and the termination of the Term Loan Commitments, (B) the Substitute Lender shall become a "Lender" hereunder having a Term Loan Commitment in the amount of such Affected Lender's Term Loan Commitment and (C) the Affected Lender shall execute and deliver to Agent an Assignment Agreement to evidence such substitution and deliver any Note in its possession with respect to its Term Loan; provided, however, that the failure of any Affected Lender to execute any such Assignment Agreement or deliver any such Note shall not render such sale and purchase (or the corresponding assignment) invalid. 2. CONDITIONS PRECEDENT 2.1 Conditions to the Loan. No Lender shall be obligated to make a Closing Date Term Loan on the Closing Date, unless and until all of the following conditions have been satisfied in a manner satisfactory to Agent in its sole discretion, or waived in writing by Agent: (a) Closing Checklist. The documents and other items or actions set forth on the Closing Checklist (Schedule D) shall have been duly executed and delivered, or completed by the appropriate parties, except where such Closing Checklist expressly indicates that such document item or action may be delivered or completed after the Closing Date; (b) Insurance. Agent shall have received evidence satisfactory to it that the insurance policies provided for in Section 3.16 are in full force and effect; (c) Opinions of Counsel. Agent shall have received opinions of counsel to the Credit Parties with respect to this Agreement, the Notes and the other Loan Documents in form and substance reasonably satisfactory to Agent; (d) Fees. Borrower has paid the fees set forth in the Fee Letter and shall have reimbursed Agent and Co-Lead Arranger for all reasonable and documented out-of-pocket attorneys' fees (it being acknowledged that Co-Lead Arranger's counsel fees shall not exceed $10,000 in the aggregate), and other costs and expenses of closing due and owing and presented as of the Closing Date, each in immediately available funds, or authorized the Agent to deduct the fees under the Fee Letter and such other fees, costs and expenses of closing from the amount of the Term Loan made on the Closing Date; (e) Intentionally Omitted.

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&nbsp;&nbsp;&nbsp;&nbsp;11 (f) Representations and Warranties. Any representation or warranty by any Credit Party contained herein or in any of the other Loan Documents shall be true and correct (x) as stated as to representations and warranties which contain materiality limitations, and (y) in all material respects as to all other representations and warranties; except to the extent that any such representation or warranty is expressly stated to relate to a specific earlier date, in which case, such representation and warranty shall be true and correct as of such earlier date (x) as stated as to representations and warranties which contain materiality limitations, and (y) in all material respects as to all other representations and warranties; (g) Material Adverse Effect. No event or circumstance that has had or reasonably could be expected to have a Material Adverse Effect has occurred; (h) Default. No Default has occurred or is continuing or would result after giving effect to the Loan; (i) Intentionally Omitted. (j) Indebtedness and Minority Interests. After giving effect to the Transactions and the other transactions contemplated hereby, no Credit Party shall have outstanding any Indebtedness or preferred stock other than (i) the Loans hereunder, (ii) the Indebtedness and preferred stock listed on Disclosure Schedule (3.18), and (iii) any Indebtedness otherwise permitted under Section 5.1; (k) Requirements of Law. The Credit Parties and the Transactions shall be in full compliance with all material Requirements of Law, including Regulations T, U and X of the Federal Reserve Board, and shall have received satisfactory evidence of such compliance reasonably requested by them; (l) Consents. All requisite Governmental Authorities and third parties shall have approved or consented to the Transactions, and there shall be no governmental or judicial action, actual or threatened in writing, that has or would have, singly or in the aggregate, a reasonable likelihood of restraining, preventing or imposing burdensome conditions on the Transactions or the other transactions contemplated hereby; (m) Litigation. There shall be no litigation, public or private, or administrative proceedings, governmental investigation or other legal or regulatory developments, actual or threatened, that, singly or in the aggregate, would reasonably be expected to result in a Material Adverse Effect, or could materially and adversely affect the ability of the Credit Parties to fully and timely perform their respective obligations under the Loan Documents or the ability of the parties to consummate the financings contemplated hereby or the other Transactions; (n) Sources and Uses. The sources and uses of the Loan shall be as set forth in Section 1.3; 12 (o) Personal Property Requirements. The Agent shall have received: (i) (A) originals of all certificates, agreements or instruments representing or evidencing the Pledged Securities and (B) original instruments of transfer and stock powers undated and endorsed in blank with respect to such certificates, agreements and instruments; (ii) Intentionally omitted; (iii) all other certificates, agreements, or instruments necessary to perfect the Agent's security interest in all Chattel Paper, all Instruments, and all Investment Property of each Credit Party (to the extent required hereunder); (iv) UCC financing statements in appropriate form for filing under the Code, filings with the United States Patent and Trademark Office, United States Copyright Office, and such other documents under applicable Requirements of Law in each jurisdiction as may be necessary or appropriate or, in the opinion of the Agent, desirable to perfect the Liens created, or purported to be created, hereunder; (v) copies (to the extent applicable) of UCC, United States Patent and Trademark Office and United States Copyright Office, tax and judgment lien searches, bankruptcy, execution and pending lawsuit searches or equivalent reports or searches, each of a recent date listing all effective financing statements, lien notices or comparable documents that name any Credit Party as debtor and that are filed in those Federal, provincial, state and county jurisdictions in which any Credit Party is organized or maintains its chief executive office, principal place of business, property and such other searches that are required by the Perfection Certificate or that the Agent reasonably deems necessary or appropriate, none of which encumber the Collateral covered or intended to be covered hereunder (other than Permitted Liens or any other Liens acceptable to the Agent); and (vi) evidence acceptable to the Agent of payment or arrangements for payment by the Credit Parties of all applicable recording taxes, fees, charges, costs and expenses required for the recording of Liens. (p) USA PATRIOT Act. The Lenders and the Agent shall have timely received the information required under Section 10.13 and background investigations of the Guarantors and the Borrower's management and the results thereof shall be satisfactory to Agent in its sole discretion; (q) Intentionally Omitted. (r) Capitalization Information. Agent shall have received from the Borrower an accurate and complete capitalization table reflecting all of the direct and indirect owners of each Credit Party (including the applicable ownership percentages) as of: (i) the date immediately prior to the Closing Date (the "Pre-Closing Cap Table"), and (ii) the date immediately following the Closing Date (the "Post-Closing Cap Table") (collectively, the "Cap Tables");

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&nbsp;&nbsp;&nbsp;&nbsp;13 (s) Organization Chart. Agent shall have received from the Borrower an accurate and complete organization chart reflecting all of the direct and indirect Subsidiaries of the Borrower (including the applicable ownership percentages) as of: (i) the date immediately prior to the Closing Date (the "Pre-Closing Organization Chart"), and (ii) the date immediately following the Closing Date (the "Post-Closing Organization Chart") (collectively, the "Organization Charts"). To the extent that the Pre-Closing Organization Chart is identical to the Post-Closing Organization Chart, the Borrower may certify to Agent that the Post-Closing Organization Chart is identical to the Pre-Closing Organization Chart; and (t) Delivery of SBA Documents. The Borrower shall have delivered the following documents in form and substance reasonably satisfactory to Agent and each Lender that is an SBIC (and, as applicable, duly executed and dated as of the Closing Date or an earlier date satisfactory to such SBIC): (i) a Note; (ii) the SBA Side Letter; (iii) each duly executed and completed SBA Form; and (iv) such other documents or instruments as reasonably requested by such SBIC to comply with the Act. (u) Minimum Qualified Capital Stock Contribution. On or before the Closing Date, Parent shall have received not less than $12,000,000 of proceeds of the issuance of its Qualified Capital Stock pursuant to its recent equity issuance of Class C-2 stock. (u) Advisor Engagement. The Borrower shall have consented to and approved the engagement of HunterPoint LLC as advisor to Agent, at the sole cost and expense of the Borrower, to perform the services described in the memorandum delivered to Borrower for a period of three (3) months following the Closing Date; provided that the term of such engagement may be extended at the discretion of Agent for no longer than three (3) months and any further extensions thereafter shall be subject to the mutual consent of Borrower and Agent. (w) Closing Certificate. The Borrower shall have delivered to Agent a duly executed Closing Certificate. (x) Projections and Quality of Earnings. The Borrower shall have delivered to Agent (i) reasonably detailed projections for the succeeding five (5) years, with monthly projections of not less than the first twenty-four (24) months following the Closing Date and (ii) quality of earnings report conducted by a firm reasonably acceptable to Agent. 14 3. REPRESENTATIONS, WARRANTIES AND AFFIRMATIVE COVENANTS To induce Agent and the Lenders to enter into this Agreement and to induce the Lenders to make the Loan, Borrower and each other Credit Party executing this Agreement, jointly and severally, represent and warrant to Agent and each Lender (each of which representations and warranties shall survive the execution and delivery of this Agreement), and promise to and agree with Agent and each Lender until the Termination Date as follows: 3.1 Corporate Existence; Compliance with Law. Each Grantor: (a) is, as of the Closing Date, and will continue to be (i) (A) a corporation, limited liability company or limited partnership, as applicable, duly organized, and validly existing and (B) in good standing under the laws of the jurisdiction of its incorporation or organization, (ii) duly qualified to do business and in good standing in each other jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect, and (iii) in compliance with all Requirements of Law and Contractual Obligations, except to the extent failure to comply therewith could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (b) has and will continue to have (i) the requisite corporate power and authority and the legal right to execute, deliver and perform its obligations under the Loan Documents, and to own, pledge, mortgage or otherwise encumber and operate its properties, to lease the property it operates under lease, and to conduct its business as now, heretofore or proposed to be conducted, and (ii) except as could not, individually, or in the aggregate, reasonably be expected to have a Material Adverse Effect, all licenses, permits, franchises, rights, powers, consents or approvals from or by all Persons or Governmental Authorities having jurisdiction over such Grantor that are necessary or appropriate for the conduct of its business. 3.2 Executive Offices; Corporate or Other Names. (a) Each Grantor's name as it appears in official filings in the state of its incorporation or organization, (b) the type of entity of each Grantor, (c) the organizational identification number issued by each Grantor's state of incorporation or organization or a statement that no such number has been issued, (d) each Grantor's state of organization or incorporation, and (e) the location of each Grantor's chief executive office and locations of Collateral when not in use by a customer of any Grantor are as set forth in Disclosure Schedule (3.2) and, except as set forth in such Disclosure Schedule, such locations have not changed during the preceding twelve (12) months. As of the Closing Date, during the prior five (5) years, except as set forth in Disclosure Schedule (3.2), no Grantor has been known as or conducted business in any other name (including trade names) than the name of such Grantor set forth on the signature page hereto. Borrower has only one state of incorporation or organization. 3.3 Corporate Power; Authorization; Enforceable Obligations. The execution, delivery and performance by each Grantor of the Loan Documents to which it is a party, and the creation of all Liens provided for herein and therein: (a) are and will continue to be within such Grantor's power and authority; (b) have been and will continue to be duly authorized by all necessary or proper action; (c) are not and will not be in violation of any Requirement of Law or Contractual Obligation of such Grantor; (d) do not and will not result in the creation or imposition of any Lien (other than Permitted Liens) upon any of the Collateral; and (e) do not and will not require the consent or

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&nbsp;&nbsp;&nbsp;&nbsp;15 approval of any Governmental Authority or any other Person other than any consent or approval that has been obtained. As of the Closing Date, each Loan Document shall have been duly executed and delivered on behalf of each Grantor party thereto, and each such Loan Document upon such execution and delivery shall be and will continue to be a legal, valid and binding obligation of such Grantor, enforceable against it in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency and other similar laws affecting creditors' rights generally. 3.4 Financial Statements; Books and Records. (a) The annual and monthly Financial Statements of the Grantors delivered pursuant to Section 4.1 present fairly in all material respects the financial condition of such Grantors as of the date of each such Financial Statement in accordance with GAAP (subject to normal year-end adjustments and to the absence of footnotes in the case of unaudited statements). (b) The Grantors shall keep proper Books and Records in which proper entries, reflecting all consolidated and consolidating financial transactions, will be made in accordance with GAAP and all Requirements of Law in all material respects of all financial transactions and the assets and business of each Grantor on a basis consistent with the Financial Statements. 3.5 Material Adverse Change. Between March 31, 2019 and the Closing Date, no events with respect to any Grantor have occurred that alone or in the aggregate has had or would reasonably be expected to have a Material Adverse Effect. No Requirement of Law or Contractual Obligation of any Grantor has or has had or would reasonably be expected to have a Material Adverse Effect. No Grantor is in default, and to such Grantor's knowledge no third party is in default, under or with respect to any of its Contractual Obligations, that alone or in the aggregate has had or would reasonably be expected to have a Material Adverse Effect. 3.6 Collection of Accounts. Credit Parties will continue to collect on their Accounts in accordance with customary practices in the media industry and consistent with the normal collection policy of the Credit Parties as in effect in the period prior to the Closing Date. 3.7 Subsidiaries. Except as set forth in Disclosure Schedule (3.7), as of the Closing Date, Borrower does not have any Subsidiaries. The issued and outstanding Stock of Borrower and its Subsidiaries (excluding all rights to purchase, options, warrants or similar rights or agreements pursuant to which Borrower or such Subsidiaries' may be required to issue, sell, repurchase or redeem any of its Stock) as of the Closing Date is accurately reflected in the organizational chart delivered pursuant to Section 3.29(c) and set forth on Schedule 10(a) to the Perfection Certificate or any Perfection Certificate Supplement (whichever was most recently delivered to Agent). 3.8 Government Regulation; Margin Regulations. No Grantor is subject to or regulated under any Federal or state statute, rule or regulation that restricts or limits such Person's ability to incur Indebtedness, pledge its assets, or to perform its obligations under the Loan Documents. The making of the Loan, the application of the proceeds and repayment thereof, and the consummation of the transactions contemplated by the Loan Documents do not and will not violate any 16 Requirement of Law. No Grantor is engaged, nor will it engage, in the business of extending credit for the purpose of "purchasing" or "carrying" any "margin security" as such terms are defined in Regulation U of the Federal Reserve Board as now and hereafter in effect (such securities being referred to herein as "Margin Stock"). No Grantor owns any Margin Stock, and none of the proceeds of the Loan or other extensions of credit under this Agreement will be used, directly or indirectly, for the purpose of purchasing or carrying any Margin Stock or reducing or retiring any Indebtedness that was originally incurred to purchase or carry any Margin Stock. No Grantor will take or permit to be taken any action that might cause any Loan Document to violate any regulation of the Federal Reserve Board. 3.9 Taxes; Charges. Except as disclosed in Disclosure Schedule (3.9), all tax returns, reports and statements required by any Governmental Authority to be filed by Borrower or any other Grantor have, as of the Closing Date, been filed and will, until the Termination Date, be filed with the appropriate Governmental Authority and no tax Lien has been filed against any Grantor or any Grantor's property. Disclosure Schedule (3.9) sets forth as of the Closing Date those taxable years for which any Grantor's tax returns are currently being audited by the IRS or any other applicable Governmental Authority and any assessments or threatened assessments in connection with such audit, or otherwise currently outstanding. As of the Closing Date, no Grantor has agreed or been requested to make any adjustment under Section 481(a) of the IRC, by reason of a change in accounting method or otherwise, which would reasonably be expected to have a Material Adverse Effect. 3.10 Payment of Obligations. Each Grantor will pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all of its material Charges and other obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of such Grantor and none of the Collateral is or would reasonably be expected to become subject to any Lien or forfeiture or loss as a result of such contest. 3.11 ERISA. (a) No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other existing ERISA Events, would reasonably be expected to have a Material Adverse Effect. Except as disclosed in Disclosure Schedule (3.11), (i) the present value of all accumulated benefit obligations of the Grantors under each Plan (based on the assumptions used for purposes of ASC 715) did not, as of the date of the most recent Financial Statements reflecting such amounts, exceed the fair market value of the assets of such Plan by more than $500,000, and (ii) the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of ASC 715) did not, as of the date of the most recent Financial Statements reflecting such amounts, exceed the fair market value of the assets of such underfunded Plans by more than $500,000. No Grantor or ERISA Affiliate has incurred or reasonably expects to incur any Withdrawal Liability in excess of $500,000. (b) Each Grantor shall furnish to the Agent (x) as soon as possible after, and in any event within five (5) days after any Responsible Officer of any Credit Party knows or has

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&nbsp;&nbsp;&nbsp;&nbsp;17 reason to know that, any ERISA Event has occurred that, alone or together with any other ERISA Event would reasonably be expected to result in liability of the Credit Parties or any of their ERISA Affiliates in an aggregate amount exceeding $500,000 or the imposition of a Lien, a statement of a Responsible Officer of such Credit Party setting forth details as to such ERISA Event and the action, if any, that such Credit Party or such ERISA Affiliate proposes to take with respect thereto; (y) upon request by the Agent, copies of (i) each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by any Credit Party or any ERISA Affiliate with the Department of Labor with respect to each Plan; (ii) the most recent actuarial valuation report for each Plan; (iii) all notices received by any Credit Party or any ERISA Affiliate from a Multiemployer Plan sponsor or any governmental agency concerning an ERISA Event; and (iv) such other documents or governmental reports or filings relating to any Plan (or employee benefit plan sponsored or contributed to by any Credit Party) as the Agent shall reasonably request and (z) promptly following any request therefor, copies of (i) any documents described in Section 101(k) of ERISA that any Credit Party or its ERISA Affiliate may request with respect to any Multiemployer Plan and (ii) any notices described in Section 101(1) of ERISA that any Credit Party or its ERISA Affiliate may request with respect to any Multiemployer Plan; provided, that if any Credit Party or its ERISA Affiliate has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, the applicable Credit Party or ERISA Affiliate shall promptly make a request for such documents or notices from such administrator or sponsor and shall provide copies of such documents and notices promptly after receipt thereof. 3.12 Litigation. Except as specifically disclosed in Disclosure Schedule (3.12), there are no actions, suits, proceedings, claims or disputes pending, or to the knowledge of each Credit Party, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, against any Credit Party or any of their respective Properties which: (a) purport to affect or pertain to this Agreement, any other Loan Document, or any of the Transactions contemplated hereby or thereby; or (b) would reasonably be expected to result in equitable relief or monetary judgment(s), individually or in the aggregate, in excess of $500,000 and unless fully covered by insurance and the issuer(s) of the applicable policies have not disclaimed coverage. No injunction, writ, temporary restraining order or any order of any nature has been issued by any court or other Governmental Authority purporting to enjoin or restrain the execution, delivery or performance of this Agreement, any other Loan Document, or directing that the transactions provided for herein or therein not be consummated as herein or therein provided. As of the Closing Date, except with respect to matters set forth on Disclosure Schedule (3.12), no Credit Party or any Subsidiary of any Credit Party is the subject of an audit or, to each Credit Party's knowledge, any review or investigation by any Governmental Authority (excluding the IRS and other taxing authorities) concerning the violation or possible violation of any Requirement of Law. Each Grantor shall notify Agent promptly in writing upon learning of the existence, threat or commencement of any such Litigation or any such order, investigation or audit. 18 3.13 Intellectual Property. Each Grantor owns, or is licensed to use, all such Intellectual Property material to its business as currently conducted, except for such Intellectual Property the failure of which to so own or be so licensed would not reasonably be expected to have a Material Adverse Effect. Each Grantor will take all necessary steps to preserve its ownership and licenses in such Intellectual Property so as to permit Agent to sell, transfer, rent, or use the Collateral upon the occurrence and during the continuation of an Event of Default. To permit Agent to sell, transfer, rent, or use the Collateral upon the occurrence and during the continuation of an Event of Default, each Grantor hereby grants to Agent an irrevocable, nonexclusive, worldwide license (exercisable without payment of royalty or other compensation to such Grantor), including in such license the right to sublicense, use and practice any Intellectual Property now owned or hereafter acquired by such Grantor and access to all media in which any of the licensed items may be recorded or stored and to all software and programs used for the compilation or printout thereof. As of the Closing Date, the Grantors own or are licensed to use the Intellectual Property as set forth in Disclosure Schedule (3.13). Each Grantor shall maintain the patenting and registration of all Intellectual Property with the United States Patent and Trademark Office, the United States Copyright Office, or other appropriate Governmental Authority. In the event that any Grantor becomes aware that any Intellectual Property material to the conduct of its business has been infringed, misappropriated or diluted by a third party in any material respect, such Grantor promptly shall notify the Agent and shall take such actions as are appropriate under the circumstances to protect such Intellectual Property. Notwithstanding the foregoing, each Grantor may transfer, abandon, or otherwise dispose of Intellectual Property that is, in the applicable Grantor's reasonable business judgment, no longer economically practicable or commercially desirable to maintain, or used or useful in its business, in each case, in the ordinary course of business; provided that in the case of registered Intellectual Property, Agent has given prior written consent (email acceptable) to such transfer, abandon or disposition, which consent shall not be unreasonably withheld, delayed or denied. 3.14 Full Disclosure. No information contained in any Loan Document, the Financial Statements or any written statement furnished by or on behalf of any Grantor under any Loan Document, or to induce Agent and the Lenders to execute the Loan Documents (as such information has been amended, supplemented or superseded by any other information later delivered to the same parties receiving such information, provided that the delivery of such amended, supplemented or superseding information shall not cure any Event of Default arising under Section 7.1(b) other than with respect to this Section 3.14), contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained herein or therein not materially misleading in light of the circumstances under which they were made. 3.15 Environmental Liabilities. Except as set forth in Disclosure Schedule (3.15), as of the Closing Date, (a) no Grantor is subject to any Environmental Liabilities or, to any Grantor's knowledge, potential Environmental Liabilities, that would reasonably be expected to result in Environmental Liabilities to Grantors in excess of $500,000 in the aggregate and (b) no written notice has been received by any Grantor identifying it as a "potentially responsible party" or requesting information under CERCLA or analogous state statutes, and to the knowledge of any Grantor, there are no facts, circumstances or conditions that would reasonably be expected to result in any Grantor being identified as a "potentially responsible party" under CERCLA or analogous state statutes, in each such case if such circumstance would reasonably be expected to result in Environmental Liabilities in excess of $500,000 in the aggregate. Each Grantor: (i) shall comply

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&nbsp;&nbsp;&nbsp;&nbsp;19 in all material respects with all applicable Environmental Laws and environmental permits, except for any such non-compliance that could not reasonably be expected to result in Environmental Liabilities to Grantors in excess of $500,000, (ii) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any Release, on, at, in, under, above, to, from or about any real property owned, leased or occupied by a Grantor if such Release would reasonably be expected to result in Environmental Liabilities to Grantors in excess of $500,000 in the aggregate, (iii) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any claims that could form the basis for any Environmental Liabilities that would reasonably be expected to result in Environmental Liabilities in excess of $500,000 in the aggregate, and (iv) shall notify Agent in writing within thirty (30) days if and when it becomes aware of any occurrences of non-compliance with Environmental Laws or environmental permits, except for any such non-compliance that could not reasonably be expected to result in Environmental Liabilities to Grantors in excess of $500,000. Each Credit Party has made available to Agent copies of all existing environmental reports, reviews and audits and all documents prepared since January 1, 2010 pertaining to actual or potential Environmental Liabilities, in each case to the extent such reports, reviews, audits and documents are in their possession, custody, control or otherwise available to the Credit Parties. 3.16 Insurance. As of the Closing Date, Disclosure Schedule (3.16) lists all insurance of any nature maintained by Borrower with respect to the Collateral as well as all liability insurance maintained by the Grantors, as well as a summary of the terms of such insurance. (a) Coverage. Without limiting any of the other obligations or liabilities of the Grantors under this Agreement, the Grantors shall, during the term of this Agreement, carry and maintain, at its own expense, at least the minimum insurance coverage set forth in this Section 3.16. All insurance carried pursuant to this Section 3.16 shall be placed with such insurers having a minimum A.M. Best rating of A-:VIII (or as may be otherwise reasonably acceptable to the Agent) and be in such form, with terms, conditions, limits and deductibles as shall be reasonably acceptable to Agent. The insurance required to be carried and maintained by Grantors hereunder shall, in all events, include, without limitation, the following: (i) All Risk Property Insurance. The Grantors shall maintain, all risk property insurance covering against physical loss or damage, including but not limited to fire and extended coverage, and collapse coverage. Coverage shall be written on a replacement cost basis in an amount reasonably acceptable to Agent; and, (ii) Commercial General Liability Insurance. The Grantors shall maintain comprehensive general liability insurance written on an occurrence basis with a limit of not less than $2,000,000. Such coverage shall include, but not be limited to, premises/operations, broad form contractual liability, products/completed operations, property damage and personal injury liability; and, (iii) Excess/Umbrella Liability Insurance. The Grantors shall maintain excess and/or umbrella liability insurance written on an occurrence basis in an amount not less than $5,000,000 providing coverage limits excess of the insurance limits required under subsection (a)(ii). Such insurance shall follow the form of the 20 primary insurances and drop down in case of exhaustion of underlying limits and/or aggregates. (b) Endorsements. The Grantors shall cause all insurance policies carried and maintained in accordance with this Section 3.16 to be endorsed as follows: (i) Agent, on behalf of Lenders, shall be an additional insured and loss payee with respect to property policy described in subsection (a)(i). Agent, on behalf of Lenders, shall be an additional insured with respect to liability policies described in subsections (a)(ii) and, to the extent allowed by law (iii). It shall be understood that any obligation imposed upon the Grantors, including but not limited to the obligation to pay premiums, shall be the sole obligation of the Grantors and not that of the Agent; and, (ii) With respect to property policy described in subsection (a)(i), the interests of the Agent shall not be invalidated by any action or inaction of any Grantor or any other Person, and shall insure the Agent regardless of any breach or violation by any Grantor or any other Person, of any warranties, declarations or conditions of such policies; and, (iii) The insurers thereunder shall waive all rights of subrogation against Agent, any right of setoff or counterclaim and any other right to deduction, whether by attachment or otherwise; and, (iv) If such insurance is canceled for any reason whatsoever, including nonpayment of premium, such cancellation shall not be effective as to the Agent until thirty (30) days after receipt by Agent of written notice from such insurer. (c) Certifications. On the Closing Date, and at each policy renewal, but not less than annually, the Grantors shall provide to the Agent a certification from each insurer or by an authorized representative of each insurer. Such certification shall identify the underwriters, the type of insurance, the limits, deductibles, and term thereof and shall specifically list the special provisions delineated in section (b) above for such insurance required for this Section 3.16. (d) Intentionally Omitted. (e) Notice to Agent. The Grantors shall notify the Agent immediately whenever any separate insurance concurrent in form or contributing in the event of loss with that required to be maintained under this Section 3.16 is taken out by any Credit Party; and promptly deliver to the Agent a copy of such policy or policies. Borrower shall direct all present and future insurers under its policies of insurance to pay all proceeds payable thereunder with respect to the Collateral directly to Agent for application pursuant to Section 1.2(f). If any insurance proceeds are paid by check, draft or other instrument payable to Borrower and Agent jointly, Agent may endorse Borrower's name thereon and do such other things as Agent may deem advisable to reduce the same to cash.

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&nbsp;&nbsp;&nbsp;&nbsp;21 3.17 Solvency. Both before and after giving effect to (a) the Loan, the issuance of the Guarantees of the Obligations and the pledge of assets as security therefor by all of the Grantors, (b) the disbursement of the proceeds of the Loan pursuant to the instructions of the Borrower, and (c) the payment and accrual of all transaction costs in connection with the foregoing, the Credit Parties taken as a whole are Solvent. 3.18 Other Financings. Except as disclosed in Disclosure Schedule (3.18) attached hereto, none of the Credit Parties has outstanding as of the Closing Date any Indebtedness. 3.19 Conduct of Business. Each Grantor (a) shall conduct its business substantially as now conducted or as reasonably related, ancillary, complementary, or incidental thereto or as otherwise permitted hereunder, and (b) shall at all times maintain, preserve and protect all of the Collateral and keep the same in good repair, working order and condition and make, or cause to be made, all necessary or appropriate repairs, replacements and improvements thereto consistent with manufacturer specifications and industry practices; provided such Grantor shall not be obligated to comply with the foregoing covenant if, (i) in such Grantor's reasonable business judgment, such Collateral is no longer economically practicable or commercially desirable to maintain, or used or useful in its business, in each case, in the ordinary course of business and (ii) in the event fair market value of such Collateral, individually or in the aggregate, exceeds $500,000, Agent has given prior written consent (email acceptable) which consent shall not be unreasonably withheld, delayed or denied. 3.20 Further Assurances. At any time and from time to time, upon the written request of Agent and at the sole expense of the Grantors, the Grantors shall promptly and duly execute and deliver any and all such further instruments and documents and take such further action as Agent may reasonably deem desirable (a) to obtain the full benefits of this Agreement and the other Loan Documents, (b) to protect, preserve and maintain Agent's rights in any Collateral and security interests or the equivalent under any foreign law, or (c) to enable Agent to exercise all or any of the rights and powers herein granted. 3.21 Collateral/Maintenance of Property. (a) Each Grantor holds and will continue to hold good title to any of its property constituting the Collateral and none of such property is or will be subject to any Liens except Permitted Liens. (b) Each Grantor shall (i) maintain and preserve in all material respects in good working order and condition the Collateral and all other of its property necessary in the conduct of its business, and such Collateral shall be maintained in accordance with all manufacturer's suggested and recommended maintenance procedures, including preventive maintenance, (ii) obtain, maintain and preserve all material rights, permits, licenses, approvals and privileges (including all Permits) necessary, used or useful, whether because of its ownership, lease, sublease or other operation or occupation of property or other conduct of its business, and shall make all necessary or appropriate filings with, and give all required notices to, Governmental Authorities, and (iii) maintain the Collateral in compliance with all statutes, laws, 22 ordinances, regulations, standards, directives, orders, judgments and permits (including environmental) issued by any Governmental Authority. (c) Collateral shall not be located in, in transit to or used by a customer, in any country, state, nation, or territory (i) listed on the Lists or otherwise under United States sanctions for conducting business or (ii) set forth on Schedule E hereto (as such Schedule E may be amended by written notice from time to time by Agent to Borrower on a prospective basis) (each a "Restricted Location"). Upon an amendment to Schedule E pursuant to the forgoing sentence such that Collateral is located in a Restricted Location that was not located in a Restricted Location prior to such amendment, no Grantor shall extend or renew any rental agreements or enter into any new rental agreements which would cause the Collateral to be located in, in transit to or in use in a Restricted Location by a customer of such Grantor and such Grantor shall remove such Collateral from such Restricted Location within fifteen (15) days from the delivery of such notice or, if such Collateral is subject to a rental agreement with a customer of such Grantor at such time, fifteen (15) days from the end of the then current term of such rental agreement. (d) Real Property. Schedules 8(a) and 8(b) to the Perfection Certificate dated the Closing Date contain a true and complete list of each interest in Real Property (i) owned by any Credit Party as of the date hereof and describes the type of interest therein held by such Credit Party and whether such owned Real Property is leased and if leased whether the underlying lease contains any option to purchase all or any portion of such Real Property or any interest therein or contains any right of first refusal relating to any sale of such Real Property or any portion thereof or interest therein and (ii) leased, subleased or otherwise occupied or utilized by any Credit Party, as lessee, sublessee, franchisee or licensee, as of the date hereof and describes the type of interest therein held by such Credit Party and, in each of the cases described in clauses (i) and (ii) of this Section 3.21(d), whether any lease requires the consent of the landlord or tenant thereunder, or other party thereto, to the Transactions. (e) Collateral located outside the United States. If the Credit Parties collectively own in excess of $1,000,000 in the aggregate of assets or property in any jurisdiction or jurisdictions outside of the United States of America, then the Credit Parties shall promptly (and in any event within 5 Business Days thereafter) notify the Agent in writing of the existence, value, nature and location of such assets. If the Required Lenders request in their absolute discretion, then the Credit Parties shall (i) execute and deliver to the Agent such other documents as the Required Lenders shall reasonably deem necessary to grant to the Agent for the benefit of the Lenders, a Lien on any assets or property in any foreign jurisdiction, which shall be subject to no Liens other than Permitted Liens, (ii) take all actions necessary to cause such Lien to be duly perfected to the extent required hereunder in accordance with all applicable Requirements of Law (including any requirements under the law of any applicable foreign jurisdiction), including the filing of financing statements in such jurisdictions as may be reasonably requested by the Agent, and (iii) otherwise take such actions and execute and/or deliver to the Agent

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&nbsp;&nbsp;&nbsp;&nbsp;23 such documents as the Agent shall require to confirm the validity, perfection and priority of the Lien hereunder on such assets or properties. The Credit Parties shall also provide Agent with such information as Agent may reasonably request from time to time regarding any Accounts that are owed to a Credit Party by any account debtor that is not a Person organized under the laws of the United States of America. 3.22 Anti-Terrorism and Anti-Money Laundering Compliance. (a) No Credit Party and, to the knowledge of the Credit Parties, no Person who owns a controlling interest in or otherwise controls a Credit Party, and no customer of a Credit Party, is (i) listed on the Specially Designated Nationals and Blocked Persons List (the "SDN List") maintained by the Office of Foreign Assets Control ("OFAC"), Department of the Treasury, and/or on any other similar list ("Other Lists" and, collectively with the SDN List, the "Lists") maintained by the OFAC pursuant to any authorizing statute, Executive Order or regulation (collectively, "OFAC Laws and Regulations"); or (ii) a Person (a "Designated Person") either (A) included within the term "designated national" as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (B) designated under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079 (published September 25, 2001) or similarly designated under any related enabling legislation or any other similar Executive Orders (collectively, the "Executive Orders"). The OFAC Laws and Regulations and the Executive Orders are collectively referred to in this Agreement as the "Anti-Terrorism Laws". Each of the Credit Parties represents and warrants that it requires, and has taken reasonable measures to ensure compliance with the requirement, that no Person who owns any other direct interest in a Credit Party is or shall be listed on any of the Lists or is or shall be a Designated Person. This Section 3.22 shall not apply to any Person to the extent that such Person's interest in the Borrower is through a U.S. Publicly-Traded Entity. As used in this Agreement, "U.S. Publicly-Traded Entity" means a Person (other than an individual) whose securities are listed on a national securities exchange, or quoted on an automated quotation system, in the United States, or a wholly- owned subsidiary of such a Person. (b) Each Credit Party represents and warrants that it has taken reasonable measures appropriate to the circumstances (and in any event as required by law), with respect to each holder of a direct or indirect interest in such Credit Party, to assure that funds invested by such holders in the Credit Parties are derived from legal sources ("Anti-Money Laundering Measures"). The Anti-Money Laundering Measures have been undertaken in accordance with the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq. ("BSA"), and all applicable laws, regulations and government guidance on BSA compliance and on the prevention and detection of money laundering violations under 18 U.S.C. §§ 1956 and 1957 (collectively with the BSA, "Anti-Money Laundering Laws"). (c) Each Credit Party represents and warrants to Agent and each Lender, to its actual knowledge after making due inquiry, that no such Credit Party or any holder of a direct or indirect interest in such Credit Party (i) is under investigation by any Governmental Authority for, or has been charged with, or convicted of, money laundering under 18 U.S.C. §§ 1956 and 1957, drug trafficking, terrorist-related activities or other money 24 laundering predicate crimes, or any violation of the BSA, (ii) has been assessed civil penalties under any Anti-Money Laundering Laws, or (iii) has had any of its funds seized or forfeited in an action under any Anti-Money Laundering Laws. (d) Each Credit Party represents and warrants to Agent and each Lender that it has taken reasonable measures appropriate to the circumstances (in any event as required by law), to ensure that such Credit Party is in compliance with all current and future Anti- Money Laundering Laws and laws, regulations and government guidance for the prevention of terrorism, terrorist financing and drug trafficking. (e) Each Credit Party and its respective directors, officers and employees and, to the knowledge of the applicable Credit Party, the agents of each Credit Party and their Subsidiaries, are in compliance with the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "FCPA") and any other applicable anti-corruption law, including without limitation the UK Bribery Act, in all material respects. The Credit Parties and their Subsidiaries have instituted and maintained, and shall maintain, policies and procedures designed to ensure continued compliance with the FCPA and any other applicable anti-corruption laws. 3.23 Maintenance of Corporate Existence. Each Credit Party shall preserve and maintain (a) its legal existence and good standing under the laws of the jurisdiction of its incorporation or organization and (b) it rights (charter and statutory), privileges, franchises and Permits necessary or desirable in the conduct of its business, except, in the case of this clause (b), where the failure to do so would not, in the aggregate, have a Material Adverse Effect. 3.24 Compliance with Laws, Etc. Each Credit Party shall comply with all applicable Requirements of Law, Contractual Obligations and Permits, except for such failures to comply that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 3.25 Landlord Agreement. Grantors shall use commercially reasonable best efforts to obtain a landlord waiver from the landlord of their Chief Executive Office, which landlord waiver shall be reasonably satisfactory in form and substance to Agent, within the time period set forth on Schedule F. 3.26 Deposit Accounts; Cash Collateral Accounts. (a) Borrower and each Guarantor shall maintain a cash management system which is reasonably acceptable to Agent (the "Cash Management System"), which shall operate as set forth in this Section 3.26. (b) All Proceeds of Collateral held by any Credit Party (other than funds being collected pursuant to the provisions stated below) shall be deposited in one or more bank accounts or securities investment accounts, as set forth on Disclosure Schedule (3.26) or other accounts in form and substance reasonably satisfactory to Agent subject to the terms of this Agreement and the applicable Control Agreements.

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&nbsp;&nbsp;&nbsp;&nbsp;29 elapsed portion of the Fiscal Year ended with the last day of such period, subject only to normal year-end and audit adjustments and the absence of footnotes; (b) Annual Reports. Within one hundred twenty (120) days after the end of each Fiscal Year of the Credit Parties (or one hundred eighty (180) days after the end of the Fiscal Year ending December 31, 2019), the audited consolidated balance sheet of the Credit Parties as of the end of such Fiscal Year and the related audited consolidated statements of operations for such Fiscal Year and for the previous Fiscal Year, the related audited consolidated statements of profits and losses and the related audited consolidated statements of cash flows and stockholders' equity for such Fiscal Year and for the previous Fiscal Year, which shall be accompanied by an opinion, without a going concern or similar qualification or an exception as to scope, prepared by an independent certified public accountant of recognized national standing reasonably acceptable to Agent; (c) Cash Balance. Within two (2) Business Days after the end of each Fiscal Month, Borrower will deliver a certificate reporting to Agent the Cash Balance as of the last day of the Fiscal Month just ended, which certificate shall be executed and certified by a Responsible Officer of the Borrower as true and correct; (d) Average Revenue Per Unit. Concurrently with any delivery of Financial Statements under Section 4.1(a) and regardless of whether compliance with the Performance Metrics is required at such time, Borrower will deliver a certificate reporting to Agent the Average Revenue Per Unit calculations, which certificate shall be executed and certified by a Responsible Officer of the Borrower as true and correct; (e) Compliance Certificate. At the time the financial statements are furnished pursuant to Section 4.1(a), a Compliance Certificate in the form attached as Exhibit E executed by a Responsible Officer of the Borrower as to the financial performance of the Credit Parties. The Compliance Certificate shall include a listing of government contracts of the Borrower subject to the Federal Assignment of Claims Act of 1940 or any similar state or municipal law; (f) [Reserved.] (g) Responsible Officer's Certificate Regarding Collateral. Concurrently with any delivery of Financial Statements under Section 4.1(a), a certificate of a Responsible Officer setting forth the information required pursuant to the Perfection Certificate Supplement or confirming that there has been no change in such information since the date of the Perfection Certificate or latest Perfection Certificate Supplement; (h) Public Reports. Promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by any Credit Party with any provincial securities commission or the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said commissions, or with any national securities exchange, or distributed to holders of its Indebtedness pursuant to the terms of the documentation governing such Indebtedness (or any trustee, agent or other representative therefor), as the case may be; 30 (i) Management Letters. Promptly after the receipt thereof by any Credit Party, a copy of any "management letter" received by any such Person from its independent chartered accountants and the management's responses thereto; (j) Budgets. Promptly (and in any event within 2 Business Days) after approval by the Board of Directors of Parent (and in no event later than February 28 of each Fiscal Year), (i) a consolidated budget for Credit Parties in form reasonably satisfactory to the Agent, but to include balance sheets, statements of income and sources and uses of cash, capital expenditures, and projected borrowing availability on a consolidated basis under this Agreement, for each Fiscal Quarter of such Fiscal Year prepared in detail and (ii) a financial model for the subsequent Fiscal Year, in each case, prepared in summary form, with appropriate presentation and discussion of the principal assumptions upon which such budget or model is based, accompanied by the statement of a Responsible Officer of Borrower to the effect that each budget and model has been prepared in good faith and based on assumptions believed to be reasonable and, promptly when available, any significant revisions of such budget or model; (k) Organization. Concurrently with any delivery of Financial Statements under Section 4.1(a), an accurate organizational chart as required by Section 3.29(c), or confirmation that there are no changes to Schedule 10(a) to the Perfection Certificate dated the Closing Date or since the most recent organization chart delivered to Agent under this Section 4.1(k); (l) Organizational Documents. Promptly provide copies of any Organizational Documents that have been amended or modified in accordance with the terms hereof and deliver a copy of any notice of default given or received by any Credit Party under any Organizational Document within fifteen (15) days after such Credit Party gives or receives such notice; (m) Appraisals. At any time after the occurrence of an Event of Default promptly upon the request of the Agent, an appraisal report performed at the expense of Borrower by a nationally recognized appraiser satisfactory to Agent, setting forth in reasonable detail the orderly liquidation value of the Collateral; and (n) Inspection of Property; Field Examinations and Audits. Each Credit Party shall, and shall cause each of its Subsidiaries to, with respect to each owned, leased, or controlled property, (a) provide access to such property to Agent as frequently as Agent determines to be appropriate; and (b) permit Agent to conduct field examinations, audit, inspect and make extracts and copies from all of such Credit Party's books and records, including invoices from and payments to the Credit Parties' vendors, and evaluate and make verifications of the Eligible Capital Expenditures and any Collateral in any manner and through any medium that Agent considers advisable, in each instance, at the Credit Parties' expense; provided the Credit Parties shall only be obligated to reimburse Agent for the expenses for one (1) such field examination, audit and inspection per year or at any time if an Event of Default has occurred and is continuing or Agent reasonably suspects fraudulent activity in connection with the Eligible Capital Expenditures.

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&nbsp;&nbsp;&nbsp;&nbsp;31 4.2 Financial Covenants. (a) Minimum Cash Balance. As of the last day of each Fiscal Month, Credit Parties shall not permit Cash Balance to be less than $6,000,000. (b) Performance Metrics. Commencing with the Fiscal Quarter ending on September 30, 2019, if as of the last day of any Fiscal Quarter the Credit Parties have a Cash Balance of less than $9,000,000, the Credit Parties shall not permit (i) the Total Revenue (measured as of the trailing twelve (12) month period ending on each date set forth in the table below) to be less than the amount set forth in the table below and (ii) Average Revenue Per Unit to be less than the amount set forth in the table below (collectively clauses (i) and (ii), the "Performance Metrics"). Period Total Revenue Average Revenue Per Unit August 31, 2019 $17,000,000 $20,000 November 30, 2019 $20,000,000 $20,000 February 29, 2020 $28,000,000 $22,000 May 31, 2020 $33,000,000 $22,000 August 31, 2020 $39,000,000 $22,000 November 30, 2020 $44,000,000 $22,000 February 28, 2021 $52,000,000 $25,000 May 31, 2021 $67,000,000 $25,000 August 31, 2021 $83,000,000 $25,000 November 30, 2021 $100,000,000 $25,000 February 28, 2022 $117,000,000 $30,000 May 31, 2022 $132,000,000 $30,000 August 31, 2022 $132,000,000 $30,000 November 30, 2022 $132,000,000 $30,000 February 28, 2023 $132,000,000 $30,000 May 31, 2023 $132,000,000 $30,000 August 31, 2023 $132,000,000 $30,000 November 30, 2023 $132,000,000 $30,000 February 29, 2024 $132,000,000 $30,000 If the Credit Parties are not in compliance with the Performance Metrics at the end of any Fiscal Quarter in which compliance with the Performance Metrics is required, the Parent shall promptly (and in any event within 60 days after delivery of the Compliance Certificate that evidenced non-compliance with the Performance Metrics) issue Qualified Capital Stock (the "Mandatory Equity Issuance") in an amount as reasonably acceptable to Agent and promptly contribute the proceeds of such Mandatory Equity Issuance to the Borrower. If the Parent fails to complete the Mandatory Equity Issuance within 60 days after delivery of the Compliance Certificate that evidenced non-compliance with the Performance Metrics, the Borrower shall make mandatory prepayments of the Loans in accordance with Section 1.1(c)(ii). 4.3 Other Reports and Information. The Grantors shall advise Agent and each Lender in reasonable detail promptly after becoming aware of: (a) any Lien, other than Permitted Liens, 32 attaching to or asserted against any of the Collateral or any occurrence causing a material loss or decline in value of any Collateral and the estimated (or actual, if available) amount of such loss or decline; (b) any material change in the composition of the Collateral; and (c) the occurrence of any Default or other event that has had or would reasonably be expected to have a Material Adverse Effect. The Grantors shall, upon the reasonable request of Agent or any Lender, furnish to Agent and Lenders such other reports and information in connection with the affairs, business, financial condition, operations, prospects or management of Borrower or any other Grantor or the Collateral, all in reasonable detail. 5. NEGATIVE COVENANTS Borrower and each Credit Party executing this Agreement covenants and agrees (for itself and each other Credit Party) that, without Agent's prior written consent, from the Closing Date until the Termination Date, neither Borrower nor any other Credit Party shall, directly or indirectly, by operation of law or otherwise: 5.1 Indebtedness. Create, incur, assume or permit to exist any Indebtedness, except: (a) the Obligations, (b) Indebtedness existing as of the Closing Date set forth in Disclosure Schedule (3.18), (c) by endorsement of instruments or items of payment for deposit to the general account of such Credit Party, (d) for Guaranteed Indebtedness incurred for the benefit of Borrower if the primary obligation is permitted by this Agreement, (e) Indebtedness arising under that certain Note Purchase Agreement in an amount not to exceed $30,000,000, provided that such Indebtedness is at all times subordinated to the Obligations pursuant to the terms of the Subordination Agreement and provided that each of the holders thereof have executed and delivered the Subordination Agreement, (f) the PPP Loan, provided that Parent shall (i) use all of the proceeds of the PPP Loan exclusively for the PPP Forgivable Uses in the manner required under the PPP Rule to obtain forgiveness of the largest possible amount of the PPP Loan, (ii) use commercially reasonable efforts to conduct its business in a manner that maximizes the amount of the PPP Loan that is forgiven, (iii) apply for forgiveness of the PPP Loan in accordance with regulations implementing Section 1106 of the PPP Rule within thirty (30) days (or such longer period as the Agent may agree to in its sole discretion) after the last day of the eight (8) week period immediately following the date of funding of the PPP Loan and (iv) provide the Agent with a copy of its application for forgiveness and all supporting documentation required by the Small Business Administration or Continental Bank in connection with the forgiveness of the PPP Loan, and (g) additional Indebtedness (including Purchase Money Obligations) incurred after the Closing Date in an aggregate outstanding amount for all such Credit Parties combined not exceeding $500,000. 5.2 Liens. Incur, maintain or otherwise suffer to exist any Lien upon or with respect to any of its property, whether now owned or hereafter acquired, or assign any right to receive income or profits, except for Permitted Liens. 5.3 Investments; Fundamental Changes. Except as expressly permitted by Section 5.7 below investments or loans existing as of the Closing Date and set forth in Disclosure Schedule (5.3), mergeMerge or amalgamate with, consolidate with, acquire all or substantially all of the assets or Stock of, or otherwise combine with or make any investment in or make any loan or advance to, any Person; except,

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&nbsp;&nbsp;&nbsp;&nbsp;33 (a) the De-SPAC First Merger and the De-SPAC Second Merger, (b) as expressly permitted by Section 5.7 below, (c) investments or loans existing as of the Closing Date and set forth in Disclosure Schedule (5.3), (d) any Credit Party may form any direct or indirect Subsidiary after the Closing Date so long as within ten (10) Business Days after such formation, such Subsidiary becomes a Guarantor hereunder and grants to Agent a Lien in all of its rights, title and interests in, to and under its Collateral to secure the Obligations for the benefit of the Lenders, all pursuant to written documentation in form and substance reasonably satisfactory to Agent in accordance with Sections 1.12 and 3.28; provided, that no Credit Party shall transfer any assets or property to a new Subsidiary until all requirements of Sections 1.12 and 3.28 have been met for such new Subsidiary. , (e) any capital contributions in, or loans or advances to, Volta Canada Inc., a corporation organized under the laws of Quebec, Canada ("Volta Canada") ("Volta Canada Investments"), (i) that have been made prior to the Fourth Amendment Effective Date in an aggregate amount not exceeding an estimated $171,474.00, or (ii) made after the Fourth Amendment Effective Date to the extent the aggregate amount of Volta Canada Investments made after the Fourth Amendment Effective Date do not exceed $500,000 in the aggregate at any time, provided that, immediately before and immediately after giving pro forma effect to the making of any such Volta Canada Investment, no Default or Event of Default shall have occurred and be continuing; (f) any capital contributions in, or loans or advances to, Volta Charging Germany GmbH, , a limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany ("Volta Germany") ("Volta Germany Investments"), (i) that have been made prior to the Fourth Amendment Effective Date in an aggregate amount not exceeding an estimated $874,537.00 , or (ii) made after the Fourth Amendment Effective Date to the extent the aggregate amount of Volta Germany Investments made after the Fourth Amendment Effective Date do not exceed $500,000 in the aggregate at any time, provided that, immediately before and immediately after giving pro forma effect to the making of any such Volta Germany Investment, no Default or Event of Default shall have occurred and be continuing; or (g) any capital contributions in, or loans or advances to, Volta France SARL, a limited liability company (Société A Responsabilité Limitée) organized under the laws of France ("Volta France") ("Volta France Investments"), (i) that have been made prior to the Fourth Amendment Effective Date in an aggregate amount not exceeding an estimated $51,086.00, or (ii) made after the Fourth Amendment Effective Date to the extent the aggregate amount of Volta France Investments made after the Fourth Amendment Effective Date do not exceed $500,000 in the aggregate at any time, provided that, immediately before and immediately after giving pro forma effect to the making of any such Volta France Investment, no Default or Event of Default shall have occurred and be continuing. For the avoidance of doubt, no Credit Party shall make any investment in or make any loan or advance to, any Person located outside of the United States without the prior written consent of Required Lenders other than as expressly set forth above in this Section 5.3. 5.4 Asset Sales. Sell, transfer, convey, assign, issue or otherwise dispose any of its assets or properties (including its accounts or any shares of its Stock) or engage in any sale-leaseback, synthetic lease or similar transaction, including without limitation the Collateral or Loan proceeds; 34 provided, however, that (i) any Grantor may transfer any of its Collateral to any other Grantor, provided such Collateral remains subject to the Liens of Agent under this Agreement to secure the Obligations, (ii) Volta Services may enter into the Permitted Brookfield Sales and Other Permitted Sales, and (iii) any Grantor may dispose of Collateral that is, in the applicable Grantor's reasonable business judgment, no longer economically practicable or commercially desirable to maintain, or used or useful in its business, in each case, in the ordinary course of business; provided that, with respect to Collateral that has a fair market value in excess of $500,000, Agent has given prior written consent (email acceptable) which consent shall not be unreasonably withheld, delayed or denied. 5.5 Restricted Payments. Make or permit any Restricted Payment. 5.6 Changes in Nature of Business. Make any changes in any of its business that would reasonably be expected to adversely affect repayment of the Obligations or would reasonably be expected to have a Material Adverse Effect, or engage in any business other than (a) that presently engaged in or (b) any business reasonably related, ancillary, complementary, or incidental thereto and reasonable extensions thereof. 5.7 Transactions with Affiliates. Enter into any lending, borrowing or other commercial transaction with any of its employees, directors, or Affiliates other than (a) loans or advances to employees in the ordinary course of business in an aggregate outstanding amount not exceeding $500,000 at any time and (b) transactions entered on arms-length terms as would be obtained in a transaction between parties that are not Affiliates or set forth on Disclosure Schedule (3.35). 5.8 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments. Incur or otherwise suffer to exist or become effective or remain liable on or responsible for any Contractual Obligation limiting or restricting the ability of (a) any Credit Party to make Restricted Payments to, or investments in, or repay Indebtedness of, or otherwise sell property to, any Credit Party or (b) any Credit Party to incur or suffer to exist any Lien upon any property of any Credit Party, whether now owned or hereafter acquired, securing any of its Obligations (including any such limitation or restriction in the form of any "equal and ratable" clause and any similar Contractual Obligation requiring, when a Lien is granted on any property, another Lien to be granted on such property or any other property), except, for each of clauses (a) and (b) above, (x) pursuant to the Loan Documents, and (y) limitations on Liens (other than those securing any Obligation) on any property whose acquisition, repair, improvement or construction is financed by Purchase Money Indebtedness in reliance upon Section 5.1(b) or (e) set forth in the Contractual Obligations governing such Indebtedness with respect thereto. 5.9 Modification of Certain Documents. Amend, waive, or otherwise modify (a) its charter or by-laws or other Organizational Documents other than in connection with the issuance of Equity Interests by Parent permitted by this Agreement or (b) the Brookfield Master Sale Agreement or any agreements governing Other Permitted Sales in a manner material and adverse to the Agent or the Lenders. 5.10 Accounting Changes; Fiscal Year. Change its (a) accounting treatment or reporting practices, except as required by GAAP or any Requirement of Law or (b) its Fiscal Year or its method for determining Fiscal Quarters.

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&nbsp;&nbsp;&nbsp;&nbsp;35 5.11 Changes to Name, Locations, Etc. Change (i) its name, Chief Executive Office, corporate offices from those set forth on Disclosure Schedule (3.2), (ii) its warehouses or other Collateral locations, or location of its records concerning the Collateral from those locations set forth on Disclosure Schedule (3.2); provided, that any Credit Party may change the location of electric charging stations in the ordinary course of business, (iii) the type of legal entity that it is, (iv) its organization identification number, if any, issued by its state of incorporation or organization or (v) its state of incorporation or organization from that set forth on Disclosure Schedule (3.2). 5.12 Bank Accounts. (a) Establish any depository or other bank account of any kind with any financial institution (other than the accounts set forth on Disclosure Schedule (3.26)) or (b) close or permit to be closed any of the accounts listed on Disclosure Schedule (3.26) in each case, without Agent's prior written consent. 5.13 Margin Regulations. Use all or any portion of the proceeds of any credit extended hereunder to purchase or carry Margin Stock in contravention of Regulation U of the Federal Reserve Board. 5.14 Compliance with ERISA. No Credit Party or ERISA Affiliate shall cause or suffer to exist (a) any event that would reasonably be expected to result in the imposition of a Lien upon the assets of any Credit Party with respect to any Title IV Plan or Multiemployer Plan or (b) any other ERISA Event, that would, in the aggregate, reasonably be expected to result in liabilities of the Credit Parties in excess of $500,000. 5.15 Hazardous Materials. Cause or suffer to exist any Release of any Hazardous Material at, to or from any Real Property owned, leased, subleased or otherwise operated by any Credit Party that would violate any Environmental Law, form the basis for any Environmental Liabilities or otherwise adversely affect the value or marketability of any real property (whether or not owned by any Credit Party), other than such violations, Environmental Liabilities and effects that would not, in the aggregate, have a Material Adverse Effect. 5.16 Parent. Parent shall not (a) acquire any intellectual property, electric vehicle charging stations or other material assets with an aggregate fair market value in excess of $1,000,000 or enter into any new agreements other than agreements related to employment, administrative operations, issuance of equity, Parent's ownership of the Borrowers, or other agreements similar in subject matter to those agreements described on Disclosure Schedule (3.27), and (b) accept or receive any dividends, property, cash or Cash Equivalents or other assets from any other Credit Party other than in the ordinary course of business. 5.17 Use of Proceeds. Use all or any of the proceeds of any Loans other than as set forth in Section 1.3. For the avoidance of doubt, no proceeds of the Loans shall be used to finance any electric charging stations in connection with the Brookfield Master Sale Agreement or the agreements governing Other Permitted Sales. 5.18 Compliance with Anti-Terrorism Laws. (a) Directly or indirectly, in connection with the Loans, knowingly (i) conduct any business or engage in making or receiving any contribution of funds, goods or services to or for the benefit of any Embargoed Person, (ii) deal in, or otherwise engage in any 36 transaction relating to, any property or interests in property blocked pursuant to any Anti- Terrorism Law or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. (b) Directly or indirectly, in connection with the Loans, knowingly cause or permit any of the funds of such Credit Party that are used to repay the Loans to be derived from any unlawful activity with the result that the making of the Loans would be in violation of any Anti-Terrorism Law. (c) Knowingly cause or permit (i) an Embargoed Person to have any direct or indirect interest in or benefit of any nature whatsoever in the Credit Parties or (ii) any of the funds or properties of the Credit Parties that are used to repay the Loans to constitute property of, or be beneficially owned directly or indirectly by, an Embargoed Person. (d) Deliver to the Lenders any certification or other evidence requested from time to time by any Lender in its reasonable discretion, confirming the Credit Parties' compliance with this Section 5.18. (e) The Borrower will not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of the FCPA or any other applicable anti-corruption law. 5.19 Sale-Leasebacks. Permit any of its Subsidiaries to, engage in a sale leaseback, synthetic lease or similar transaction involving any of its assets. For the avoidance of doubt, Permitted Brookfield Sales and Other Permitted Sales shall not be prohibited by this Section 5.19. 5.20 Leases. Enter as lessee into any lease arrangement for real property to be used by any Credit Party as a Chief Executive Office, other office space or warehouse, if after giving effect thereto, the aggregate annual rental payments for all such leased properties would exceed $700,000 in the aggregate in Fiscal Year 2019 and $1,200,000 in the aggregate in any Fiscal Year thereafter. For the avoidance of doubt, this Section 5.20 shall not apply to any lease arrangement for real property used as an electric vehicle charging station location. 5.21 Compensation. Except as set forth on Disclosure Schedule (5.21), no Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, pay any management, consulting or similar fees to any Affiliate of any Credit Party or to any officer, director or employee of any Credit Party or any Affiliate of any Credit Party except, in each case, payment of reasonable compensation for actual services rendered to the Credit Parties and their Subsidiaries in the ordinary course of business.

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&nbsp;&nbsp;&nbsp;&nbsp;37 6. SECURITY INTEREST 6.1 Grant of Security Interest. (a) As collateral security for the prompt and complete payment and performance of the Obligations, each of Borrower and each other Credit Party executing this Agreement hereby grants to Agent for the benefit of the Lenders a security interest in and Lien upon all of its property and assets, whether real or personal, tangible or intangible, and whether now owned or hereafter acquired, or in which it now has or at any time in the future may acquire any right, title, or interest, including all of the following property in which it now has or at any time in the future may acquire any right, title or interest: (i) all Accounts; (ii) all deposit accounts; (iii) all other bank accounts and all funds on deposit therein; all money, cash and cash equivalents; (iv) all investment property; (v) all Stock and all Distributions in respect thereof; (vi) all goods (including, without limitation, inventory, equipment, and fixtures); (vii) all chattel paper, documents and instruments; (viii) all Books and Records; (ix) all general intangibles (including, without limitation, all Intellectual Property, Intellectual Property applications, contract rights, choses in action, payment intangibles, licenses, Permits, and software, and all rights and interests under any key man life insurance policies); (x) all letter-of-credit rights; (xi) all commercial tort claims; (xii) all property, including all property of every description, in custody or in transit for any purpose, including safekeeping, collection or pledge, for the account of Borrower or any Credit Party or to which Borrower or any Credit Party may have any right or power, including but not limited to cash; (xiii) all other goods (including but not limited to fixtures) and personal property, whether tangible or intangible and wherever located; 38 (xiv) all supporting obligations and consents and agreements of any kind or nature that are material to the operation, management, maintenance and conduct of any Credit Party; (xv) all Real Property of every kind and nature, including leases; and (xvi) to the extent not otherwise included, all Proceeds, tort claims, insurance claims and other rights to payment not otherwise included in the foregoing and products of all and any of the foregoing and all accessions to, substitutions and replacements for, and rents and profits of, each of the foregoing (all of the foregoing, collectively, the "Collateral"). Notwithstanding the foregoing, "Collateral" shall not include: (i) any property, aircraft, motor vehicles and other assets subject to certificates of title; (ii) any "intent-to-use" application unless and until a "statement of use" or "amendment to allege use" is filed and accepted by the U.S. Patent and Trademark Office or any other filing is made or circumstances otherwise change so that the interests of the applicable Grantor in such trademarks is no longer on an "intent-to-use" basis, at which time such trademarks shall automatically be deemed "Collateral" hereunder; (iii) (A) assets if the granting of a security interest in such asset would (x) be prohibited by Applicable Law or (y) trigger termination of any agreement, document or instrument pursuant to any "change of control" or similar provision and (B) any contract, license, franchise or other agreement to the extent the pledge of such agreement is expressly prohibited by the terms thereof (provided that such contractual restriction shall not have been created in contemplation of this restriction); provided, however, the foregoing exclusions in this clause (iii) shall in no way be construed (A) to apply if any such prohibition would be rendered ineffective under the UCC (including Sections 9-406, 9-407 and 9-408 thereof) or other Applicable Law (including the United States bankruptcy code) or principles of equity, (B) so as to limit, impair or otherwise affect Agent's unconditional continuing Liens upon any rights or interests of any Grantor in or to the Proceeds thereof (including proceeds from the sale, license, lease or other disposition thereof), including monies due or to become due under any such lease, license, contract, or agreement (including any Accounts or other Receivables), or (C) to apply at such time as the condition causing such prohibition shall be remedied and, to the extent severable, "Collateral" shall include any portion of such lease, license, franchise, contract, or agreement, or assets subject thereto that does not result in such prohibition; (iv) Excluded Accounts; (v) any property and assets the pledge of which would require governmental consent, approval, license or authorization (unless such consent, approval, license or authorization has been obtained); (vi) unless such assets are required to be subject to a Lien in favor of the Agent for the benefit of the Lenders pursuant to Section 3.21(e), assets located outside the United States or the pledge of which would require registration or other action outside the United States; (vii) [reserved]; (viii) [reserved]; and (ix) assets in circumstances where Borrower and Agent determine in their reasonable discretion that the cost, burden or consequences (including material adverse tax consequences) of obtaining or perfecting a security interest in such assets is excessive in relation to the practical benefit afforded thereby; provided, that for the avoidance of doubt, no Grantor shall be required to enter into any foreign-law governed security documents in connection with any share pledge, intellectual property registered in any non-U.S. jurisdiction or any other grant of security interest, in each case under this provided clause except if assets of a Grantor are required to be subject to a Lien in favor of the Agent for the benefit of the Lenders pursuant to Section 3.21(e). Notwithstanding anything herein to the contrary or

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&nbsp;&nbsp;&nbsp;&nbsp;41 value thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency, consignee or other bailee if such Person has been selected by Agent in good faith. 7. EVENTS OF DEFAULT: RIGHTS AND REMEDIES 7.1 Events of Default. The occurrence of any one or more of the following events (regardless of the reason therefor) shall constitute an "Event of Default" hereunder which shall be deemed to be continuing until waived in writing by Agent in accordance with Section 9.3 or cured in accordance with the terms and conditions of this Agreement: (a) Borrower shall fail to pay the principal in respect of the Loan when due and payable or declared due and payable in accordance with the terms hereof; or the Borrower shall fail to pay interest in respect of the Loan within three (3) Business Days after such interest becomes due and payable in accordance with the terms hereof; or Borrower shall fail to pay any other Obligations within five (5) Business Days after any such other Obligation becomes due and payable in accordance with the terms hereof or any other Loan Document; or (b) any representation or warranty in this Agreement or any other Loan Document, or in any written statement pursuant hereto or thereto, or in any report, financial statement or certificate made or delivered to Agent by any Borrower or any other Credit Party shall be untrue or incorrect in any material respect as of the date when made or deemed made, regardless of whether such breach involves a representation or warranty with respect to a Credit Party that has not signed this Agreement; or (c) any Borrower or any other Credit Party shall fail or neglect to perform, keep or observe any of the covenants, promises, agreements, requirements, or other terms or provisions contained in Section 3.1(a)(i)(A), Section 3.16, Section 3.21, Section 3.22, Section 3.23, Section 3.36, Section 4.1, Section 4.2, Section 4.3, each subsection of Section 5, and each subsection of Section 6 of this Agreement, or the SBA Side Letter; or (d) any Borrower or any other Credit Party shall fail or neglect to perform, keep or observe any of the covenants, promises, agreements, requirements, or other terms or provisions contained in Section 3.28 of this Agreement, and such failure or neglect shall continue unremedied for a period of five (5) Business Days; or (e) any Borrower or any other Credit Party shall fail or neglect to perform, keep or observe any of the covenants, promises, agreements, requirements, or other terms or provisions contained in this Agreement or any of the other Loan Documents (other than as specified in paragraphs (a) through (d) above), and such failure or neglect shall continue unremedied for a period of thirty (30) days; or (f) an event of default shall occur under any Contractual Obligation of any Borrower or any other Credit Party (other than this Agreement and the other Loan Documents), and such event of default (i) involves the failure to make any payment (whether or not such payment is blocked pursuant to the terms of an intercreditor agreement or otherwise), whether of principal, interest or otherwise, and whether due by scheduled maturity, required prepayment, acceleration, demand or otherwise and such failure continues after 42 the applicable grace or notice period, if any, specified in the document relating thereto, in respect of any Indebtedness (other than the Obligations) of such Person in an aggregate original principal amount exceeding $500,000, or (ii) causes (or permits any holder of such Indebtedness or a trustee to cause) such Indebtedness, or a portion thereof, in an aggregate original principal amount exceeding $500,000 to become due prior to its stated maturity or prior to its regularly scheduled date of payment; or (g) there shall be commenced against any Borrower or any other Credit Party any Litigation seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that remains unstayed, undismissed or unbonded for sixty (60) consecutive days; or any Borrower or any other Credit Party shall have concealed, removed or permitted to be concealed or removed, any part of its property with intent to hinder, delay or defraud any of its creditors or made or suffered a transfer of any of its property or the incurring of an obligation that may be fraudulent under any bankruptcy, fraudulent transfer or other similar law; or (h) a case or proceeding shall have been commenced involuntarily against any Borrower or any other Credit Party in a court having competent jurisdiction seeking a decree or order: (i) under the United States Bankruptcy Code or any other applicable Federal, state or foreign bankruptcy or other similar law, and seeking either (x) the appointment of a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for such Person or of any substantial part of its properties, or (y) the reorganization or winding up or liquidation of the affairs of any such Person, and such case or proceeding shall remain undismissed, unstayed or unbonded for sixty (60) consecutive days or such court shall enter a decree or order granting the relief sought in such case or proceeding; or (ii) invalidating or denying any Person's right, power, or competence to enter into or perform any of its obligations under any Loan Document or invalidating or denying the validity or enforceability of this Agreement or any other Loan Document or any action taken hereunder or thereunder; or (i) any Borrower or any other Credit Party shall (i) commence any case, proceeding or other action under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors, seeking to have an order for relief entered with respect to it or seeking appointment of a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for it or any substantial part of its properties, (ii) make a general assignment for the benefit of creditors, (iii) consent to or take any action in furtherance of, or, indicating its consent to, approval of, or acquiescence in, any of the acts set forth in paragraph (h) of this Section 7.1 or clauses (i) and (ii) of this paragraph (i), or (iv) shall admit in writing its inability to, or shall be generally unable to, pay its debts as such debts become due; or (j) a final judgment or judgments for the payment of money in excess of $500,000 in the aggregate shall be rendered against any Borrower or any other Credit Party, unless the same shall be (i) fully covered by insurance and the issuer(s) of the applicable policies have not disclaimed coverage, or (ii) vacated, stayed, bonded, paid or discharged within a period of thirty (30) days from the date of such judgment; or

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&nbsp;&nbsp;&nbsp;&nbsp;43 (k) any provision of any Loan Document shall for any reason cease to be valid, binding and enforceable in accordance with its terms, or any Lien granted, or intended by the Loan Documents to be granted, to Agent for the benefit of the Lenders shall cease to be a valid and perfected Lien having the first priority (or a lesser priority if expressly permitted in the Loan Documents) in any of the Collateral (or any Credit Party shall so assert any of the foregoing); or (l) a Change of Control shall have occurred with respect to any Credit Party; or (m) an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred and are then continuing, would reasonably be expected to have Material Adverse Effect; or (n) any event occurs, whether or not insured or insurable, as a result of which revenue- producing activities cease or are substantially curtailed with respect to any property or facilities of the Credit Parties generating more than fifty percent (50%) of Borrower's consolidated revenue for the Fiscal Year preceding such event and such cessation or curtailment continues for more than thirty (30) days; or (o) an event of default shall occur under any other Loan Document; or (p) if the obligation of any Guarantor under its Guarantee or under any of the Loan Documents is limited or terminated by operation of law or by such Guarantor (other than in accordance with the terms of this Agreement). 7.2 Remedies. (a) If any Default shall have occurred and be continuing, then each Lender may suspend its commitment hereunder to make the Term Loan. In addition, if any Event of Default shall have occurred and be continuing, Agent may, and at the direction of Required Lenders, shall, take any one or more of the following actions: (i) by notice to Borrower declare all or any portion of the Obligations to be forthwith due and payable, whereupon such Obligations shall become and be due and payable; or (ii) exercise any rights and remedies provided to Agent for the benefit of the Lenders under the Loan Documents or at law or equity, including all remedies provided under the Code; provided, that upon the occurrence of any Event of Default specified in clause (i) of either Sections 7.1(h) or (i), the Obligations shall become immediately due and payable (and any obligation of the Lenders to make the Loan, if not previously terminated, shall immediately be terminated) without declaration, notice or demand by Agent. (b) Without limiting the generality of the foregoing, each Grantor expressly agrees that upon the occurrence and during the continuance of any Event of Default, Agent may collect, receive, assemble, appropriate and realize upon the Collateral, or any part thereof, and may forthwith sell, lease, assign, give an option or options to purchase or otherwise dispose of and deliver said Collateral (or contract to do so), or any part thereof, in one or more parcels at public or private sale or sales, at any exchange at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. Agent shall have the right upon any such public sale, to the extent permitted by law, to 44 purchase for the benefit of the Lenders the whole or any part of said Collateral so sold, free of any right of equity of redemption, which right each Grantor hereby releases. Such sales may be adjourned, or continued from time to time with or without notice. Agent shall have the right to conduct such sales on any Grantor's premises or elsewhere and shall have the right to use any Grantor's premises without rent or other charge for such sales or other action with respect to the Collateral for such time as Agent deems necessary or advisable. (c) Upon the occurrence and during the continuance of an Event of Default and at Agent's request, Borrower and each other Grantor further agrees, to assemble the Collateral and make it available to Agent at places that Agent shall reasonably select, whether at its premises or elsewhere. During the continuance of an Event of Default, until Agent is able to effect a sale, lease, or other disposition of the Collateral, Agent shall have the right to complete, assemble, use or operate the Collateral or any part thereof, to the extent that Agent deems appropriate, for the purpose of preserving such Collateral or its value or for any other purpose. Agent shall have no obligation to any Grantor to maintain or preserve the rights of any Grantor as against third parties with respect to any Collateral while such Collateral is in the possession of Agent. During the continuance of an Event of Default, Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of any Collateral and to enforce any of Agent's or the Lenders' remedies with respect thereto without prior notice or hearing. To the maximum extent permitted by applicable law, Borrower and each other Grantor waives all claims, damages, and demands against Agent, each Lender, their Affiliates, agents, and the officers and employees of any of them arising out of the repossession, retention or sale of any Collateral except such as are determined in a final judgment by a court of competent jurisdiction to have arisen solely out of the gross negligence or willful misconduct of such Person. Borrower and each other Grantor agrees that ten (10) days' prior notice by Agent to such Grantor of the time and place of any public sale or of the time after which a private sale may take place is reasonable notification of such matters. Borrower and each other Grantor shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all amounts to which Agent and each Lender are entitled. (d) Agent's and each Lender's rights and remedies under this Agreement shall be cumulative and nonexclusive of any other rights and remedies that Agent and each Lender may have under any Loan Document or at law or in equity. Recourse to the Collateral shall not be required. All provisions of this Agreement are intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited, to the extent necessary, so that they do not render this Agreement invalid or unenforceable, in whole or in part. 7.3 Waivers by Credit Parties. Except as otherwise provided for in this Agreement and to the fullest extent permitted by applicable law, Borrower and each other Credit Party executing this Agreement waives: (a) presentment, demand and protest, and notice of presentment, dishonor, intent to accelerate, protest, default, nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all Loan Documents; (b) all rights to notice and a hearing prior to Agent's taking possession or control of, or to Agent's replevy, attachment or levy upon, any Collateral or any bond or security that might be required by any court prior to allowing Agent or any Lender to exercise any of their remedies; and (c) the benefit of all valuation, appraisal,

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&nbsp;&nbsp;&nbsp;&nbsp;45 marshaling and exemption laws. Borrower and each other Credit Party executing this Agreement acknowledges that it has been advised by counsel of its choices and decisions with respect to this Agreement, the other Loan Documents and the transactions evidenced hereby and thereby. 7.4 Proceeds. The Proceeds of any sale, disposition or other realization upon any Collateral during the continuance of an Event of Default shall be applied by Agent upon receipt to the Obligations as set forth in Section 1.8 of this Agreement and after the indefeasible payment and satisfaction in full in cash of all of the Obligations, and after the payment by Agent of any other amount required by any provision of law, including Sections 9-608(a)(1) and 9-615(a)(3) of the Code (but only after Agent has received what Agent considers reasonable proof of a subordinate party's security interest), the surplus, if any, shall be paid to the applicable Grantor or its representatives or to whomsoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. In the event that any such Proceeds are insufficient to pay the Obligations in full, the Credit Parties shall remain liable, jointly and severally, for any deficiency. 8. SUCCESSORS AND ASSIGNS (a) Each Loan Document shall be binding on and shall inure to the benefit of Borrower and each other Credit Party executing such Loan Document, Agent, each Lender, and their respective successors and assigns, except as otherwise provided herein or therein. If more than one party signs this instrument as Borrower, then the term "Borrower" as used herein shall mean all of such parties, jointly and severally. Neither Borrower nor any other Credit Party may assign, transfer, hypothecate, delegate or otherwise convey its rights, benefits, obligations or duties under any Loan Document without the prior express written consent of Agent (at the direction of Required Lenders). Any such purported conveyance by Borrower or such Credit Party without the prior express written consent of Agent shall be void. There shall be no third party beneficiaries of any of the terms and provisions of any of the Loan Documents. Each Lender reserves the right at any time create and sell participations in the Loan and the Loan Documents to any other Person (a "Participant") without the consent of any Credit Party and, with the prior written consent of Borrower (provided such consent shall (i) not be unreasonably withheld, conditioned or delayed, (ii) be deemed given if Borrower does not respond to a request for consent within five (5) Business Days from the date of such request, (iii) not be required in the case of an assignment to another Lender, an Affiliate of a Lender or an Approved Fund and (iv) not be required if an Event of Default has occurred and is continuing) to sell, transfer or assign any or all of its rights in the Loan and under the Loan Documents to any other Person (an "Assignee"). Any such sale, transfer or assignment shall be effected by a written assignment agreement substantially in the form of Exhibit J attached hereto (an "Assignment Agreement") delivered by such Assignee to Agent and such Assignee shall pay to Agent an assignment fee in the amount of $3,500, which shall be paid to the Agent on the effective date of each such Assignment Agreement. Agent shall, acting solely for this purpose as an agent of Borrower, maintain at one of its offices a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of each Lender and the principal amount of the Term Loan owing to each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive absent manifest error, and Borrower, Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a 46 Lender hereunder for all purposes of this Agreement. Any assignment of the Term Loan, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register. Any assignment or transfer of all or part of the Term Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of such Note evidencing the Loan, accompanied by a duly executed Assignment Agreement or transfer; thereupon a new Note in the same aggregate principal amount shall be issued to the designated Assignee, and the old Note shall be returned to Borrower marked "canceled." The Register shall be available for inspection by Borrower at any reasonable time and from time to time upon reasonable prior notice. Each Lender that sells a participation shall, acting solely for this purpose as a non- fiduciary agent of Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Loans or other obligations under the Loan Documents (the "Participant Register"); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register. (b) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to Borrower and Agent, at the time or times reasonably requested by Borrower or Agent, such properly completed and executed documentation reasonably requested by Borrower or Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by Borrower or Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by Borrower or Agent as will enable Borrower or Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (i), (ii) and (iv) of this Section 8(b)) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. Without limiting the generality of the foregoing, in the event that Borrower is a U.S. Borrower: (i) any Lender that is a U.S. Person shall deliver to Borrower and Agent on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

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&nbsp;&nbsp;&nbsp;&nbsp;47 (ii) any Lender that is not a U.S. Person (a "Foreign Lender") shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: (A) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty; (B) executed copies of IRS Form W-8ECI; (C) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the IRC, (x) a certificate to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the IRC, a "10 percent shareholder" of Borrower within the meaning of Section 871(h)(3)(B) of the IRC, or a "controlled foreign corporation" related to Borrower as described in Section 881(c)(3)(C) of the IRC (a "U.S. Tax Compliance Certificate") and (y) executed copies of IRS Form W-8BEN or IRS Form W 8BEN-E; or (D) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W 8BEN-E, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner; (iii) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower and Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request 48 of Borrower or Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit Borrower or Agent to determine the withholding or deduction required to be made; and (iv) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the IRC, as applicable), such Lender shall deliver to Borrower and Agent at the time or times prescribed by law and at such time or times reasonably requested by Borrower or Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the IRC) and such additional documentation reasonably requested by Borrower or Agent as may be necessary for Borrower and Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (iii), "FATCA" shall include any amendments made to FATCA after the date of this Agreement. Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Borrower and Agent in writing of its legal inability to do so. 9. AGENT 9.1 Appointment and Duties. (a) Appointment of Agent. Each Lender hereby appoints EICF AGENT LLC (together with any successor Agent pursuant to Section 9.9) as Agent hereunder and authorizes Agent to (i) execute and deliver the Loan Documents and accept delivery thereof on its behalf from any Credit Party, (ii) take such action on its behalf and to exercise all rights, powers and remedies and perform the duties as are expressly delegated to Agent under such Loan Documents and (iii) exercise such powers as are reasonably incidental thereto. (b) Duties as Collateral and Disbursing Agent. Without limiting the generality of clause (a) above, Agent shall have the sole and exclusive right and authority (to the exclusion of the Lenders), and is hereby authorized, to (i) act as the disbursing and collecting agent for the Lenders with respect to all payments and collections arising in connection with the Loan Documents (including in any proceeding described in Section 7.1(h) or (i) or any other bankruptcy, insolvency or similar proceeding), and each Person making any payment in connection with any Loan Document to any Lender is hereby authorized to make such payment to Agent, (ii) file and prove claims and file other documents necessary or desirable to allow the claims of the Lenders with respect to any Obligation in any proceeding described in Section 7.1(h) or (i) or any other bankruptcy, insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of

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&nbsp;&nbsp;&nbsp;&nbsp;51 (iii) makes no warranty or representation, and shall not be responsible, to any Lender for any statement, document, information, representation or warranty made or furnished by or on behalf of any Related Person or any Credit Party in connection with any Loan Document or any transaction contemplated therein or any other document or information with respect to any Credit Party, whether or not transmitted or (except for documents expressly required under any Loan Document to be transmitted to the Lenders) omitted to be transmitted by Agent, including as to completeness, accuracy, scope or adequacy thereof, or for the scope, nature or results of any due diligence performed by Agent in connection with the Loan Documents; and (iv) shall not have any duty to ascertain or to inquire as to the performance or observance of any provision of any Loan Document, whether any condition set forth in any Loan Document is satisfied or waived, as to the financial condition of any Credit Party or as to the existence or continuation or possible occurrence or continuation of any Default and shall not be deemed to have notice or knowledge of such occurrence or continuation unless it has received a notice from Borrower or any Lender describing such Default clearly labeled "notice of default" (in which case Agent shall promptly give notice of such receipt to all Lenders); and, for each of the items set forth in clauses (i) through (iv) above, each Lender and Borrower and each other Credit Party to this Agreement hereby waives and agrees not to assert any right, claim or cause of action it might have against Agent based thereon, except to the extent such right, claim or cause of action arises from the gross negligence or willful misconduct of Agent, as determined in a final, non-appealable judgment by a court of competent jurisdiction. 9.6 Agent Individually. Agent and its Affiliates may make loans and other extensions of credit to, acquire Stock of, engage in any kind of business with, any Credit Party or Affiliate thereof as though it were not acting as Agent and may receive separate fees and other payments therefor. To the extent Agent or any of its Affiliates makes any Loan or otherwise becomes a Lender hereunder, it shall have and may exercise the same rights and powers hereunder and shall be subject to the same obligations and liabilities as any other Lender and the terms "Lender", "Required Lender" and any similar terms shall, except where otherwise expressly provided in any Loan Document, include, without limitation, Agent or such Affiliate, as the case may be, in its individual capacity as Lender or as one of the Required Lenders. 9.7 Intentionally Omitted. 9.8 Expenses; Indemnities. (a) Each Lender agrees to reimburse Agent and each of its Related Persons (to the extent not reimbursed by any Credit Party) promptly upon demand for such Lender's pro rata share with respect to the Loan of any costs and expenses (including fees, charges and disbursements of financial, legal and other advisors and taxes paid in the name of, or on behalf of, any Credit Party) that may be incurred by Agent or any of its Related Persons in connection with the preparation, syndication, execution, delivery, administration, 52 modification, consent, waiver or enforcement (whether through negotiations, through any work-out, bankruptcy, restructuring or other legal or other proceeding or otherwise) of, or legal advice in respect of its rights or responsibilities under, any Loan Document. (b) Each Lender further agrees to indemnify Agent and each of its Related Persons (to the extent not reimbursed by any Credit Party), from and against such Lender's aggregate pro rata share with respect to the Loan of the costs, expenses, claims and liabilities (including taxes, interests and penalties imposed for not properly withholding or backup withholding on payments made to on or for the account of any Lender) that may be imposed on, incurred by or asserted against Agent or any of its Related Persons in any matter relating to or arising out of, in connection with or as a result of any Loan Document, or any other act, event or transaction related, contemplated in or attendant to any such document, or, in each case, any action taken or omitted to be taken by Agent or any of its Related Persons under or with respect to any of the foregoing; provided, however, that no Lender shall be liable to Agent or any of its Related Persons to the extent such liability has resulted primarily from the gross negligence or willful misconduct of Agent or, as the case may be, such Related Person, as determined by a court of competent jurisdiction in a final non- appealable judgment or order. 9.9 Resignation of Agent. (a) Agent may resign at any time by delivering notice of such resignation to the Lenders and Borrower, effective on the date set forth in such notice or, if not such date is set forth therein, upon the date such notice shall be effective. If Agent delivers any such notice, the Required Lenders shall have the right to appoint a successor Agent. If, within forty-five (45) days after the retiring Agent having given notice of resignation, no successor Agent has been appointed by the Required Lenders that has accepted such appointment, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent from among the Lenders. Each appointment under this clause (a) shall be subject to the prior consent of Borrower, which may not be unreasonably withheld but shall not be required during the continuance of a Default. (b) Effective immediately upon its resignation, (i) the retiring Agent shall be discharged from its duties and obligations under the Loan Documents, (ii) the Lenders shall assume and perform all of the duties of Agent until a successor Agent shall have accepted a valid appointment hereunder, (iii) the retiring Agent and its Related Persons shall no longer have the benefit of any provision of any Loan Document other than with respect to any actions taken or omitted to be taken while such retiring Agent was, or because such Agent had been, validly acting as Agent under the Loan Documents and (iv) subject to its rights under Section 9.3, the retiring Agent shall take such action as may be reasonably necessary to assign to the successor Agent its rights as Agent under the Loan Documents. Effective immediately upon its acceptance of a valid appointment as Agent, a successor Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Agent under the Loan Documents. 9.10 Release of Collateral. Each Lender hereby consents to the release and hereby directs Agent to release (or, in the case of clause (ii) below, release or subordinate) any Lien held by Agent for

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&nbsp;&nbsp;&nbsp;&nbsp;53 the benefit of the Lenders against (i) any Collateral that is sold by a Credit Party in an Asset Sale permitted by the Loan Documents (including pursuant to a valid waiver or consent), (ii) any property subject to a Lien permitted hereunder to secure Purchase Money Obligations, and (iii) all of the Collateral and all Credit Parties, upon the Termination Date. Each Lender hereby directs Agent, and Agent hereby agrees, upon receipt of reasonable advance notice from Borrower, to execute and deliver or file such documents and to perform other actions reasonably necessary to release the Liens when and as directed in this Section 9.10. 10. MISCELLANEOUS 10.1 Complete Agreement; Modification of Agreement. (a) This Agreement and the other Loan Documents constitute the complete agreement between the parties with respect to the subject matter hereof and thereof, supersede all prior agreements, commitments, understandings or inducements (oral or written, expressed or implied). Borrower and each other Credit Party executing this Agreement or any other Loan Document shall have all duties and obligations under this Agreement and such other Loan Documents from the date of its execution and delivery, regardless of whether the Loan has been funded at that time. (b) No amendment or waiver of any provision of any Loan Document and no consent to any departure by any Credit Party therefrom shall be effective unless the same shall be in writing and signed (1) in the case of an amendment, consent or waiver to cure any ambiguity, omission, defect or inconsistency or granting a new Lien for the benefit of the Lenders or extending an existing Lien over additional property, by Agent and Borrower and any other Credit Party which is a party to such agreement, (2) in the case of any other waiver or consent, by the Required Lenders (or by Agent with the consent of the Required Lenders) and (3) in the case of any other amendment, by the Required Lenders (or by Agent with the consent of the Required Lenders) and Borrower and any other Credit Party which is a party to such agreement; provided, however, that no amendment, consent or waiver described in clause (2) or (3) above shall, unless in writing and signed by each Lender directly affected thereby (or by Agent with the consent of such Lender), in addition to any other Person the signature of which is otherwise required pursuant to any Loan Document, do any of the following: (i) waive any condition specified in Section 2.1, except any condition referring to any other provision of any Loan Document; (ii) increase the Term Loan Commitment of such Lender or subject such Lender to any additional material obligation; (iii) reduce (including through release, forgiveness, assignment or otherwise) (A) the principal amount of, the interest rate on, or any obligation of Borrower to repay (whether or not on a fixed date), any outstanding Loan owing to such Lender, or (B) any Fee or accrued interest payable to such Lender; provided, however, that this clause (iii) does not apply to any change to any provision increasing any 54 interest rate or Fee during the continuance of a Default or to any payment of any such increase; (iv) waive or postpone any scheduled maturity date or other scheduled date fixed for the payment, in whole or in part, of principal of or interest on any Term Loan or Fee owing to such Lender or for the reduction of such Lender's Term Loan Commitment; provided, however, that this clause (iv) does not apply to any change to Mandatory Prepayments, including those required under Section 1.2, or to the application of any payment, including as set forth in Section 1.8; (v) except as provided in Section 9.10, release any material portion of the Collateral or any Guarantor from its guarantee of any Obligation of Borrower; (vi) reduce or increase the proportion of Lenders required for the Lenders (or any subset thereof) to take any action hereunder or change the definition of the term "Required Lenders"; or (vii) amend Section 10.14 or this Section 10.1; and provided, further, that (x)(A) any waiver of any payment applied pursuant to Section 1.8 to, and any modification of the application of any such payment to the Term Loan shall require the consent of the Required Lenders, and (B) any change to the definition of the term "Required Lenders" shall require the consent of the Required Lenders, (y) no amendment, waiver or consent shall affect the rights or duties under any Loan Document of, or any payment to, Agent (or otherwise modify any provision of Section 9 or the application thereof) unless in writing and signed by Agent in addition to any signature otherwise required and (z) the consent of Borrower shall not be required to change any order of priority set forth in Section 1.8. (c) Anything in this Section 9.2 to the contrary notwithstanding, any amendment, modification, waiver, consent, termination, or release of, or with respect to, any provision of this Agreement or any other Loan Document that relates only to the relationship of the Lenders among themselves, and that does not affect the rights or obligations of Borrower, shall not require consent by or the agreement of Borrower; provided, however, that Agent shall promptly give notice to Borrower of any agreement pursuant to this provision. (d) Each waiver or consent under any Loan Document shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on any Credit Party shall entitle any Credit Party to any notice or demand in the same, similar or other circumstances. No failure on the part of any Lender to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. 10.2 Expenses. Borrower agrees to pay or reimburse Agent (but not any Assignee or Participants) for reasonable and documented out-of-pocket costs and expenses (including the reasonable and documented out-of-pocket fees and expenses of all counsel retained in connection therewith), incurred in connection with: (a) the preparation, negotiation, execution, delivery,

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&nbsp;&nbsp;&nbsp;&nbsp;55 performance and enforcement of the Loan Documents and the preservation of any rights thereunder; (b) collection, including deficiency collections; (c) any amendment, waiver or other modification with respect to any Loan Document or advice in connection with the administration of the Loan or the rights thereunder; and (d) any litigation, dispute, suit, proceeding or action (whether instituted by or between any combination of Agent, any Lender, Borrower or any other Person), and an appeal or review thereof, in any way relating to the Collateral, any Loan Document, or any action taken or any other agreements to be executed or delivered in connection therewith, whether as a party, witness or otherwise, provided however, that upon the occurrence and during the continuation of an Event of Default, Borrower agrees to pay or reimburse Agent (but not any Assignee or Participants) for all additional costs and expenses (including the reasonable fees and expenses of all counsel, advisors, consultants and auditors retained in connection therewith), incurred in connection with any effort (i) to monitor the Loan, (ii) to evaluate, observe or assess Borrower or any other Credit Party or the affairs of such Person, and (iii) to verify, protect, evaluate, assess, appraise, collect, sell, liquidate or otherwise dispose of the Collateral. 10.3 No Waiver. Neither Agent's failure, at any time, to require strict performance by Borrower or any other Credit Party of any provision of any Loan Document, nor Agent's or any Lender's failure to exercise, nor any delay in exercising, any right, power or privilege hereunder, shall operate as a waiver thereof or waive, affect or diminish any right of Agent or any Lender thereafter to demand strict compliance and performance therewith. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or future exercise thereof or the exercise of any other right, power or privilege. Any suspension or waiver of a Default or other provision under the Loan Documents shall not suspend, waive or affect any other Default or other provision under any Loan Document, and shall not be construed as a bar to any right or remedy that Agent or any Lender would otherwise have had on any future occasion. None of the undertakings, indemnities, agreements, warranties, covenants and representations of Borrower or any other Credit Party to Agent or any Lender contained in any Loan Document and no Default by Borrower or any other Credit Party under any Loan Document shall be deemed to have been suspended or waived by Agent or any Lender, unless such waiver or suspension is by an instrument in writing signed by an officer or other authorized employee of Agent or the Lenders, as applicable, and directed to Borrower, specifying such suspension or waiver (and then such waiver shall be effective only to the extent therein expressly set forth), and neither Agent nor any Lender shall, by any act (other than execution of a formal written waiver), delay, omission or otherwise, be deemed to have waived any of its rights or remedies hereunder. 10.4 Severability; Section Titles. Wherever possible, each provision of the Loan Documents shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of any Loan Document shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of such Loan Document. Except as otherwise expressly provided for in the Loan Documents, no termination or cancellation (regardless of cause or procedure) of any financing arrangement under the Loan Documents shall in any way affect or impair the Obligations, duties, covenants, representations and warranties, indemnities, and liabilities of Borrower or any other Credit Party or the rights of Agent or any Lender relating to any unpaid Obligation, (due or not due, liquidated, contingent or unliquidated), or any transaction or event occurring prior to such termination, or any transaction or event, the performance of which is not required until after the Maturity Date, all of which shall not terminate 56 or expire, but rather shall survive such termination or cancellation and shall continue in full force and effect until the Termination Date; provided, that all indemnity obligations of the Credit Parties under the Loan Documents shall survive the Termination Date. The Section titles contained in any Loan Document are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between parties hereto. 10.5 Authorized Signature. Until Agent shall be notified in writing by Borrower or any other Credit Party to the contrary, the signature upon any document or instrument delivered pursuant hereto and believed by Agent or any of Agent's officers, agents, or employees to be that of an officer of Borrower or such other Credit Party shall bind Borrower and such other Credit Party and be deemed to be the act of Borrower or such other Credit Party affixed pursuant to and in accordance with resolutions duly adopted by Borrower's or such other Credit Party's Board of Directors, and Agent shall be entitled to assume the authority of each signature and authority of the Person whose signature it is or appears to be unless the Person acting in reliance thereon shall have actual knowledge to the contrary. 10.6 Notices. Except as otherwise provided herein, whenever any notice, demand, request or other communication shall or may be given to or served upon any party by any other party, or whenever any party desires to give or serve upon any other party any communication with respect to this Agreement or any other Loan Document, each communication shall be in writing and shall be deemed to have been validly served, given or delivered (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the United States Mail, registered or certified mail, return receipt requested, with proper postage prepaid, (b) upon transmission, when sent by telecopy or other similar facsimile transmission (with such telecopy or facsimile promptly confirmed by delivery of a copy by personal delivery or United States Mail as otherwise provided in this Section 10.6), (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid or (d) when hand-delivered, all of which shall be addressed to the party to be notified and sent to the address or facsimile number indicated in Schedule C or to such other address (or facsimile number) as may be substituted by notice given as herein provided. Failure or delay in delivering copies of any such communication to any Person (other than Borrower, any other Credit Party, Agent or any Lender) designated in Schedule C to receive copies shall in no way adversely affect the effectiveness of such communication. 10.7 Counterparts. Any Loan Document may be authenticated in any number of separate counterparts by any one or more of the parties thereto, and all of said counterparts taken together shall constitute one and the same instrument. Any Loan Document may be authenticated by manual signature, facsimile or, if approved in writing by Agent, electronic means, all of which shall be equally valid. 10.8 Time of the Essence. Time is of the essence for performance of the Obligations under the Loan Documents. 10.9 GOVERNING LAW. THE LOAN DOCUMENTS AND THE OBLIGATIONS ARISING UNDER THE LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT

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&nbsp;&nbsp;&nbsp;&nbsp;57 REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICTS OF LAWS OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATION LAWS OF NEW YORK. 10.10 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. (a) AGENT, LENDERS, BORROWER AND EACH OTHER CREDIT PARTY EXECUTING THIS AGREEMENT EACH HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN BORROWER AND SUCH CREDIT PARTY AND ANY LENDER PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; PROVIDED, THAT THE LENDERS, BORROWER AND EACH CREDIT PARTY ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK; AND FURTHER PROVIDED, THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE ANY LENDER FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF SUCH LENDER. AGENT, LENDERS, BORROWER AND EACH OTHER CREDIT PARTY EXECUTING THIS AGREEMENT EACH EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND BORROWER AND SUCH CREDIT PARTY HEREBY WAIVE ANY OBJECTION THAT IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS. AGENT, LENDERS, BORROWER AND EACH OTHER CREDIT PARTY EXECUTING THIS AGREEMENT EACH HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO AGENT, SUCH LENDER, BORROWER OR SUCH CREDIT PARTY AT THE ADDRESS SET FORTH IN SCHEDULE C OF THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF AGENT, SUCH LENDER, BORROWER'S OR SUCH CREDIT PARTY'S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. (b) THE PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN ANY LENDER, BORROWER AND ANY CREDIT PARTY ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THE LOAN DOCUMENTS OR THE TRANSACTIONS RELATED THERETO. 58 10.11 Press Releases. Neither any Credit Party nor any of its Affiliates will in the future issue any press release or other public disclosure using the name of Energy Impact Credit Fund I LP or its Affiliates without at least two (2) Business Days' prior notice to Agent and without the prior written consent of Agent unless (and only to the extent that) such Credit Party or Affiliate is required to do so under law and then, in any event, such Credit Party or Affiliate will consult with Agent before issuing such press release or other public disclosure; provided that for purposes of this Section 10.11 only, the term "Affiliate" shall refer to any Person that, directly or indirectly, owns or controls, whether beneficially, or as trustee, guardian or other fiduciary, twenty percent (20%) or more of Stock having ordinary voting power for the election of directors of any Credit Party or (ii) each other Person that controls, is controlled by or is under common control with such Credit Party or any Affiliate of such Credit Party. Notwithstanding anything to the contrary in this Section 10.11, any Credit Party may make such public disclosures with respect to the transactions contemplated by the Loan Documents in connection with all regular and periodic reports (including without limitation any Form 8-Ks) and all registration statements and prospectuses, if any, filed by any Credit Party with any securities exchange or with the Securities and Exchange Commission or any governmental or private regulatory authority. The Borrower hereby authorizes Agent to disclose Agent's participation in this Agreement or the other Loan Documents in its marketing, sales materials, printed media, tombstones or web-based material. 10.12 Reinstatement. This Agreement shall continue to be effective, or be reinstated, as the case may be, if at any time payment of all or any part of the Obligations is rescinded or must otherwise be returned or restored by Agent or the Lenders upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of Borrower or any other Credit Party, or otherwise, all as though such payments had not been made. 10.13 USA PATRIOT Act Notice and Customer Verification. Each Lender that is subject to the USA PATRIOT Act and the Agent (for itself and not on behalf of such Lender) hereby notify Borrower that pursuant to the "know your customer" regulations and the requirements of the USA PATRIOT Act, they are required to obtain, verify and record information that identifies each Credit Party, which information includes the name, address and tax identification number (and other identifying information in the event this information is insufficient to complete verification) that will allow such Lender or Agent, as applicable, to verify the identity of each Credit Party. This information must be delivered to such Lender and Agent no later than five days prior to the Closing Date and thereafter promptly upon request. This notice is given in accordance with the requirements of the USA PATRIOT Act and is effective as to the Lenders and the Agent. 10.14 Sharing of Payments, Etc. If any Lender, directly or through an Affiliate or branch office thereof, obtains any payment of any Obligation of any Credit Party (whether voluntary, involuntary or through the exercise of any right of setoff or the receipt of any Collateral or "proceeds" (as defined under the Code) of Collateral) other than pursuant to Section 1.14 and such payment exceeds the amount such Lender would have been entitled to receive if all payments had gone to, and been distributed by, Agent in accordance with the provisions of the Loan Documents, such Lender shall purchase for cash from other Lenders such participations in their Obligations as necessary for such Lender to share such excess payment with such Lenders to ensure such payment is applied as though it had been received by Agent and applied in accordance with this Agreement (or, if such application would then be at the discretion of Borrower, applied to repay the Obligations in accordance herewith); provided, however, that (a) if such payment is rescinded or

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&nbsp;&nbsp;&nbsp;&nbsp;59 otherwise recovered from such Lender in whole or in part, such purchase shall be rescinded and the purchase price therefor shall be returned to such Lender without interest and (b) such Lender shall, to the fullest extent permitted by applicable Requirements of Law, be able to exercise all its rights of payment (including the right of setoff) with respect to such participation as fully as if such Lender were the direct creditor of Borrower in the amount of such participation. 10.15 Intentionally Omitted. 10.16 Confidentiality Agreements. With respect to any confidentiality agreements between the Parties, notwithstanding any requirements or obligations of Agent to destroy or return documentation or proprietary information related to Credit Parties, Agent will retain copies of any such documentation or information necessary to comply with the Investment Company Act of 1940 or other applicable laws. 11. GUARANTEE 11.1 The Guarantee. The Guarantors hereby jointly and severally guarantee, as a primary obligor and not as a surety to Agent and the Lenders and their respective successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest on (including any interest, fees, costs or charges that would accrue but for the provisions of the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code whether or not any such interest, fees, costs or charges are allowed in any proceeding thereunder) the Loan made by the Lenders to, and the Notes held by each Lender of, Borrower, and all other Obligations from time to time owing to Agent and the Lenders by any Credit Party under any Loan Document (such obligations being herein collectively called the "Guaranteed Obligations"). The Guarantors hereby jointly and severally agree that if Borrower or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. 11.2 Obligations Unconditional. The obligations of the Guarantors under Section 11.1 shall constitute a guarantee of payment and to the fullest extent permitted by applicable Requirements of Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of Borrower under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above: 60 (a) at any time or from time to time, without notice to the Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; (b) any of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein shall be done or omitted; (c) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; (d) any Lien or security interest granted to, or in favor of any Lender or Agent as security for any of the Guaranteed Obligations shall fail to be perfected; or (e) the release of any other Guarantor pursuant to Section 11.9. The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that Agent or any Lender exhaust any right, power or remedy or proceed against Borrower under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors waive any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by Agent or any Lender upon this Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guarantee, and all dealings between Borrower and Agent or any Lender shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guarantee. This Guarantee shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by Agent or any Lender, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by Agent or any Lender or any other person at any time of any right or remedy against Borrower or against any other person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of offset with respect thereto. This Guarantee shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall inure to the benefit of Agent and the Lenders, and their respective successors and assigns. 11.3 Reinstatement. The obligations of the Guarantors under this Article XI shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of Borrower or other Credit Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;61 11.4 Subrogation; Subordination. Each Guarantor hereby agrees that until the indefeasible payment and satisfaction in full in cash of all Guaranteed Obligations it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in Section 11.1, whether by subrogation or otherwise, against Borrower or any Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations. Any Indebtedness of any Credit Party permitted pursuant to Section 5.1(d) shall be subordinated to such Credit Party's Obligations in the manner set forth in the intercompany note, if any, evidencing such Indebtedness. 11.5 Remedies. The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of Borrower under this Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in Section 7.2 (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 7.2) for purposes of Section 11.1, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 11.1. 11.6 Instrument for the Payment of Money. Each Guarantor hereby acknowledges that the guarantee in this Article XI constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213. 11.7 Continuing Guarantee. The guarantee in this Article XI is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising. 11.8 General Limitation on Guarantee Obligations. In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 11.1 would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 11.1, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Guarantor, any Credit Party or any other person, be automatically limited and reduced to the highest amount (after giving effect to the right of contribution established in Section 11.10) that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 11.9 Release of Guarantors. If, in compliance with the terms and provisions of the Loan Documents, all or substantially all of the Equity Interests of any Guarantor are sold or otherwise transferred (a "Transferred Guarantor") to a person or persons, none of which is Borrower or a Subsidiary, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be automatically released from its obligations under this Agreement (including under Section 10.2 hereof) and its obligations to pledge and grant any Collateral owned by it pursuant to any Loan Document and the pledge of such Equity Interests to Agent pursuant to the Loan Documents shall 62 be automatically released, and, so long as Borrower shall have provided Agent such certifications or documents as Agent shall reasonably request, Agent shall take such actions as are necessary to effect each release described in this Section 11.9 in accordance with the relevant provisions of the Loan Documents, so long as Borrower shall have provided Agent such certifications or documents as Agent shall reasonably request in order to demonstrate compliance with this Agreement. 11.10 Right of Contribution. Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor's right of contribution shall be subject to the terms and conditions of Section 11.4. The provisions of this Section 11.10 shall in no respect limit the obligations and liabilities of any Guarantor to Agent and the Lenders, and each Guarantor shall remain liable to Agent and the Lenders for the full amount guaranteed by such Guarantor hereunder. [Remainder of Page Intentionally Left Blank, Next Page is Signature Page]

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&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT IN WITNESS WHEREOF, this Term Loan, Guarantee and Security Agreement has been duly executed as of the date first written above. VOLTA CHARGING, LLC, as Borrower and Grantor By: __________________________ Name: Title: VOLTA MEDIA LLC, as Borrower and Grantor By: ___________________________ Name: Title: VOLTA CHARGING SERVICES LLC, as Borrower and Grantor By: __________________________ Name: Title: VOLTA INDUSTRIES, INC., as Guarantor and Grantor By: __________________________ Name: Title: SIGNATURE PAGE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT EICF AGENT LLC, as Agent for the Lenders By: __________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT ENERGY IMPACT CREDIT FUND I LP, as a Lender By: __________________________ Name: Title: SIGNATURE PAGE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT CION INVESTMENT CORPORATION, as Co- Lead Arranger and a Lender By: __________________________ Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 1 SCHEDULE A DEFINITIONS Capitalized terms used in this Agreement and the other Loan Documents shall have (unless otherwise provided elsewhere in this Agreement or in the other Loan Documents) the following respective meanings: "Accounts" means, as at any date of determination, all "accounts" (as such term is defined in the Code) of the Credit Parties, including, without limitation, the unpaid portion of the obligation of a customer of a Credit Party in respect of Inventory purchased by and shipped to such customer and/or the rendition of services by a Credit Party, as stated on the respective invoice of a Credit Party, net of any credits, rebates or offsets owed to such customer. "Act" means the Small Business Investment Act of 1958, as amended and in effect from time to time, and the regulations promulgated thereunder. "Activation Notice" has the meaning set forth in Section 3.26(d). "Affected Lender" has the meaning given to such term in Section 1.14(a). "Affiliate" means, with respect to any Person: (i) each other Person that, directly or indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, ten percent (10%) or more of the Stock having ordinary voting power for the election of directors of such Person or (ii) each other Person that controls, is controlled by or is under common control with such Person or any Affiliate of such Person. For the purpose of this definition, "control" of a Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of its management or policies, whether through the ownership of voting securities, by contract or otherwise. "Agent" means the Person identified as such in the preamble of this Agreement. "Agreement" means this Agreement including all appendices, exhibits or schedules attached or otherwise identified thereto, restatements and modifications and supplements thereto, and any appendices, exhibits or schedules to any of the foregoing, each as effect at the time such reference becomes operative; provided, that except as specifically set forth in this Agreement, any reference to the Disclosure Schedules to this Agreement shall be deemed a reference to the Disclosure Schedules as in effect on the Closing Date or in a written amendment thereto delivered by Borrower to Agent. "Anti-Money Laundering Laws" has the meaning given to such term in Section 3.22. "Anti-Money Laundering Measures" has the meaning given to such term in Section 3.22. "Anti-Terrorism Laws" has the meaning given to such term in Section 3.22. "Approved Fund" means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a SCHEDULE A - 2 Lender. "Asset Sale" shall mean (a) any conveyance, sale, lease, sublease, assignment, transfer or other disposition (including by way of merger, amalgamation or consolidation and including any sale and leaseback transaction) of any property by any Credit Party, excluding sales of inventory and dispositions of cash and Cash Equivalents in the ordinary course of business in an aggregate outstanding amount not to exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate over the term of this Agreement, and (b) any issuance or sale of any Equity Interests of any Credit Party, in each case, to any Person other than (i) Borrower, (ii) any Guarantor or (iii) other than for purposes of Section 5.4, any other Subsidiary. "Assignee" has the meaning given to such term in Section 8(a). "Assignment Agreement" has the meaning given to such term in Section 8(a). "Attributable Indebtedness" shall mean, when used with respect to any sale and leaseback transaction, as at the time of determination, the present value (discounted at a rate equivalent to the applicable Borrower's then-current weighted average cost of funds for borrowed money as at the time of determination, compounded on a semi-annual basis) of the total obligations of the lessee for rental payments during the remaining term of the lease included in any such sale and leaseback transaction. "Average Number of Stations" means, as of any date of determination, the average number of electric charging stations installed and operated by the Borrower during the trailing twelve (12) Fiscal Month period most recently ended. "Average Revenue Per Unit" means, as of any date of determination, the revenue per unit calculated by dividing Total Revenue by the Average Number of Stations. "Board of Directors" means, with respect to any Person, (i) in the case of any corporation or unlimited liability corporation, the board of directors of such Person, (ii) in the case of any limited liability company, the board of managers of such Person, (iii) in the case of any partnership, the board of directors or the board of managers, as applicable, of the general partner of such Person and (iv) in any other case, the functional equivalent of the foregoing. "Books and Records" means all books, records, board minutes, contracts, licenses, insurance policies, environmental audits, business plans, files, computer files, computer discs and other data and software storage and media devices, accounting books and records, financial statements (actual and pro forma), filings with Governmental Authorities and any and all records and instruments relating to the Collateral or each Grantor's business. "Borrower" means the Persons identified as such in the preamble of this Agreement. "Brookfield Master Sale Agreement" means that certain Master Electric Vehicle Charging Station Sale and License Agreement, dated as of November 19, 2018, by and between Volta Charging Services LLC and GGPLP REIT Services, LLC, together with any and all related purchase and license addendums, as the same may be amended or modified in accordance with the terms of Section 5.9.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 3 "BSA" has the meaning given to such term in Section 3.22. "Business Day" means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in the State of New York. "Business Loan Agreement" means that certain Business Loan Agreement, dated April 27, 2020, by and between Parent and Continental Bank. "Cap Tables" has the meaning ascribed to such term in Section 2.1(r). "Capital Lease" means, with respect to any Person, any lease of any property (whether real, personal or mixed) by such Person as lessee that, in accordance with GAAP, either would be required to be classified and accounted for as a capital lease on a balance sheet of such Person or otherwise would be disclosed as such in a note to such balance sheet, other than, in the case of Borrower, any such lease under which Borrower is the lessor. "Capital Lease Obligation" means, of any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as Capital Leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. "Cash Balance" means, as of any date of determination, the balance of unrestricted cash of Credit Parties on such date that is (x) not subject to any Lien other than a Lien in favor of Agent, and (y) held in Deposit Accounts over which Agent has a first priority perfected Lien by virtue of "control" (as defined in the UCC) of such accounts for its benefit. For the avoidance of doubt, no proceeds of the PPP Loan shall be included in the calculation of Cash Balance. "Cash Equivalents" means (a) any readily-marketable securities (i) issued by, or directly, unconditionally and fully guaranteed or insured by the United States federal government or (ii) issued by any agency of the United States federal government the obligations of which are fully backed by the full faith and credit of the United States federal government, (b) any readily- marketable direct obligations issued by any other agency of the United States federal government, any state of the United States or any political subdivision of any such state or any public instrumentality thereof, in each case having a rating of at least "A-1" from S&P or at least "P-1" from Moody's, (c) any commercial paper rated at least "A-1" by S&P or "P-1" by Moody's and issued by any Person organized under the laws of any state of the United States, (d) any Dollar- denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers' acceptance issued or accepted by (i) any Lender or (ii) any commercial bank that is (A) organized under the laws of the United States, any state thereof or the District of Columbia, (B) "adequately capitalized" (as defined in the regulations of its primary federal banking regulators) and (C) has Tier 1 capital (as defined in such regulations) in excess of $250,000,000 and (e) shares of any United States money market fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in clause (a), (b), (c) or (d) above with maturities as set forth in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has obtained from either S&P or Moody's the highest rating obtainable for money market funds in the United States; SCHEDULE A - 4 provided, however, that the maturities of all obligations specified in any of clauses (a), (b), (c) or (d) above shall not exceed 365 days. "Cash Management System" has the meaning ascribed to such term in Section 3.26(a). "Casualty Event" shall mean any involuntary loss of title or ownership, any involuntary loss of, damage to or any destruction of, or any condemnation or other taking (including by any Governmental Authority) of, any property of a Credit Party. "Casualty Event" shall include but not be limited to any taking of all or any part of any Real Property of any Person or any part thereof, in or by condemnation or other eminent domain proceedings pursuant to any Requirement of Law, or by reason of the temporary requisition of the use or occupancy of all or any part of any Real Property of any Person or any part thereof by any Governmental Authority, civil or military, or any settlement in lieu thereof. "Casualty Event" shall not include any of the foregoing events to the extent the Net Cash Proceeds received by a Credit Party in connection with such event do not exceed $250,000 in any Fiscal Year and $1,000,000 in the aggregate over the term of this Agreement. "Change of Control" means any of: (a) Parent ceasing to own, directly or indirectly, 100% of the capital stock of each Borrower, (b) a liquidation, dissolution or winding up of any Credit Party, (c) (i) at any time prior to the consummation of the De-SPAC Transaction, a consolidation, merger, amalgamation, acquisition, sale of all or substantially all of the stock or assets of any Credit Party, exclusive license of all or substantially all of any Credit Party's owned intellectual property rights, a sale of voting control or any other corporate reorganization in which the capital stock of any Credit Party immediately prior to such consolidation, merger, amalgamation or reorganization represents less than 50% of the voting power of the surviving entity (or if the surviving entity is a wholly owned subsidiary, its parent) immediately after such consolidation, merger, amalgamation or reorganization or the entity acquiring such Credit Party's assets or the exclusive license to such Credit Party's owned intellectual property rights; provided, however,for the avoidance of doubt, none of a Qualified IPO, the De-SPAC First Merger and the De-SPAC Second Merger shall not constitute a Change in Control, or (ii) at any time after consummation of the De-SPAC Transaction, the Permitted Investors ceasing to own at any time, directly or indirectly, at least 40% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Parent, or (d) a majority of the members of the board of directors or other equivalent governing body of Parent ceases to be composed of individuals who were members of thatthe board or equivalent governing body onof Parent following the Closing Dateconsummation of the De-SPAC Transaction. "Charges" means all Federal, state, county, city, municipal, local, foreign or other governmental taxes (including taxes owed to PBGC at the time due and payable), levies, customs or other duties, assessments, charges, liens, and all additional charges, interest, penalties, expenses, claims or encumbrances upon or relating to (i) the Collateral, (ii) the Obligations, (iii) the employees,

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 5 payroll, income or gross receipts of any Credit Party, (iv) the ownership or use of any assets by any Credit Party, or (v) any other aspect of any Credit Party's business. "Chief Executive Office" means the chief executive office of any Credit Party as set forth on Disclosure Schedule 3.2 hereto. "Closing Certificate" means that certain closing certificate of Borrower delivered to Agent as of the Closing Date in substantially the form of Exhibit G. "Closing Date" means the Business Day on which the conditions precedent set forth in Section 2 have been satisfied or specifically waived in writing by Agent and the Term Loan has been made. "Closing Date Term Loan" has the meaning assigned thereto in Section 1.1(a). "Closing Date Term Loan Commitment" means the commitment of each Lender under this Agreement to make or otherwise fund its portion of the Closing Date Term Loan as set forth on Schedule B attached hereto. The aggregate amount of the Closing Date Term Loan Commitments as of the Closing Date is $20,000,000. "Co-Lead Arranger" means the Person identified as such in the preamble of this Agreement. "Code" means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Agent's Lien on any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term "Code" shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions of this Agreement relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions; provided further, that to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall govern. "Collateral" has the meaning assigned to it in Section 6.1. "Collateral Documents" means, collectively, the Pledge Agreements, the Mortgages, the Assignments of Leases and Rents set forth in Schedule D, the Collateral Assignment of Leases set forth on Schedule D, each Control Agreement, and all other U.S. and foreign law security agreements, pledge agreements, patent and trademark security agreements, lease assignments, guarantees and other similar agreements, and all amendments, restatements, modifications or supplements thereof or thereto, by or between any one or more of any Credit Party, any of their respective Subsidiaries or any other Person pledging or granting a Lien on Collateral or guaranteeing the payment and performance of the Obligations, and any Lender or Agent for the benefit of Agent, the Lenders and other Secured Parties now or hereafter delivered to the Lenders or Agent pursuant to or in connection with the transactions contemplated hereby, and all financing statements (or comparable documents now or hereafter filed in accordance with the Code or comparable law) against any such Person as debtor in favor of any Lender or Agent for the benefit of Agent, the Lenders and the other Secured Parties, as secured party, as any of the foregoing may be amended, restated and/or modified from time to time. SCHEDULE A - 6 "Compliance Certificate" means a compliance certificate in the form attached as Exhibit E hereto executed by a Responsible Officer of the Borrower relating to the financial performance of the Credit Parties. "Consolidated After-Tax Operating Cash Flow" shall mean, with respect to any Person for any measuring period of twelve (12) Fiscal Months, (i) Consolidated EBITDA minus (ii) Consolidated Tax Expense minus (iii) capital expenditures incurred. "Consolidated Amortization Expense" shall mean, for any period, the amortization expense of the Credit Parties for such period, determined on a consolidated basis in accordance with GAAP. "Consolidated Depreciation Expense" shall mean, for any period, the depreciation expense of the Credit Parties for mined on a consolidated basis in accordance with GAAP. "Consolidated EBITDA" shall mean, for any period, Consolidated Net Income for such period, adjusted by (x) adding thereto, in each case only to the extent (and in the same proportion) deducted in determining such Consolidated Net Income and without duplication (and with respect to the portion of Consolidated Net Income attributable to any Subsidiary of any Credit Party only if a corresponding amount would be permitted at the date of determination to be distributed to such Credit Party by such Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its Organizational Documents and all agreements, instruments and Requirement of Law applicable to such Subsidiary or its equity holders): (a) Consolidated Interest Expense for such period, (b) Consolidated Amortization Expense for such period, (c) Consolidated Depreciation Expense for such period, (d) Consolidated Tax Expense for such period, (e) expenses incurred in connection with the underwriting, diligence, negotiation and documentation of this Agreement and the other Loan Documents, including without limitation attorney fees and expenses of counsel to the parties to this Agreement and the fees of any diligence providers; (f) the aggregate amount of all other non-cash charges, expenses or losses reducing Consolidated Net Income (including for certainty all unrealized foreign exchange losses but excluding any non-cash charge, expense or loss that results in an accrual of a reserve for cash charges in any future period and any non-cash charge, expense or loss relating to write-offs, write-downs or reserves with respect to accounts or inventory) for such period, and (y) subtracting therefrom the aggregate amount of all non-cash items increasing Consolidated Net Income (including for certainty all unrealized foreign exchange gains but excluding the accrual of revenue or recording of receivables in the ordinary course of business) for such period.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 7 "Consolidated Fixed Charges" means, for any period, the sum of (a) Consolidated Interest Expense and (b) the aggregate amount of scheduled principal payments in respect of Indebtedness, determined on a consolidated basis for the Credit Parties and their respective Subsidiaries in conformity with GAAP. "Consolidated Indebtedness" shall mean, as at any date of determination, the aggregate amount of all Indebtedness of the Credit Parties, determined on a consolidated basis in accordance with GAAP. "Consolidated Interest Expense" shall mean, for any period, the total consolidated interest expense of the Credit Parties for such period determined on a consolidated basis in accordance with GAAP. "Consolidated Net Income" shall mean, for any period, the consolidated net income (or loss) of the Credit Parties determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded from such net income (to the extent otherwise included therein), without duplication: (a) the net income (or loss) of any Person (other than a Subsidiary of any Credit Party) in which any Person other a Credit Party or its Subsidiaries has an ownership interest, except to the extent that cash in an amount equal to any such income has actually been received by such Credit Party or (subject to clause (b) below) any of its Subsidiaries during such period; (b) the net income of any Subsidiary of any Credit Party during such period to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary of that income is not permitted by operation of the terms of its Organizational Documents or any agreement, instrument or Requirement of Law applicable to that Subsidiary during such period, except that such Credit Party's equity in net loss of any such Subsidiary for such period shall be included in determining Consolidated Net Income; (c) any gain (or loss), together with any related provisions for taxes on any such gain (or the tax effect of any such loss), realized during such period by any Credit Party upon any Asset Sale (other than any dispositions in the ordinary course of business) by any Credit Party; (d) gains and losses due solely to fluctuations in currency values and the related tax effects determined in accordance with GAAP for such period; (e) earnings resulting from any reappraisal, revaluation or write-up of assets; (f) unrealized gains and losses with respect to Hedging Obligations for such period; and (g) any extraordinary gain (or extraordinary loss), together with any related provision for taxes on any such gain (or the tax effect of any such loss), recorded or recognized by any Credit Party during such period. SCHEDULE A - 8 "Consolidated Tax Expense" shall mean, for any period, the tax expense of the Credit Parties, for such period, determined on a consolidated basis in accordance with GAAP. "Contingent Obligation" shall mean, as to any person, any obligation, agreement, understanding or arrangement of such person guaranteeing or intended to guarantee any Indebtedness, leases, dividends or other obligations ("primary obligations") of any other person (the "primary obligor") in any manner, whether directly or indirectly, including any obligation of such person, whether or not contingent, (a) to purchase any such primary obligation or any property constituting direct or indirect security therefor; (b) to advance or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor; (c) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation; (d) with respect to bankers' acceptances, letters of credit and similar credit arrangements, until a reimbursement obligation arises (which reimbursement obligation shall constitute Indebtedness); or (e) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof; provided, however, that the term "Contingent Obligation" shall not include endorsements of instruments for deposit or collection in the ordinary course of business or any product warranties. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which such person may be liable, whether singly or jointly, pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such person is required to perform thereunder) as determined by such person in good faith. "Contractual Obligation" means as to any Person, any provision of any security issued by such Person or of any agreement, instrument, or other undertaking to which such Person is a party or by which it or any of its property is bound. "Control Agreement" means a deposit account control agreement among any financial institution at which a Controlled Account is maintained, the Agent and the applicable Credit Party, which shall provide, among other things, that such financial institution executing such agreement has no rights of setoff or recoupment or any other claim against such Controlled Account other than for payment of its service fees and other charges directly related to the administration of such account, shall give the Agent "control" of such Controlled Account as such term is defined in Section 9-104 of the Code and shall be in form and substance reasonably satisfactory to Agent. "Controlled Account" has the meaning assigned to it in Section 3.26(c). "Copyrights" shall mean all of the following now owned or hereafter adopted or acquired by any Person: (i) all copyrights in any original work of authorship fixed in any tangible medium of expression, now known or later developed, all registrations and applications for registration of any such copyrights in the United States or any other country, including registrations, recordings and applications, and supplemental registrations, recordings, and applications in the United States Copyright Office; and (ii) all Proceeds of the foregoing, including license royalties and proceeds

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 9 of infringement suits, the right to sue for past, present and future infringements, all rights corresponding thereto throughout the world and all renewals and extensions thereof. "Credit Parties" means the Borrower and the Guarantors. "Debt Issuance" shall mean the incurrence by any Credit Party of any Indebtedness after the Closing Date (other than as permitted by Section 5.1). "Default" means any Event of Default or any event that, with the passage of time or notice or both, would, unless cured or waived, become an Event of Default. "Default Rate" has the meaning assigned to it in Section 1.5(c). "Deferred Interest" has the meaning assigned to it in Section 1.5(d). "Delayed Draw Borrowing Request" means each Delayed Draw Borrowing Request delivered to Agent in substantially the form of Exhibit K pursuant to Section 1.1(b) and executed by a Responsible Officer of the Borrower, which shall include the calculation of the Delayed Draw Term Loan Available Amount and all of the supporting documentation for such calculation, including reports, statements and reconciliations with respect to the Eligible Capital Expenditures (including invoices underlying the purchase, installation and maintenance of electric charging stations with station-level detail), delivered to Agent in form and substance acceptable to Agent. The Delayed Draw Borrowing Request shall separately identify all allocations of capital expenditures made during the previous Fiscal Quarter pursuant to and in respect of the Brookfield Master Sale Agreement and Other Permitted Sales. For the avoidance of doubt, none of such capital expenditures made pursuant to and in respect of the Brookfield Master Sale Agreement and Other Permitted Sales shall constitute Eligible Capital Expenditures. "Delayed Draw Term Loan" has the meaning assigned to it in Section 1.1(b). "Delayed Draw Term Loan Available Amount" means, as of any funding date, an amount equal to (a) 90% of Eligible Capital Expenditures made by the Borrower in the immediately preceding Fiscal Quarter minus (b) Reserves established by Agent at such time; provided that the amount subtracted pursuant to clause (b) of this definition shall be no greater than 25% of Eligible Capital Expenditures made by the Borrower in the immediately preceding Fiscal Quarter; provided, further, that if any Eligible Capital Expenditures that formed the basis of any Delayed Draw Term Loan made prior to such funding date no longer constitute Eligible Capital Expenditures as of such funding date because the applicable electric vehicle charging stations have been sold or financed pursuant to, or are otherwise the subject of, any Permitted Brookfield Sale or any Other Permitted Sale, the amount of such ineligible capital expenditures shall be deducted from the Delayed Draw Term Loan Available Amount as of such funding date unless a Mandatory Prepayment of the Obligations has been made in respect of such ineligible capital expenditures in accordance with the terms of Section 1.2 (e). "Delayed Draw Term Loan Commitment" means the commitment of each Lender under this Agreement to make or otherwise fund its portion of the Delayed Draw Term Loans as set forth on Schedule B hereto. The aggregate amount of the Delayed Draw Term Loan Commitments as of the Closing Date is $24,000,000. SCHEDULE A - 10 "Delayed Draw Term Loan Commitment Expiration Date" means the earliest of (a) the date on which the Delayed Draw Term Loan Commitment is terminated and has been reduced to zero (0), (b) the date on which the entire amount of the Delayed Draw Term Loan Commitment has been borrowed, or (c) the date that is two (2) years after the Closing Date. "Delayed Draw Term Loan Funded Amount" means, with respect to any Lender at any time, the aggregate principal amount of the Delayed Draw Term Loan funded by such Lender. "Delayed Draw Term Note" has the meaning given to such term in Section 1.1(b). "Designated Person" has the meaning assigned to it in Section 3.22(a). "De-SPAC Transaction" means the series of related transactions pursuant to which (a) Volta Industries, Inc., a Delaware corporation, shall merge with and into SNPR Merger Sub I, Inc., a Delaware corporation, with Volta Industries, Inc. being the surviving entity (the "First Surviving Entity") in such transaction (the "De-SPAC First Merger"), (b) promptly after the De-SPAC First Merger referred to in the foregoing clause (a), Volta Industries, Inc. as the First Surviving Corporation shall merge with and into SNPR Merger Sub II, LLC, a Delaware limited liability company, with Volta Charging Industries, LLC (f/k/a SNPR Merger Sub II, LLC), being the surviving entity (the "Second Surviving Entity") in such transaction (the "De-SPAC Second Merger"), and (c) upon consummation of both of the foregoing De-SPAC First Merger and De- SPAC Second Merger, Volta Charging Industries, LLC (f/k/a SNPR Merger Sub II, LLC) shall (i) become a wholly-owned subsidiary of Tortoise Acquisition Corp. II, and (ii) immediately be renamed Volta Inc., as such series of related transactions is set forth in greater detail in that certain Business Combination Agreement and Plan of Reorganization, dated as of February 7, 2021, by and among Tortoise Acquisition Corp. II, SNPR Merger Sub I, Inc., SNPR Merger Sub II, LLC, and Volta Industries, Inc. "Disqualified Capital Stock" shall mean any Equity Interest which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, (a) matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the first anniversary of the Maturity Date, (b) is convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Equity Interests referred to in (a) above, in each case at any time on or prior to the first anniversary of the Maturity Date, or (c) contains any repurchase obligation which may come into effect prior to payment in full of all Obligations; provided, however, that any Equity Interests that would not constitute Disqualified Capital Stock but for provisions thereof giving holders thereof (or the holders of any security into or for which such Equity Interests is convertible, exchangeable or exercisable) the right to require the issuer thereof to redeem such Equity Interests upon the occurrence of a change in control or an asset sale occurring shall not constitute Disqualified Capital Stock. "Distributions" shall mean, collectively, with respect to each Credit Party, all dividends, cash, options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity), or proceeds, including as a result of a split, revision, reclassification or other like change of the Pledged Securities, from time to time received,

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 11 receivable or otherwise distributed to such Credit Party in respect of or in exchange for any or all of the Pledged Securities. "Dollars" or "$" means lawful currency of the United States of America. "Eligible Capital Expenditures" means, with respect to the Borrower, as of any date of determination for any Fiscal Quarter, all documented capital expenditures made by the Borrower during such Fiscal Quarter to purchase, install and maintain electric vehicle charging stations located in the United States (including third party labor costs paid in connection therewith) paid for in cash, as set forth in the Delayed Draw Borrowing Request, but not including any such capital expenditures made by the Borrower to purchase, install and maintain electric vehicle charging stations that are sold or financed pursuant to, or are otherwise the subject of, any Permitted Brookfield Sale or any Other Permitted Sale. "Embargoed Person" means any party that (i) is publicly identified on any List, including on the most current list of "Specially Designated Nationals and Blocked Persons" published by the OFAC or resides, is organized or chartered in a country or territory subject to OFAC sanctions or embargo programs or (ii) is publicly identified as prohibited from doing business with the United States under the International Emergency Economic Powers Act, the Trading With the Enemy Act, or any other Requirement of Law. "Environmental Laws" means all applicable Federal, state and local laws, statutes, ordinances and regulations, now or hereafter in effect, and in each case as amended or supplemented from time to time, and any applicable binding judicial or administrative interpretation thereof relating to the regulation and protection of human health as it relates to Hazardous Materials, the environment and natural resources (including ambient air, surface water, groundwater, wetlands, land surface or subsurface strata, wildlife, aquatic species and vegetation). "Environmental Liabilities" means all liabilities, obligations, responsibilities, remedial actions, removal costs, losses, damages of whatever nature, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts and consultants and costs of investigation and feasibility studies), fines, penalties, sanctions and interest incurred as a result of any written claim, suit, action or demand of whatever nature by any Person and which relate to any environmental condition regulated under any Environmental Law, environmental permits or in connection with any Release, threatened Release, or the presence of a Hazardous Material. "Equity Interest" shall mean, with respect to any Person, any and all shares, interests, participations or other equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such Person, including, if such Person is a partnership, partnership interests (whether general or limited) and any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, whether outstanding on the date hereof or issued after the Closing Date, but excluding debt securities convertible or exchangeable into such equity. "Equity Issuance" shall mean, without duplication, (i) any issuance or sale by a Credit Party after the Closing Date of any Equity Interests in such Credit Party (including any Equity Interests issued upon exercise of any warrant or option) or any warrants or options to purchase Equity Interests or SCHEDULE A - 12 (ii) any contribution to the capital of a Credit Party; provided, however, that an Equity Issuance shall not include (x) any Preferred Stock Issuance or Debt Issuance, or (y) any such sale or issuance by Borrower of not more than an aggregate amount of five percent (5.0%) of its Equity Interests (including its Equity Interests issued upon exercise of any option, warrant, convertible security or option or warrants or options to purchase its Equity Interests but excluding Disqualified Capital Stock), in each case, to directors, officers or employees of any Credit Party. "ERISA" means the Employee Retirement Income Security Act of 1974 (or any successor legislation thereto), as amended from time to time, and any regulations promulgated thereunder. "ERISA Affiliate" means any trade or business (whether or not incorporated) that, together with any Credit Party, is treated as a single employer under Section 414(b), (c), (m) or (o) of the IRC, or, solely for the purposes of Section 302 of ERISA and Section 412 of the IRC, is treated as a single employer under Section 414 of the IRC. "ERISA Event" shall mean (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the failure with respect to any Plan to meet the minimum funding standards of Section 412 of the Code, whether or not waived, or the failure to make by its due date a required installment under Section 430(j) of the Code; (c) the filing pursuant to Section 412(c) of the IRC or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by any Credit Party or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan pursuant to Section 4041(c) of ERISA; (e) the receipt by any Credit Party or any ERISA Affiliate from (i) a plan administrator of any notice relating to an intention to terminate any Plan pursuant to Section 4041(c) of ERISA, or (ii) from the PBGC to appoint a trustee to administer any Plan; (f) the incurrence by any Credit Party or any ERISA Affiliate of any liability with respect to any withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any Credit Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any Credit Party or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be insolvent within the meaning of Title IV of ERISA. "Event of Default" has the meaning assigned to it in Section 7.1. "Excluded Account" means (a) any deposit account the funds in which are used, in the ordinary course of business, exclusively for the payment of salaries, wages and benefits, workers' compensation taxes and similar taxes, in each case to or for the benefit of employees of the Borrower provided that the aggregate balance in such accounts does not exceed the amount necessary to make the immediately succeeding payroll, payroll tax or benefit payment (or such minimum amount as may be required by any requirement of law with respect to such accounts), as applicable, (b) any deposit account the funds in which consist exclusively of funds held by any Credit Party in trust for any director, officer or employee of any Credit Party or for any employee benefit plan maintained by any Credit Party for the benefit of any of the foregoing, or (c) any deposit account that is a zero-balance disbursement account.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 13 "Excluded Taxes" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 1.7, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office; (c) Taxes attributable to such Recipient's failure to comply with Section 8(b); and (d) any withholding Taxes imposed under FATCA. "Executive Orders" has the meaning given to such term in Section 3.22. "FATCA" means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the IRC and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the IRC. "Fee Letter" has the meaning assigned to it in Section 1.6. "Fees" means any and all fees due to Agent as set forth in Section 1.6. "Financial Statements" means, with respect to any Person, the income statement, balance sheet and statement of cash flows of such Person, prepared for the time period specified and prepared in accordance with GAAP setting forth in each case in comparative form the figures for such time period the previous year. "Fiscal Month" means any of the monthly accounting periods of Borrower. "Fiscal Quarter" means any of the quarterly accounting periods of Borrower. "Fiscal Year" means the twelve (12) month period of Borrower ending December 31 of each year. Subsequent changes of the fiscal year of Borrower shall not change the term "Fiscal Year" unless Agent shall give Borrower prior written consent to such change. "Fixed Charge Coverage Ratio" means, with respect to any Person for any measuring period of twelve (12) Fiscal Months, the ratio of (i) Consolidated After-Tax Operating Cash Flow for such measuring period to (ii) Consolidated Fixed Charges for such measuring period. "Foreign Lender" shall have the meaning ascribed to such term in Section 8(b)(ii). SCHEDULE A - 14 "Foreign Subsidiary" means a Subsidiary that is organized under the laws of a jurisdiction other than the United States or any state thereof or the District of Columbia or Canada or any province or territory thereof. "Fourth Amendment Effective Date" means August 24, 2021. "Fund" means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities. "GAAP" means generally accepted accounting principles in the United States of America as in effect from time to time, consistently applied. "Governmental Authority" means any nation or government, any state or other political subdivision thereof, and any agency, department or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. "Grantor" means Borrower and each Guarantor. "Guaranteed Indebtedness" means, as to any Person, any obligation of such Person guaranteeing any indebtedness, lease, dividend, or other obligation ("primary obligations") of any other Person (the "primary obligor") in any manner, including any obligation or arrangement of such guaranteeing Person (whether or not contingent): (i) to purchase or repurchase any such primary obligation; (ii) to advance or supply funds (a) for the purchase or payment of any such primary obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet condition of the primary obligor; (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation; or (iv) to indemnify the owner of such primary obligation against loss in respect thereof. "Guaranteed Obligations" shall have the meaning ascribed to such term in Section 11.1. "Guarantees" shall mean the guarantees issued pursuant to Article XI by the Guarantors. "Guarantors" means the Parent and the Subsidiary Guarantors. "Hazardous Material" means any substance, material or waste that is regulated as hazardous by or forms the basis of liability now or hereafter under, any Environmental Law, including any material or substance that is (a) defined as a "hazardous waste," "hazardous material," "hazardous substance," "extremely hazardous waste," "restricted hazardous waste," "pollutant," "contaminant," "hazardous constituent," "special waste," "toxic substance" or other similar term or phrase under any Environmental Law, (b) petroleum or any fraction or by-product thereof, asbestos, polychlorinated biphenyls (PCBs), or any radioactive substance. "Hedging Agreement" shall mean any swap, cap, collar, forward purchase or similar agreements or arrangements dealing with interest rates, currency exchange rates or commodity prices, either generally or under specific contingencies.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 15 "Hedging Obligations" shall mean obligations under or with respect to Hedging Agreements. "Indebtedness" of any Person shall mean, without duplication, (a) all obligations of such Person for borrowed money or advances; (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments; (c) all obligations of such Person upon which interest charges are customarily paid or accrued; (d) all obligations of such Person under conditional sale or other title retention agreements relating to property purchased by such Person; (e) all obligations of such Person issued or assumed as the deferred purchase price of property or services (excluding trade accounts payable and accrued obligations incurred in the ordinary course of business on normal trade terms and not overdue by more than 90 days); (f) all Indebtedness of others secured by any Lien on property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, but limited to the fair market value of such property; (g) all Capital Lease Obligations, Purchase Money Obligations and synthetic lease obligations of such Person; (h) all Hedging Obligations to the extent required to be reflected on a balance sheet of such Person; (i) all Attributable Indebtedness of such Person; (j) all obligations of such Person for the reimbursement of any obligor in respect of letters of credit, letters of guarantee, bankers' acceptances and similar credit transactions; (k) the principal balance outstanding under any synthetic lease, off-balance sheet loan or similar off-balance sheet financing product; (l) all obligations, whether or not contingent, to purchase, redeem, retire, defease or otherwise acquire for value any of its own Stock or Stock Equivalents (or any Stock or Stock Equivalent of a direct or indirect parent entity thereof) prior to the date that is 180 days after the Stated Maturity Date valued at, in the case of redeemable preferred Stock, the greater of the voluntary liquidation preference and the involuntary liquidation preference of such Stock plus accrued and unpaid dividends; and (m) all Contingent Obligations of such Person in respect of Indebtedness or obligations of others of the kinds referred to in clauses (a) through (l) above. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except (other than in the case of general partner liability) to the extent that terms of such Indebtedness expressly provide that such Person is not liable therefor. For the avoidance of doubt, the PPP Loan shall constitute "Indebtedness" for all purposes under this Agreement until such time and to the extent that such PPP Loan is forgiven. "Indemnified Liabilities" and "Indemnified Person" have the respective meanings assigned to them in Section 1.10. "Indemnified Taxes" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Borrower under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. "Intellectual Property" means any and all Licenses, Patents, Copyrights, Trademarks, trade secrets and customer lists. "IRC" and "IRS" mean respectively, the Internal Revenue Code of 1986 and the Internal Revenue Service, and any successors thereto. SCHEDULE A - 16 "Joinder Agreement" means each Joinder Agreement of a new Subsidiary delivered to the Agent after the Closing Date in substantially the form of Exhibit H pursuant to Sections 1.12 and 3.28(b). "Lender" means each of those certain financial institutions set forth on Schedule B attached hereto, and if at any time any Lender shall decide to assign or syndicate all or any of the Obligations, such term shall include such assignee or such other members of the syndicate. "Liabilities" means all claims, actions, suits, judgments, damages, losses, liability, obligations, responsibilities, fines, penalties, sanctions, costs, fees, taxes, commissions, charges, disbursements and expenses, in each case of any kind or nature (including interest accrued thereon or as a result thereto and fees, charges and disbursements of financial, legal and other advisors and consultants), whether joint or several, whether or not indirect, contingent, consequential, actual, punitive, treble or otherwise. "Licenses" shall mean, with respect to each Grantor, all license and distribution agreements with, and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright, whether such Grantor is a licensor or licensee, distributor or distributee under any such license or distribution agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements or violations thereof, (iii) rights to sue for past, present and future infringements or violations thereof and (iv) other rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or any other patent, trademark or copyright. "Lien" means any mortgage, security deed or deed of trust, pledge, hypothecation, assignment, deposit arrangement, lien, charge, claim, security interest, security title, easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any lease or title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement perfecting a security interest under the Code or comparable law of any jurisdiction). "Lists" has the meaning given to such term in Section 3.22. "Litigation" means any claim, lawsuit, litigation, investigation or proceeding of or before any arbitrator or Governmental Authority. "Loan" has the meaning given to such term in Section 1.1. "Loan Documents" means this Agreement, the Note, the Perfection Certificate, each Mortgage, the Pledge Agreement, the Control Agreements, each Power of Attorney, any waiver or consent of a landlord or mortgagee executed in favor of Agent for the benefit of the Lenders, and all other agreements, instruments, documents and certificates identified in Schedule D executed and delivered to, and in favor of, Agent and including all other agreements, pledges, consents, assignments, contracts and notices whether heretofore, now or hereafter executed by or on behalf of any Credit Party, or any employee of any Credit Party, and delivered to, and in favor of, Agent in connection with the Agreement or the transactions contemplated thereby. Any reference in the

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 17 Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative. "Mandatory Equity Issuance" has the meaning assigned thereto in Section 4.2(b). "Mandatory Prepayments" has the meaning given to such term in Section 1.2(b). "Margin Stock" has the meaning given to such term in Section 3.8. "Material Adverse Effect" means: a material adverse effect on (a) the business, assets, operations, or financial condition of the Credit Parties taken as a whole, (b) the validity and enforceability of any Loan Document, (c) Borrower's or any other Credit Party's ability to pay or perform the Obligations under the Loan Documents to which such Credit Party is a party in accordance with the terms thereof, (d) the Collateral or Agent's Liens on the Collateral or the priority of any such Lien, or (e) Agent's or any Lender's rights and remedies under this Agreement and the other Loan Documents. "Maturity Date" means, with respect to the Term Loan, the earliest to occur of (i) the date of the termination of the acceleration of the maturity of any Obligations pursuant to Section 7.2 and (ii) the Stated Maturity Date. "Maximum Lawful Rate" has the meaning given to such term in Section 1.5(e). "Mortgage" means any mortgage or deed of trust from the relevant Credit Party in favor of Agent for the benefit of the Lenders relating to such Credit Party's real property owned or leased as of the Closing Date and any other mortgage or deed of trust delivered to the Agent pursuant to Section 3.28. "Multiemployer Plan" shall mean a multiemployer plan within the meaning of Section 4001(a)(3) or Section 3(37) of ERISA that is subject to Title IV of ERISA (a) to which any Grantor or any ERISA Affiliate is then making or accruing an obligation to make contributions; (b) to which any Grantor or any ERISA Affiliate has within the preceding five plan years made contributions; or (c) with respect to which any Grantor could reasonably be expected to incur liability. "Net Cash Proceeds" shall mean: (a) with respect to any Asset Sale (other than any issuance or sale of Equity Interests), the cash proceeds received by any Credit Party (including cash proceeds subsequently received (as and when received by any Credit Party) in respect of non- cash consideration initially received) net of (i) selling expenses (including reasonable brokers' fees or commissions, legal, accounting and other professional and transactional fees, transfer and similar taxes and Credit Party's good faith estimate of income taxes actually paid or payable in connection with such sale); (ii) amounts provided as a reserve, in accordance with GAAP, against (x) any liabilities under any indemnification obligations associated with such Asset Sale or (y) any other liabilities retained by any Credit Party associated with the properties SCHEDULE A - 18 sold in such Asset Sale (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds); (iii) Credit Party's good faith estimate of payments required to be made with respect to unassumed liabilities relating to the properties sold within ninety (90) days of such Asset Sale (provided that, to the extent such cash proceeds are not used to make payments in respect of such unassumed liabilities within ninety (90) days of such Asset Sale, such cash proceeds shall constitute Net Cash Proceeds); and (iv) the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness for borrowed money which is secured by a Lien on the properties sold in such Asset Sale (so long as such Lien was permitted to encumber such properties under the Loan Documents at the time of such sale) and which is repaid with such proceeds (other than any such Indebtedness assumed by the purchaser of such properties); (b) with respect to any Debt Issuance, any Equity Issuance or any other issuance or sale of Equity Interests by any Credit Party, the cash proceeds thereof, net of customary fees, commissions, costs and other expenses incurred in connection therewith; and (c) with respect to any Casualty Event, the cash insurance proceeds, condemnation awards and other compensation received in respect thereof, net of all reasonable costs and expenses incurred in connection with the collection of such proceeds, awards or other compensation in respect of such Casualty Event. "Non-Funding Lender" has the meaning given to such term in Section 1.13. "Note" means any Term Note or Delayed Draw Term Note. "Note Purchase Agreement" means that certain Convertible Note Purchase Agreement, dated as of March 26, 2020, by and among Parent, as issuer, and each of the purchasers listed on Exhibit A thereto or additional purchasers from time to time party thereto, as may be amended from time to time in accordance with the terms of the Subordination Agreement. "Obligations" means all loans, advances, debts, expense reimbursement, fees, liabilities, and obligations for the performance of covenants, tasks or duties or for payment of monetary amounts (whether or not such performance is then required or contingent, or amounts are liquidated or determinable) owing by Borrower and any other Credit Party to the Lenders arising under any of the Loan Documents, of any kind or nature, present or future, whether or not evidenced by any note, agreement or other instrument, and all covenants and duties regarding such amounts. This term includes all principal, interest, Fees, Charges, expenses, attorneys' fees and any other sum chargeable to Borrower under any of the Loan Documents (including interest accruing at the then applicable rate provided in this Agreement after the maturity of the Loan, and Fees, Charges, costs, expenses and interest accruing at the then applicable rate provided in this Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, whether or not a claim for post-filing or post-petition interest or a claim for such Fees, Charges, costs and expense is allowed in such proceeding), and all principal and interest due in respect of the Loan and all obligations and liabilities of any Guarantor under any Guarantee.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 19 "OFAC" has the meaning given to such term in Section 3.22. "OFAC Laws and Regulations" has the meaning given to such term in Section 3.22. "Officers' Certificate" means a certificate executed by the chairman of the Board of Directors (if an officer), the Chief Executive Officer or the president and one of the Responsible Officers, each in his or her official (and not individual) capacity. "Organization Charts" has the meaning ascribed to such term in Section 2.1(s). "Organizational Documents" shall mean, with respect to any Person, (i) in the case of any corporation or unlimited liability corporation, the certificate or articles of incorporation, as applicable, and by-laws (or similar documents) of such Person, (ii) in the case of any limited liability company, the certificate of formation and operating agreement (or similar documents) of such Person, (iii) in the case of any limited partnership, the certificate of formation and limited partnership agreement (or similar documents) of such Person, (iv) in the case of any general partnership, the partnership agreement (or similar document) of such Person and (v) in any other case, the functional equivalent of the foregoing. "Other Lists" has the meaning given to such term in Section 3.22. "Other Connection Taxes" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). "Other Permitted Sales" means the sale, transfer, assignment, license or financing of electronic charging stations on terms and conditions substantially similar to those in the Brookfield Master Sale Agreement and reasonably acceptable to Required Lenders. "Other Taxes" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. "Ownership Interests" means, as applied to any Person, corporate stock and any and all securities, shares, partnership interests (whether general, limited, special or other), limited liability company interests, membership interests, equity interests, participations, rights or other equivalents (however designated and of any character) of corporate stock of such Person or any of the foregoing issued by such Person (whether a corporation, a partnership, a limited liability company or another entity) and shall include securities convertible into Ownership Interests and rights, warrants or options to acquire Ownership Interests. "Parent" means the Person identified as such in the preamble of this Agreement.(a) from the Closing Date until the consummation of the De-SPAC Transaction, VOLTA INDUSTRIES, INC., SCHEDULE A - 20 a Delaware corporation, and (b) from and after consummation of the De-SPAC Transaction, VOLTA INC., a Delaware corporation. "Participant" has the meaning given to such term in Section 8(a). "Participant Register" has the meaning given to such term in Section 8(a). "Patents" means all of the following in which any Person now holds or hereafter acquires any interest: (i) all letters patent of the United States or any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or any other country, including registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State or Territory thereof, or any other country; and (ii) all reissues, continuations, continuations-in-part or extensions thereof. "Payment Date" means the first day of each calendar month beginning on January 1, 2019. "PBGC" means the Pension Benefit Guaranty Corporation or any successor thereto. "Perfection Certificate" means a certificate in the form of Exhibit A attached to this Agreement or any other form approved by the Agent, as the same shall be supplemented from time to time by a Perfection Certificate Supplement or otherwise. "Perfection Certificate Supplement" means a certificate supplement in the form of Exhibit I attached to this Agreement or any other form approved by the Agent. "Performance Metrics" has the meaning given to such term in Section 4.2(b). "Permit" means, with respect to any Person, any permit, approval, authorization, license, registration, certificate, concession, grant, franchise, variance or permission from, and any other Contractual Obligations with, any Governmental Authority, in each case whether or not having the force of law and applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. "Permitted Investors" means, collectively, the Persons who held the Equity Interests of the Parent immediately prior to the commencement of the De-SPAC Transaction. "Permitted Liens" means the following encumbrances: (i) Liens for taxes or assessments or other governmental Charges or levies, either not yet due and payable or to the extent that nonpayment thereof is permitted by the terms of Section 3.10; (ii) carriers', warehousemen's, suppliers', mechanics', materialmen's, repairmen's or other similar liens arising in the ordinary course of business and securing indebtedness not yet due and payable or overdue for more than 30 days or being contested in good faith by appropriate proceedings and in either case in an outstanding aggregate amount not in excess of $500,000 at any time; (iii) attachment, judgment or other similar Liens arising in connection with court or arbitration proceedings, provided that the same are discharged, or that execution or enforcement thereof is stayed pending appeal, within thirty (30) days or (in the case of any execution or enforcement pending appeal) such lesser time during which such appeal may be taken; (iv) zoning restrictions, easements, licenses, or other restrictions on the use of real property or other minor irregularities in title (including leasehold title) thereto,

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 21 so long as the same do not materially impair the use, value, or marketability of such real estate; (v) Purchase Money Liens securing Purchase Money Obligations (or rent) to the extent permitted under Section 5.1; and (vi) Liens in favor of Agent for the benefit of the Lenders securing the Obligations. "Permitted Brookfield Sales" means the sale, transfer, assignment, license or financing of electronic charging stations pursuant to the Brookfield Master Sale Agreement. "Person" means any individual, sole proprietorship, partnership, limited liability partnership, joint venture, trust, unincorporated organization, association, corporation, limited liability company, institution, public benefit corporation, entity or government (whether Federal, state, county, city, municipal or otherwise, including any instrumentality, division, agency, body or department thereof), and shall include such Person's successors and assigns. "Plan" means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the IRC or Section 302 of ERISA, and in respect of which any Credit Party or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA. "Pledge Agreement" means that certain Pledge Agreement, dated as of the Closing Date, among the Credit Parties and the Agent pledging as Collateral for the Obligations any Ownership Interests of Subsidiaries owned by each Credit Party. "Pledged Securities" shall mean, collectively, with respect to each Credit Party, (i) all issued and outstanding Equity Interests of each issuer set forth on Schedule 10(a) to the Perfection Certificate as being owned by such Credit Party and all options, warrants, rights, agreements and additional Equity Interests of whatever class of any such issuer acquired by such Credit Party (including by issuance), together with all rights, privileges, authority and powers of such Credit Party relating to such Equity Interests in each such issuer or under any Organizational Document of each such issuer, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Credit Party in the entries on the books of any financial intermediary pertaining to such Equity Interests, (ii) all Equity Interests of any Subsidiary, which Equity Interests are hereafter acquired by such Credit Party (including by issuance) and all options, warrants, rights, agreements and additional Equity Interests of whatever class of any such Subsidiary acquired by such Credit Party (including by issuance), together with all rights, privileges, authority and powers of such Credit Party relating to such Equity Interests or under any Organizational Document of any such Subsidiary, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Credit Party in the entries on the books of any financial intermediary pertaining to such Equity Interests, from time to time acquired by such Credit Party in any manner, and (iii) all Equity Interests issued in respect of the Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of such Equity Interests; provided, however, that Pledged Securities shall not include any Equity Interests which are not required to be pledged pursuant to Section 3.28. "Post-Closing Cap Table" has the meaning ascribed to such term in Section 2.1(r). "Post-Closing Organization Chart" has the meaning ascribed to such term in Section 2.1(s). SCHEDULE A - 22 "Power of Attorney" means each Power of Attorney of the Credit Parties delivered to Agent as of the Closing Date in substantially the form of Exhibit D and any Power of Attorney delivered to the Agent after the Closing Date pursuant to Section 1.12. "PPP Loan" means an unsecured loan in an aggregate principal amount not to exceed $3,193,300.00 incurred by Parent under 15 U.S.C. 636(a)(36) (as added to the Small Business Act by Section 1102 of the PPP Rule) pursuant to the Business Loan Agreement and the Promissory Note. "PPP Rule" means the Coronavirus Aid, Relief, and Economic Security Act and applicable rules and regulations, as amended from time to time. For the avoidance of doubt, references to specific sections of the PPP Rule shall also include applicable rules and regulations, as amended from time to time. "Pre-Closing Cap Table" has the meaning ascribed to such term in Section 2.1(r). "Pre-Closing Organization Chart" has the meaning ascribed to such term in Section 2.1(s). "Preferred Stock" shall mean, with respect to any Person, any and all preferred or preference Equity Interests (however designated) of such Person whether now outstanding or issued after the Closing Date. "Preferred Stock Issuance" shall mean the issuance or sale by any Credit Party of any Preferred Stock after the Closing Date. "Prepayment" has the meaning given to such term in Section 1.2(b). "Proceeds" means "proceeds," as such term is defined in the Code and, in any event, shall include: (i) any and all proceeds of any insurance, indemnity, warranty or guarantee payable to any Grantor from time to time with respect to any Collateral; (ii) any and all payments (in any form whatsoever) made or due and payable to any Grantor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of any Collateral by any governmental body, authority, bureau or agency (or any Person acting under color of governmental authority); (iii) any recoveries by any Grantor against third parties with respect to any litigation or dispute concerning any Collateral, including claims arising out of the loss or nonconformity of, interference with the use of, defects in, or infringement of rights in, or damage to, Collateral; and (iv) any and all other amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or other disposition of Collateral (excluding amounts and rights to payment arising from the rental of any of the Collateral to customers of the Borrower or any of its Subsidiaries or distributors) and all rights arising out of Collateral. "Promissory Note" mean that certain Promissory Note, dated as of April 27, 2020, issued by Parent in favor of Continental Bank in an aggregate amount equal to $3,193,300.00. "Property" means any interest in any kind of property or asset, whether real, personal or mixed, and whether tangible or intangible.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 23 "Purchase Money Lien" means any Lien upon any fixed assets that secure the Purchase Money Obligations related thereto but only if such Lien shall at all times be confined solely to the asset the purchase price of which was financed or refinanced through the incurrence of the Purchase Money Obligations secured by such Lien (and the proceeds thereof) and only if such Lien secures only such Purchase Money Obligations. "Purchase Money Obligations" means for any Person the obligations of such Person in respect of Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing all or any part of the purchase price of any property (including Equity Interests of any Person) or the cost of installation, construction or improvement of any property and any refinancing thereof; provided, however, that (i) such Indebtedness is incurred within one year after such acquisition, installation, construction or improvement of such property by such Person and (ii) the amount of such Indebtedness does not exceed 100% of the cost of such acquisition, installation, construction or improvement, as the case may be. "Qualified Capital Stock" means of any Person any Equity Interests of such Person that are not Disqualified Capital Stock. "Qualified IPO" means the initial firm commitment underwritten offering of any Credit Party's common stock or common Equity Interests pursuant to (a) in the case of any such offering in the United States of America, a registration statement under the Securities Act of 1933 filed with and declared effective by the Securities and Exchange Commission or (b) in the case of any offering under the laws of any jurisdiction outside the United States of America, the applicable laws and/or regulations of such other jurisdiction. "Real Property" shall mean, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property owned, leased or operated by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof. "Recipient" means Agent and any Lender. "Register" has the meaning given to such term in Section 8(a). "Related Persons" means, with respect to any Person, each Affiliate of such Person and each director, officer, employee, agent, trustee, representative, attorney, accountant and each insurance, environmental, legal, financial and other advisor and other consultants and agents of or to such Person or any of its Affiliates. "Release" means as to any Person, any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Materials in the indoor or outdoor environment by such Person, including the movement of Hazardous Materials through or in the air, soil, surface water, ground water or property. "Required Lenders" means, at any time, Lenders having at such time in excess of fifty percent (50%) of the sum of the aggregate Commitments (or, if such Commitments are terminated, SCHEDULE A - 24 the amount outstanding under the Term Loan) then in effect; provided that at any time that there are two (2) or more Lenders, the Required Lenders shall consist of not fewer than two (2) that are not Affiliates of one another. "Requirement of Law" means as to any Person, the Certificate or Articles of Incorporation and By-Laws or other Organizational Documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case, binding upon such Person or any of its property or to which such Person or any of its property is subject. "Reserves" means the reserves established by Agent from time to time against the Delayed Draw Term Loan Availability or availability of credit under this Agreement that Agent may establish from time to time in the good faith exercise of its reasonable credit judgment. Without limiting the generality of the foregoing, Agent may establish Reserves to ensure the payment of accrued interest expenses or Indebtedness. "Responsible Officer" means, with respect to any Person (other than an individual), any officer at the level of vice president or higher of, but in any event, with respect to financial matters, the chief financial officer, chief accounting officer, treasurer or controller of such Person. "Restricted Locations" has the meaning ascribed to such term in Section 3.21(c). "Restricted Payment" means: (a) the declaration or payment of any dividend or the incurrence of any liability to make any other payment or distribution of cash or other property or assets on or in respect of Borrower's or any other Credit Party's Stock, (b) any payment or distribution made in respect of any subordinated Indebtedness of Borrower or any other Credit Party in violation of any subordination or other agreement made in favor of Agent for the benefit of the Lenders, (c) any payment on account of the purchase, redemption, defeasance or other retirement of Borrower's or any other Credit Party's Stock or Indebtedness or any other payment or distribution made in respect of any thereof, either directly or indirectly; other than (i) that arising under this Agreement or (ii) interest and principal, when due without acceleration or modification of the amortization as in effect on the Closing Date, under Indebtedness (not including subordinated Indebtedness, payments of which shall be permitted only in accordance with the terms of the relevant subordination agreement made in favor of Agent for the benefit of the Lenders) permitted under Sections 5.1, or (d) any payment, loan, contribution, or other transfer of funds or other property to any holder of Stock of such Person which is not expressly and specifically permitted in this Agreement; provided that any payment by a Borrower to another Credit Party, Agent or any Lender shall not constitute a Restricted Payment. "SBA" means the United States Small Business Administration and any successor thereto. "SBA Forms" means, collectively, SBA forms 480, 652 and 1031. "SBA Side Letter" means a Small Business Investment Company side letter among the Borrower and the SBICs (as amended, restated, supplemented, or otherwise modified from time to time accordance with its terms) in form and substance reasonably satisfactory to Agent and the Borrower. "SBIC" means Agent or certain of its Affiliates that is a Federal licensee under the Act.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 25 "SDN List" has the meaning given to such term in Section 3.22. "Secretarial Certificate" means each Secretarial Certificate of the Credit Parties delivered to Agent as of the Closing Date in substantially the form of Exhibit C and any Secretarial Certificate delivered to the Agent after the Closing Date pursuant to Section 1.12. "Solvent" means, with respect to any Person on a particular date, that on such date (a) the assets of such Person, at a fair valuation, exceed its liabilities, including contingent liabilities, (b) the remaining capital of such Person is not unreasonably small to conduct its business and (c) such Person will not have incurred debts, and does not have the present intent to incur debts, beyond its ability to pay such debts as they mature. For purposes of this definition, "debt" means any liability on a claim, and "claim" means any (i) right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured, or (ii) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured. In computing the amount of contingent liabilities of any Person on any date, such liabilities shall be computed at the amount that, in the judgment of the Agent in light of all facts and circumstances existing at such time, represents the amount of such liabilities that reasonably can be expected to become actual or matured liabilities. "Stated Maturity Date" means June 19, 2024. "Stock" means all certificated and uncertificated shares, options, warrants, membership interests, general or limited partnership interests, participation or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common stock, preferred stock, beneficial interests in a trust or any other "equity security" (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934) or other equity interests in any Person. "Stock Equivalents" means all securities convertible into or exchangeable for Stock or any other Stock Equivalent and all warrants, options or other rights to purchase, subscribe for or otherwise acquire any Stock or any other Stock Equivalent, whether or not presently convertible, exchangeable or exercisable. "Subordination Agreement" means that certain Subordination and Intercreditor Agreement, dated as of March 26, 2020, by and among each of the parties thereto as Subordinated Creditors, the Credit Parties and Agent, as may be amended from time to time. "Subsidiary" means, with respect to any Person, (i) any corporation of which an aggregate of more than fifty percent (50%) of the outstanding Stock having ordinary voting power to elect a majority of the Board of Directors of such corporation (irrespective of whether, at the time, Stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, owned legally or beneficially by such Person and/or one or more Subsidiaries of such Person, or with respect to which any such Person has the right to vote or designate the vote of more than fifty percent (50%) SCHEDULE A - 26 of such Stock whether by proxy, agreement, operation of law or otherwise, and (ii) any partnership or limited liability company in which such Person or one or more Subsidiaries of such Person has an equity interest (whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%) or of which any such Person is a general partner or manager or may exercise the powers of a general partner or manager. If "Subsidiary" or "Subsidiaries" is used in this Agreement or any other of the Loan Documents without reference to being the Subsidiary of any specific Credit Party or other Person, then that reference to "Subsidiary" or "Subsidiaries" shall be deemed to refer to any Subsidiary or the Subsidiaries of Borrower. "Subsidiary Guarantor" means each direct or indirect Subsidiary of the Borrower as of the Closing Date and each other direct or indirect Subsidiary that becomes a party to this Agreement pursuant to Section 1.12. "Substitute Lender" has the meaning given to such term in Section 1.14(a). "Taxes" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. "Term Loan" has the meaning given to such term in Section 1.1(b). "Term Loan Commitments" means, collectively, the Closing Date Term Loan Commitments, the Delayed Draw Term Loan Commitments and the Third Amendment Term Loan Commitment. "Term Note" has the meaning given to such term in Section 1.1(a). "Term Sheet Deposit" means an amount equal to $75,000 paid by Borrower to Agent in connection with that certain Proposal Letter, dated April 12, 2019, from the Agent to Borrower. "Termination Date" means the date on which all Obligations under this Agreement are paid in full, in cash (other than contingent obligations not yet due and payable), and Borrower shall have no further right to borrow any moneys or obtain other credit extensions or financial accommodations from the Lenders under this Agreement. "Third Amendment" means that certain Third Amendment to Loan Agreement dated as of November 25, 2020, among Borrower, Parent, the Lenders signatory thereto and Agent. "Third Amendment Effective Date" means November 25, 2020. "Third Amendment Term Loan" has the meaning assigned thereto in Section 1.1(c). "Third Amendment Term Loan Commitment" means the commitment of each Lender under this Agreement, to make or otherwise fund the Third Amendment Term Loans as set forth on Schedule B attached hereto. The aggregate amount of the Third Amendment Term Loans as of the Third Amendment Effective Date is $5,000,000.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A - 27 "Title IV Plan" means a pension plan subject to Title IV of ERISA, other than a Multiemployer Plan, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise. "Total Revenue" means, as of any date of determination, the total revenue of the Borrower for the trailing twelve (12) Fiscal Month period most recently ended (as determined in accordance with GAAP). "Trademarks" means all of the following now owned or hereafter adopted or acquired by any Person: (i) all trademarks, trade names, corporate names, business names, trade styles, service marks, logos, other source or business identifiers, prints and labels on which any of the foregoing have appeared or appear, designs and general intangibles of like nature (whether registered or unregistered) all registrations and recordings thereof, and all applications in connection therewith, including all registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State or Territory thereof, or any other country or any political subdivision thereof: (ii) all reissues, extensions or renewals thereof; and (iii) all goodwill associated with or symbolized by any of the foregoing. "Transactions" means, collectively, the transactions to occur on or prior to the Closing Date pursuant to this Agreement, including (a) the execution, delivery and performance of the Loan Documents and the initial borrowings hereunder; and (b) the payment of all fees and expenses to be paid on or prior to the Closing Date and owing in connection with the foregoing. "Transferred Guarantor" has the meaning given to such term in Section 11.9. "USA PATRIOT Act" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56). "U.S. Borrower" means a Borrower that is a U.S. Person. "U.S. Person" means any Person that is a "United States person" as defined in Section 7701(a)(30) of the IRC. "U.S. Publicly-Traded Entity" has the meaning given to such term in Section 3.22. "U.S. Tax Compliance Certificate" shall have the meaning ascribed to such term in Section 8(b)(ii)(C). "Volta Charging" means the Person identified as such in the preamble of this Agreement. "Volta Media" means the Person identified as such in the preamble of this Agreement. "Volta Services" means the Person identified as such in the preamble of this Agreement. "Voluntary Prepayment" has the meaning given to such term in Section 1.2(b). SCHEDULE A - 28 "Voting Stock" means, with respect to any Person, any class or classes of Equity Interests pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the Board of Directors of such Person. "Wholly Owned Subsidiary" means, as to any Person, (a) any corporation 100% of whose capital stock (other than directors' qualifying shares) is at the time owned by such Person and/or one or more Wholly Owned Subsidiaries of such Person and (b) any partnership, association, joint venture, limited liability company or other entity in which such Person and/or one or more Wholly Owned Subsidiaries of such Person have a 100% equity interest at such time. "Withdrawal Liability" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. "Withholding Agent" means Borrower and Agent. Any accounting term used in this Agreement or the other Loan Documents shall have, unless otherwise specifically provided therein, the meaning customarily given such term in accordance with GAAP, and all financial computations thereunder shall be computed, unless otherwise specifically provided therein, in accordance with GAAP consistently applied; provided, that all financial covenants and calculations in the Loan Documents shall be made in accordance with GAAP as in effect on the Closing Date unless Borrower and Agent shall otherwise specifically agree in writing. That certain items or computations are explicitly modified by the phrase "in accordance with GAAP" shall in no way be construed to limit the foregoing. All other capitalized terms contained in this Agreement or the other Loan Documents, but not defined herein or therein, shall, unless the context indicates otherwise, have the meanings provided for by the Code. The words "herein," "hereof" and "hereunder" or other words of similar import refer to this Agreement as a whole, including the exhibits and schedules thereto, as the same may from time to time be amended, modified or supplemented, and not to any particular section, subsection or clause contained in this Agreement. For purposes of this Agreement and the other Loan Documents, the following additional rules of construction shall apply, unless specifically indicated to the contrary: (a) wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and the plural; (b) the term "or" is not exclusive; (c) the term "including" (or any form thereof) shall not be limiting or exclusive; (d) all references to statutes and related regulations shall include any amendments of same and any successor statutes and regulations; and (e) all references to any instruments or agreements, including references to any of the Loan Documents, shall include any and all modifications or amendments thereto and any and all extensions or renewals thereof. [Remainder of Page Intentionally Blank]

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EXECUTION VERSION LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT This LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT (this "Amendment") is made as of March 30, 2022, by and among VOLTA CHARGING, LLC, a Delaware limited liability company ("Volta Charging"), VOLTA MEDIA LLC, a Delaware limited liability company ("Volta Media"), VOLTA CHARGING INDUSTRIES, LLC, A Delaware limited liability company ("Volta Industries"), and VOLTA CHARGING SERVICES LLC, a Delaware limited liability company ("Volta Services" and collectively with Volta Charging, Volta Media and Volta Industries, "Borrower"), VOLTA INC., a Delaware corporation ("Parent"), VOLTA CANADA INC., a corporation organized under the laws of Québec, Canada ("Volta Canada"), VOLTA CHARGING GERMANY GMBH, a limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany ("Volta Germany"), and VOLTA FRANCE SARL, a limited liability company (Société A Responsabilité Limitée) organized under the laws of France ("Volta France" and collectively with Parent, Volta Canada and Volta France, the "Guarantors"), the Lenders signatory hereto (the "Required Lenders"), and EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the "Agent"). WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time party thereto (the "Lenders") and Agent are parties to that certain Term Loan, Guarantee and Security Agreement dated as of June 19, 2019, as amended by that certain First Amendment to Loan Agreement, dated as of March 26, 2020, that certain Second Amendment to Loan Agreement, dated as of May 4, 2020, that certain Third Amendment to Loan Agreement, dated as of November 25, 2020, and that certain Fourth Amendment to Loan Agreement, dated as of August 24, 2021 (as amended, modified, extended, restated, replaced, and/or supplemented from time to time, the "Loan Agreement"); WHEREAS, pursuant to Section 4.1(a) of the Loan Agreement, within thirty (30) days after the last day of each Fiscal Month, the Credit Parties are required to furnish to the Agent and each Lender the balance sheets of the Credit Parties on a consolidated and consolidating basis as at the end of such Fiscal Month and as of the end of the preceding Fiscal Year, and the related statements of operations, the related statements of profits and losses and related statements of cash flows of the Credit Parties on a consolidated basis for such Fiscal Month (the "Monthly Financial Statements"); WHEREAS, pursuant to Section 4.1(c) of the Loan Agreement, within two (2) Business Days after the end of each Fiscal Month, the Borrower is required to deliver a certificate reporting to Agent the Cash Balance as of the last day of the Fiscal Month just ended (the "Cash Balance Certificate"), which certificate shall be executed and certified by a Responsible Officer of the Borrower as true and correct; WHEREAS, pursuant to Section 4.1(e) of the Loan Agreement, at the time the financial statements are furnished pursuant to Section 4.1(a) of the Loan Agreement, the Credit Parties are required to deliver to the Agent and each Lender a Compliance Certificate as to the financial performance of the Credit Parties; 2 WHEREAS, pursuant to Section 5.9 of the Loan Agreement, Borrower and each Credit Party is required to obtain Agent's prior written consent before amending, waiving, or otherwise modifying its charter or by-laws or other Organizational Documents other than in connection with the issuance of Equity Interests by Parent permitted by the Loan Agreement; WHEREAS, pursuant to Section 4.1(h) of the Loan Agreement, promptly after the same become publicly available, the Credit Parties are required to deliver to the Agent and each Lender copies of all periodic and other reports, proxy statements and other materials filed by any Credit Party with any provincial securities commission or the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all functions of said commissions, or with any national securities exchange, or distributed to holders of its Indebtedness pursuant to the terms of the documentation governing such Indebtedness (or any trustee, agent or other representative therefor), as the case may be; WHEREAS, pursuant to Section 5.3 of the Loan Agreement, without the Agent's prior written consent, from the Closing Date until the Termination Date, neither Borrower nor any other Credit Party make any investment in any Foreign Subsidiaries; except for (a) the Volta Canada Investments made after the Fourth Amendment Effective Date to the extent the aggregate amount of Volta Canada Investments made after the Fourth Amendment Effective Date do not exceed $500,000 in the aggregate at any time, (b) Volta Germany Investments made after the Fourth Amendment Effective Date to the extent the aggregate amount of Volta Germany Investments made after the Fourth Amendment Effective Date do not exceed $500,000 in the aggregate at any time, and (c) Volta France Investments made after the Fourth Amendment Effective Date to the extent the aggregate amount of Volta France Investments made after the Fourth Amendment Effective Date do not exceed $500,000 in the aggregate at any time; WHEREAS, the Volta Canada Investments, the Volta Germany Investments and the Volta France Investments each exceeded $500,000 in the aggregate after the Fourth Amendment Effective Date, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan Agreement (the "Investment Defaults"); WHEREAS, the Credit Parties failed to deliver the Monthly Financial Statements for the Fiscal Month ending October 31, 2021 on a timely basis, in accordance with Section 4.1(a) of the Loan Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan Agreement (the "Financial Statements Default"); WHEREAS, the Borrower failed to deliver the Cash Balance Certificate for the Fiscal Month ending October 31, 2021 on a timely basis, in accordance with Section 4.1(c) of the Loan Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan Agreement (the "Cash Balance Certificate Default"); WHEREAS, the Credit Parties failed to deliver the Compliance Certificates for each of the Fiscal Months ending October 31, 2021, November 30, 2021 and December 31, 2021 on a timely basis, in accordance with Section 4.1(e) of the Loan Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan Agreement ("Compliance Certificate Defaults");

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&nbsp;&nbsp;&nbsp;&nbsp;3 WHEREAS, Parent is requesting prior written consent from the Agent to amend its bylaws as set forth in Exhibit A hereto (the "Bylaws Amendment") in accordance with Section 5.9 of the Loan Agreement; WHEREAS, from the Closing Date through the date hereof, the Credit Parties failed to deliver reports filed with the Securities and Exchange Commission promptly after such reports became publicly available in accordance with Section 4.1(h) of the Loan Agreement, which resulted in an Event of Default pursuant to Section 7.1 of the Loan Agreement (collectively with the Investment Defaults, the Financial Statements Default, the Cash Balance Certificate Default and the Compliance Certificate Defaults, the "Designated Defaults"); WHEREAS, the Credit Parties have requested that the Agent and the Required Lenders waive the Designated Defaults and, subject to the satisfaction of the conditions set forth below, each of the Agent and the Required Lenders are willing to waive the Designated Defaults on the terms set forth herein; and WHEREAS, the Credit Parties have requested that the Agent and Required Lenders amend certain provisions of the Loan Agreement, and, subject to the satisfaction of the conditions set forth herein, the Agent and the Required Lenders are willing to do so, on the terms set forth herein. NOW THEREFORE, the Credit Parties, the Required Lenders and the Agent each hereby agrees as follows: 1. Defined Terms. All terms used but not otherwise defined herein have the meanings assigned to them in the Loan Agreement. 2. Amendment. Subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Loan Agreement is hereby amended as of the date hereof as follows: (a) Article III of the Loan Agreement is hereby amended by inserting the following new Section 3.41 in the appropriate numerical order: "On or prior to May 1, 2022, the Credit Parties shall deposit into an escrow account with an escrow agent satisfactory to Agent, pursuant to an escrow agreement in form and substance satisfactory to Agent, an amount equal to (x) 1,797,605.82, plus (y) $1,530,000.00, which is the projected amount of each Foreign Investment to be made by the Credit Parties in accordance with Section 5.3 from January 1, 2022 through June 30, 2022. Thereafter, on the first day of each Fiscal Quarter, commencing with the Fiscal Quarter beginning July 1, 2022, the Credit Parties shall deposit with such escrow agent an amount equal to (a) the projected aggregate amount of Foreign Investments for such Fiscal Quarter, (b) the aggregate amount expended in the immediately preceding Fiscal Quarter in respect of Foreign Investments in excess of the amount (if any) on deposit in such escrow account based on the projected aggregate amount of Foreign Investments for such Fiscal Quarter, less (c) an amount (if any) equal to any unexpended portion held in such escrow account of in respect of the projected Foreign Investments from the immediately preceding Fiscal Quarter. Amounts on deposit with such escrow agent will be held for the benefit of the Agent and the Lenders until the Maturity Date and will be promptly released to the 4 Agent upon request of the Agent after the occurrence and continuance of an Event of Default." (b) Section 5.3(e) of the Loan Agreement is hereby amended by deleting clause (ii) in its entirety and replacing it as follows: "(ii) made after January 1, 2022 to the extent the aggregate amount of Volta Canada Investments made after January 1, 2022 do not exceed $6,856,459 in the aggregate at any time, provided that (x) immediately before and immediately after giving pro forma effect to the making of any such Volta Canada Investment, no Default or Event of Default shall have occurred and be continuing and (y) the Credit Parties shall not make Foreign Investments in an aggregate amount in any Fiscal Quarter in excess of 125% of the amount held in escrow for the benefit Agent pursuant to Section 3.41 during such Fiscal Quarter without the prior written consent the Required Lenders ; or" (c) Section 5.3(f) of the Loan Agreement is hereby amended by deleting clause (ii) in its entirety and replacing it as follows: "(ii) made after January 1, 2022 to the extent the aggregate amount of Volta Germany Investments made after January 1, 2022 do not exceed $89,229,382 in the aggregate at any time, provided that (x) immediately before and immediately after giving pro forma effect to the making of any such Volta Germany Investment, no Default or Event of Default shall have occurred and be continuing, and (y) the Credit Parties shall not make Foreign Investments in an aggregate amount in any Fiscal Quarter in excess of 125% of the amount held in escrow for the benefit Agent pursuant to Section 3.41 during such Fiscal Quarter without the prior written consent the Required Lenders; or" (d) Section 5.3(g) of the Loan Agreement is hereby amended by deleting clause (ii) in its entirety and replacing it as follows: "(ii) made after January 1, 2022 to the extent the aggregate amount of Volta France Investments made after January 1, 2022 do not exceed $78,329,815 in the aggregate at any time, provided that (x) immediately before and immediately after giving pro forma effect to the making of any such Volta France Investment, no Default or Event of Default shall have occurred and be continuing and (y) the Credit Parties shall not make Foreign Investments in an aggregate amount in any Fiscal Quarter in excess of 125% of the amount held in escrow for the benefit Agent pursuant to Section 3.41 during such Fiscal Quarter without the prior written consent the Required Lenders; or" (e) Schedule A of the Loan Agreement is hereby amended by inserting the following new definitions in the appropriate alphabetical order therein: ""Foreign Investment" means each of the Volta Canada Investments, the Volta France Investments and the Volta Germany Investments." (f) The definition of "De-SPAC Transaction" set forth in Schedule A of the Loan Agreement is hereby amended by deleting clause (c)(ii) in its entirety and replacing it as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;5 "(ii) Tortoise Acquisition Corp. II shall be immediately renamed Volta Inc., as such series of related transactions is set forth in greater detail in that certain Business Combination Agreement and Plan of Reorganization, dated as of February 7, 2021, by and among Tortoise Acquisition Corp. II, SNPR Merger Sub I, Inc., SNPR Merger Sub II, LLC, and Volta Industries, Inc." 3. Limited Waiver. The Credit Parties acknowledge and agree that the Designated Defaults have occurred and are continuing. In accordance with Section 4 hereof, as of the Effective Date each of the Agent and the Required Lenders hereby waives the Designated Defaults; provided that such waiver is applicable only to the Designated Defaults and to no other current or prospective Defaults or Events of Default under the Loan Agreement, whether known or unknown as of the Effective Date. 4. Consent to Parent Bylaws Amendment. Agent hereby consents to and approves of the Bylaws Amendment. 5. Conditions to Effectiveness. This Amendment shall become effective as of the date first written above (the "Effective Date") upon: (a) counterparts of this Amendment shall have been executed and delivered by the Credit Parties, the Agent and the Required Lenders; (b) Agent shall have received (and, in turn, Agent shall pay to each Lender their ratable share of the following amendment fee, which ratable share shall be determined by reference to the outstanding principal balance of the Term Loans held by each Lender as of the date of this Amendment), on behalf of each Lender that has delivered an executed signature page to this Amendment, payment of a non-refundable amendment fee in an amount equal to 0.75% of the outstanding principal balance of the Terms Loans as of March 30, 2022, which amendment fee shall be earned in full on the date hereof; and (c) the Borrower shall have paid the legal fees and expenses of Chapman and Cutler LLP, Agent's counsel, incurred in connection with the preparation, negotiation, execution and delivery of this Amendment and other services rendered in connection with the Loan Agreement prior to the date hereof. 6. Representations, Warranties and Covenants. (a) The Credit Parties represent and warrant that after giving effect to this Amendment, the representations and warranties contained in the Loan Agreement are true and correct in all material respects on and as of the date hereof as if such representations and warranties had been made on and as of the date hereof (except to the extent that any such representations and warranties specifically relate to an earlier date). (b) The Credit Parties represent and warrant that after giving effect to this Amendment, no Default or Event of Default will have occurred and be continuing on and as of the Effective Date. 6 7. Loan Document. This Amendment is designated a Loan Document by the Agent. 8. Full Force and Effect. Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Loan Agreement or any of the other Loan Documents. Except as expressly amended hereby, the Loan Agreement shall continue unmodified and in full force and effect in accordance with the provisions thereof on the date hereof. This Amendment shall be limited precisely as drafted and shall not imply an obligation on the Agent or any Lender to consent to any matter on any future occasion. As used in the Loan Agreement, the terms "Agreement," "this Agreement," "this Loan Agreement," "herein," "hereafter," "hereto," "hereof" and words of similar import shall mean, unless the context otherwise requires, the Loan Agreement as modified by this Amendment. 9. Release of Claims. In consideration of the Required Lenders' and the Agent's agreements contained in this Agreement, each Credit Party hereby irrevocably releases and forever discharge the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors, officers, employees, agents, consultants and attorneys (each, a "Released Person") of and from any and all claims, suits, actions, investigations, proceedings or demands, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown, which such Credit Party ever had or now has against Agent, any Lender or any other Released Person which relates, directly or indirectly, to any acts or omissions of Agent, any Lender or any other Released Person relating to the Loan Agreement or any other Loan Document on or prior to the date hereof. 10. CHOICE OF LAW. THIS AMENDMENT SHALL IN ALL RESPECTS BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 11. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to be as effective as an original signature page delivered manually. 12. Headings. The headings of this Amendment are for the purposes of reference only and shall not affect the construction of this Amendment. 13. Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that none of the Credit Parties may assign or transfer any of its rights or obligations under this Amendment without the prior written consent of the Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;7 14. Severability. The illegality or unenforceability of any provision of this Amendment or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement required hereunder. [Signature pages follow] SIGNATURE PAGE TO LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized officers, all as of the date and year first above written. BORROWER: VOLTA CHARGING, LLC, a Delaware limited liability company By: /s/ James DeGraw ________________________ Name: James DeGraw Title: General Counsel VOLTA MEDIA LLC, a Delaware limited liability company By: /s/ James DeGraw ________________________ Name: James DeGraw Title: General Counsel VOLTA CHARGING SERVICES LLC, a Delaware limited liability company By:/s/ James DeGraw ________________________ Name: James DeGraw Title: General Counsel GUARANTORS: VOLTA INC., a Delaware corporation By: /s/ Jams DeGraw ________________________ Name: James DeGraw Title: General Counsel

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&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE TO LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT VOLTA CANADA INC. By: /s/ James DeGraw _______________________ Name: James DeGraw Title: General Counsel By: /s/ Francois Chadwick ____________________ Name: Francois Chadwick Title: Chief Financial Officer VOLTA CHARGING GERMANY GMBH By: /s/ James DeGraw _______________________ Name: James DeGraw Title: Authorized Signatory VOLTA FRANCE SARL By: /s/ James DeGraw _______________________ Name: James DeGraw Title: Manager VOLTA CHARGING INDUSTRIES, LLC, a Delaware limited liability company By: /s/ James DeGraw ________________________ Name: James DeGraw Title: Manager SIGNATURE PAGE TO LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT AGENT: EICF AGENT LLC By: /s/ Harry Giovani ________________________ Name: Harry Giovani Title: Authorized Signatory

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&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE TO LIMITED WAIVER AND FIFTH AMENDMENT TO LOAN AGREEMENT LENDERS: ENERGY IMPACT CREDIT FUND I LP By: Energy Impact Credit Fund I GP LLC, its general partner By: /s/ Harry Giovani ________________________ Name: Harry Giovani Title: Managing Partner CION INVESTMENT CORPORATION By: /s/ Gregg Bresner ________________________ Name: Gregg Bresner Title: President & Chief Investment Officer LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT This LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT (this "Amendment") is made as of May 11, 2022, by and among VOLTA CHARGING, LLC, a Delaware limited liability company ("Volta Charging"), VOLTA MEDIA LLC, a Delaware limited liability company ("Volta Media"), VOLTA CHARGING INDUSTRIES, LLC, A Delaware limited liability company ("Volta Industries"), and VOLTA CHARGING SERVICES LLC, a Delaware limited liability company ("Volta Services" and collectively with Volta Charging, Volta Media and Volta Industries, "Borrower"), VOLTA INC., a Delaware corporation ("Parent"), VOLTA CANADA INC., a corporation organized under the laws of Québec, Canada ("Volta Canada"), VOLTA CHARGING GERMANY GMBH, a limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany ("Volta Germany"), and VOLTA FRANCE SARL, a limited liability company (Société A Responsabilité Limitée) organized under the laws of France ("Volta France" and collectively with Parent, Volta Canada and Volta France, the "Guarantors"), the Lenders signatory hereto (the "Required Lenders"), and EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the "Agent"). WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time party thereto (the "Lenders") and Agent are parties to that certain Term Loan, Guarantee and Security Agreement dated as of June 19, 2019, as amended by that certain First Amendment to Loan Agreement, dated as of March 26, 2020, that certain Second Amendment to Loan Agreement, dated as of May 4, 2020, that certain Third Amendment to Loan Agreement, dated as of November 25, 2020, that certain Fourth Amendment to Loan Agreement, dated as of August 24, 2021, and that certain Limited Waiver and Fifth Amendment to Loan Agreement, dated as of March 30, 2022 (as amended, modified, extended, restated, replaced, and/or supplemented from time to time, the "Loan Agreement"); WHEREAS, pursuant to Section 1.1(c) of the Loan Agreement, on each Payment Date, the Borrower is required to make principal payments on the Term Loans to the Agent for the pro rata benefit of the Lenders; WHEREAS, pursuant to Section 3.28(b) of the Loan Agreement, the Credit Parties are required to, within twenty (20) days after the formation of any new Subsidiary (including any Foreign Subsidiary), (i) deliver to the Agent, among other things, the original certificates representing all of the Equity Interests of such Subsidiary, together with the undated stock powers or other appropriate instruments of transfer executed and delivered in blank by a duly authorized officer of the holder(s) of such Equity Interests and (ii) cause such new Subsidiary to execute a Joinder Agreement or such comparable documentation to become a Grantor and Guarantor under the Loan Agreement, and to take all actions necessary or advisable in the opinion of the Agent to cause the Lien created thereunder to be duly perfected to the extent required by such agreement in accordance with all applicable Requirements of Law (including any applicable foreign laws), including the execution by Borrower or the applicable Credit Party of a Joinder Agreement or such comparable documentation to the applicable Pledge Agreement (the documentation set forth in the foregoing clauses (i) and (ii), collectively, the "Joinder Documents").

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&nbsp;&nbsp;&nbsp;&nbsp;2 WHEREAS, pursuant to Section 3.41 of the Loan Agreement, on or before May 1, 2022, the Credit Parties are required to deposit into an escrow account (the "Escrow Account") with an escrow agent satisfactory to Agent, pursuant to an escrow agreement in form and substance satisfactory to Agent, an amount equal to $3,327,605.82 (the "Escrow Amount"); WHEREAS, pursuant to Section 5.3 of the Loan Agreement, without the Agent's prior written consent, from the Closing Date until the Termination Date, neither Borrower nor any other Credit Party is permitted to make any investment in or loan or advance to any Foreign Subsidiaries, other than those Investments expressly permitted under Section 5.3; WHEREAS, the Credit Parties made investments in, and/or loans or advances to, Volta Netherlands (as defined below in Section 2 of this Amendment) in violation of Section 5.3 (the "Investments Default"); WHEREAS, pursuant to Section 4.1(b) of the Loan Agreement, within one hundred twenty (120) days after of the end of each Fiscal Year, the Credit Parties are required to furnish to the Agent and each Lender the audited consolidated balance sheet of the Credit Parties as at the end of such Fiscal Year and as of the end of the such Fiscal Year, and the related audited consolidated statements of operations, the related statements of profits and losses and related audited consolidated statements of cash flows and stockholders' equity for such Fiscal Year and for the previous Fiscal Year (the "Audited Financial Statements"), as prepared by an independent certified public accountant of recognized national standing reasonably acceptable to the Agent; WHEREAS, the Borrower failed to make the principal payment with respect to the May 1, 2022 Payment Date to the Agent on a timely basis, in accordance with Section 1.1(c) of the Loan Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan Agreement (the "Payment Defaults"), but, for the avoidance of doubt, Borrower has made the required payments to Agent prior to the Sixth Amendment Effective Date; WHEREAS, the Credit Parties failed to deliver, and cause each of Rakko Holding B.V., a private limited liability company incorporated under the laws of the Netherlands, and Volta Rakko B.V., a private limited liability company incorporated under the laws of the Netherlands, to execute, the Joinder Documents on a timely basis, in accordance with Section 3.28 of the Loan Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan Agreement (the "Joinder Defaults"), but, for the avoidance of doubt, Credit Parties are delivering the Joinder Documents to Agent on or prior to the Sixth Amendment Effective Date; WHEREAS, the Credit Parties failed to deposit the Escrow Amount into the Escrow Account on a timely basis, in accordance with Section 3.41 of the Loan Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan Agreement (the "Escrow Defaults"), but, for the avoidance of doubt, Credit Parties did complete funding of the required deposit into the Escrow Account prior to the Sixth Amendment Effective Date; WHEREAS, the Credit Parties failed to deliver the Audited Financial Statements for the Fiscal Year ending December 31, 2021 on a timely basis, in accordance with Section 4.1(b) of the Loan Agreement, which resulted in immediate Events of Default pursuant to Section 7.1 of the Loan Agreement (collectively with the Investment Defaults, the Payment Defaults, the Joinder 3 Defaults and the Escrow Defaults, the "Designated Defaults"), but, for the avoidance of doubt, Credit Parties have delivered the Audited Financial Statements to Agent and Lenders prior to the Sixth Amendment Effective Date; WHEREAS, the Credit Parties have requested that the Agent and the Required Lenders waive the Designated Defaults and, subject to the satisfaction of the conditions set forth below, each of the Agent and the Required Lenders are willing to waive the Designated Defaults on the terms set forth herein; and WHEREAS, the Credit Parties have requested that the Agent and Required Lenders amend certain provisions of the Loan Agreement, and, subject to the satisfaction of the conditions set forth herein, the Agent and the Required Lenders are willing to do so, on the terms set forth herein. NOW THEREFORE, the Credit Parties, the Required Lenders and the Agent each hereby agrees as follows: 1. Defined Terms. All terms used but not otherwise defined herein have the meanings assigned to them in the Loan Agreement. 2. Amendment. Subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Loan Agreement is hereby amended as of the date hereof as follows: (a) Section 5.3(f) is hereby amended by deleting "or" at the end thereof. Section 5.3(g) is hereby amended by deleting the period at the end thereof and replacing it with "; or". A new Section 5.3(h) of the Loan Agreement is hereby inserted after Section 5.3(g) which new Section 5.3(h) shall read as follows: "(h) any capital contributions in, or loans or advances to, Rakko Holding B.V., a private limited liability company organized under the laws of the Netherlands, and Volta Rakko B.V., a private limited liability company organized under the laws of the Netherlands (such entities, individually and collectively, "Volta Netherlands") ("Volta Netherlands Investments"), (i) to the extent the aggregate amount of Volta Netherlands Investments made, whether prior to or after the Sixth Amendment Effective Date, do not exceed $250,000 in the aggregate at any time, provided that (x) immediately before and immediately after giving pro forma effect to the making of any such Volta Netherlands Investment after the Sixth Amendment Effective Date, no Default or Event of Default shall have occurred and be continuing and (y) the Credit Parties shall not make Foreign Investments in an aggregate amount in any Fiscal Quarter in excess of 125% of the amount held in escrow for the benefit Agent pursuant to Section 3.41 during such Fiscal Quarter without the prior written consent the Required Lenders." (b) Schedule A of the Loan Agreement is hereby amended by amending and restating the following definitions to read as follows: ""Foreign Investment" means each of the Volta Canada Investments, the Volta France Investments, the Volta Germany Investments and the Volta Netherlands Investments."

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&nbsp;&nbsp;&nbsp;&nbsp;4 (c) Schedule A of the Loan Agreement is hereby amended by inserting the following new definitions in the appropriate alphabetical order therein: "Sixth Amendment Effective Date" means May 11, 2022." 3. Limited Waiver. The Credit Parties acknowledge and agree that the Designated Defaults have occurred and are continuing. In accordance with Section 4 hereof, as of the Effective Date each of the Agent and the Required Lenders hereby waives the Designated Defaults; provided that such waiver is applicable only to the Designated Defaults and to no other current or prospective Defaults or Events of Default under the Loan Agreement, whether known or unknown as of the Effective Date. 4. Conditions to Effectiveness. This Amendment shall become effective as of the date first written above (the "Effective Date") upon: (a) counterparts of this Amendment shall have been executed and delivered by the Credit Parties, the Agent and the Required Lenders; (b) Agent shall have received (and, in turn, Agent shall pay to each Lender their ratable share of the following waiver fee, which ratable share shall be determined by reference to the outstanding principal balance of the Term Loans held by each Lender as of the date of this Amendment), on behalf of each Lender that has delivered an executed signature page to this Amendment, payment of a non-refundable waiver fee in an amount equal to $173,194.45 (such amount being equal to 0.50% of the outstanding principal balance of the Terms Loans as of as of May 10, 2022), which waiver fee shall be earned in full on the date hereof; and (c) the Borrower shall have paid the legal fees and expenses of Chapman and Cutler LLP, Agent's counsel, incurred in connection with the preparation, negotiation, execution and delivery of this Amendment and other services rendered in connection with the Loan Agreement prior to the date hereof. 5. Representations, Warranties and Covenants. (a) The Credit Parties represent and warrant that after giving effect to this Amendment, the representations and warranties contained in the Loan Agreement are true and correct in all material respects on and as of the date hereof as if such representations and warranties had been made on and as of the date hereof (except to the extent that any such representations and warranties specifically relate to an earlier date). (b) The Credit Parties represent and warrant that after giving effect to this Amendment, no Default or Event of Default will have occurred and be continuing on and as of the Effective Date. 6. Loan Document. This Amendment is designated a Loan Document by the Agent. 7. Full Force and Effect. Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Loan Agreement or any of the other Loan Documents. Except as expressly amended hereby, 5 the Loan Agreement shall continue unmodified and in full force and effect in accordance with the provisions thereof on the date hereof. This Amendment shall be limited precisely as drafted and shall not imply an obligation on the Agent or any Lender to consent to any matter on any future occasion. As used in the Loan Agreement, the terms "Agreement," "this Agreement," "this Loan Agreement," "herein," "hereafter," "hereto," "hereof" and words of similar import shall mean, unless the context otherwise requires, the Loan Agreement as modified by this Amendment. 8. Release of Claims. In consideration of the Required Lenders' and the Agent's agreements contained in this Agreement, each Credit Party hereby irrevocably releases and forever discharge the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors, officers, employees, agents, consultants and attorneys (each, a "Released Person") of and from any and all claims, suits, actions, investigations, proceedings or demands, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown, which such Credit Party ever had or now has against Agent, any Lender or any other Released Person which relates, directly or indirectly, to any acts or omissions of Agent, any Lender or any other Released Person relating to the Loan Agreement or any other Loan Document on or prior to the date hereof. 9. CHOICE OF LAW. THIS AMENDMENT SHALL IN ALL RESPECTS BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 10. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to be as effective as an original signature page delivered manually. 11. Headings. The headings of this Amendment are for the purposes of reference only and shall not affect the construction of this Amendment. 12. Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that none of the Credit Parties may assign or transfer any of its rights or obligations under this Amendment without the prior written consent of the Agent. 13. Severability. The illegality or unenforceability of any provision of this Amendment or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement required hereunder. [Signature pages follow]

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&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE TO LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized officers, all as of the date and year first above written. BORROWER: VOLTA CHARGING, LLC, a Delaware limited liability company By: /s/ James DeGraw ________________________ Name: James DeGraw Title: General Counsel VOLTA MEDIA LLC, a Delaware limited liability company By: /s/ James DeGraw ________________________ Name: James DeGraw Title: General Counsel VOLTA CHARGING SERVICES LLC, a Delaware limited liability company By: /s/ James DeGraw ________________________ Name: James DeGraw Title: General Counsel GUARANTORS: VOLTA INC., a Delaware corporation By: /s/ James DeGraw ________________________ Name: James DeGraw Title: General Counsel VOLTA CANADA INC. By: /s/ James DeGraw ________________________ Name: James DeGraw Title: General Counsel By: /s/ Francois Chadwick ____________________ Name: Francois Chadwick Title: Chief Financial Officer SIGNATURE PAGE TO LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT VOLTA CHARGING GERMANY GMBH By: /s/ James DeGraw _______________________ Name: James DeGraw Title: Authorized Signatory VOLTA FRANCE SARL By: /s/ James DeGraw _______________________ Name: James DeGraw Title: Manager VOLTA CHARGING INDUSTRIES, LLC, a Delaware limited liability company By: /s/ James DeGraw ________________________ Name: James DeGraw Title: Manager RAKKO HOLDING B.V., a private limited liability company incorporated under the laws of the Netherlands By: /s/ James DeGraw ________________________ Name: James DeGraw Title: Board Member VOLTA RAKKO B.V., a private limited liability company incorporated under the laws of the Netherlands By: /s/ James DeGraw ________________________ Name: James DeGraw Title: Board Member

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&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE TO LIMITED WAIVER AND SIXTH AMENDMENT TO LOAN AGREEMENT AGENT: EICF AGENT LLC By: /s/ Harry Giovani ________________________ Name: Harry Giovani Title: Authorized Signatory LENDERS: ENERGY IMPACT CREDIT FUND I LP By: Energy Impact Credit Fund I GP LLC, its general partner By: /s/ Harry Giovani ________________________ Name: Harry Giovani Title: Managing Partner CION INVESTMENT CORPORATION By: /s/ Gregg Bresner ________________________ Name: Gregg Bresner Title: President & Chief Investment Officer

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXECUTION VERSION SEVENTH AMENDMENT TO LOAN AGREEMENT This SEVENTH AMENDMENT TO LOAN AGREEMENT (this "Amendment") is made as of September 26, 2022, by and among VOLTA CHARGING, LLC, a Delaware limited liability company ("Volta Charging"), VOLTA MEDIA LLC, a Delaware limited liability company ("Volta Media"), and VOLTA CHARGING SERVICES LLC, a Delaware limited liability company ("Volta Services" and collectively with Volta Charging and Volta Media, "Borrower"), VOLTA INC., a Delaware corporation ("Parent"), VOLTA CHARGING INDUSTRIES, LLC, A Delaware limited liability company ("Volta Industries"), VOLTA CANADA INC., a corporation organized under the laws of Québec, Canada ("Volta Canada"), VOLTA CHARGING GERMANY GMBH, a limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany ("Volta Germany"), and VOLTA FRANCE SARL, a limited liability company (Société A Responsabilité Limitée) organized under the laws of France ("Volta France" and collectively with Parent, Volta Industries, Volta Canada and Volta France, the "Guarantors"), the Lenders signatory hereto (the "Required Lenders"), and EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the "Agent"). WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time party thereto (the "Lenders") and Agent are parties to that certain Term Loan, Guarantee and Security Agreement dated as of June 19, 2019, as amended by that certain First Amendment to Loan Agreement, dated as of March 26, 2020, that certain Second Amendment to Loan Agreement, dated as of May 4, 2020, that certain Third Amendment to Loan Agreement, dated as of November 25, 2020, that certain Fourth Amendment to Loan Agreement, dated as of August 24, 2021, that certain Limited Waiver and Fifth Amendment to Loan Agreement, dated as of March 30, 2022, and that certain Limited Waiver and Sixth Amendment to Loan Agreement, dated as of May 11, 2022, and as supplemented by the updated Disclosure Schedules delivered by the Credit Parties to the Agent on September 14, 2022 (as amended, modified, extended, restated, replaced, and/or supplemented from time to time, the "Loan Agreement"); WHEREAS, the Credit Parties have requested that the Agent and Required Lenders amend certain provisions of the Loan Agreement, and, subject to the satisfaction of the conditions set forth herein, the Agent and the Required Lenders are willing to do so, on the terms set forth herein. NOW THEREFORE, the Credit Parties, the Required Lenders and the Agent each hereby agrees as follows: 1. Defined Terms. All terms used but not otherwise defined herein have the meanings assigned to them in the Loan Agreement. 2. Amendment. Subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Loan Agreement is hereby amended as of the date hereof as follows: (a) Section 1.2(c) of the Loan Agreement is hereby amended and restated in its entirety to read as follows: "(c) Asset Sales or Casualty Events. Not later than five (5) Business Days following the receipt of any Net Cash Proceeds of any Asset Sale (other than the Permitted Brookfield Sales or Other Permitted Sales) or any Casualty Event by any Credit Party or its Subsidiaries, Credit Parties shall make Mandatory Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount equal to such Net Cash Proceeds; provided, that such Net Cash Proceeds shall not be required to be so applied on such date to the extent that (x) no Default or Event of Default has occurred and is continuing or would result therefrom and (y) Credit Parties shall have delivered an Officers' Certificate to the Agent on or prior to such date stating that such Net Cash Proceeds are expected to be reinvested in fixed or capital assets within six (6) months following the date of such Asset Sale or Casualty Event (which Officers' Certificate shall set forth the estimates of the proceeds to be so expended); provided, that if all or any portion of such Net Cash Proceeds is not so reinvested within such six-month period, such unused portion shall be applied on the last day of such period as a Mandatory Prepayment as provided in this Section 1.2(c); provided, further, that if the property subject to such Asset Sale or such Casualty Event constituted Collateral, then all property purchased with the Net Cash Proceeds thereof pursuant to this subsection shall be subject to the Lien created pursuant to this Agreement in favor of the Agent for the benefit of the Lenders in accordance with Sections 3.20 and 3.28; provided, further, so long as no Material Event of Default has occurred and is continuing, no Mandatory Prepayment shall be required to be made with the Net Cash Proceeds received by Parent from any ATM Transaction. Nothing contained in this Section 1.2(c) shall permit any Credit Party or any of its Subsidiaries to effect any Asset Sale other than in accordance with Section 5.4." (b) Section 5.4 of the Loan Agreement is hereby amended and restated in its entirety as follows: "5.4 Asset Sales. Sell, transfer, convey, assign, issue or otherwise dispose any of its assets or properties (including its accounts or any shares of its Stock) or engage in any sale-leaseback, synthetic lease or similar transaction, including without limitation the Collateral or Loan proceeds; provided, however, that (i) any Grantor may transfer any of its Collateral to any other Grantor, provided such Collateral remains subject to the Liens of Agent under this Agreement to secure the Obligations, (ii) Volta Services may enter into the Permitted Brookfield Sales and Other Permitted Sales, (iii) any Grantor may dispose of Collateral that is, in the applicable Grantor's reasonable business judgment, no longer economically practicable or commercially desirable to maintain, or used or useful in its business, in each case, in the ordinary course of business; provided that, with respect to Collateral that has a fair market value in excess of $500,000, Agent has given prior written consent (email acceptable) which consent shall not be unreasonably withheld, delayed or denied and (iv) Parent may issue Stock pursuant to an ATM Transaction, the Net Cash Proceeds of which shall be used for general corporate purposes to the extent not otherwise prohibited by this

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreement, provided that, if required under Section 1.2(c), the Credit Parties shall apply the Net Cash Proceeds of such ATM Transaction as a Mandatory Prepayment in accordance with Section 1.2(c)." (c) Schedule A of the Loan Agreement is hereby amended by inserting the following new definitions in the appropriate alphabetical order therein: "ATM Transaction" means any issuance by the Parent of shares of its Class A common stock, par value $0.0001 per share, having an aggregate offering price of up to $150,000,000, as contemplated by that certain Controlled Equity OfferingSM Sales Agreement, dated September 26, 2022 (as amended from time to time, the "Sales Agreement"), by and between the Parent and Cantor Fitzgerald & Co. "Material Event of Default" means any Event of Default under Section 7.1(a) (payment default), Section 7.1(h) or Section 7.1(i) (bankruptcy/insolvency default), Section 7.1(c) due to any breach of Section 4.2 (financial covenant default), Section 7.1(c) due to any breach of Article 5 (negative covenant default), or Section 7.1(c) due to any breach of Section 4.1 (reporting covenant default) that continues for a period of 10 days or more beyond the applicable due date in Section 4.1. "Seventh Amendment Effective Date" means September 26, 2022. 3. Reserved. 4. Conditions to Effectiveness. This Amendment shall become effective as of the date first written above (the "Effective Date") upon counterparts of this Amendment having been executed and delivered by the Credit Parties, the Agent and the Required Lenders. 5. Representations, Warranties and Covenants. (a) The Credit Parties represent and warrant that after giving effect to this Amendment, the representations and warranties contained in the Loan Agreement are true and correct in all material respects on and as of the date hereof as if such representations and warranties had been made on and as of the date hereof (except to the extent that any such representations and warranties specifically relate to an earlier date). (b) The Credit Parties represent and warrant that after giving effect to this Amendment, no Material Event of Default shall have occurred and be continuing. (c) The Credit Parties represent and warrant that a true, correct and complete copy of the Sales Agreement as in effect on the date hereof is attached hereto as Exhibit A. 6. Loan Document. This Amendment is designated a Loan Document by the Agent. 7. Full Force and Effect. Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Loan Agreement or any of the other Loan Documents. Except as expressly amended hereby, the Loan Agreement shall continue unmodified and in full force and effect in accordance with the provisions thereof on the date hereof. This Amendment shall be limited precisely as drafted and shall not imply an obligation on the Agent or any Lender to consent to any matter on any future occasion. As used in the Loan Agreement, the terms "Agreement," "this Agreement," "this Loan Agreement," "herein," "hereafter," "hereto," "hereof" and words of similar import shall mean, unless the context otherwise requires, the Loan Agreement as modified by this Amendment. For the avoidance of doubt, the provisions of Section 5.3 regarding Foreign Investments and Section 3.41 requiring the Credit Parties to deposit funds into an escrow account in connection with the projected Foreign Investments remain in full force and effect and shall continue in accordance with their terms (it being understood and agreed that the Credit Parties are required to deposit on the first day of each Fiscal Quarter an amount equal to (a) the projected aggregate amount of Foreign Investments for such Fiscal Quarter, (b) the aggregate amount expended in the immediately preceding Fiscal Quarter in respect of Foreign Investments in excess of the amount (if any) on deposit in such escrow account based on the projected aggregate amount of Foreign Investments for such Fiscal Quarter, less (c) an amount (if any) equal to any unexpended portion held in such escrow account of in respect of the projected Foreign Investments from the immediately preceding Fiscal Quarter). 8. Release of Claims. In consideration of the Required Lenders' and the Agent's agreements contained in this Agreement, each Credit Party hereby irrevocably releases and forever discharge the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors, officers, employees, agents, consultants and attorneys (each, a "Released Person") of and from any and all claims, suits, actions, investigations, proceedings or demands, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown, which such Credit Party ever had or now has against Agent, any Lender or any other Released Person which relates, directly or indirectly, to any acts or omissions of Agent, any Lender or any other Released Person relating to the Loan Agreement or any other Loan Document on or prior to the date hereof. 9. CHOICE OF LAW. THIS AMENDMENT SHALL IN ALL RESPECTS BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 10. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to be as effective as an original signature page delivered manually.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Headings. The headings of this Amendment are for the purposes of reference only and shall not affect the construction of this Amendment. 12. Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that none of the Credit Parties may assign or transfer any of its rights or obligations under this Amendment without the prior written consent of the Agent. 13. Severability. The illegality or unenforceability of any provision of this Amendment or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement required hereunder. [Signature pages follow] SIGNATURE PAGE TO SEVENTH AMENDMENT TO LOAN AGREEMENT IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized officers, all as of the date and year first above written. BORROWER: VOLTA CHARGING, LLC, a Delaware limited liability company By: s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary VOLTA MEDIA LLC, a Delaware limited liability company By: s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary VOLTA CHARGING SERVICES LLC, a Delaware limited liability company By: s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary GUARANTORS: VOLTA INC., a Delaware corporation By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary VOLTA CANADA INC. By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary

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SIGNATURE PAGE TO SEVENTH AMENDMENT TO LOAN AGREEMENT VOLTA CHARGING GERMANY GMBH By: /s/ Brandt Hastings Name: Brandt Hastings Title: Attorney-in-Fact VOLTA FRANCE SARL By: /s/ Michelle Kley Name: Michelle Kley Title: Manager VOLTA CHARGING INDUSTRIES, LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary RAKKO HOLDING B.V., a private limited liability company incorporated under the laws of the Netherlands By: /s/ Michelle Kley Name: Michelle Kley Title: Board Member VOLTA RAKKO B.V., a private limited liability company incorporated under the laws of the Netherlands By: /s/ Michelle Kley Name: Michelle Kley Title: Board Member SIGNATURE PAGE TO SEVENTH AMENDMENT TO LOAN AGREEMENT 4132-8454-9182.4 AGENT: EICF AGENT LLC By: /s/ Harry Giovani___________ Name: Harry Giovani Title: Authorized Signatory

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SIGNATURE PAGE TO SEVENTH AMENDMENT TO LOAN AGREEMENT 4132-8454-9182.4 LENDERS: ENERGY IMPACT CREDIT FUND I LP By: Energy Impact Credit Fund I GP LLC, its general partner By: _/s/ Harry Giovani___________ Name: Harry Giovani Title: Managing Partner CION INVESTMENT CORPORATION By: /s/ Gregg Bresner______________ Name: Gregg Bresner Title: President & Chief Investment Officer Execution Version EXHIBIT A SALES AGREEMENT SEE ATTACHED

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VOLTA INC. Shares of Class A Common Stock (par value $0.0001 per share) Controlled Equity OfferingSM Sales Agreement September 23, 2022 Cantor Fitzgerald & Co. 499 Park Avenue New York, NY 10022 Ladies and Gentlemen: Volta Inc., a Delaware corporation (the "Company"), confirms its agreement (this "Agreement") with Cantor Fitzgerald & Co. (the "Agent"), as follows: 1. ISSUANCE AND SALE OF SHARES. THE COMPANY AGREES THAT, FROM TIME TO TIME DURING THE TERM OF THIS AGREEMENT, ON THE TERMS AND SUBJECT TO THE CONDITIONS SET FORTH HEREIN, IT MAY ISSUE AND SELL THROUGH THE AGENT, SHARES OF CLASS A COMMON STOCK (THE "PLACEMENT SHARES") OF THE COMPANY, PAR VALUE $0.0001 PER SHARE (THE "COMMON STOCK"); PROVIDED, HOWEVER, THAT IN NO EVENT SHALL THE COMPANY ISSUE OR SELL THROUGH THE AGENT SUCH NUMBER OR DOLLAR AMOUNT OF PLACEMENT SHARES THAT WOULD (A) EXCEED THE NUMBER OR DOLLAR AMOUNT OF SHARES OF COMMON STOCK REGISTERED ON THE EFFECTIVE REGISTRATION STATEMENT (DEFINED BELOW) PURSUANT TO WHICH THE OFFERING IS BEING MADE, (B) EXCEED THE NUMBER OF AUTHORIZED BUT UNISSUED SHARES OF COMMON STOCK (LESS SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE, CONVERSION OR EXCHANGE OF ANY OUTSTANDING SECURITIES OF THE COMPANY OR OTHERWISE RESERVED FROM THE COMPANY'S AUTHORIZED CAPITAL STOCK), (C) EXCEED THE NUMBER OR DOLLAR AMOUNT OF SHARES OF COMMON STOCK PERMITTED TO BE SOLD UNDER FORM S-3 (INCLUDING GENERAL INSTRUCTION I.B.6 THEREOF, IF APPLICABLE) OR (D) EXCEED THE NUMBER OR DOLLAR AMOUNT OF SHARES OF COMMON STOCK FOR WHICH THE COMPANY HAS FILED A PROSPECTUS SUPPLEMENT (DEFINED BELOW) (THE LESSER OF (A), (B), (C) AND (D), THE "MAXIMUM AMOUNT"). NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, THE PARTIES HERETO AGREE THAT COMPLIANCE WITH THE LIMITATIONS SET FORTH IN THIS SECTION 1 ON THE AMOUNT OF PLACEMENT SHARES ISSUED AND SOLD UNDER THIS AGREEMENT SHALL BE THE SOLE RESPONSIBILITY OF THE COMPANY AND THAT THE AGENT SHALL HAVE NO OBLIGATION IN CONNECTION WITH SUCH COMPLIANCE. THE OFFER AND SALE OF PLACEMENT SHARES THROUGH THE AGENT WILL BE EFFECTED PURSUANT TO THE REGISTRATION STATEMENT (AS DEFINED BELOW) FILED BY THE COMPANY AND WHICH WAS DECLARED EFFECTIVE BY THE SECURITIES AND EXCHANGE COMMISSION (THE "COMMISSION") ON SEPTEMBER 20, 2022, ALTHOUGH NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS REQUIRING THE COMPANY TO USE THE REGISTRATION STATEMENT TO ISSUE COMMON STOCK. The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended (the "Securities Act"), and the rules and regulations thereunder (the "Securities Act Regulations"), with the Commission a registration statement on Form S-3 (File No. 333- 267374), including a base prospectus, relating to certain securities, including the Placement Shares to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations thereunder. The Company has prepared a prospectus or a prospectus supplement to the base prospectus included as part of the registration statement, which prospectus or prospectus supplement relates to the Placement Shares to be issued from time to time by the Company (the "Prospectus Supplement"). The Company will furnish to the Agent, for use by the Agent, copies of the prospectus included as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Placement Shares to be issued from time to time by the Company. The Company may, but is under no obligation to, file one or more additional

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;registration statements from time to time that will contain a base prospectus and related prospectus or prospectus supplement, if applicable (which shall be a Prospectus Supplement), with respect to the Placement Shares. Except where the context otherwise requires, such registration statement(s), including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act Regulations or deemed to be a part of such registration statement pursuant to Rule 430B of the Securities Act Regulations, is herein called the "Registration Statement." The base prospectus or base prospectuses, including all documents incorporated therein by reference, included in the Registration Statement, as it may be supplemented, if necessary, by the Prospectus Supplement, in the form in which such prospectus or prospectuses and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act Regulations, together with the then issued Issuer Free Writing Prospectus(es) (as defined below), is herein called the "Prospectus." Any reference herein to the Registration Statement, any Prospectus Supplement, Prospectus or any Issuer Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference therein (the "Incorporated Documents"), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any reference herein to the terms "amend," "amendment" or "supplement" with respect to the Registration Statement, any Prospectus Supplement, the Prospectus or any Issuer Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Exchange Act on or after the most-recent effective date of the Registration Statement, or the date of the Prospectus Supplement, Prospectus or such Issuer Free Writing Prospectus, as the case may be, and incorporated therein by reference. For purposes of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval system, or if applicable, the Interactive Data Electronic Application system when used by the Commission (collectively, "EDGAR"). 2. PLACEMENTS. EACH TIME THAT THE COMPANY WISHES TO ISSUE AND SELL PLACEMENT SHARES HEREUNDER (EACH, A "PLACEMENT"), IT WILL NOTIFY THE AGENT BY EMAIL NOTICE (OR OTHER METHOD MUTUALLY AGREED TO BY THE PARTIES) OF THE NUMBER OF PLACEMENT SHARES TO BE ISSUED, THE TIME PERIOD DURING WHICH SALES ARE REQUESTED TO BE MADE, ANY LIMITATION ON THE NUMBER OF PLACEMENT SHARES THAT MAY BE SOLD IN ANY ONE DAY AND ANY MINIMUM PRICE BELOW WHICH SALES MAY NOT BE MADE (A "PLACEMENT NOTICE"), THE FORM OF WHICH IS ATTACHED HERETO AS SCHEDULE 1. THE PLACEMENT NOTICE SHALL ORIGINATE FROM ANY OF THE INDIVIDUALS FROM THE COMPANY SET FORTH ON SCHEDULE 3 (WITH A COPY TO EACH OF THE OTHER INDIVIDUALS FROM THE COMPANY LISTED ON SUCH SCHEDULE), AND SHALL BE ADDRESSED TO EACH OF THE INDIVIDUALS FROM THE AGENT SET FORTH ON SCHEDULE 3, AS SUCH SCHEDULE 3 MAY BE AMENDED FROM TIME TO TIME. THE PLACEMENT NOTICE SHALL BE EFFECTIVE IMMEDIATELY UPON RECEIPT BY THE AGENT UNLESS AND UNTIL (I) THE AGENT DECLINES IN WRITING TO ACCEPT THE TERMS CONTAINED THEREIN FOR ANY REASON, IN ITS SOLE DISCRETION, WHICH DECLINATION MUST OCCUR WITHIN TWO (2) BUSINESS DAYS OF THE AGENT'S RECEIPT OF THE PLACEMENT NOTICE, (II) THE ENTIRE AMOUNT OF THE PLACEMENT SHARES THEREUNDER HAVE BEEN SOLD, (III) THE COMPANY SUSPENDS OR TERMINATES THE PLACEMENT NOTICE OR (IV) THIS AGREEMENT HAS BEEN TERMINATED UNDER THE PROVISIONS OF SECTION 12. THE AMOUNT OF ANY DISCOUNT, COMMISSION OR OTHER COMPENSATION TO BE PAID BY THE COMPANY TO THE AGENT IN CONNECTION WITH THE SALE OF THE PLACEMENT SHARES SHALL BE CALCULATED IN ACCORDANCE WITH THE TERMS SET FORTH IN SCHEDULE 2. IT IS EXPRESSLY ACKNOWLEDGED AND AGREED THAT NEITHER THE COMPANY NOR THE AGENT WILL HAVE ANY OBLIGATION WHATSOEVER WITH RESPECT TO A PLACEMENT OR ANY PLACEMENT SHARES UNLESS AND UNTIL THE COMPANY DELIVERS A PLACEMENT NOTICE TO THE AGENT AND THE AGENT DOES NOT DECLINE SUCH PLACEMENT NOTICE PURSUANT TO THE TERMS SET FORTH ABOVE, AND THEN ONLY UPON THE TERMS SPECIFIED THEREIN AND HEREIN. IN THE EVENT OF A CONFLICT BETWEEN THE TERMS OF THIS AGREEMENT AND THE TERMS OF A PLACEMENT NOTICE, THE TERMS OF THE PLACEMENT NOTICE WILL CONTROL.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. SALE OF PLACEMENT SHARES BY THE AGENT. SUBJECT TO THE PROVISIONS OF SECTION 5(A), THE AGENT, FOR THE PERIOD SPECIFIED IN THE PLACEMENT NOTICE, WILL USE ITS COMMERCIALLY REASONABLE EFFORTS CONSISTENT WITH ITS NORMAL TRADING AND SALES PRACTICES AND APPLICABLE STATE AND FEDERAL LAWS, RULES AND REGULATIONS AND THE RULES OF THE NEW YORK STOCK EXCHANGE (THE "EXCHANGE"), TO SELL THE PLACEMENT SHARES UP TO THE AMOUNT SPECIFIED IN, AND OTHERWISE IN ACCORDANCE WITH THE TERMS OF, SUCH PLACEMENT NOTICE. THE AGENT WILL PROVIDE WRITTEN CONFIRMATION TO THE COMPANY NO LATER THAN THE OPENING OF THE TRADING DAY (AS DEFINED BELOW) IMMEDIATELY FOLLOWING THE TRADING DAY ON WHICH IT HAS MADE SALES OF PLACEMENT SHARES HEREUNDER SETTING FORTH THE NUMBER OF PLACEMENT SHARES SOLD ON SUCH DAY, THE COMPENSATION PAYABLE BY THE COMPANY TO THE AGENT PURSUANT TO SECTION 2 WITH RESPECT TO SUCH SALES, AND THE NET PROCEEDS (AS DEFINED BELOW) PAYABLE TO THE COMPANY, WITH AN ITEMIZATION OF THE DEDUCTIONS MADE BY THE AGENT (AS SET FORTH IN SECTION 5(B)) FROM THE GROSS PROCEEDS THAT IT RECEIVES FROM SUCH SALES. SUBJECT TO THE TERMS OF THE PLACEMENT NOTICE, THE AGENT MAY SELL PLACEMENT SHARES BY ANY METHOD PERMITTED BY LAW DEEMED TO BE AN "AT THE MARKET OFFERING" AS DEFINED IN RULE 415(A)(4) OF THE SECURITIES ACT REGULATIONS, INCLUDING SALES MADE DIRECTLY ON OR THROUGH THE EXCHANGE OR ANY OTHER EXISTING TRADING MARKET FOR THE COMMON STOCK, IN NEGOTIATED TRANSACTIONS AT MARKET PRICES PREVAILING AT THE TIME OF SALE OR AT PRICES RELATED TO SUCH PREVAILING MARKET PRICES AND/OR ANY OTHER METHOD PERMITTED BY LAW. "TRADING DAY" MEANS ANY DAY ON WHICH COMMON STOCK IS TRADED ON THE EXCHANGE. 4. SUSPENSION OF SALES. THE COMPANY OR THE AGENT MAY, UPON NOTICE TO THE OTHER PARTY IN WRITING (INCLUDING BY EMAIL CORRESPONDENCE TO EACH OF THE INDIVIDUALS OF THE OTHER PARTY SET FORTH ON SCHEDULE 3, IF RECEIPT OF SUCH CORRESPONDENCE IS ACTUALLY ACKNOWLEDGED BY ANY OF THE INDIVIDUALS TO WHOM THE NOTICE IS SENT, OTHER THAN VIA AUTO-REPLY) OR BY TELEPHONE (CONFIRMED IMMEDIATELY BY VERIFIABLE FACSIMILE TRANSMISSION OR EMAIL CORRESPONDENCE TO EACH OF THE INDIVIDUALS OF THE OTHER PARTY SET FORTH ON SCHEDULE 3), SUSPEND ANY SALE OF PLACEMENT SHARES (A "SUSPENSION"); PROVIDED, HOWEVER, THAT SUCH SUSPENSION SHALL NOT AFFECT OR IMPAIR ANY PARTY'S OBLIGATIONS WITH RESPECT TO ANY PLACEMENT SHARES SOLD HEREUNDER PRIOR TO THE RECEIPT OF SUCH NOTICE. WHILE A SUSPENSION IS IN EFFECT ANY OBLIGATION UNDER SECTIONS 7(L), 7(M), AND 7(N) WITH RESPECT TO THE DELIVERY OF CERTIFICATES, OPINIONS, OR COMFORT LETTERS TO THE AGENT, SHALL BE WAIVED. EACH OF THE PARTIES AGREES THAT NO SUCH NOTICE UNDER THIS SECTION 4 SHALL BE EFFECTIVE AGAINST ANY OTHER PARTY UNLESS IT IS MADE TO ONE OF THE INDIVIDUALS NAMED ON SCHEDULE 3 HERETO, AS SUCH SCHEDULE MAY BE AMENDED FROM TIME TO TIME. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, DURING ANY PERIOD IN WHICH THE COMPANY IS IN POSSESSION OF MATERIAL NON-PUBLIC INFORMATION, THE COMPANY AND THE AGENT AGREE THAT (I) NO SALE OF PLACEMENT SHARES WILL TAKE PLACE, (II) THE COMPANY SHALL NOT REQUEST THE SALE OF ANY PLACEMENT SHARES, AND (III) THE AGENT SHALL NOT BE OBLIGATED TO SELL OR OFFER TO SELL ANY PLACEMENT SHARES. 5. SALE AND DELIVERY TO THE AGENT; SETTLEMENT. (a) Sale of Placement Shares. On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, upon the Agent's acceptance of the terms of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, the Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Placement Shares up to the amount specified, and otherwise in accordance with the terms of such Placement Notice. The Company acknowledges and agrees that (i) there can be no assurance that the Agent will be successful in selling Placement Shares, (ii) the Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement Shares for any reason other than a failure by the Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Placement Shares as required under this Agreement and (iii) the Agent shall be under no obligation to purchase Placement Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by the Agent and the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Settlement of Placement Shares. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares will occur on the second (2nd) Trading Day (or such earlier day as is industry practice for regular-way trading) following the date on which such sales are made (each, a "Settlement Date"). The Agent shall notify the Company of each sale of Placement Shares no later than the opening of the Trading Day immediately following the Trading Day on which it has made sales of Placement Shares hereunder. The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Shares sold (the "Net Proceeds") will be equal to the aggregate sales price received by the Agent for such Placement Shares, after deduction for (i) the Agent's commission, discount or other compensation for such sales payable by the Company pursuant to Section 2 hereof, and (ii) any transaction fees imposed by any Governmental Authority in respect of such sales. (c) Delivery of Placement Shares. On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Placement Shares being sold by crediting the Agent's or its designee's account (provided the Agent shall have given the Company written notice of such designee at least one Trading Day prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the Agent will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement Shares on a Settlement Date, the Company agrees that in addition to and in no way limiting the rights and obligations set forth in Section 10(a) hereto, it will (i) hold the Agent harmless against any loss, claim, damage, or expense (including reasonable and documented legal fees and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable) and (ii) pay to the Agent any commission, discount, or other compensation to which it would otherwise have been entitled absent such default. (d) Denominations; Registration. Certificates for the Placement Shares, if any, shall be in such denominations and registered in such names as the Agent may request in writing at least one full Business Day (as defined below) before the applicable Settlement Date. The certificates for the Placement Shares, if any, will be made available by the Company for examination and packaging by the Agent in The City of New York not later than noon (New York time) on the Business Day prior to the Settlement Date. (e) Limitations on Offering Size. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares, the aggregate gross sales proceeds of Placement Shares sold pursuant to this Agreement would exceed the lesser of (A) together with all sales of Placement Shares under this Agreement, the Maximum Amount and (B) the amount authorized from time to time to be issued and sold under this Agreement by the Company's board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to the Agent in writing. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement at a price lower than the minimum price authorized from time to time by the Company's board of directors, a duly authorized committee thereof or a duly authorized executive committee. Further, under no circumstances shall the Company cause or permit the aggregate offering amount of Placement Shares sold pursuant to this Agreement to exceed the Maximum Amount. 6. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. THE COMPANY REPRESENTS AND WARRANTS TO, AND AGREES WITH AGENT THAT AS OF THE DATE OF THIS AGREEMENT AND AS OF EACH APPLICABLE TIME (AS DEFINED BELOW), UNLESS SUCH REPRESENTATION, WARRANTY OR AGREEMENT SPECIFIES A DIFFERENT TIME:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Registration Statement and Prospectus. The Company and the transactions contemplated by this Agreement meet the requirements for and comply with the applicable conditions set forth in Form S-3 (including General Instructions I.A and I.B) under the Securities Act. The Registration Statement has been filed with the Commission and has been declared effective by the Commission under the Securities Act. The Prospectus Supplement will name the Agent as the agent in the section entitled "Plan of Distribution." The Company has not received, and has no notice of, any order of the Commission preventing or suspending the use of the Registration Statement, or threatening or instituting proceedings for that purpose. The Registration Statement and the offer and sale of Placement Shares as contemplated hereby meet the requirements of Rule 415 under the Securities Act and comply in all material respects with said Rule. Any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed. Copies of the Registration Statement, the Prospectus, and any such amendments or supplements and all documents incorporated by reference therein that were filed with the Commission on or prior to the date of this Agreement have been delivered, or are available through EDGAR, to the Agent and its counsel. The Company has not distributed and, prior to the later to occur of each Settlement Date and completion of the distribution of the Placement Shares, will not distribute any offering material in connection with the offering or sale of the Placement Shares other than the Registration Statement and the Prospectus and any Issuer Free Writing Prospectus to which the Agent has consented, such consent not to be unreasonably withheld, conditioned or delayed. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is currently listed on the Exchange under the trading symbol "VLTA." The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act, delisting the Common Stock from the Exchange, nor has the Company received any notification that the Commission or the Exchange is contemplating terminating such registration or listing. To the Company's knowledge, it is in compliance with all applicable listing requirements of the Exchange. (b) No Misstatement or Omission. The Registration Statement, when it became effective, and the Prospectus, and any amendment or supplement thereto, on the date of such Prospectus or amendment or supplement, conformed and will conform in all material respects with the requirements of the Securities Act. At each Settlement Date, the Registration Statement and the Prospectus, as of such date, will conform in all material respects with the requirements of the Securities Act. The Registration Statement, when it became or becomes effective, did not, and will not, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus and any amendment and supplement thereto, on the date thereof and at each Applicable Time (defined below), did not or will not include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The documents incorporated by reference in the Prospectus or any Prospectus Supplement, as of their dates and at each Applicable Time, did not, and any further documents filed and incorporated by reference therein will not, when filed with the Commission, contain an untrue statement of a material fact or omit to state a material fact required to be stated in such document or necessary to make the statements in such document, in light of the circumstances under which they were made, not misleading. The foregoing shall not apply to statements in, or omissions from, any such document made in reliance upon, and in conformity with, information furnished to the Company by the Agent specifically for use in the preparation thereof. (c) Conformity with Securities Act and Exchange Act. The Registration Statement, the Prospectus, any Issuer Free Writing Prospectus or any amendment or supplement thereto, and the documents incorporated by reference in the Registration Statement, the Prospectus or any amendment or supplement thereto, when such documents were or are filed with the Commission under the Securities Act or the Exchange Act or became or become effective under the Securities Act, as the case may be, conformed or will conform in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Financial Information. The consolidated financial statements of the Company included or incorporated by reference in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any, together with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and the Subsidiaries (as defined below) as of the dates indicated and the consolidated results of operations, cash flows and changes in stockholders' equity of the Company for the periods specified and have been prepared in compliance with the requirements of the Securities Act and Exchange Act and in conformity with GAAP (as defined below) applied on a consistent basis during the periods involved (except (i) as may be otherwise indicated in such financial statements or notes thereto, or (ii) in the case of unaudited financial statements, to the extent they may exclude footnotes or may be condensed or summary statements and subject to normal year-end audit adjustments); the other financial and statistical data with respect to the Company and the Subsidiaries (as defined below) contained or incorporated by reference in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any, are accurately and fairly presented in all material respects and are prepared on a basis consistent with the financial statements and books and records of the Company; there are no financial statements (historical or pro forma) that are required to be included or incorporated by reference in the Registration Statement, or the Prospectus that are not included or incorporated by reference as required; the Company and the Subsidiaries (as defined below) do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not described in the Registration Statement and the Prospectus; and all disclosures contained or incorporated by reference in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any, regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the Commission's rules and guidelines applicable thereto. (e) Conformity with EDGAR Filing. The Prospectus delivered to the Agent for use in connection with the sale of the Placement Shares pursuant to this Agreement will be identical to the versions of the Prospectus created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation S-T. (f) Organization. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to have, individually or in the aggregate: (i) a material adverse effect on the legality, validity or enforceability of this Agreement, (ii) a material adverse effect on the business, prospects, condition (financial or otherwise), stockholders' equity or results of operations of the Company and the Subsidiaries, taken as a whole, or (iii) prevent or materially interfere with consummation of the transactions contemplated hereby (any of (i), (ii) or (iii), a "Material Adverse Effect"); provided that a change in the market price or trading volume of the Common Stock alone shall not be deemed, in and of itself, to constitute a Material Adverse Effect. (g) Subsidiaries. The subsidiaries set forth on Schedule 4 (collectively, the "Subsidiaries"), are the Company's only significant subsidiaries (as such term is defined in Rule 1-02 of Regulation S-X promulgated by the Commission). Except as set forth in the Registration Statement and in the Prospectus, the Company owns, directly or indirectly, all of the equity interests of the Subsidiaries free and clear of any lien, charge, security interest, encumbrance, right of first refusal or other restriction (collectively, "Liens"), and all the equity interests of the Subsidiaries are validly issued and are fully paid, nonassessable and free of preemptive and similar rights. No Subsidiary is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary's capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary's property or assets to the Company or any other Subsidiary of the Company. (h) No Violation or Default. Neither the Company nor any of its Subsidiaries is (i) in violation of its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any of the property or assets of the Company or any of its Subsidiaries are subject (collectively, "Company Contracts"); or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any Governmental Authority, except, in the case of each of clauses (ii) and (iii) above, for any such violation or default that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To the Company's knowledge, all third parties that are parties to any Company Contracts are in compliance with the terms, covenants and conditions contained in such Company Contracts, except for any violation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Material Adverse Change. Subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Free Writing Prospectuses, if any (including any document deemed incorporated by reference therein) and other than the Company's execution of this Agreement and the sale of any Placement Shares, there has not been (i) any Material Adverse Effect or the occurrence of any development that the Company reasonably expects will result in a Material Adverse Effect, (ii) any transaction which is material to the Company and the Subsidiaries taken as a whole, (iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations), incurred by the Company or any Subsidiary, which is material to the Company and the Subsidiaries taken as a whole, (iv) any material change in the capital stock or outstanding long-term indebtedness of the Company or any of its Subsidiaries or (v) any dividend or distribution of any kind declared, paid or made on the capital stock of the Company or any Subsidiary, other than in each case above in the ordinary course of business or as otherwise disclosed in the Registration Statement or Prospectus (including any document deemed incorporated by reference therein). (j) Capitalization. The issued and outstanding shares of capital stock of the Company have been validly issued, are fully paid and nonassessable and, other than as disclosed in the Registration Statement or the Prospectus, are not subject to any preemptive rights, rights of first refusal or similar rights. The Company has an authorized, issued and outstanding capitalization as set forth in the Registration Statement and the Prospectus as of the dates referred to therein (other than the grant of additional options, restricted stock units or other equity awards under the Company's existing equity incentive plans, or changes in the number of outstanding shares of Common Stock of the Company due to the issuance of shares upon the exercise or conversion of securities exercisable for, or convertible into, Common Stock outstanding on the date hereof) and such authorized capital stock conforms to the description thereof set forth in the Registration Statement and the Prospectus. The description of the securities of the Company in the Registration Statement and the Prospectus is complete and accurate in all material respects. Except as disclosed in or contemplated by the Registration Statement or the Prospectus, as of the date referred to therein, the Company does not have outstanding any options to purchase, or any rights or warrants to subscribe for, or any securities or obligations convertible into, or exchangeable for, or any contracts or commitments to issue or sell, any shares of capital stock or other securities. (k) Authorization; Enforceability. The Company has the requisite corporate power and authority to enter into this Agreement and perform the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Company and is a legal, valid and binding agreement of the Company enforceable against the Company in accordance with its terms, except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally and by general equitable principles, and (ii) the indemnification and contribution provisions of Section 10 hereof may be limited by federal or state securities laws and public policy considerations in respect thereof. (l) Authorization of Placement Shares. The Placement Shares, when issued and delivered pursuant to the terms approved by the board of directors of the Company or a duly authorized committee thereof, or a duly authorized executive committee, against payment therefor as provided herein, will be duly and validly authorized and issued and fully paid and nonassessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, including any statutory or contractual preemptive rights that have not been waived, resale rights, rights of first refusal or other similar rights, and will be registered pursuant to Section 12 of the Exchange Act. The Placement Shares, when issued, will conform in all material respects to the description thereof set forth in or incorporated into the Prospectus. (m)No Consents Required. No consent, approval, authorization, order, registration or qualification of or with any Governmental Authority is required for (i) the execution, delivery and performance by the Company of this Agreement and (ii) the issuance and sale by the Company of the Placement Shares as contemplated hereby, except for such consents, approvals, authorizations, orders and registrations or qualifications as may be required under applicable state securities laws or by the by-laws and rules of the Financial Industry Regulatory Authority ("FINRA") or the Exchange in connection with the sale of the Placement Shares by the Agent. (n) No Preferential Rights. Except as set forth in the Registration Statement and the Prospectus, (i) no person, as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act (each, a "Person"), has the right, contractual or otherwise, to cause the Company to issue or sell to such Person any Common Stock or shares of any other capital stock or other securities of the Company (other than upon the exercise of options or warrants to purchase Common Stock or upon the exercise or vesting of options or other equity awards that may be granted from time to time under the Company's equity compensation plans), (ii) no Person has any preemptive rights, resale rights, rights of first refusal, rights of co-sale, or any other rights (whether pursuant to a "poison pill" provision or otherwise) to purchase from the Company any Common Stock or shares of any other capital stock or other securities of the Company (other than upon the exercise of options or warrants to purchase Common Stock or upon the exercise or vesting of options or other equity awards that may be granted from time to time under the Company's equity compensation plans), (iii) no Person has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and sale of the Common Stock, and (iv) no Person has the right, contractual or otherwise, to require the Company to register under the Securities Act any Common Stock or shares of any other capital stock or other securities of the Company, or to include any such shares or other securities in the Registration Statement or the offering contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Placement Shares as contemplated thereby or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Independent Public Accounting Firm. Grant Thornton LLP (the "Accountant"), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Company's most recent Annual Report on Form 10-K filed with the Commission and incorporated by reference into the Registration Statement and the Prospectus, are and, during the periods covered by their report, were an independent registered public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States). To the Company's knowledge, the Accountant is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") with respect to the Company. (p) Enforceability of Agreements. To the Company's knowledge, all agreements between the Company and third parties expressly referenced in the Prospectus, other than such agreements that have expired by their terms or whose termination is disclosed in documents filed by the Company on EDGAR are legal, valid and binding obligations of the Company enforceable in accordance with their respective terms, except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally and by general equitable principles and (ii) the indemnification provisions of certain agreements may be limited by federal or state securities laws or public policy considerations in respect thereof, except for any unenforceability that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. (q) No Litigation. Except as set forth in the Registration Statement or the Prospectus, there are no actions, suits or proceedings by or before any Governmental Authority pending, nor, to the Company's knowledge, any legal, governmental or regulatory audits or investigations by or before any Governmental Authority, to which the Company or a Subsidiary is a party or to which any property of the Company or any of its Subsidiaries is the subject that, individually or in the aggregate, if determined adversely to the Company or any of its Subsidiaries would reasonably be expected to have a Material Adverse Effect or materially and adversely affect the ability of the Company to perform is obligations under this Agreement; and, to the Company's knowledge, no such actions, suits, proceedings, audits or investigations are threatened or contemplated by any Governmental Authority or threatened by others; and (i) there are no current or pending legal, governmental or regulatory audits, investigations, actions, suits or proceedings by or before any Governmental Authority that are required under the Securities Act to be described in the Prospectus that are not so described; and (ii) there are no contracts or other documents that are required under the Securities Act to be filed as exhibits to the Registration Statement that are not so filed. (r) Consents and Permits. The Company and each Subsidiary possess such valid and current certificates, authorizations or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct in all material respects their respective businesses, and neither the Company nor any Subsidiary has received, or has any reason to believe that it will receive, any written notice of proceedings relating to the revocation or modification of, or non-compliance with, any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would be reasonably like to result in a Material Adverse Effect. (s) Intellectual Property. Except as disclosed in the Registration Statement and the Prospectus, to the Company's knowledge, the Company and its Subsidiaries own, possess, license or have other rights to use all foreign and domestic patents, patent applications, trade and service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, Internet domain names, know- how and other intellectual property (collectively, the "Intellectual Property"), necessary for the conduct of their respective businesses as now conducted except to the extent that the failure to own, possess, license or otherwise hold adequate rights to use such Intellectual Property would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as disclosed in the Registration Statement and the Prospectus (i) there are no rights of third parties to any such Intellectual Property owned by the Company and its Subsidiaries; (ii) to the Company's knowledge, there is no infringement by third parties of any such owned Intellectual Property; (iii) there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others challenging the Company's and its Subsidiaries' rights in or to any such Intellectual Property, and the Company is unaware of any facts which could form a reasonable basis for any such action, suit, proceeding or claim; (iv) there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such owned Intellectual Property; (v) there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others that the Company and its Subsidiaries infringe or otherwise violate any patent, trademark, copyright, trade secret or other proprietary rights of others; (vi) to the Company's knowledge, there is no third-party U.S. patent or published U.S. patent application which contains claims for which an Interference Proceeding (as defined in 35 U.S.C. § 135) has been commenced against any patent or patent application described in the Prospectus as being owned by the Company; and (vii) the Company and its Subsidiaries are not in uncured breach of agreements pursuant to which Intellectual Property has been licensed to the Company or such Subsidiary, and, to the Company's knowledge, all such agreements are in full force and effect, except, in the case of any of clauses (i)-(vii) above, for any such infringement by third parties or any such pending or threatened suit, action, proceeding or claim as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. (t) Market Capitalization. At the time the Registration Statement was or will be originally declared effective, and from and after the date hereof, the Company met the then applicable requirements for the use of Form S-3 under the Securities Act, including, but not limited to, General Instruction I.B.1 of Form S-3. The Company is not a shell company (as defined in Rule 405 under the Securities Act) and has not been a shell company for at least 12 calendar months previously and if it has been a shell company at any time previously, has filed current Form 10 information (as defined in Instruction I.B.6 of Form S-3) with the Commission at least 12 calendar months previously reflecting its status as an entity that is not a shell company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) No Material Defaults. Neither the Company nor any of the Subsidiaries has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on Form 10-K, indicating that it (i) has failed to pay any dividend or sinking fund installment on preferred stock or (ii) has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. (v) Certain Market Activities. Neither the Company, nor any of the Subsidiaries, nor, to the Company's knowledge, any of their respective directors, officers or controlling persons has taken, directly or indirectly, any action designed, or that has constituted or would reasonably be expected to cause or result in, under the Exchange Act or otherwise, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares. (w) Broker/Dealer Relationships. Neither the Company nor any of the Subsidiaries (i) is required to register as a "broker" or "dealer" in accordance with the provisions of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a "person associated with a member" or "associated person of a member" (within the meaning set forth in the FINRA Manual). (x) No Reliance. The Company has not relied upon the Agent or legal counsel for the Agent for any legal, tax or accounting advice in connection with the offering and sale of the Placement Shares. (y) Taxes. The Company and each of its Subsidiaries have filed all federal, state, local and foreign tax returns which have been required to be filed and paid all taxes shown thereon through the date hereof, to the extent that such taxes have become due and payable and are not being contested in good faith, except where the failure to so file or pay would not reasonably be expected to have a Material Adverse Effect. Except as otherwise disclosed in or contemplated by the Registration Statement or the Prospectus, no tax deficiency has been determined adversely to the Company or any of its Subsidiaries which has had, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Company has no knowledge of any federal, state or other governmental tax deficiency, penalty or assessment which has been asserted or threatened against it which would reasonably be expected to have a Material Adverse Effect. (z) Title to Real and Personal Property. Except as set forth in the Registration Statement or the Prospectus, the Company and its Subsidiaries have good and marketable title in fee simple to all items of real property owned by them, good and valid title to all personal property described in the Registration Statement or Prospectus as being owned by them, in each case free and clear of all Liens, except those matters that (i) do not materially interfere with the use made and proposed to be made of such property by the Company and any of its Subsidiaries or (ii) would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. Any real or personal property described in the Registration Statement or Prospectus as being leased by the Company and any of its Subsidiaries is held by them under valid, existing and enforceable leases, except those that (A) do not materially interfere with the use made or proposed to be made of such property by the Company or any of its Subsidiaries or (B) would not be reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect. Each of the properties of the Company and its Subsidiaries complies with all applicable codes, laws and regulations (including, without limitation, building and zoning codes, laws and regulations and laws relating to access to such properties), except if and to the extent disclosed in the Registration Statement or Prospectus or except for such failures to comply that would not, individually or in the aggregate, reasonably be expected to interfere in any material respect with the use made and proposed to be made of such property by the Company and its Subsidiaries or otherwise have a Material Adverse Effect. None of the Company or its subsidiaries has received from any Governmental Authorities any notice of any condemnation of, or zoning change affecting, the properties of the Company and its Subsidiaries, and the Company knows of no such condemnation or zoning change which is threatened, except for such that would not reasonably be expected to interfere in any material respect with the use made and proposed to be made of such property by the Company and its Subsidiaries or otherwise have a Material Adverse Effect, individually or in the aggregate. (aa) Environmental Laws. Except as set forth in the Registration Statement or the Prospectus, the Company and its Subsidiaries (i) are in compliance with any and all applicable federal, state, local and foreign laws, rules, regulations, decisions and orders relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, "Environmental Laws"); (ii) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses as described in the Registration Statement and the Prospectus; and (iii) have not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except, in the case of any of clauses (i), (ii) or (iii) above, for any such failure to comply or failure to receive required permits, licenses, other approvals or liability as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Disclosure Controls. The Company and each of its Subsidiaries maintain systems of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles in the United States ("GAAP") (and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company's internal control over financial reporting is effective as of the latest date of management's evaluation of such internal control over financial reporting as set forth in the Company's periodic reports and the Company is not aware of any material weaknesses in its internal control over financial reporting (other than as set forth in the Prospectus). Since the date of the latest audited financial statements of the Company included in the Prospectus, there has been no change in the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting (other than as set forth in the Prospectus). The Company has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) for the Company and designed such disclosure controls and procedures to provide reasonable assurance that material information relating to the Company and each of its Subsidiaries is made known to the certifying officers by others within those entities, particularly during the period in which the Company's Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, is being prepared. The Company's certifying officers have evaluated the effectiveness of the Company's disclosure controls and procedures as of a date within 90 days prior to the filing date of the Form 10-K for the fiscal year most recently ended (such date, the "Evaluation Date"). The Company presented in its Form 10-K for the fiscal year most recently ended the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date and the disclosure controls and procedures are effective. Since the Evaluation Date, there have been no significant changes in the Company's internal controls (as such term is defined in Item 307(b) of Regulation S-K under the Securities Act) or, to the Company's knowledge, in other factors that could significantly affect the Company's internal controls. (cc) Sarbanes-Oxley. There is and has been no failure on the part of the Company or any of the Company's directors or officers, in their capacities as such, to comply in all material respects with any applicable provisions of the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. Each of the principal executive officer and the principal financial officer of the Company (or each former principal executive officer of the Company and each former principal financial officer of the Company as applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents required to be filed by it or furnished by it to the Commission. For purposes of the preceding sentence, "principal executive officer" and "principal financial officer" shall have the meanings given to such terms in the Sarbanes-Oxley Act. (dd) Finder's Fees. Neither the Company nor any of the Subsidiaries has incurred any liability for any finder's fees, brokerage commissions or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Agent pursuant to this Agreement. (ee) Labor Disputes. No labor disturbance by or dispute with employees of the Company or any of its Subsidiaries exists or, to the knowledge of the Company, is threatened which would reasonably be expected to result in a Material Adverse Effect. (ff) Investment Company Act. Neither the Company nor any of the Subsidiaries is or, after giving effect to the offering and sale of the Placement Shares, will be an "investment company" or an entity "controlled" by an "investment company," as such terms are defined in the Investment Company Act of 1940, as amended (the "Investment Company Act"). (gg) Operations. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions to which the Company or its Subsidiaries are subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority (collectively, the "Money Laundering Laws"); and no action, suit or proceeding by or before any Governmental Authority involving the Company or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. (hh) Off-Balance Sheet Arrangements. There are no transactions, arrangements and other relationships between and/or among the Company, and/or, to the knowledge of the Company, any of its affiliates and any unconsolidated entity, including, but not limited to, any structured finance, special purpose or limited purpose entity (each, an "Off-Balance Sheet Transaction") that would reasonably be expected to affect materially the Company's liquidity or the availability of or requirements for its capital resources, including those Off-Balance Sheet Transactions described in the Commission's Statement about Management's Discussion and Analysis of Financial Conditions and Results of Operations (Release Nos. 33-8056; 34-45321; FR-61), required to be described in the Prospectus which have not been described as required. (ii) Underwriter Agreements. The Company is not a party to any agreement with an agent or underwriter for any other "at the market" or continuous equity transaction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) ERISA. To the knowledge of the Company, each material employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), that is maintained, administered or contributed to by the Company or any of its affiliates for employees or former employees of the Company and any of its Subsidiaries has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Internal Revenue Code of 1986, as amended (the "Code"); no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred which would result in a material liability to the Company with respect to any such plan excluding transactions effected pursuant to a statutory or administrative exemption; and for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no "accumulated funding deficiency" as defined in Section 412 of the Code has been incurred, whether or not waived, that would result in a material liability to the Company, and the fair market value of the assets of each such plan (excluding for these purposes accrued but unpaid contributions) equals or exceeds the present value of all benefits accrued under such plan determined using reasonable actuarial assumptions, except where such failure would not reasonably be expected to result in a material liability to the Company. (kk) Forward-Looking Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) (a "Forward- Looking Statement") contained in the Registration Statement and the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. (ll) Agent Purchases. The Company acknowledges and agrees that the Agent has informed the Company that the Agent may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell Common Stock for its own account while this Agreement is in effect, provided, that the Company shall not be deemed to have authorized or consented to any such purchases or sales by the Agent. (mm) Margin Rules. Neither the issuance, sale and delivery of the Placement Shares nor the application of the proceeds thereof by the Company as described in the Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors. (nn) Insurance. The Company and each of its Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as the Company and each of its Subsidiaries reasonably believe are adequate for the conduct of their properties and as is customary for companies engaged in similar businesses in similar industries. (oo) No Improper Practices. (i) Neither the Company nor the Subsidiaries nor, to the Company's knowledge, any of their respective directors, executive officers, employees, agents, affiliates, or other person acting on behalf of the Company or any Subsidiary has, in the past five years, made any unlawful contributions to any candidate for any political office (or failed fully to disclose any contribution in violation of applicable law) or made any contribution or other payment to any official of, or candidate for, any federal, state, municipal, or foreign office or other person charged with similar public or quasi-public duty in violation of any applicable law or of the character required to be disclosed in the Prospectus; (ii) no relationship, direct or indirect, exists between or among the Company or any Subsidiary, or to the Company's knowledge, any affiliate of any of them, on the one hand, and the directors, officers and stockholders of the Company or any Subsidiary, on the other hand, that is required by the Securities Act to be described in the Registration Statement and the Prospectus that is not so described; (iii) no relationship, direct or indirect, exists between or among the Company or any Subsidiary or any affiliate of them, on the one hand, and the directors, officers, or stockholders of the Company or any Subsidiary, on the other hand, that is required by the rules of FINRA to be described in the Registration Statement and the Prospectus that is not so described; (iv) except as described in the Registration Statement and the Prospectus, there are no material outstanding loans or advances or material guarantees of indebtedness by the Company or any Subsidiary to or for the benefit of any of their respective officers or directors or any of the members of the families of any of them; (v) the Company has not offered, or caused any placement agent to offer, Common Stock to any person with the intent to influence unlawfully (A) a customer or supplier of the Company or any Subsidiary to alter the customer's or supplier's level or type of business with the Company or any Subsidiary or (B) a trade journalist or publication to write or publish favorable information about the Company or any Subsidiary or any of their respective products or services, and (vi) neither the Company nor any Subsidiary nor any director, officer, or employee of the Company or any Subsidiary nor, to the Company's knowledge, any agent, affiliate, or other person acting on behalf of the Company or any Subsidiary has (A) violated or is in violation of any applicable provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or any other applicable anti-bribery or anti-corruption law (collectively, "Anti-Corruption Laws"), (B) promised, offered, provided, attempted to provide, or authorized the provision of anything of value, directly or indirectly, to any person for the purpose of obtaining or retaining business, influencing any act or decision of the recipient, or securing any improper advantage; or (C) made any payment of funds of the Company or any Subsidiary or received or retained any funds in violation of any Anti-Corruption Laws. (pp) Status Under the Securities Act. The Company was not and is not an ineligible issuer as defined in Rule 405 under the Securities Act at the times specified in Rules 164 and 433 under the Securities Act in connection with the offering of the Placement Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) No Misstatement or Omission in an Issuer Free Writing Prospectus. Each Issuer Free Writing Prospectus, as of its issue date and as of each Applicable Time (as defined in Section 23 below), did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any incorporated document deemed to be a part thereof that has not been superseded or modified. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information furnished to the Company by the Agent specifically for use therein. (rr) No Conflicts. Neither the execution of this Agreement, nor the issuance, offering or sale of the Placement Shares, nor the consummation of any of the transactions contemplated herein and therein, nor the compliance by the Company with the terms and provisions hereof and thereof will conflict with, or will result in a breach of, any of the terms and provisions of, or has constituted or will constitute a default under, or has resulted in or will result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any contract or other agreement to which the Company may be bound or to which any of the property or assets of the Company is subject, except (i) such conflicts, breaches or defaults as may have been waived and (ii) such conflicts, breaches and defaults that would not have a Material Adverse Effect; nor will such action result (x) in any violation of the provisions of the organizational or governing documents of the Company, or (y) in any violation of the provisions of any statute or any order, rule or regulation applicable to the Company or of any Governmental Authority having jurisdiction over the Company, except where such violation would not reasonably be expected to have a Material Adverse Effect. (ss) Sanctions. (i) The Company represents that, neither the Company nor any of its Subsidiaries (collectively, the "Entity") or any director, officer, employee, agent, affiliate or representative of the Entity, is a government, individual, or entity (in this paragraph (ss), "Person") that is, or is owned or controlled by a Person that is: (A) the subject of any sanctions administered or enforced by the U.S. Department of Treasury's Office of Foreign Assets Control ("OFAC"), the United Nations Security Council, the European Union, Her Majesty's Treasury, or other relevant sanctions authorities, including, without limitation, designation on OFAC's Specially Designated Nationals and Blocked Persons List or OFAC's Foreign Sanctions Evaders List (as amended, collectively, "Sanctions"), nor (B) located, organized or resident in a country or territory that is the subject of Sanctions that broadly prohibit dealings with that country or territory (including, without limitation, Cuba, the so-called Donetsk People's Republic, Iran, the so- called Luhansk People's Republic, North Korea, Syria, and the Crimea Region of Ukraine) (the "Sanctioned Countries"). (ii) The Entity represents and covenants that it will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: (A) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions or is a Sanctioned Country; or (B) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise). (iii) The Entity represents and covenants that, except as detailed in the Registration Statement and the Prospectus, for the past 5 years, it has not knowingly engaged in, is not now knowingly engaging in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions or is or was a Sanctioned Country.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) Stock Transfer Taxes. On each Settlement Date, all stock transfer or other taxes (other than income taxes) which are required to be paid in connection with the sale and transfer of the Placement Shares to be sold hereunder will be, or will have been, fully paid or provided for by the Company and all laws imposing such taxes will be or will have been fully complied with in all material respects. (uu) Compliance with Laws. The Company and each of its Subsidiaries are in compliance with all applicable laws, regulations and statutes (including all environmental laws and regulations) in the jurisdictions in which it carries on business, except where non-compliance of such law, regulation or statute would not reasonably be expected to have a Material Adverse Effect; the Company has not received a written notice of non- compliance, nor knows of, nor has reasonable grounds to know of, any facts that could give rise to a notice of non-compliance with any such laws, regulations and statutes, and is not aware of any pending change or contemplated change to any applicable law or regulation or governmental position, in each case that would materially adversely affect the business of the Company or the business or legal environment under which the Company operates. (vv) Statistical and Market-Related Data. The statistical, demographic and market- related data included in the Registration Statement and Prospectus are based on or derived from sources that the Company believes to be reliable and accurate in all material respects or represent the Company's good faith estimates that are made on the basis of data derived from such sources. (ww) Cyber Security. Except as may be included or incorporated by reference in the Registration Statement and the Prospectus, (x) to the Company's knowledge, there has been no material security breach or other material compromise of any of the Company's information technology and computer systems, networks, hardware, software, data (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of them), equipment or technology (collectively, "IT Systems and Data") and (y) the Company has not been notified of, and have no knowledge of any event or condition that would reasonably be expected to result in, any material security breach or other material compromise to their IT Systems and Data; (ii) the Company is presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, published policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, in the case of this clause (ii), individually or in the aggregate, result in a Material Adverse Effect; and (iii) the Company has implemented backup and disaster recovery technology consistent with industry standards and practices. (xx) Emerging Growth Company Status. From the time of the initial filing of the Company's first registration statement with the Commission through the date hereof, the Company has been and is an "emerging growth company," as defined in Section 2(a) of the Securities Act (an "Emerging Growth Company").  Any certificate signed by an officer of the Company and delivered to the Agent or to counsel for the Agent pursuant to or in connection with this Agreement shall be deemed to be a representation and warranty by the Company, as applicable, to the Agent as to the matters set forth therein.  7. COVENANTS OF THE COMPANY. THE COMPANY COVENANTS AND AGREES WITH THE AGENT THAT:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Registration Statement Amendments. After the date of this Agreement and during any period in which a Prospectus relating to any Placement Shares is required to be delivered by the Agent under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act or similar rule), (i) the Company will notify the Agent promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference, has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information, (ii) the Company will prepare and file with the Commission, promptly upon the Agent's reasonable request, any amendments or supplements to the Registration Statement or Prospectus that, in the Agent's reasonable opinion, may be necessary or advisable in connection with the distribution of the Placement Shares by the Agent (provided, however, that the failure of the Agent to make such request shall not relieve the Company of any obligation or liability hereunder, or affect the Agent's right to rely on the representations and warranties made by the Company in this Agreement and provided, further, that the only remedy the Agent shall have with respect to the failure to make such filing shall be to cease making sales under this Agreement until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus (except for documents incorporated by reference) relating to the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been submitted to the Agent within a reasonable period of time before the filing and the Agent has objected thereto in good faith on reasonable grounds and in writing two (2) Business Days (provided, however, that (A) the failure of the Agent to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect the Agent's right to rely on the representations and warranties made by the Company in this Agreement and (B) the Company has no obligation to provide the Agent any advance copy of such filing or to provide the Agent an opportunity to object to such filing, if such filing does not name the Agent and does not reference the transactions contemplated hereunder; and provided, further, that the only remedy the Agent shall have with respect to the failure by the Company to obtain such consent shall be to cease making sales under this Agreement) and the Company will furnish to the Agent at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus, except for those documents available via EDGAR; and (iv) the Company will cause each amendment or supplement to the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act or, in the case of any document to be incorporated therein by reference, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed (the determination to file or not file any amendment or supplement with the Commission under this Section 7(a), based on the Company's reasonable opinion or reasonable objections, shall be made exclusively by the Company); provided, however, that the Company may delay any such amendment or supplement if, in the reasonable judgment of the Company, it is in the best interests of the Company to do so. Until such time as the Company shall have corrected such misstatement or omission or effected such compliance, the Company shall not notify the Agent to resume the offering of Placement Shares. (b) Notice of Commission Stop Orders. The Company will advise the Agent, promptly after it receives notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued. The Company will advise the Agent promptly after it receives any request by the Commission for any amendments to the Registration Statement or any amendment or supplements to the Prospectus or any Issuer Free Writing Prospectus or for additional information related to the offering of the Placement Shares or for additional information related to the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus. (c) Delivery of Prospectus; Subsequent Changes. During any period in which a Prospectus relating to the Placement Shares is required to be delivered by the Agent under the Securities Act with respect to the offer and sale of the Placement Shares, (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act or similar rule), the Company will comply with all requirements imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If the Company has omitted any information from the Registration Statement pursuant to Rule 430B under the Securities Act, it will use its commercially reasonable efforts to comply with the provisions of and make all requisite filings with the Commission pursuant to said Rule 430B and to notify the Agent promptly of all such filings. If during such period any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify the Agent to suspend the offering of Placement Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance; provided, however, that the Company may delay any such amendment or supplement if, in the reasonable judgment of the Company, it is in the best interests of the Company to do so. Until such time as the Company has corrected such statement or omission or effected such compliance, the Company shall not notify the Agent to resume the offering of Placement Shares. (d) Listing of Placement Shares. Prior to the date of the first Placement Notice, the Company will use its commercially reasonable efforts to cause the Placement Shares to be listed on the Exchange.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Delivery of Registration Statement and Prospectus. The Company will furnish to the Agent and its counsel (at the expense of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during any period in which a Prospectus relating to the Placement Shares is required to be delivered under the Securities Act (including all documents filed with the Commission during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities as the Agent may from time to time reasonably request and, at the Agent's request, will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; provided, however, that the Company shall not be required to furnish any document (other than the Prospectus) to the Agent to the extent such document is available on EDGAR. (f) Earning Statement. The Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company's current fiscal quarter, an earning statement covering a 12-month period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act; provided, that the Company will be deemed to have furnished such statement to its security holders to the extent it is available on EDGAR. (g) Use of Proceeds. The Company will use the Net Proceeds as described in the Prospectus in the section entitled "Use of Proceeds." (h) Notice of Other Sales. Without the prior written consent of the Agent, the Company will not, directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire, Common Stock during the period beginning on the fifth (5th) Trading Day immediately prior to the date on which any Placement Notice is delivered to the Agent hereunder and ending on the fifth (5th) Trading Day immediately following the final Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated or suspended prior to the sale of all Placement Shares covered by a Placement Notice, the date of such suspension or termination); and will not directly or indirectly in any other "at the market" or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire, Common Stock prior to the sixtieth (60th) day immediately following the termination of this Agreement by the Company; provided, however, that such restrictions will not be required in connection with the Company's issuance or sale of (i) Common Stock, options to purchase Common Stock or Common Stock issuable upon the exercise of options, or any other awards (including performance awards, restricted stock units or restricted shares), pursuant to any employee or director stock option or benefits plan, stock ownership plan or dividend reinvestment plan (but not Common Stock subject to a waiver to exceed plan limits in its dividend reinvestment plan) of the Company whether now in effect or hereafter implemented, (ii) Common Stock issuable upon conversion of securities or the exercise of warrants, options or other rights or awards in effect or outstanding, and disclosed in filings by the Company available on EDGAR or otherwise in writing to the Agent, (iii) Common Stock, or securities convertible into or exercisable for Common Stock, offered and sold in privately negotiated transactions to vendors, customers, strategic partners or potential strategic partners or hereby, provided that the aggregate number of shares issued pursuant to this clause (iii) shall not exceed five percent (5%) of the total number of Common Stock outstanding immediately prior to giving effect to such sale or issuance; and (iv) Common Stock or securities convertible into or exchangeable for shares of Common Stock as consideration for mergers, acquisitions, other business combinations or strategic alliances occurring after the date of this Agreement which are not issued for capital raising purposes. (i) Change of Circumstances. The Company will, at any time during the pendency of a Placement Notice, advise the Agent promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document required to be provided to the Agent pursuant to this Agreement. (j) Due Diligence Cooperation. The Company will cooperate with any reasonable due diligence review conducted by the Agent or its representatives in connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers, during regular business hours and at the Company's principal offices, as the Agent may reasonably request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Required Filings Relating to Placement of Placement Shares. The Company shall disclose, in its quarterly reports on Form 10-Q and in its annual report on Form 10-K to be filed by the Company with the Commission from time to time, the number of the Placement Shares sold through the Agent under this Agreement, and the net proceeds to the Company from the sale of the Placement Shares pursuant to this Agreement during the relevant quarter or, in the case of an Annual Report on Form 10-K, during the fiscal year covered by such Annual Report and the fourth quarter of such fiscal year. To the extent that the filing of a prospectus supplement with the Commission with respect to the placement of Placement Shares becomes required under Rule 424(b) under the Securities Act, the Company agrees that on such dates as the Securities Act shall require, the Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act (each and every filing date under Rule 424(b), a "Filing Date"), which prospectus supplement will set forth, within the relevant period, the amount of Placement Shares sold through the Agent, the Net Proceeds to the Company and the compensation payable by the Company to the Agent with respect to such Placement Shares (provided that the Company may satisfy its obligations under this Section 7(k)(i) by making a filing in accordance with the Exchange Act including such information), and (ii) deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales were effected as may be required by the rules or regulations of such exchange or market. (l) Representation Dates; Certificate. (1) On or prior to the date of the first Placement Notice and (2) each time the Company: (i) files the Prospectus relating to the Placement Shares or amends or supplements (other than a prospectus supplement relating solely to an offering of securities other than the Placement Shares) the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus relating to the Placement Shares;  (ii) files an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A containing amended financial information or a material amendment to the previously filed Form 10-K);   (iii) files its quarterly reports on Form 10-Q under the Exchange Act; or   (iv) files a current report on Form 8-K containing amended financial information (other than information "furnished" pursuant to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassification of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) under the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a "Representation Date");  the Company shall furnish the Agent (but in the case of clause (iv) above only if the Agent reasonably determines that the information contained in such Form 8-K is material) with a certificate dated the Representation Date, in the form and substance reasonably satisfactory to the Agent and its counsel, substantially similar to the form previously provided to the Agent and its counsel, modified, as necessary, to relate to the Registration Statement and the Prospectus as amended or supplemented. The requirement to provide a certificate under this Section 7(l) shall be automatically waived for any Representation Date occurring at a time during which no Placement Notice is pending or a Suspension is in effect, which waiver shall continue until the earlier to occur of the date the Company delivers instructions for the sale of Placement Shares hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date for which the requirement to provide a certificate under this Section 7(l) is not waived pursuant to the terms thereof. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date when the Company relied on such waiver and did not provide the Agent with a certificate under this Section 7(l), then before the Company delivers the instructions for the sale of Placement Shares or the Agent sells any Placement Shares pursuant to such instructions, the Company shall provide the Agent with a certificate in conformity with this Section 7(l) dated as of the date that the instructions for the sale of Placement Shares are issued.  (m)Legal Opinion. (1) On or prior to the date of the first Placement Notice and (2) within five (5) Trading Days of each Representation Date (other than pursuant to Section 7(l)(iii)) with respect to which the Company is obligated to deliver a certificate pursuant to Section 7(l) for which no waiver is applicable and excluding the date of this Agreement, the Company shall cause to be furnished to the Agent a written opinion and negative assurance letter of Orrick, Herrington & Sutcliffe LLP ("Company Counsel"), or other counsel reasonably satisfactory to the Agent, in form and substance reasonably satisfactory to the Agent and its counsel, substantially similar to the form previously provided to the Agent and its counsel, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; provided, however, the Company shall be required to furnish to the Agent no more than one opinion and negative assurance letter hereunder per calendar quarter; provided, further, that in lieu of such opinions or negative assurance letters for subsequent periodic filings under the Exchange Act, counsel may furnish the Agent with a letter (a "Reliance Letter") to the effect that the Agent may rely on a prior opinion or negative assurance letter, as the case may be, delivered under this Section 7(m) to the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of the date of the Reliance Letter).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Comfort Letter. (1) On or prior to the date of the first Placement Notice and (2) within five (5) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate pursuant to Section 7(l) for which no waiver is applicable and excluding the date of this Agreement, the Company shall cause its independent registered public accounting firm to furnish the Agent letters (the "Comfort Letters"), dated the date the Comfort Letter is delivered, which shall meet the requirements set forth in this Section 7(n); provided, that if requested by the Agent, the Company shall cause a Comfort Letter to be furnished to the Agent within ten (10) Trading Days of the date of occurrence of any material transaction or event requiring the filing of a Current Report on Form 8-K containing material financial information (including the restatement of the Company's financial statements). The Comfort Letter from the Company's independent registered public accounting firm shall be in a form and substance satisfactory to the Agent, (i) confirming that they are an independent registered public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board (PCAOB), (ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants' "comfort letters" to underwriters in connection with registered public offerings (the first such letter, the "Initial Comfort Letter") and (iii) updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter. (o) Market Activities; Compliance with Regulation M. The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or would reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of Common Stock or (ii) sell, bid for, or purchase Common Stock in violation of Regulation M, or pay anyone any compensation for soliciting purchases of the Placement Shares other than the Agent. (p) Investment Company Act. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor any of its Subsidiaries will be or become, at any time prior to the termination of this Agreement, required to register as an "investment company," as such term is defined in the Investment Company Act. (q) No Offer to Sell. Other than an Issuer Free Writing Prospectus approved in advance by the Company and the Agent in its capacity as agent hereunder, neither the Agent nor the Company (including its agents and representatives, other than the Agent in its capacity as such) will make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder. (r) Blue Sky and Other Qualifications. The Company will use its commercially reasonable efforts, in cooperation with the Agent, to qualify the Placement Shares for offering and sale, or to obtain an exemption for the Placement Shares to be offered and sold, under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Agent may designate and to maintain such qualifications and exemptions in effect for so long as required for the distribution of the Placement Shares (but in no event for less than one year from the date of this Agreement); provided, however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. In each jurisdiction in which the Placement Shares have been so qualified or exempt, the Company will file such statements and reports as may be required by the laws of such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long as required for the distribution of the Placement Shares (but in no event for less than one year from the date of this Agreement). (s) Sarbanes-Oxley Act. The Company and the Subsidiaries will maintain and keep accurate books and records reflecting their assets and maintain internal accounting controls in a manner designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and including those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company, (ii) provide reasonable assurance that transactions are recorded as necessary to permit the preparation of the Company's consolidated financial statements in accordance with GAAP, (iii) that receipts and expenditures of the Company are being made only in accordance with management's and the Company's directors' authorization, and (iv) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on its financial statements. The Company and the Subsidiaries will maintain such controls and other procedures, including, without limitation, those required by Sections 302 and 906 of the Sarbanes- Oxley Act, and the applicable regulations thereunder that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms, including, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company's management, including its principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure and to ensure that material information relating to the Company or the Subsidiaries is made known to them by others within those entities, particularly during the period in which such periodic reports are being prepared.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Secretary's Certificate; Further Documentation. Prior to the date of the first Placement Notice, the Company shall deliver to the Agent a certificate of the Secretary of the Company and attested to by an executive officer of the Company, dated as of such date, certifying as to (i) the Certificate of Incorporation of the Company, (ii) the Bylaws of the Company, (iii) the resolutions of the Board of Directors or a duly authorized committee of the Board of Directors of the Company authorizing the execution, delivery and performance of this Agreement and the issuance of the Placement Shares and (iv) the incumbency of the officers duly authorized to execute this Agreement and the other documents contemplated by this Agreement. Within five (5) Trading Days of each Representation Date, the Company shall have furnished to the Agent such further information, certificates and documents as the Agent may reasonably request. (u) Emerging Growth Company Status. The Company will promptly notify the Agent if the Company ceases to be an Emerging Growth Company at any time during the term of this Agreement. 8. PAYMENT OF EXPENSES. THE COMPANY WILL PAY ALL EXPENSES INCIDENT TO THE PERFORMANCE OF ITS OBLIGATIONS UNDER THIS AGREEMENT, INCLUDING (I) THE PREPARATION AND FILING OF THE REGISTRATION STATEMENT, INCLUDING ANY FEES REQUIRED BY THE COMMISSION, AND THE PRINTING OR ELECTRONIC DELIVERY OF THE PROSPECTUS AS ORIGINALLY FILED AND OF EACH AMENDMENT AND SUPPLEMENT THERETO, IN SUCH NUMBER AS THE AGENT SHALL DEEM NECESSARY, (II) THE PRINTING AND DELIVERY TO THE AGENT OF THIS AGREEMENT AND SUCH OTHER DOCUMENTS AS MAY BE REQUIRED IN CONNECTION WITH THE OFFERING, PURCHASE, SALE, ISSUANCE OR DELIVERY OF THE PLACEMENT SHARES, (III) THE PREPARATION, ISSUANCE AND DELIVERY OF THE CERTIFICATES, IF ANY, FOR THE PLACEMENT SHARES TO THE AGENT, INCLUDING ANY STOCK OR OTHER TRANSFER TAXES AND ANY CAPITAL DUTIES, STAMP DUTIES OR OTHER DUTIES OR TAXES PAYABLE UPON THE SALE, ISSUANCE OR DELIVERY OF THE PLACEMENT SHARES TO THE AGENT, (IV) THE FEES AND DISBURSEMENTS OF THE COUNSEL, ACCOUNTANTS AND OTHER ADVISORS TO THE COMPANY, (V) THE FEES AND EXPENSES OF THE AGENT INCLUDING BUT NOT LIMITED TO THE FEES AND EXPENSES OF THE COUNSEL TO THE AGENT, (A) PAYABLE IN AN AMOUNT NOT TO EXCEED $125,000 IN CONNECTION WITH THE EXECUTION OF THIS AGREEMENT, (B) PAYABLE IN CONNECTION WITH EACH REPRESENTATION DATE WITH RESPECT TO WHICH THE COMPANY IS OBLIGATED TO DELIVER A CERTIFICATE PURSUANT TO SECTION 7(L) FOR WHICH NO WAIVER IS APPLICABLE AND EXCLUDING THE DATE OF THIS AGREEMENT, IN AN AMOUNT NOT TO EXCEED $20,000 PER CALENDAR QUARTER, AND (C) IN AN AMOUNT NOT TO EXCEED $25,000 FOR EACH PROGRAM "REFRESH" (FILING OF A NEW REGISTRATION STATEMENT, PROSPECTUS OR PROSPECTUS SUPPLEMENT RELATING TO THE PLACEMENT SHARES AND/OR AN AMENDMENT OF THIS AGREEMENT) EXECUTED PURSUANT TO THIS AGREEMENT, (VI) THE QUALIFICATION OR EXEMPTION OF THE PLACEMENT SHARES UNDER STATE SECURITIES LAWS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 7(R) HEREOF, INCLUDING FILING FEES, BUT EXCLUDING FEES OF THE AGENT'S COUNSEL, (VII) THE PRINTING AND DELIVERY TO THE AGENT OF COPIES OF ANY PERMITTED FREE WRITING PROSPECTUS AND THE PROSPECTUS AND ANY AMENDMENTS OR SUPPLEMENTS THERETO IN SUCH NUMBER AS THE AGENT SHALL DEEM NECESSARY, (VIII) THE PREPARATION, PRINTING AND DELIVERY TO THE AGENT OF COPIES OF THE BLUE SKY SURVEY, (IX) THE FEES AND EXPENSES OF THE TRANSFER AGENT AND REGISTRAR FOR THE COMMON STOCK, (X) THE FILING AND OTHER FEES INCIDENT TO ANY REVIEW BY FINRA OF THE TERMS OF THE SALE OF THE PLACEMENT SHARES INCLUDING THE FEES OF THE AGENT'S COUNSEL (SUBJECT TO THE CAP, SET FORTH IN CLAUSE (V) ABOVE), AND (XI) THE FEES AND EXPENSES INCURRED IN CONNECTION WITH THE LISTING OF THE PLACEMENT SHARES ON THE EXCHANGE.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. CONDITIONS TO THE AGENT'S OBLIGATIONS. THE OBLIGATIONS OF THE AGENT HEREUNDER WITH RESPECT TO A PLACEMENT WILL BE SUBJECT TO THE CONTINUING ACCURACY AND COMPLETENESS OF THE REPRESENTATIONS AND WARRANTIES MADE BY THE COMPANY HEREIN (OTHER THAN THOSE REPRESENTATIONS AND WARRANTIES MADE AS OF A SPECIFIED DATE OR TIME), TO THE DUE PERFORMANCE BY THE COMPANY OF ITS OBLIGATIONS HEREUNDER, TO THE COMPLETION BY THE AGENT OF A DUE DILIGENCE REVIEW SATISFACTORY TO IT IN ITS REASONABLE JUDGMENT, AND TO THE CONTINUING SATISFACTION (OR WAIVER BY THE AGENT IN ITS SOLE DISCRETION) OF THE FOLLOWING ADDITIONAL CONDITIONS: (a) Registration Statement Effective. The Registration Statement shall have become effective and shall be available for the (i) resale of all Placement Shares issued to the Agent and not yet sold by the Agent and (ii) sale of all Placement Shares contemplated to be issued by any Placement Notice. (b) No Material Notices. None of the following events shall have occurred and be continuing: (i) receipt by the Company of any request for additional information from the Commission or any other federal or state Governmental Authority during the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements to the Registration Statement or the Prospectus, which amendments or supplements have not, as of the time of such Placement, been made; (ii) the issuance by the Commission or any other federal or state Governmental Authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv) the occurrence of any event that makes any statement of a material fact made in the Registration Statement or the Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue or that requires the making of any changes in the Registration Statement, the Prospectus or documents so that, in the case of the Registration Statement, it will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus, it will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, which changes have not, as of the time of such Placement, been made. (c) No Misstatement or Material Omission. The Agent shall not have advised the Company that the Registration Statement or Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent's reasonable opinion is material, or omits to state a fact that in the Agent's reasonable opinion is material and is required to be stated therein or is necessary to make the statements therein not misleading. (d) Material Changes. Except as contemplated in the Prospectus, or disclosed in the Company's reports filed with the Commission, there shall not have been any material adverse change in the authorized capital stock of the Company or any Material Adverse Effect or any development that would reasonably be expected to cause a Material Adverse Effect, or a downgrading in or withdrawal of the rating assigned to any of the Company's securities (other than asset backed securities) by any rating organization or a public announcement by any rating organization that it has under surveillance or review its rating of any of the Company's securities (other than asset backed securities), the effect of which, in the case of any such action by a rating organization described above, in the reasonable judgment of the Agent (without relieving the Company of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated in the Prospectus. (e) Legal Opinions. The Agent shall have received the opinion of Company Counsel required to be delivered pursuant to Section 7(m) on or before the date on which such delivery of such opinion is required pursuant to Section 7(m). (f) Comfort Letter. The Agent shall have received the Comfort Letter required to be delivered pursuant to Section 7(n) on or before the date on which such delivery of such Comfort Letter is required pursuant to Section 7(n). (g) Representation Certificate. The Agent shall have received the certificate required to be delivered pursuant to Section 7(l) on or before the date on which delivery of such certificate is required pursuant to Section 7(l). (h) No Suspension. Trading in the Common Stock shall not have been suspended on the Exchange and the Common Stock shall not have been delisted from the Exchange. (i) Other Materials. On each date on which the Company is required to deliver a certificate pursuant to Section 7(l), the Company shall have furnished to the Agent such appropriate further information, opinions, certificates, letters and other documents as the Agent may reasonably request. All such opinions, certificates, letters and other documents will be in compliance with the provisions hereof. (j) Securities Act Filings Made. All filings with the Commission required by Rule 424 under the Securities Act to have been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424. (k) Approval for Listing. The Placement Shares shall either have been (i) approved for listing on the Exchange, subject only to notice of issuance, or (ii) the Company shall have filed an application for listing of the Placement Shares on the Exchange at, or prior to, the issuance of any Placement Notice and the Exchange shall have reviewed such application and not provided any objections thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) FINRA. If applicable, FINRA shall have raised no objection to the terms of this offering and the amount of compensation allowable or payable to the Agent as described in the Prospectus. (m)No Termination Event. There shall not have occurred any event that would permit the Agent to terminate this Agreement pursuant to Section 12(a). 10. INDEMNIFICATION AND CONTRIBUTION. (a) Company Indemnification. The Company agrees to indemnify and hold harmless the Agent, its affiliates and their respective partners, members, directors, officers, employees and agents and each person, if any, who controls the Agent or any affiliate within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows: (i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; (ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any Governmental Authority, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section 10(d) below) any such settlement is effected with the written consent of the Company, which consent shall not unreasonably be delayed or withheld; and (iii) against any and all expense whatsoever, as incurred (including the reasonable and documented fees and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any Governmental Authority, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission (whether or not a party), to the extent that any such expense is not paid under (i) or (ii) above,  provided, however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with the Agent Information (as defined below).  (b) Agent Indemnification. The Agent agrees to indemnify and hold harmless the Company and its directors and each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 10(a), as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendments thereto), the Prospectus (or any amendment or supplement thereto) or any Issuer Free Writing Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with information relating to the Agent and furnished to the Company in writing by the Agent expressly for use therein. The Company hereby acknowledges that the only information that the Agent has furnished to the Company expressly for use in the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus (or any amendment or supplement thereto) are the statements set forth in the ninth and tenth paragraphs under the caption "Plan of Distribution" in the Prospectus (the "Agent Information"). (c) Procedure. Any party that proposes to assert the right to be indemnified under this Section 10 will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section 10, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this Section 10 and (ii) any liability that it may have to any indemnified party under the foregoing provision of this Section 10 unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any other legal expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel to assume the defense of such action or counsel reasonably satisfactory to the indemnified party, in each case, within a reasonable time after receiving notice of the commencement of the action; in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm (plus local counsel) admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly as they are incurred. An

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 10 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (1) includes an express and unconditional release of each indemnified party, in form and substance reasonably satisfactory to such indemnified party, from all liability arising out of such litigation, investigation, proceeding or claim and (2) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. (d) Settlement Without Consent if Failure to Reimburse. If an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for reasonable fees and expenses of counsel for which it is entitled to be reimbursed under this Section 10, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 10(a)(ii) effected without its written consent if (1) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (2) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (3) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement. (e) Contribution. In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of this Section 10 is applicable in accordance with its terms but for any reason is held to be unavailable or insufficient from the Company or the Agent, the Company and the Agent will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted) to which the Company and the Agent may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Agent on the other hand. The relative benefits received by the Company on the one hand and the Agent on the other hand shall be deemed to be in the same proportion as the total net proceeds from the sale of the Placement Shares (before deducting expenses) received by the Company bear to the total compensation received by the Agent from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and the Agent, on the other hand, with respect to the statements or omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the Agent, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Agent agree that it would not be just and equitable if contributions pursuant to this Section 10(e) were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this Section 10(e) shall be deemed to include, for the purpose of this Section 10(e), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with Section 10(c) hereof. Notwithstanding the foregoing provisions of this Section 10(e), the Agent shall not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 10(e), any person who controls a party to this Agreement within the meaning of the Securities Act, any affiliates of the Agent and any officers, directors, partners, employees or agents of the Agent or any of its affiliates, will have the same rights to contribution as that party, and each director of the Company and each officer of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this Section 10(e), will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this Section 10(e) except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of Section 10(c) hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to Section 10(c) hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. REPRESENTATIONS AND AGREEMENTS TO SURVIVE DELIVERY. THE INDEMNITY AND CONTRIBUTION AGREEMENTS CONTAINED IN SECTION 10 OF THIS AGREEMENT AND ALL REPRESENTATIONS AND WARRANTIES OF THE COMPANY HEREIN OR IN CERTIFICATES DELIVERED PURSUANT HERETO SHALL SURVIVE, AS OF THEIR RESPECTIVE DATES, REGARDLESS OF (I) ANY INVESTIGATION MADE BY OR ON BEHALF OF THE AGENT, ANY CONTROLLING PERSONS, OR THE COMPANY (OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES OR CONTROLLING PERSONS), (II) DELIVERY AND ACCEPTANCE OF THE PLACEMENT SHARES AND PAYMENT THEREFOR OR (III) ANY TERMINATION OF THIS AGREEMENT. 12. TERMINATION. (a) The Agent may terminate this Agreement, by notice to the Company, as hereinafter specified at any time (1) if there has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectus, any change, or any development or event involving a prospective change, in the condition, financial or otherwise, or in the business, properties, earnings, results of operations or prospects of the Company and its Subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, which individually or in the aggregate, in the sole judgment of the Agent is material and adverse and makes it impractical or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares, (2) if there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the Agent, impracticable or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares, (3) if trading in the Common Stock has been suspended or limited by the Commission or the Exchange, or if trading generally on the Exchange has been suspended or limited, or minimum prices for trading have been fixed on the Exchange, (4) if any suspension of trading of any securities of the Company on any exchange or in the over-the-counter market shall have occurred and be continuing, (5) if a major disruption of securities settlements or clearance services in the United States shall have occurred and be continuing, or (6) if a banking moratorium has been declared by either U.S. Federal or New York authorities. Any such termination shall be without liability of any party to any other party except that the provisions of Section 8 (Payment of Expenses), Section 10 (Indemnification and Contribution), Section 11 (Representations and Agreements to Survive Delivery), Section 17 (Governing Law and Time; Waiver of Jury Trial) and Section 18 (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination. If the Agent elects to terminate this Agreement as provided in this Section 12(a), the Agent shall provide the required notice as specified in Section 13 (Notices). (b) The Company shall have the right, by giving ten (10) days notice as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of Section 8, Section 10, Section 11, Section 17 and Section 18 hereof shall remain in full force and effect notwithstanding such termination. (c) The Agent shall have the right, by giving ten (10) days' notice as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of Section 8, Section 10, Section 11, Section 17 and Section 18 hereof shall remain in full force and effect notwithstanding such termination. (d) This Agreement shall remain in full force and effect unless terminated pursuant to Sections 12(a), (b), or (c) above or otherwise by mutual agreement of the parties; provided, however, that any such termination by mutual agreement shall in all cases be deemed to provide that Section 8, Section 10, Section 11, Section 17 and Section 18 shall remain in full force and effect. (e) Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided, however, that such termination shall not be effective until the close of business on the date of receipt of such notice by the Agent or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement. 13. NOTICES. ALL NOTICES OR OTHER COMMUNICATIONS REQUIRED OR PERMITTED TO BE GIVEN BY ANY PARTY TO ANY OTHER PARTY PURSUANT TO THE TERMS OF THIS AGREEMENT SHALL BE IN WRITING, UNLESS OTHERWISE SPECIFIED, AND IF SENT TO THE AGENT, SHALL BE DELIVERED TO: Cantor Fitzgerald & Co. 499 Park Avenue New York, NY 10022 Attention: Capital Markets Facsimile: (212) 307-3730 And with a copy (which shall not constitute notice) to: Cantor Fitzgerald & Co. 499 Park Avenue New York, NY 10022 Attention: General Counsel Facsimile: (212) 829-4708

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to: Cooley LLP 55 Hudson Yards New York, NY 10001-2157 Attention: Daniel I. Goldberg, Esq. Facsimile: (212) 479-6275 and if to the Company, shall be delivered to: Volta Inc. 155 De Haro Street San Francisco, CA 94103 Attention: Michelle Kley Telephone: (415) 271-3713 WITH A COPY TO: Orrick, Herrington & Sutcliffe LLP 222 Berkeley Street, Suite 2000 Boston, MA 02116 Attention: Albert Vanderlaan Telephone: (617) 880-2219 Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally or by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii) by Electronic Notice as set forth in the next paragraph, (iii) on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iv) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes of this Agreement, "Business Day" shall mean any day on which the Exchange and commercial banks in the City of New York are open for business. An electronic communication ("Electronic Notice") shall be deemed written notice for purposes of this Section 13 if sent to the electronic mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives verification of receipt by the receiving party. Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form ("Nonelectronic Notice") which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice. 14. SUCCESSORS AND ASSIGNS. THIS AGREEMENT SHALL INURE TO THE BENEFIT OF AND BE BINDING UPON THE COMPANY AND THE AGENT AND THEIR RESPECTIVE SUCCESSORS AND THE PARTIES REFERRED TO IN SECTION 10 HEREOF. REFERENCES TO ANY OF THE PARTIES CONTAINED IN THIS AGREEMENT SHALL BE DEEMED TO INCLUDE THE SUCCESSORS AND PERMITTED ASSIGNS OF SUCH PARTY. NOTHING IN THIS AGREEMENT, EXPRESS OR IMPLIED, IS INTENDED TO CONFER UPON ANY PARTY OTHER THAN THE PARTIES HERETO OR THEIR RESPECTIVE SUCCESSORS AND PERMITTED ASSIGNS ANY RIGHTS, REMEDIES, OBLIGATIONS OR LIABILITIES UNDER OR BY REASON OF THIS AGREEMENT, EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT. NEITHER PARTY MAY ASSIGN ITS RIGHTS OR OBLIGATIONS UNDER THIS AGREEMENT WITHOUT THE PRIOR WRITTEN CONSENT OF THE OTHER PARTY; PROVIDED, HOWEVER, THAT THE AGENT MAY ASSIGN ITS RIGHTS AND OBLIGATIONS HEREUNDER TO AN AFFILIATE THEREOF WITHOUT OBTAINING THE COMPANY'S CONSENT, SO LONG AS SUCH AFFILIATE IS A REGISTERED BROKER DEALER, UPON WRITTEN NOTICE TO THE COMPANY. 15. ADJUSTMENTS FOR STOCK SPLITS. THE PARTIES ACKNOWLEDGE AND AGREE THAT ALL SHARE-RELATED NUMBERS CONTAINED IN THIS AGREEMENT SHALL BE ADJUSTED TO TAKE INTO ACCOUNT ANY STOCK SPLIT, STOCK DIVIDEND OR SIMILAR EVENT EFFECTED WITH RESPECT TO THE PLACEMENT SHARES.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. ENTIRE AGREEMENT; AMENDMENT; SEVERABILITY; WAIVER. THIS AGREEMENT (INCLUDING ALL SCHEDULES AND EXHIBITS ATTACHED HERETO AND PLACEMENT NOTICES ISSUED PURSUANT HERETO) CONSTITUTES THE ENTIRE AGREEMENT AND SUPERSEDES ALL OTHER PRIOR AND CONTEMPORANEOUS AGREEMENTS AND UNDERTAKINGS, BOTH WRITTEN AND ORAL, AMONG THE PARTIES HERETO WITH REGARD TO THE SUBJECT MATTER HEREOF. NEITHER THIS AGREEMENT NOR ANY TERM HEREOF MAY BE AMENDED EXCEPT PURSUANT TO A WRITTEN INSTRUMENT EXECUTED BY THE COMPANY AND THE AGENT. IN THE EVENT THAT ANY ONE OR MORE OF THE PROVISIONS CONTAINED HEREIN, OR THE APPLICATION THEREOF IN ANY CIRCUMSTANCE, IS HELD INVALID, ILLEGAL OR UNENFORCEABLE AS WRITTEN BY A COURT OF COMPETENT JURISDICTION, THEN SUCH PROVISION SHALL BE GIVEN FULL FORCE AND EFFECT TO THE FULLEST POSSIBLE EXTENT THAT IT IS VALID, LEGAL AND ENFORCEABLE, AND THE REMAINDER OF THE TERMS AND PROVISIONS HEREIN SHALL BE CONSTRUED AS IF SUCH INVALID, ILLEGAL OR UNENFORCEABLE TERM OR PROVISION WAS NOT CONTAINED HEREIN, BUT ONLY TO THE EXTENT THAT GIVING EFFECT TO SUCH PROVISION AND THE REMAINDER OF THE TERMS AND PROVISIONS HEREOF SHALL BE IN ACCORDANCE WITH THE INTENT OF THE PARTIES AS REFLECTED IN THIS AGREEMENT. NO IMPLIED WAIVER BY A PARTY SHALL ARISE IN THE ABSENCE OF A WAIVER IN WRITING SIGNED BY SUCH PARTY. NO FAILURE OR DELAY IN EXERCISING ANY RIGHT, POWER, OR PRIVILEGE HEREUNDER SHALL OPERATE AS A WAIVER THEREOF, NOR SHALL ANY SINGLE OR PARTIAL EXERCISE THEREOF PRECLUDE ANY OTHER OR FURTHER EXERCISE THEREOF OR THE EXERCISE OF ANY RIGHT, POWER, OR PRIVILEGE HEREUNDER. 17. GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 18. CONSENT TO JURISDICTION. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. 19. COUNTERPARTS. 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. COUNTERPARTS MAY BE DELIVERED VIA FACSIMILE, ELECTRONIC MAIL (INCLUDING ANY ELECTRONIC SIGNATURE COVERED BY THE U.S. FEDERAL ESIGN ACT OF 2000, UNIFORM ELECTRONIC TRANSACTIONS ACT, THE ELECTRONIC SIGNATURES AND RECORDS ACT OR OTHER APPLICABLE LAW, E.G., WWW.DOCUSIGN.COM) OR OTHER TRANSMISSION METHOD AND ANY COUNTERPART SO DELIVERED SHALL BE DEEMED TO HAVE BEEN DULY AND VALIDLY DELIVERED AND BE VALID AND EFFECTIVE FOR ALL PURPOSES. 20. CONSTRUCTION. THE SECTION AND EXHIBIT HEADINGS HEREIN ARE FOR CONVENIENCE ONLY AND SHALL NOT AFFECT THE CONSTRUCTION HEREOF. REFERENCES HEREIN TO ANY LAW, STATUTE, ORDINANCE, CODE, REGULATION, RULE OR OTHER REQUIREMENT OF ANY GOVERNMENTAL AUTHORITY SHALL BE DEEMED TO REFER TO SUCH LAW, STATUTE, ORDINANCE, CODE, REGULATION, RULE OR OTHER REQUIREMENT OF ANY GOVERNMENTAL AUTHORITY AS AMENDED, REENACTED, SUPPLEMENTED OR SUPERSEDED IN WHOLE OR IN PART AND IN EFFECT FROM TIME TO TIME AND ALSO TO ALL RULES AND REGULATIONS PROMULGATED THEREUNDER.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. PERMITTED FREE WRITING PROSPECTUSES. THE COMPANY REPRESENTS, WARRANTS AND AGREES THAT, UNLESS IT OBTAINS THE PRIOR WRITTEN CONSENT OF THE AGENT (WHICH CONSENT SHALL NOT BE UNREASONABLY WITHHELD, CONDITIONED OR DELAYED), AND THE AGENT REPRESENTS, WARRANTS AND AGREES THAT, UNLESS IT OBTAINS THE PRIOR WRITTEN CONSENT OF THE COMPANY (WHICH CONSENT SHALL NOT BE UNREASONABLY WITHHELD, CONDITIONED OR DELAYED), IT HAS NOT MADE AND WILL NOT MAKE ANY OFFER RELATING TO THE PLACEMENT SHARES THAT WOULD CONSTITUTE AN ISSUER FREE WRITING PROSPECTUS, OR THAT WOULD OTHERWISE CONSTITUTE A "FREE WRITING PROSPECTUS," AS DEFINED IN RULE 405, REQUIRED TO BE FILED WITH THE COMMISSION. ANY SUCH FREE WRITING PROSPECTUS CONSENTED TO BY THE AGENT OR BY THE COMPANY, AS THE CASE MAY BE, IS HEREINAFTER REFERRED TO AS A "PERMITTED FREE WRITING PROSPECTUS." THE COMPANY REPRESENTS AND WARRANTS THAT IT HAS TREATED AND AGREES THAT IT WILL TREAT EACH PERMITTED FREE WRITING PROSPECTUS AS AN "ISSUER FREE WRITING PROSPECTUS," AS DEFINED IN RULE 433, AND HAS COMPLIED AND WILL COMPLY WITH THE REQUIREMENTS OF RULE 433 APPLICABLE TO ANY PERMITTED FREE WRITING PROSPECTUS, INCLUDING TIMELY FILING WITH THE COMMISSION WHERE REQUIRED, LEGENDING AND RECORD KEEPING. FOR THE PURPOSES OF CLARITY, THE PARTIES HERETO AGREE THAT ALL FREE WRITING PROSPECTUSES, IF ANY, LISTED IN EXHIBIT 21 HERETO ARE PERMITTED FREE WRITING PROSPECTUSES. 22. ABSENCE OF FIDUCIARY RELATIONSHIP. THE COMPANY ACKNOWLEDGES AND AGREES THAT: (a) the Agent is acting solely as agent in connection with the public offering of the Placement Shares and in connection with each transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees or any other party, on the one hand, and the Agent, on the other hand, has been or will be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether or not the Agent has advised or is advising the Company on other matters, and the Agent has no obligation to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this Agreement; (b) it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement; (c) neither the Agent nor its affiliates have provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate; (d) it is aware that the Agent and its affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and the Agent and its affiliates have no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and (e) it waives, to the fullest extent permitted by law, any claims it may have against the Agent or its affiliates for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement and agrees that the Agent and its affiliates shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company, employees or creditors of Company. 23. DEFINITIONS. AS USED IN THIS AGREEMENT, THE FOLLOWING TERMS HAVE THE RESPECTIVE MEANINGS SET FORTH BELOW: "Applicable Time" means (i) each Representation Date, (ii) the time of each sale of any Placement Shares pursuant to this Agreement and (iii) each Settlement Date. "Governmental Authority" means (i) any federal, provincial, state, local, municipal, national or international government or governmental authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court, tribunal, arbitrator or arbitral body (public or private); (ii) any self-regulatory organization; or (iii) any political subdivision of any of the foregoing. "Issuer Free Writing Prospectus" means any "issuer free writing prospectus," as defined in Rule 433, relating to the Placement Shares that (1) is required to be filed with the Commission by the Company, (2) is a "road show" that is a "written communication" within the meaning of Rule 433(d)(8)(i) whether or not required to be filed with the Commission, or (3) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Placement Shares or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company's records pursuant to Rule 433(g) under the Securities Act Regulations. "Rule 164," "Rule 172," "Rule 405," "Rule 415," "Rule 424," "Rule 424(b)," "Rule 430B," and "Rule 433" refer to such rules under the Securities Act Regulations. All references in this Agreement to financial statements and schedules and other information that is "contained," "included" or "stated" in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that is incorporated by reference in the Registration Statement or the Prospectus, as the case may be. All references in this Agreement to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to "supplements" to

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Prospectus shall include, without limitation, any supplements, "wrappers" or similar materials prepared in connection with any offering, sale or private placement of any Placement Shares by the Agent outside of the United States. [Signature Page Follows] If the foregoing correctly sets forth the understanding between the Company and the Agent, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Company and the Agent. Very truly yours, VOLTA INC. By: Name: Vincent T. Cubbage Title: Interim Chief Executive Officer ACCEPTED as of the date first-above written: CANTOR FITZGERALD & CO. By: Name: [•] Title: [•]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 1 __________________________ Form of Placement Notice __________________________ From: Volta Inc. To: Cantor Fitzgerald & Co. Attention: [•] Subject: Placement Notice Date: [•], 20[•] Ladies and Gentlemen: Pursuant to the terms and subject to the conditions contained in the Sales Agreement between Volta Inc., a Delaware corporation (the "Company") and Cantor Fitzgerald & Co. (the "Agent"), dated September 23, 2022, the Company hereby requests that the Agent sell up to [•] of the Company's common stock, par value $0.0001 per share, at a minimum market price of $[•] per share, during the time period beginning [month, day, time] and ending [month, day, time]. SCHEDULE 2 __________________________ Compensation __________________________ The Company shall pay to the Agent in cash, upon each sale of Placement Shares pursuant to this Agreement, an amount up to 3.0% of the aggregate gross proceeds from each sale of Placement Shares. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 3 __________________________ Notice Parties __________________________ The Company Michelle Kley (michelle.kley@voltacharging.com) The Agent Sameer Vasudev (svasudev@cantor.com) With copies to: CFCEO@cantor.com SCHEDULE 4 __________________________ Subsidiaries __________________________ Incorporated by reference to Exhibit 21 of the Company's most recently filed Form 10-K as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Representation Date Certificate Pursuant to Section 7(l) The undersigned, the duly qualified and elected Executive Vice President, Chief Legal Officer and Secretary, of Volta Inc., a Delaware corporation (the "Company"), does hereby certify in such capacity and on behalf of the Company, pursuant to Section 7(l) of the Sales Agreement, dated September 23, 2022 (the "Sales Agreement"), between the Company and Cantor Fitzgerald & Co., that to the best of the knowledge of the undersigned: (i) The representations and warranties of the Company in Section 6 of the Sales Agreement are true and correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date; provided, however, that such representations and warranties also shall be qualified by the disclosure included or incorporated by reference in the Registration Statement and Prospectus; and (ii) The Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof. Capitalized terms used herein without definition shall have the meanings given to such terms in the Sales Agreement. VOLTA INC. By: Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary Date: [•] Exhibit 21 Permitted Free Writing Prospectus None.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EIGHTH AMENDMENT TO LOAN AGREEMENT This EIGHTH AMENDMENT TO LOAN AGREEMENT (this "Amendment") is made as of December 30, 2022, by and among VOLTA CHARGING, LLC, a Delaware limited liability company ("Volta Charging"), VOLTA MEDIA LLC, a Delaware limited liability company ("Volta Media"), and VOLTA CHARGING SERVICES LLC, a Delaware limited liability company ("Volta Services" and collectively with Volta Charging and Volta Media, "Borrower"), VOLTA INC., a Delaware corporation ("Parent"), VOLTA CHARGING INDUSTRIES, LLC, A Delaware limited liability company ("Volta Industries"), VOLTA CANADA INC., a corporation organized under the laws of Québec, Canada ("Volta Canada"), VOLTA CHARGING GERMANY GMBH, a limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany ("Volta Germany"), and VOLTA FRANCE SARL, a limited liability company (Société A Responsabilité Limitée) organized under the laws of France ("Volta France" and collectively with Parent, Volta Industries, Volta Canada and Volta France, the "Guarantors"), the Lenders signatory hereto (the "Required Lenders"), and EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the "Agent"). WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time party thereto (the "Lenders") and Agent are parties to that certain Term Loan, Guarantee and Security Agreement dated as of June 19, 2019, as amended by that certain First Amendment to Loan Agreement, dated as of March 26, 2020, that certain Second Amendment to Loan Agreement, dated as of May 4, 2020, that certain Third Amendment to Loan Agreement, dated as of November 25, 2020, that certain Fourth Amendment to Loan Agreement, dated as of August 24, 2021, that certain Limited Waiver and Fifth Amendment to Loan Agreement, dated as of March 30, 2022, that certain Limited Waiver and Sixth Amendment to Loan Agreement, dated as of May 11, 2022, and as supplemented by the updated Disclosure Schedules delivered by the Credit Parties to the Agent on September 14, 2022, and that certain Seventh Amendment to Loan Agreement, dated as of September 26, 2022 (as amended, modified, extended, restated, replaced, and/or supplemented from time to time, the "Loan Agreement"); WHEREAS, the Credit Parties have requested that the Agent and Required Lenders amend certain provisions of the Loan Agreement, and, subject to the satisfaction of the conditions set forth herein, the Agent and the Required Lenders are willing to do so, on the terms set forth herein. NOW THEREFORE, the Credit Parties, the Required Lenders and the Agent each hereby agrees as follows: 1. Defined Terms. All terms used but not otherwise defined herein have the meanings assigned to them in the Loan Agreement. 2. Amendment. Subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Loan Agreement is hereby amended as of the date hereof as follows: (a) Section 1.1(c)(i) of the Loan Agreement is hereby amended and restated in its entirety as follows: "(i) Commencing with the July 1, 2021 Payment Date, Borrower shall make principal payments on the Term Loans to the Agent for the pro rata benefit of the Lenders in monthly installments equal to 2.7777% (such percentage being equal to 100% divided by 36 monthly installments until the Maturity Date) of the aggregate principal amount of the Term Loans (as in effect immediately prior to the making of the first such payment on July 1, 2021), payable on each Payment Date (which Payment Date, for the avoidance of doubt in the case of the month commencing January 1, 2023, is January 6, 2023) from July 1, 2021 until and including the Maturity Date." (b) Section 4.1(c) of the Loan Agreement is hereby amended and restated in its entirety as follows: "(c) Cash Balance. Within two (2) Business Days after the end of each Fiscal Month (or, solely in the case of the month ending December 31, 2022, by January 6, 2023), Borrower will deliver a certificate reporting to Agent the Cash Balance as of the last day of the Fiscal Month just ended, which certificate shall be executed and certified by a Responsible Officer of the Borrower as true and correct;" (c) Section 4.1(f) of the Loan Agreement is hereby amended and restated in its entirety as follows: "(f) Cashflow Report. Borrower shall deliver to Agent and the Lenders (i) a 13- week cash flow forecast for the Credit Parties on a weekly basis, on or prior to the last Business Day of each week (with the first such cash flow forecast to be delivered on or prior to January 6, 2023) for the period of 13 weeks beginning on the first day of the next week, such forecast to be accompanied by a certificate signed by a Responsible Officer of Borrower, in such Person's capacity as such, to the effect that such forecast has been prepared in good faith consistent with past financial statements of the Credit Parties and based on assumptions believed by such Person to be reasonable as of such date and (ii) such other information as may reasonably be requested by the Agent and the Lenders in connection therewith;" (d) Schedule A of the Loan Agreement is hereby amended by amending and restating the definition of "Payment Date" in its entirety as follows: '"Payment Date" means the first day of each calendar month (or, solely in the case of the calendar month commencing January 1, 2023, January 6, 2023) beginning on January 1, 2019.' 3. Reserved. 4. Conditions to Effectiveness. This Amendment shall become effective as of the date first written above (the "Effective Date") upon counterparts of this Amendment having been executed and delivered by the Credit Parties, the Agent and the Required Lenders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Representations, Warranties and Covenants. (a) The Credit Parties represent and warrant that after giving effect to this Amendment, the representations and warranties contained in the Loan Agreement are true and correct in all material respects on and as of the date hereof as if such representations and warranties had been made on and as of the date hereof (except to the extent that any such representations and warranties specifically relate to an earlier date). (b) The Credit Parties represent and warrant that after giving effect to this Amendment, no Material Event of Default shall have occurred and be continuing. (c) The Credit Parties shall promptly (and in any event within two Business Days after the date of this Agreement) pay the legal fees and expenses of Chapman and Cutler LLP, Agent's external legal counsel, incurred in connection with the preparation, negotiation, execution and delivery of this Agreement and advice regarding the administration of the Loan Documents. 6. Loan Document. This Amendment is designated a Loan Document by the Agent. 7. Full Force and Effect. Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Loan Agreement or any of the other Loan Documents. Except as expressly amended hereby, the Loan Agreement shall continue unmodified and in full force and effect in accordance with the provisions thereof on the date hereof. This Amendment shall be limited precisely as drafted and shall not imply an obligation on the Agent or any Lender to consent to any matter on any future occasion. As used in the Loan Agreement, the terms "Agreement," "this Agreement," "this Loan Agreement," "herein," "hereafter," "hereto," "hereof" and words of similar import shall mean, unless the context otherwise requires, the Loan Agreement as modified by this Amendment. For the avoidance of doubt, the provisions of Section 5.3 regarding Foreign Investments and Section 3.41 requiring the Credit Parties to deposit funds into an escrow account in connection with the projected Foreign Investments remain in full force and effect and shall continue in accordance with their terms (it being understood and agreed that the Credit Parties are required to deposit on the first day of each Fiscal Quarter an amount equal to (a) the projected aggregate amount of Foreign Investments for such Fiscal Quarter, (b) the aggregate amount expended in the immediately preceding Fiscal Quarter in respect of Foreign Investments in excess of the amount (if any) on deposit in such escrow account based on the projected aggregate amount of Foreign Investments for such Fiscal Quarter, less (c) an amount (if any) equal to any unexpended portion held in such escrow account of in respect of the projected Foreign Investments from the immediately preceding Fiscal Quarter). 8. Release of Claims. In consideration of the Required Lenders' and the Agent's agreements contained in this Agreement, each Credit Party hereby irrevocably releases and forever discharge the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors, officers, employees, agents, consultants and attorneys (each, a "Released Person") of and from any and all claims, suits, actions, investigations, proceedings or demands, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown, which such Credit Party ever had or now has against Agent, any Lender or any other Released Person which relates, directly or indirectly, to any acts or omissions of Agent, any Lender or any other Released Person relating to the Loan Agreement or any other Loan Document on or prior to the date hereof. 9. CHOICE OF LAW. THIS AMENDMENT SHALL IN ALL RESPECTS BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 10. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to be as effective as an original signature page delivered manually. 11. Headings. The headings of this Amendment are for the purposes of reference only and shall not affect the construction of this Amendment. 12. Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that none of the Credit Parties may assign or transfer any of its rights or obligations under this Amendment without the prior written consent of the Agent. 13. Severability. The illegality or unenforceability of any provision of this Amendment or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement required hereunder. [Signature pages follow]

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&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE EIGHTH AMENDMENT TO LOAN AGREEMENT IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized officers, all as of the date and year first above written. BORROWER: VOLTA CHARGING, LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary VOLTA MEDIA LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary VOLTA CHARGING SERVICES LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary GUARANTORS: VOLTA INC., a Delaware corporation By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary VOLTA CANADA INC. By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary SIGNATURE PAGE EIGHTH AMENDMENT TO LOAN AGREEMENT VOLTA CHARGING GERMANY GMBH By: /s/ Brandt Hastings Name: Brandt Hastings Title: Attorney-in-Fact VOLTA FRANCE SARL By: /s/ Michelle Kley Name: Michelle Kley Title: Manager VOLTA CHARGING INDUSTRIES, LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary RAKKO HOLDING B.V., a private limited liability company incorporated under the laws of the Netherlands By: /s/ Michelle Kley Name: Michelle Kley Title: Board Member VOLTA RAKKO B.V., a private limited liability company incorporated under the laws of the Netherlands By: /s/ Michelle Kley Name: Michelle Kley Title: Board Member

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE EIGHTH AMENDMENT TO LOAN AGREEMENT AGENT: EICF AGENT LLC By: /s/ Harry Giovani Name: Harry Giovani Title: Authorized Signatory LENDERS: ENERGY IMPACT CREDIT FUND I LP By: Energy Impact Credit Fund I GP LLC, its general partner By: /s/ Harry Giovani Name: Harry Giovani Title: Managing Partner CION INVESTMENT CORPORATION By: /s/ Gregg Bresner Name: Gregg Bresner Title: President & Chief Investment Officer

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NINTH AMENDMENT TO LOAN AGREEMENT This NINTH AMENDMENT TO LOAN AGREEMENT (this "Amendment") is made as of January 6, 2023, by and among VOLTA CHARGING, LLC, a Delaware limited liability company ("Volta Charging"), VOLTA MEDIA LLC, a Delaware limited liability company ("Volta Media"), and VOLTA CHARGING SERVICES LLC, a Delaware limited liability company ("Volta Services" and collectively with Volta Charging and Volta Media, "Borrower"), VOLTA INC., a Delaware corporation ("Parent"), VOLTA CHARGING INDUSTRIES, LLC, A Delaware limited liability company ("Volta Industries"), VOLTA CANADA INC., a corporation organized under the laws of Québec, Canada ("Volta Canada"), VOLTA CHARGING GERMANY GMBH, a limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany ("Volta Germany"), VOLTA FRANCE SARL, a limited liability company (Société A Responsabilité Limitée) organized under the laws of France ("Volta France"), VOLTA RAKKO B.V., a limited liability company (Besloten Vennootschap) organized under the laws of the Netherlands ("Rakko B.V."), and RAKKO HOLDING B.V., a limited liability company (Besloten Vennootschap) organized under the laws of the Netherlands ("Rakko Holding" and collectively with Parent, Volta Industries, Volta Canada, Volta France and Rakko B.V., the "Guarantors"), the Lenders signatory hereto (the "Required Lenders"), and EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the "Agent"). WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time party thereto (the "Lenders") and Agent are parties to that certain Term Loan, Guarantee and Security Agreement dated as of June 19, 2019, as amended by that certain First Amendment to Loan Agreement, dated as of March 26, 2020, that certain Second Amendment to Loan Agreement, dated as of May 4, 2020, that certain Third Amendment to Loan Agreement, dated as of November 25, 2020, that certain Fourth Amendment to Loan Agreement, dated as of August 24, 2021, that certain Limited Waiver and Fifth Amendment to Loan Agreement, dated as of March 30, 2022, that certain Limited Waiver and Sixth Amendment to Loan Agreement, dated as of May 11, 2022, and as supplemented by the updated Disclosure Schedules delivered by the Credit Parties to the Agent on September 14, 2022, that certain Seventh Amendment to Loan Agreement, dated as of September 26, 2022, and that certain Eighth Amendment to Loan Agreement, dated as of December 30, 2022 (as amended, modified, extended, restated, replaced, and/or supplemented from time to time, the "Loan Agreement"); WHEREAS, the Credit Parties have requested that the Agent and Required Lenders amend certain provisions of the Loan Agreement, and, subject to the satisfaction of the conditions set forth herein, the Agent and the Required Lenders are willing to do so, on the terms set forth herein. NOW THEREFORE, the Credit Parties, the Required Lenders and the Agent each hereby agrees as follows: 14. Defined Terms. All terms used but not otherwise defined herein have the meanings assigned to them in the Loan Agreement. 15. Amendment. Subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Loan Agreement is hereby amended as of the date hereof as follows: (a) Section 1.1(c)(i) of the Loan Agreement is hereby amended and restated in its entirety as follows: "(i) Commencing with the July 1, 2021 Payment Date, Borrower shall make principal payments on the Term Loans to the Agent for the pro rata benefit of the Lenders in monthly installments equal to 2.7777% (such percentage being equal to 100% divided by 36 monthly installments until the Maturity Date) of the aggregate principal amount of the Term Loans (as in effect immediately prior to the making of the first such payment on July 1, 2021), payable on each Payment Date (which Payment Date, for the avoidance of doubt in the case of the month commencing January 1, 2023, is January 17, 2023) from July 1, 2021 until and including the Maturity Date." (b) Section 1.2(b) of the Loan Agreement is hereby amended and restated in its entirety as follows: "(a) On any Payment Date, Borrower shall have the right upon five (5) calendar days' prior written notice to Agent, to make a voluntary prepayment (a "Voluntary Prepayment") of the Term Loans then outstanding in whole or in part. If the Borrower elects to prepay the Term Loans in whole or in part pursuant to this Section 1.2(b) or otherwise, or if the Term Loans are mandatorily prepaid in whole or in part pursuant to Sections 1.2(c) through 1.2(g) (each, a "Mandatory Prepayment" and together with any Voluntary Prepayment, the "Prepayments"), the Borrower shall pay to the Agent for the benefit of the Lenders a prepayment fee of (i) two percent (2%) of the principal Loan amount being prepaid on the date of such Prepayment if such date occurs after the Ninth Amendment Effective Date and on or prior to June 19, 2023, or (ii) one percent (1%) of the principal Loan amount being prepaid on the date of such Prepayment if such date is after June 19, 2023. " (c) Section 1.5(d) of the Loan Agreement is hereby amended and restated in its entirety as follows: "(d) On the earlier to occur of (i) the Maturity Date, or (ii) the date that Borrower prepays the Loans in whole, Borrower shall pay to Agent for the pro rata benefit of the Lenders additional deferred interest in an amount equal to $2,000,000 (such amount, the "Deferred Interest"); provided that if the Borrower prepays the Loans in part, then simultaneously with each such prepayment in part Borrower shall pay to Agent for the pro rata benefit of the Lenders a ratable portion of the Deferred Interest in an amount equal to (x) $2,000,000, multiplied by (y) the dollar amount of the prepayment being made at such time, divided by (z) $12,923,423.42 (such amount constituting the principal amount of Loans outstanding as of the Ninth Amendment Effective Date); provided further, and for the avoidance of doubt, in the event that there are multiple prepayments of the Loans after the Ninth Amendment Effective Date, and thus multiple payments by Borrower to Agent of a ratable portion of the Deferred Interest ("Partial Deferred Interest Payments"), in no event shall the aggregate amount of the Partial Deferred Interest Payments exceed

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2,000,000. The Deferred Interest shall be deemed fully earned by Agent and the Lenders as of the Closing Date and non-refundable." (d) Section 1.5 of the Loan Agreement is hereby amended by inserting the following new clause (g) in the appropriate alphabetical order: "(g) On the earlier to occur of (i) the Maturity Date, (ii) the Termination Date or (iii) the closing of a Change of Control event or the receipt by Borrower of Net Cash Proceeds in an aggregate amount of at least $750,000 from any Indebtedness issued by a Credit Party or any Equity Issuance, the Borrower shall make a one-time payment to the Agent for the pro rata benefit of the Lenders additional deferred interest in an amount equal to $130,000. For the avoidance of doubt, the amount due under this Section 1.5(g) shall be in addition to, and not in lieu of, amounts due under Section 1.2 of this Agreement, if any. Such additional deferred interest shall be deemed fully earned by Agent and the Lenders as of the Ninth Amendment Effective Date and non-refundable." (e) Section 4.1(c) of the Loan Agreement is hereby amended and restated in its entirety as follows: "(c) Cash Balance. Within two (2) Business Days after the end of each Fiscal Month (or, solely in the case of the month ending December 31, 2022, by January 17, 2023), Borrower will deliver a certificate reporting to Agent the Cash Balance as of the last day of the Fiscal Month just ended, which certificate shall be executed and certified by a Responsible Officer of the Borrower as true and correct;" (f) Section 4.1(f) of the Loan Agreement is hereby amended and restated in its entirety as follows: "(f) Cashflow Report. Borrower shall deliver to Agent and the Lenders (i) a 13- week cash flow forecast for the Credit Parties on a weekly basis, on or prior to the last Business Day of each week for the period of 13 weeks beginning on the first day of the next week (or, solely in the case of the week commencing, January 15, 2023, on or prior to Tuesday, January 17, 2023, for the period of 13 weeks beginning on January 15, 2023), such forecast to be accompanied by a certificate signed by a Responsible Officer of Borrower, in such Person's capacity as such, to the effect that such forecast has been prepared in good faith consistent with past financial statements of the Credit Parties and based on assumptions believed by such Person to be reasonable as of such date and (ii) such other information as may reasonably be requested by the Agent and the Lenders in connection therewith;" (g) Schedule A of the Loan Agreement is hereby amended by amending and restating the definition of "Payment Date" in its entirety as follows: '"Payment Date" means the first day of each calendar month (or, solely in the case of the calendar month commencing January 1, 2023, January 17, 2023) beginning on January 1, 2019.' (h) Schedule A of the Loan Agreement is hereby amended by inserting the following new defined term in the appropriate alphabetical order therein: '"Ninth Amendment Effective Date" means January 6, 2023.' 16. Reserved. 17. Conditions to Effectiveness. This Amendment shall become effective as of the date first written above (the "Effective Date") upon counterparts of this Amendment having been executed and delivered by the Credit Parties, the Agent and the Required Lenders. 18. Representations, Warranties and Covenants. (a) The Credit Parties represent and warrant that after giving effect to this Amendment, the representations and warranties contained in the Loan Agreement are true and correct in all material respects on and as of the date hereof as if such representations and warranties had been made on and as of the date hereof (except to the extent that any such representations and warranties specifically relate to an earlier date). (b) The Credit Parties represent and warrant that after giving effect to this Amendment, no Material Event of Default shall have occurred and be continuing. (c) The Credit Parties shall promptly (and in any event within two Business Days after presentation of a summary invoice) pay the legal fees and expenses of Chapman and Cutler LLP, Agent's external legal counsel, incurred in connection with the preparation, negotiation, execution and delivery of this Amendment and advice regarding the administration of the Loan Documents. 19. Loan Document. This Amendment is designated a Loan Document by the Agent. 20. Full Force and Effect. Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Loan Agreement or any of the other Loan Documents. Except as expressly amended hereby, the Loan Agreement shall continue unmodified and in full force and effect in accordance with the provisions thereof on the date hereof. This Amendment shall be limited precisely as drafted and shall not imply an obligation on the Agent or any Lender to consent to any matter on any future occasion. As used in the Loan Agreement, the terms "Agreement," "this Agreement," "this Loan Agreement," "herein," "hereafter," "hereto," "hereof" and words of similar import shall mean, unless the context otherwise requires, the Loan Agreement as modified by this Amendment. For the avoidance of doubt, the provisions of Section 5.3 regarding Foreign Investments and Section 3.41 requiring the Credit Parties to deposit funds into an escrow account in connection with the projected Foreign Investments remain in full force and effect and shall continue in accordance with their terms (it being understood and agreed that the Credit Parties are required to deposit on the first day of each Fiscal Quarter an amount equal to (a) the projected aggregate amount of Foreign Investments for such Fiscal Quarter, (b) the aggregate amount expended in the immediately preceding Fiscal Quarter in respect of Foreign Investments in excess of the amount (if any) on deposit in such escrow account based on the projected aggregate amount of Foreign Investments for such Fiscal Quarter, less (c) an amount (if any) equal to any unexpended portion

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;held in such escrow account of in respect of the projected Foreign Investments from the immediately preceding Fiscal Quarter). 21. Release of Claims. In consideration of the Required Lenders' and the Agent's agreements contained in this Agreement, each Credit Party hereby irrevocably releases and forever discharge the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors, officers, employees, agents, consultants and attorneys (each, a "Released Person") of and from any and all claims, suits, actions, investigations, proceedings or demands, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown, which such Credit Party ever had or now has against Agent, any Lender or any other Released Person which relates, directly or indirectly, to any acts or omissions of Agent, any Lender or any other Released Person relating to the Loan Agreement or any other Loan Document on or prior to the date hereof. 22. CHOICE OF LAW. THIS AMENDMENT SHALL IN ALL RESPECTS BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 23. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to be as effective as an original signature page delivered manually. 24. Headings. The headings of this Amendment are for the purposes of reference only and shall not affect the construction of this Amendment. 25. Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that none of the Credit Parties may assign or transfer any of its rights or obligations under this Amendment without the prior written consent of the Agent. 26. Severability. The illegality or unenforceability of any provision of this Amendment or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement required hereunder. [Signature pages follow] SIGNATURE PAGE NINTH AMENDMENT TO LOAN AGREEMENT IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized officers, all as of the date and year first above written. BORROWER: VOLTA CHARGING, LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary VOLTA MEDIA LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary VOLTA CHARGING SERVICES LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary GUARANTORS: VOLTA INC., a Delaware corporation By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary VOLTA CANADA INC. By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary

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&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE NINTH AMENDMENT TO LOAN AGREEMENT VOLTA CHARGING GERMANY GMBH By: /s/ Michelle Kley Name: Michelle Kley Title: Managing Director VOLTA FRANCE SARL By: /s/ Michelle Kley Name: Michelle Kley Title: Manager VOLTA CHARGING INDUSTRIES, LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary RAKKO HOLDING B.V., a private limited liability company incorporated under the laws of the Netherlands By: /s/ Michelle Kley Name: Michelle Kley Title: Board Member VOLTA RAKKO B.V., a private limited liability company incorporated under the laws of the Netherlands By: /s/ Michelle Kley Name: Michelle Kley Title: Board Member SIGNATURE PAGE NINTH AMENDMENT TO LOAN AGREEMENT AGENT: EICF AGENT LLC By: /s/ Harry Giovani Name: Harry Giovani Title: Authorized Signatory

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LENDERS: ENERGY IMPACT CREDIT FUND I LP By: Energy Impact Credit Fund I GP LLC, its general partner By: /s/ Harry Giovani Name: Harry Giovani Title: Managing Partner CION INVESTMENT CORPORATION By: /s/ Gregg Bresner Name: Gregg Bresner Title: President & Chief Investment Officer TENTH AMENDMENT TO LOAN AGREEMENT This TENTH AMENDMENT TO LOAN AGREEMENT (this "Amendment") is made as of January 17, 2023, by and among VOLTA CHARGING, LLC, a Delaware limited liability company ("Volta Charging"), VOLTA MEDIA LLC, a Delaware limited liability company ("Volta Media"), and VOLTA CHARGING SERVICES LLC, a Delaware limited liability company ("Volta Services" and collectively with Volta Charging and Volta Media, "Borrower"), VOLTA INC., a Delaware corporation ("Parent"), VOLTA CHARGING INDUSTRIES, LLC, A Delaware limited liability company ("Volta Industries"), VOLTA CANADA INC., a corporation organized under the laws of Québec, Canada ("Volta Canada"), VOLTA CHARGING GERMANY GMBH, a limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany ("Volta Germany"), VOLTA FRANCE SARL, a limited liability company (Société A Responsabilité Limitée) organized under the laws of France ("Volta France"), VOLTA RAKKO B.V., a limited liability company (Besloten Vennootschap) organized under the laws of the Netherlands ("Rakko B.V."), and RAKKO HOLDING B.V., a limited liability company (Besloten Vennootschap) organized under the laws of the Netherlands ("Rakko Holding" and collectively with Parent, Volta Industries, Volta Canada, Volta France and Rakko B.V., the "Guarantors"), the Lenders signatory hereto (the "Required Lenders"), and EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the "Agent"). WHEREAS, the Borrower, the Guarantors, certain financial institutions from time to time party thereto (the "Lenders") and Agent are parties to that certain Term Loan, Guarantee and Security Agreement dated as of June 19, 2019, as amended by that certain First Amendment to Loan Agreement, dated as of March 26, 2020, that certain Second Amendment to Loan Agreement, dated as of May 4, 2020, that certain Third Amendment to Loan Agreement, dated as of November 25, 2020, that certain Fourth Amendment to Loan Agreement, dated as of August 24, 2021, that certain Limited Waiver and Fifth Amendment to Loan Agreement, dated as of March 30, 2022, that certain Limited Waiver and Sixth Amendment to Loan Agreement, dated as of May 11, 2022, and as supplemented by the updated Disclosure Schedules delivered by the Credit Parties to the Agent on September 14, 2022, that certain Seventh Amendment to Loan Agreement, dated as of September 26, 2022, that certain Eighth Amendment to Loan Agreement, dated as of December 30, 2022, and that certain Ninth Amendment to Loan Agreement, dated as of January 6, 2023 (as amended, modified, extended, restated, replaced, and/or supplemented from time to time, the "Loan Agreement"); WHEREAS, the Credit Parties have requested that the Agent and Required Lenders amend certain provisions of the Loan Agreement, and, subject to the satisfaction of the conditions set forth herein, the Agent and the Required Lenders are willing to do so, on the terms set forth herein. NOW THEREFORE, the Credit Parties, the Required Lenders and the Agent each hereby agrees as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Defined Terms. All terms used but not otherwise defined herein have the meanings assigned to them in the Loan Agreement. 28. Amendment. Subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Loan Agreement is hereby amended as of the date hereof as follows: (a) Section 1.1(d)(i) of the Loan Agreement is hereby amended and restated in its entirety as follows: "(i) Commencing with the July 1, 2021 Payment Date, Borrower shall make principal payments on the Term Loans to the Agent for the pro rata benefit of the Lenders in monthly installments equal to 2.7777% (such percentage being equal to 100% divided by 36 monthly installments until the Maturity Date) of the aggregate principal amount of the Term Loans (as in effect immediately prior to the making of the first such payment on July 1, 2021), payable on each Payment Date (which Payment Date, for the avoidance of doubt in the case of the month commencing January 1, 2023, is the earlier of (x) January 24, 2023 and (y) one (1) Business Day following the closing date of the Subordinated Loan Agreement) from July 1, 2021 until and including the Maturity Date." (b) Section 4.1(c) of the Loan Agreement is hereby amended and restated in its entirety as follows: "(c) Cash Balance. Within two (2) Business Days after the end of each Fiscal Month (or, solely in the case of the month ending December 31, 2022, by January 24, 2023), Borrower will deliver a certificate reporting to Agent the Cash Balance as of the last day of the Fiscal Month just ended, which certificate shall be executed and certified by a Responsible Officer of the Borrower as true and correct;" (c) Schedule A of the Loan Agreement is hereby amended by amending and restating the definition of "Payment Date" in its entirety as follows: '"Payment Date" means the first day of each calendar month (or, solely in the case of the calendar month commencing January 1, 2023, the earlier of (x) January 24, 2023 and (y) one (1) Business Day following the closing date of the Subordinated Loan Agreement) beginning on January 1, 2019.' (d) Schedule A of the Loan Agreement is hereby amended by inserting the following new defined term in the appropriate alphabetical order therein: '"Subordinated Loan Agreement" that certain Term Loan, Guarantee and Security Agreement, to be entered into on or about January 17, 2023, by and among Borrower, Parent, the lenders from time to time party thereto and Equilon Enterprise LLC, pursuant to which the lenders will provide $5,000,000 in term loans to Borrower and Parent at the closing of the Subordinated Loan Agreement and $15,000,000 in delayed draw term loans to Borrower and Parent as set forth in the Subordinated Loan Agreement.' 29. Reserved. 30. Conditions to Effectiveness. This Amendment shall become effective as of the date first written above (the "Effective Date") upon counterparts of this Amendment having been executed and delivered by the Credit Parties, the Agent and the Required Lenders. 31. Representations, Warranties and Covenants. (a) The Credit Parties represent and warrant that after giving effect to this Amendment, the representations and warranties contained in the Loan Agreement are true and correct in all material respects on and as of the date hereof as if such representations and warranties had been made on and as of the date hereof (except to the extent that any such representations and warranties specifically relate to an earlier date). (b) The Credit Parties represent and warrant that after giving effect to this Amendment, no Material Event of Default shall have occurred and be continuing. (c) The Credit Parties shall promptly (and in any event within two Business Days after presentation of a summary invoice) pay the legal fees and expenses of Chapman and Cutler LLP, Agent's external legal counsel, incurred in connection with the preparation, negotiation, execution and delivery of this Amendment and advice regarding the administration of the Loan Documents. 32. Loan Document. This Amendment is designated a Loan Document by the Agent. 33. Full Force and Effect. Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Loan Agreement or any of the other Loan Documents. Except as expressly amended hereby, the Loan Agreement shall continue unmodified and in full force and effect in accordance with the provisions thereof on the date hereof. This Amendment shall be limited precisely as drafted and shall not imply an obligation on the Agent or any Lender to consent to any matter on any future occasion. As used in the Loan Agreement, the terms "Agreement," "this Agreement," "this Loan Agreement," "herein," "hereafter," "hereto," "hereof" and words of similar import shall mean, unless the context otherwise requires, the Loan Agreement as modified by this Amendment. For the avoidance of doubt, the provisions of Section 5.3 regarding Foreign Investments and Section 3.41 requiring the Credit Parties to deposit funds into an escrow account in connection with the projected Foreign Investments remain in full force and effect and shall continue in accordance with their terms (it being understood and agreed that the Credit Parties are required to deposit on the first day of each Fiscal Quarter an amount equal to (a) the projected aggregate amount of Foreign Investments for such Fiscal Quarter, (b) the aggregate amount expended in the immediately preceding Fiscal Quarter in respect of Foreign Investments in excess of the amount (if any) on deposit in such escrow account based on the projected aggregate amount of Foreign Investments for such Fiscal Quarter, less (c) an amount (if any) equal to any unexpended portion held in such escrow account of in respect of the projected Foreign Investments from the immediately preceding Fiscal Quarter). 34. Release of Claims. In consideration of the Required Lenders' and the Agent's agreements contained in this Agreement, each Credit Party hereby irrevocably releases and forever discharge the Lenders and the Agent and their affiliates, subsidiaries, successors, assigns, directors, officers, employees, agents, consultants and attorneys (each, a "Released Person") of and from any

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and all claims, suits, actions, investigations, proceedings or demands, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown, which such Credit Party ever had or now has against Agent, any Lender or any other Released Person which relates, directly or indirectly, to any acts or omissions of Agent, any Lender or any other Released Person relating to the Loan Agreement or any other Loan Document on or prior to the date hereof. 35. CHOICE OF LAW. THIS AMENDMENT SHALL IN ALL RESPECTS BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 36. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to be as effective as an original signature page delivered manually. 37. Headings. The headings of this Amendment are for the purposes of reference only and shall not affect the construction of this Amendment. 38. Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that none of the Credit Parties may assign or transfer any of its rights or obligations under this Amendment without the prior written consent of the Agent. 39. Severability. The illegality or unenforceability of any provision of this Amendment or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement required hereunder. [Signature pages follow] SIGNATURE PAGE TENTH AMENDMENT TO LOAN AGREEMENT IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized officers, all as of the date and year first above written. BORROWER: VOLTA CHARGING, LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary VOLTA MEDIA LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary VOLTA CHARGING SERVICES LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary GUARANTORS: VOLTA INC., a Delaware corporation By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary VOLTA CANADA INC. By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary

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&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE TENTH AMENDMENT TO LOAN AGREEMENT VOLTA CHARGING GERMANY GMBH By: /s/ Michelle Kley Name: Michelle Kley Title: Managing Director VOLTA FRANCE SARL By: /s/ Michelle Kley Name: Michelle Kley Title: Manager VOLTA CHARGING INDUSTRIES, LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary RAKKO HOLDING B.V., a private limited liability company incorporated under the laws of the Netherlands By: /s/ Michelle Kley Name: Michelle Kley Title: Board Member VOLTA RAKKO B.V., a private limited liability company incorporated under the laws of the Netherlands By: /s/ Michelle Kley Name: Michelle Kley Title: Board Member SIGNATURE PAGE TENTH AMENDMENT TO LOAN AGREEMENT AGENT: EICF AGENT LLC By: /s/ Harry Giovani Name: Harry Giovani Title: Authorized Signatory

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LENDERS: ENERGY IMPACT CREDIT FUND I LP By: Energy Impact Credit Fund I GP LLC, its general partner By: /s/ Harry Giovani Name: Harry Giovani Title: Managing Partner CION INVESTMENT CORPORATION By: /s/ Gregg Bresner Name: Gregg Bresner Title: President & Chief Investment Officer FORBEARANCE AGREEMENT AND ELEVENTH AMENDMENT TO LOAN AGREEMENT This FORBEARANCE AGREEMENT AND ELEVENTH AMENDMENT TO LOAN AGREEMENT (this "Agreement") is entered into as of January 17, 2023, by and among VOLTA CHARGING, LLC, a Delaware limited liability company ("Volta Charging"), VOLTA MEDIA LLC, a Delaware limited liability company ("Volta Media"), and VOLTA CHARGING SERVICES LLC, a Delaware limited liability company ("Volta Services" and collectively with Volta Charging and Volta Media, "Borrower"), VOLTA INC., a Delaware corporation ("Parent"), VOLTA CHARGING INDUSTRIES, LLC, a Delaware limited liability company ("Volta Industries"), VOLTA CANADA INC., a corporation organized under the laws of Québec, Canada ("Volta Canada"), VOLTA CHARGING GERMANY GMBH, a limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany ("Volta Germany"), VOLTA FRANCE SARL, a limited liability company (Société A Responsabilité Limitée) organized under the laws of France ("Volta France"), VOLTA RAKKO B.V., a limited liability company (Besloten Vennootschap) organized under the laws of the Netherlands ("Rakko B.V."), and RAKKO HOLDING B.V., a limited liability company (Besloten Vennootschap) organized under the laws of the Netherlands ("Rakko Holding" and collectively with Parent, Volta Industries, Volta Canada, Volta France and Rakko B.V., the "Guarantors"), the Lenders signatory hereto (the "Lenders"), and EICF AGENT LLC, a Delaware limited liability company, as Agent on behalf of the Lenders under the Loan Agreement (as hereinafter defined) (in such capacity, the "Agent"). RECITALS A. Borrower, the Guarantors, certain financial institutions from time to time party thereto and Agent are parties to that certain Term Loan, Guarantee and Security Agreement dated as of June 19, 2019, as amended by that certain First Amendment to Loan Agreement, dated as of March 26, 2020, that certain Second Amendment to Loan Agreement, dated as of May 4, 2020, that certain Third Amendment to Loan Agreement, dated as of November 25, 2020, that certain Fourth Amendment to Loan Agreement, dated as of August 24, 2021, that certain Limited Waiver and Fifth Amendment to Loan Agreement, dated as of March 30, 2022, that certain Limited Waiver and Sixth Amendment to Loan Agreement, dated as of May 11, 2022, and as supplemented by the updated Disclosure Schedules delivered by the Credit Parties to the Agent on September 14, 2022, that certain Seventh Amendment to Loan Agreement, dated as of September 26, 2022, that certain Eighth Amendment to Loan Agreement, dated as of December 30, 2022, that certain Ninth Amendment to Loan Agreement, dated as of January 6, 2023, and that certain Tenth Amendment to Loan Agreement, dated as of January 17, 2023 (as amended, modified, extended, restated, replaced, and/or supplemented from time to time, the "Loan Agreement"). B. Borrower and Parent have advised the Agent that it intends to obtain subordinated term loans in an aggregate amount equal to $20,000,000 (each, a "Subordinated Loan" and collectively, the "Subordinated Loans") pursuant to the terms of that certain Term Loan, Guarantee and Security Agreement, dated as of even date herewith (the "Subordinated Loan Agreement"), by and among the Borrower, the Parent and Equilon Enterprises LLC d/b/a Shell Oil Products US (the "Subordinated Lender"), the purpose of which Subordinated Loans is to

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provide the Credit Parties with additional working capital as a bridge to the proposed merger among the Parent, Shell USA, Inc. and SEV Subsidiary, Inc. pursuant to the terms of that certain Agreement and Plan of Merger, dated as of even date herewith (the "Merger Agreement"). C. As of the date hereof, the Events of Default under the Loan Agreement, identified on Schedule A hereto (the "Specified Defaults") have occurred and are continuing. D. The Credit Parties have requested that during the Forbearance Period, Agent and Lenders (sometimes, together with Agent, referred to herein individually as a "Lender Party," and collectively as the "Lender Parties") agree to forbear from exercising their default-related rights and remedies against the Credit Parties with respect to the Specified Defaults, and that the Lender Parties agree to amend certain provisions of the Loan Agreement, each notwithstanding the existence of the Specified Defaults and subject to the terms and conditions set forth herein. E. Subject to the terms and conditions set forth herein, the Lender Parties have agreed to (a) forbear from exercising their default-related rights and remedies against the Credit Parties with respect to the Specified Defaults and (b) amend the Loan Agreement in certain respects as set forth below. NOW, THEREFORE, in consideration of the foregoing, the terms, covenants and conditions contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: SECTION 1. DEFINITIONS. Unless otherwise defined above or elsewhere in this Agreement, capitalized terms used herein shall have the meanings ascribed to them in the Loan Agreement. Each reference to the Loan Agreement or the Loan Documents herein shall constitute a reference to the Loan Agreement or the Loan Documents, as applicable, as amended by this Agreement. SECTION 2. CONFIRMATION BY CREDIT PARTIES OF OBLIGATIONS AND SPECIFIED DEFAULTS. Each Credit Party acknowledges and agrees that as of January 16, 2023, the aggregate principal balance of the outstanding Term Loans under the Loan Agreement is $12,923,423.42. The foregoing amounts do not include interest, fees, expenses and other amounts that are chargeable or otherwise reimbursable under the Loan Agreement and the other Loan Documents. (a) Each Credit Party acknowledges and agrees that (i) each of the Specified Defaults constitutes an Event of Default that has occurred and is continuing as of the date hereof or is expected to occur during the Forbearance Period, as the case may be, (ii) none of the Specified Defaults has been cured as of the date hereof and (iii) except for the Specified Defaults, no other Events of Default have occurred and are continuing as of the date hereof. Prior to the effectiveness of this Agreement, each of the Specified Defaults permits the Lender Parties to exercise any or all default-related rights and remedies provided for by any or all of the Loan Agreement, the other Loan Documents or applicable law. SECTION 3. AMENDMENTS TO LOAN AGREEMENT. Subject to the satisfaction of the conditions precedent set forth in Section 20 hereof, effective as of the Forbearance Effective Date (as hereinafter defined), the parties hereto agree that Loan Agreement is hereby amended by incorporating the changes shown on the marked copy of the Loan Agreement attached hereto as Annex A (it being understood that language which appears "struck out" has been deleted and language which appears as "double-underlined" has been added). SECTION 4. FORBEARANCE; FORBEARANCE DEFAULT RIGHTS AND REMEDIES. (a) Effective as of the Forbearance Effective Date (as defined in Section 20), each of the Lender Parties agrees that until the expiration or termination of the Forbearance Period (as defined below in this clause (a)), it will temporarily forbear from exercising any or all of its default-related rights and remedies against the Borrower or any other Credit Party solely with respect to the Specified Defaults; provided, however, (i) each Credit Party shall comply with all limitations, restrictions or prohibitions that would otherwise be effective or applicable under the Loan Agreement or any of the other Loan Documents during the continuance of any Event of Default, and (ii) nothing herein shall restrict, impair or otherwise affect any Lender Party's rights and remedies under any agreements containing subordination provisions in favor of any or all of the Lender Parties (including, without limitation, any rights or remedies available to the Lender Parties as a result of the occurrence or continuation of any Specified Default) or amend or modify any provision thereof. As used herein, the term "Forbearance Period" shall mean the period beginning on the Forbearance Effective Date and ending on the earlier to occur of (the occurrence of clause (i), (ii) or (iii), a "Termination Event"): (i) the occurrence of any Event of Default under Sections 7.1(h) and 7.1(i) of the Loan Agreement (a "Bankruptcy Default") or (ii) the occurrence of any Forbearance Default (as hereinafter defined) other than a Bankruptcy Default, or (iii) April 30, 2023. As used herein, the term "Forbearance Default" shall mean (A) the occurrence of any Event of Default other than the Specified Defaults, (B) the failure of any Credit Party to comply timely with any term, condition, or covenant set forth in this Agreement, (C) the failure of any representation or warranty made by any Credit Party under or in connection with this Agreement to be true and complete in all material respects as of the date when made, (D) other than a Material Adverse Effect related to the events and circumstances causing the Specified Defaults, any occurrence, event or change in facts or circumstances occurring on or after the Forbearance Effective Date that would have a Material Adverse Effect, (E) the repudiation and/or assertion of any defense by any Credit Party in writing with respect to this Agreement or any Loan Document or the pursuit of any claim in writing by any Credit Party against the Agent or any Lender with respect to this Agreement or any Loan Document, (F) the termination or expiration of any other forbearance granted by another creditor of any Credit Party (including, without limitation, any agent or lender of any Indebtedness specified on Disclosure Schedule (3.18) to the Loan Agreement), (G) the exercise of any enforcement rights or remedies against any Credit Party or any of such Credit Party's property or assets by a creditor of any Credit Party upon the occurrence of an event of default

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(other than a Specified Default) that occurs under any other Indebtedness owing by any Credit Party (including, without limitation, any Indebtedness specified on Disclosure Schedule (3.18) to the Loan Agreement), (H) the Borrower shall have failed to draw Subordinated Loans under the Subordinated Loan Agreement on or prior to any date on which the Cash Balance is less than $1,500,000 or Subordinated Lender shall fail to make any Subordinated Loans when requested by the Borrower, (I) the Merger Agreement is terminated prior to the effectiveness of the Effective Time (as defined in the Merger Agreement), (J) the occurrence of the Effective Time (as defined in the Merger Agreement), (K) a default or event of default shall have occurred under the Subordinated Loan Agreement, or (L) by the date that is 3 Business Days after the date hereof, the Borrower shall not have paid the legal fees of Chapman and Cutler LLP, counsel to the Agent, in respect of the fees and expenses incurred in connection with this Agreement and the other Loan Documents on or prior to the date hereof as evidenced by a summary invoice. (b) Upon the occurrence of a Termination Event, the agreement of the Lender Parties hereunder to forbear from exercising their respective default-related rights and remedies shall immediately terminate without the requirement of any demand, presentment, protest, or notice of any kind, all of which each Credit Party waives. Each Credit Party agrees that any or all of the Lender Parties may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Agreement, any other Loan Document and/or applicable law, including, without limitation, their respective rights and remedies with respect to the Specified Defaults. Without limiting the generality of the foregoing, upon the occurrence of a Termination Event, the Lender Parties may, in their sole discretion and without the requirement of any demand, presentment, protest, or notice of any kind, (i) increase the interest on any or all of the Obligations by three percentage points (3.00%) per annum in accordance with Section 1.5(c) of the Loan Agreement, (ii) commence any legal or other action to collect any or all of the Obligations from the Credit Parties and/or any Collateral, (iii) foreclose or otherwise realize on any or all of the Collateral, and/or appropriate, setoff or apply to the payment of any or all of the Obligations, any or all of the Collateral, and (iv) take any other enforcement action or otherwise exercise any or all rights and remedies provided for by any or all of the Loan Agreement, any other Loan Documents and/or applicable law, all of which rights and remedies are fully reserved by the Lender Parties. (c) Any agreement by the Lender Parties to extend the Forbearance Period, if any, must be set forth in writing and signed by a duly authorized signatory of each of Agent and the Lenders. (d) The Credit Parties acknowledge that the Lender Parties have not made any assurances concerning (i) any possibility of an extension of the Forbearance Period, (ii) the manner in which or whether the Specified Defaults may be resolved or (iii) any additional forbearance, waiver, restructuring or other accommodations. (e) The parties hereto agree that the running of all statutes of limitation and the doctrine of laches applicable to all claims or causes of action that any Lender Party may be entitled to take or bring in order to enforce its rights and remedies against any Credit Party are, to the fullest extent permitted by law, tolled and suspended during the Forbearance Period. (f) The Credit Parties acknowledge and agree that any Loan or other financial accommodation that any Lender Party makes on or after the Forbearance Effective Date has been made by such party in reliance upon, and is consideration for, among other things, the general releases contained in Section 6 hereof and the other covenants, agreements, representations and warranties of the Credit Parties hereunder. SECTION 5. SUPPLEMENTAL TERMS, CONDITIONS AND COVENANTS DURING THE FORBEARANCE PERIOD. The parties hereto hereby agree to comply with the following terms, conditions and covenants during the Forbearance Period, in each case notwithstanding any provision to the contrary set forth in this Agreement, the Loan Agreement or any other Loan Document: (a) Borrower shall continue to pay all installments of principal, interest and any other amounts due under the Loan Agreement and/or the other Loan Documents, when due and payable during the Forbearance Period. (b) Without limiting the Lender Parties' rights under the Loan Agreement and other Loan Documents, the Credit Parties hereby agree to (in each case subject to Agent's and the Lenders' confidentiality obligations under Section 10.16 of the Loan Agreement): (i) give Agent and its Representatives (as defined below) reasonable access during normal business hours to the offices, properties, officers and independent auditors (for purposes of discussing the Credit Parties' financial matters), books and records of the Credit Parties, (ii) furnish to Agent and its Representatives such financial, operating and property related data and other information as such persons reasonably request (provided, that no Credit Party will be required to disclose or permit the inspection or discussion of any document, information or other matter for which it certifies to Agent that such disclosure, inspection or discussion is prohibited because such document, information or other matter (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to Agent or any Lender (or their respective agents or representatives) is prohibited by law, fiduciary duty or any binding agreement entered into with a third-party prior to and not in response to such request for disclosure, or is subject to attorney client or similar privilege or constitutes attorney work product), and (iii) authorize each Credit Party's officers and independent auditors to cooperate reasonably with Agent and its Representatives in respect of the aforementioned clauses (i) and (ii)). For purposes of this Agreement, the term "Representatives" shall mean Agent's employees, agents, representatives, advisors and consultants (including any investment

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;banker, financial advisor, accountant, legal counsel, agent, representative or expert retained by or acting on behalf Agent). SECTION 6. GENERAL RELEASE. (a) In consideration of, among other things, Agent's and the Lenders' execution and delivery of this Agreement, each Credit Party, on behalf of itself and its agents, representatives, officers, directors, advisors, employees, subsidiaries, affiliates, successors and assigns (collectively, "Releasors"), hereby forever agrees and covenants not to sue or prosecute against any Releasee (as hereinafter defined) and hereby forever waives, releases and discharges, to the fullest extent permitted by law, each Releasee from any and all claims (including, without limitation, crossclaims, counterclaims, rights of set-off and recoupment), actions, causes of action, suits, debts, accounts, interests, liens, promises, warranties, damages and consequential damages, demands, agreements, bonds, bills, specialties, covenants, controversies, variances, trespasses, judgments, executions, costs, expenses or claims whatsoever, that such Releasor now has or hereafter may have, of whatsoever nature and kind, whether known or unknown, whether now existing or hereafter arising, whether arising at law or in equity (collectively, the "Claims"), against any or all of the Lender Parties in any capacity and their respective affiliates, subsidiaries, shareholders and "controlling persons" (within the meaning of the federal securities laws), and their respective successors and assigns and each and all of the officers, directors, employees, agents, attorneys, advisors and other representatives of each of the foregoing (collectively, the "Releasees"), based in whole or in part on facts, whether or not now known, existing on or before the Forbearance Effective Date, that relate to, arise out of or are otherwise in connection with: (i) any or all of the Loan Documents or transactions contemplated thereby or any actions or omissions in connection therewith or (ii) any aspect of the dealings or relationships between or among Credit Parties, on the one hand, and any or all of the Lender Parties, on the other hand, relating to any or all of the documents, transactions, actions or omissions referenced in clause (i) hereof; provided it is understood and agreed that this Section 6 shall not release (1) any Claims based on a fact or circumstance that does not exist on or before the Forbearance Effective Date and (2) any Claims related to the Credit Parties' despository banking relationship with Agent or any Lender. In entering into this Agreement, Credit Parties consulted with, and has been represented by, legal counsel and expressly disclaims any reliance on any representations, acts or omissions by any of the Releasees and hereby agrees and acknowledges that the validity and effectiveness of the releases set forth above do not depend in any way on any such representations, acts and/or omissions or the accuracy, completeness or validity thereof. The provisions of this Section shall survive the termination of this Agreement, the Loan Agreement, the other Loan Documents and payment in full of the Obligations.. (b) Each Credit Party, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably, covenants and agrees with and in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised and discharged by any Credit Party pursuant to Section 6(a) hereof. If any Credit Party, or any of its successors, assigns or other legal representatives violates the foregoing covenant, each Credit Party, for itself and its successors, assigns and legal representatives, agrees to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all reasonable and documented costs and expenses in accordance with Section 10.2 of the Loan Agreement. SECTION 7. REPRESENTATIONS, WARRANTIES AND COVENANTS OF CREDIT PARTIES. To induce Agent and the other Lender Parties to execute and deliver this Agreement, each Credit Party represents, warrants and covenants that: (a) The execution, delivery and performance by each Credit Party of this Agreement and all documents and instruments delivered in connection herewith and the Loan Agreement and all other Loan Documents have been duly authorized by the Credit Parties, and this Agreement and all documents and instruments delivered in connection herewith and the Loan Agreement and all other Loan Documents are legal, valid and binding obligations of the Credit Parties enforceable against such parties in accordance with their respective terms, except as the enforcement thereof may be subject to (i) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors' rights generally and (ii) general principles of equity (regardless of whether such enforcement is sought in a proceeding in equity or at law); (b) Except with respect to the facts and circumstances related to the Specified Defaults, each of the representations and warranties contained in the Loan Agreement and the other Loan Documents is true and correct on and as of the date hereof in all material respects (without duplication of any materiality qualifier therein) as if made on the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date, and each of the agreements and covenants in the Loan Agreement and the other Loan Documents (as amended hereby) is hereby reaffirmed with the same force and effect as if each were separately stated herein and made as of the date hereof; (c) Neither the execution, delivery and performance of this Agreement and all documents and instruments delivered in connection herewith nor the consummation of the transactions contemplated hereby or thereby does or shall contravene, result in a breach of, or violate (i) any provision of any Credit Party's organizational documents, (ii) any law or regulation, or any order or decree of any court or governmental authority, or (iii) any indenture, mortgage, deed of trust,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lease, agreement or other instrument to which any Credit Party is a party or by which any Credit Party or any of its respective property is bound; (d) As of the date hereof, except for the Specified Defaults, no Event of Default has occurred or is continuing under this Agreement, the Loan Agreement or any other Loan Document; (e) The Lender Parties' security interests in the Collateral continue to be valid, binding, and enforceable first-priority security interests that secure the Obligations (subject only to the Permitted Liens), and no Liens are currently of record against any Credit Party other than Permitted Liens; and (f) The recitals to this Agreement are true and correct. SECTION 8. RATIFICATION OF LIABILITY. The Credit Parties, as debtors, grantors, pledgors, assignors, or in other similar capacities in which such parties grant liens or security interests in their properties under the Loan Documents, hereby ratify and reaffirm all of their payment and performance obligations and obligations to indemnify, contingent or otherwise, under each of such Loan Documents to which it is a party, and ratify and reaffirm their grants of liens on or security interests in their properties pursuant to such Loan Documents to which they are a party, respectively, as security for the Obligations under or with respect to the Loan Agreement, and confirms and agrees that such liens and security interests hereafter secure all of the Obligations, including, without limitation, all additional Obligations hereafter arising or incurred pursuant to or in connection with this Agreement, the Loan Agreement or any other Loan Document. The Credit Parties further agree and reaffirm that the Loan Documents to which they are parties now apply to all Obligations as defined in the Loan Agreement, as modified hereby (including, without limitation, all additional Obligations hereafter arising or incurred pursuant to or in connection with this Agreement, the Loan Agreement or any other Loan Document). Each such party (i) further acknowledges receipt of a copy of this Agreement and all other agreements, documents, and instruments executed and/or delivered in connection herewith, (ii) consents to the terms and conditions of same, and (iii) agrees and acknowledges that each of the Loan Documents, as modified hereby, remains in full force and effect and is hereby ratified and confirmed. SECTION 9. REFERENCE TO AND EFFECT UPON THE LOAN AGREEMENT. (a) Except as specifically amended hereby, all terms, conditions, covenants, representations and warranties contained in the Loan Agreement and other Loan Documents, and all rights of the Lender Parties and all of the Obligations, shall remain in full force and effect. The Credit Parties hereby confirm that the Loan Agreement and the other Loan Documents are in full force and effect and that no Credit Party has any right of setoff, recoupment or other offset or any defense, claim or counterclaim with respect to any of the Obligations, the Loan Agreement or any other Loan Document. (b) Except as expressly set forth herein, the execution, delivery and effectiveness of this Agreement shall not directly or indirectly (i) create any obligation to make any further Loans or to continue to defer any enforcement action after the occurrence of any Default or Event of Default (including, without limitation, any Forbearance Default), (ii) constitute a consent or waiver of any past, present or future violations of any provisions of the Loan Agreement or any other Loan Documents nor constitute a novation of any of the Obligations under the Loan Agreement or other Loan Documents, (iii) amend, modify or operate as a waiver of any provision of the Loan Agreement or any other Loan Documents or any right, power or remedy of any Lender Party, (iv) constitute a consent to any merger or other transaction or to any sale, restructuring or refinancing transaction or (v) constitute a course of dealing or other basis for altering any Obligations or any other contract or instrument. Except as expressly set forth herein, each Lender Party reserves all of its rights, powers, and remedies under the Loan Agreement, the other Loan Documents and applicable law. (c) From and after the Forbearance Effective Date, (i) the term "Agreement" in the Loan Agreement, and all references to the Loan Agreement in any Loan Document, shall mean the Loan Agreement, as amended by, among things, this Agreement, and (ii) the term "Loan Documents" in the Loan Agreement and the other Loan Documents shall include, without limitation, this Agreement and any agreements, instruments and other documents executed and/or delivered in connection herewith. (d) Except as expressly provided in Section 4 hereof, no Lender Party has waived (regardless of any delay in exercising such rights and remedies), any Default or Event of Default that may be continuing on the date hereof or any Event of Default that may occur after the date hereof (whether the same or similar to the Specified Defaults or otherwise), and no Lender Party has agreed to forbear with respect to any of its rights or remedies concerning any Events of Default (other than, during the Forbearance Period, the Specified Defaults), that may have occurred or are continuing as of the date hereof, or that may occur after the date hereof. (e) The Credit Parties acknowledge and agree that the Lender Parties' agreement to forbear from exercising their default-related rights and remedies with respect to the Specified Defaults during the Forbearance Period does not in any manner whatsoever limit any Lender Party's right to insist upon strict compliance by the Credit Parties with the Loan Agreement (except as modified herein or otherwise affected by the Specified Default), this Agreement or any other Loan Document during the Forbearance Period, except as expressly set forth herein. (f) This Agreement shall not be deemed or construed to be a satisfaction, reinstatement, novation or release of the Loan Agreement or any other Loan Document. SECTION 10. COSTS AND EXPENSES.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN ADDITION TO (TO THE EXTENT NOT OTHERWISE PROVIDED IN THE LOAN AGREEMENT), AND NOT IN LIEU OF, THE TERMS OF THE LOAN AGREEMENT AND OTHER LOAN DOCUMENTS RELATING TO THE REIMBURSEMENT OF LENDER PARTY FEES AND EXPENSES, THE CREDIT PARTIES SHALL REIMBURSE AGENT AND THE OTHER LENDER PARTIES, AS THE CASE MAY BE, PROMPTLY ON DEMAND FOR ALL FEES, COSTS, CHARGES AND EXPENSES, INCLUDING THE FEES, COSTS AND EXPENSES OF COUNSEL, APPRAISAL AND INSPECTION SERVICES, AND OTHER EXPENSES, INCURRED IN CONNECTION WITH THIS AGREEMENT AND THE OTHER AGREEMENTS AND DOCUMENTS EXECUTED AND/OR DELIVERED IN CONNECTION HEREWITH. SECTION 11. GOVERNING LAW; CONSENT TO JURISDICTION AND VENUE. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN ALL MATTERS ARISING OUT OF, IN CONNECTION WITH OR RELATING TO THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ITS VALIDITY, INTERPRETATION, CONSTRUCTION, PERFORMANCE AND ENFORCEMENT (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS SOUNDING IN CONTRACT OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST). ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT SHALL BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH CREDIT PARTY HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS; PROVIDED THAT NOTHING IN THIS AGREEMENT SHALL LIMIT THE RIGHT OF AGENT TO COMMENCE ANY PROCEEDING IN THE FEDERAL OR STATE COURTS OF ANY OTHER JURISDICTION TO THE EXTENT AGENT DETERMINES THAT SUCH ACTION IS NECESSARY OR APPROPRIATE TO EXERCISE ITS RIGHTS OR REMEDIES UNDER THE LOAN DOCUMENTS. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, THAT ANY OF THEM MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH JURISDICTIONS. EACH CREDIT PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND OTHER DOCUMENTS AND OTHER SERVICE OF PROCESS OF ANY KIND AND CONSENTS TO SUCH SERVICE IN ANY SUIT, ACTION OR PROCEEDING BROUGHT IN THE UNITED STATES OF AMERICA WITH RESPECT TO OR OTHERWISE ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT BY ANY MEANS PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, INCLUDING BY THE MAILING THEREOF (BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID) TO THE ADDRESS OF THE CREDIT PARTY SPECIFIED IN THE LOAN AGREEMENT (AND SHALL BE EFFECTIVE WHEN SUCH MAILING SHALL BE EFFECTIVE, AS PROVIDED THEREIN). EACH CREDIT PARTY AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING CONTAINED IN THIS SECTION 11 SHALL AFFECT THE RIGHT OF AGENT OR ANY LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE REQUIREMENTS OF LAW OR COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY CREDIT PARTY IN ANY OTHER JURISDICTION. SECTION 12. CONSTRUCTION. This Agreement and all other agreements and documents executed and/or delivered in connection herewith have been prepared through the joint efforts of all of the parties hereto. Neither the provisions of this Agreement or any such other agreements and documents nor any alleged ambiguity therein shall be interpreted or resolved against any party on the ground that such party or its counsel drafted this Agreement or such other agreements and documents, or based on any other rule of strict construction. Each of the parties hereto represents and declares that such party has carefully read this Agreement and all other agreements and documents executed in connection therewith, and that such party knows the contents thereof and signs the same freely and voluntarily. The parties hereto acknowledge that they have been represented by legal counsel of their own choosing in negotiations for and preparation of this Agreement and all other agreements and documents executed in connection herewith and that each of them has read the same and had their contents fully explained by such counsel and is fully aware of their contents and legal effect. Without limiting the generality of the foregoing, "option" and "discretion" shall be implied by the use of the words "if" and "may." SECTION 13. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed an original, but all such counterparts shall constitute one and the same instrument, and all signatures need not appear on any one counterpart. Any party hereto may execute and deliver a counterpart of this Agreement by delivering by facsimile or other electronic transmission a signature page of this Agreement signed by such party, and any such facsimile or other electronic signature shall be treated in all respects as having the same effect as an original signature. Any party delivering by facsimile or other electronic transmission a counterpart executed by it shall promptly thereafter also deliver a manually signed counterpart of this Agreement; provided that the failure to deliver such manually signed counterpart shall not affect the validity or effectiveness of this Agreement. SECTION 14. SEVERABILITY. The invalidity, illegality, or unenforceability of any provision in or obligation under this Agreement in any jurisdiction shall not affect or impair the validity, legality, or enforceability of the remaining provisions or obligations under this Agreement or of such provision or obligation in any other jurisdiction. If feasible, any such offending provision shall be deemed modified to be within the limits of enforceability or validity; however, if the offending provision cannot be so modified, it shall be stricken and all other provisions of this Agreement in all other respects shall remain valid and enforceable. SECTION 15. TIME OF ESSENCE.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time is of the essence in the performance of each of the obligations of the Credit Parties hereunder and with respect to all conditions to be satisfied by such parties. SECTION 16. [RESERVED]. SECTION 17. FURTHER ASSURANCES. Each Credit Party agrees to take all further actions and execute all further documents as Agent may from time to time reasonably request to carry out the transactions contemplated by this Agreement and all other agreements executed and delivered in connection herewith. SECTION 18. SECTION HEADINGS. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute part of this Agreement for any other purpose. SECTION 19. NOTICES. All notices, requests, and demands to or upon the respective parties hereto shall be given in accordance with the Loan Agreement. SECTION 20. EFFECTIVENESS. This Agreement shall become effective at the time (the "Forbearance Effective Date") that all of the following conditions precedent have been met (or waived) as determined by Agent in its sole discretion: (a) Agreement. Agent shall have received duly executed signature pages for this Agreement signed by Agent, Lenders and the Credit Parties. (b) Payment of Amendment Fee/Legal Fees. Borrower shall have paid (i) to the Agent for the ratable benefit of the Lenders additional interest in an amount equal to $130,000 (such amount being equal to approximately 1% of the outstanding principal balance of the Term Loans as of the date hereof), which additional interest shall be earned in full on the date hereof, and (ii) to the Agent for the ratable benefit of the Lenders additional interest in an amount equal to $130,000 as required under Section 1.5(g) of the Loan Agreement. For the avoidance of doubt, $260,000 of additional interest is due and payable collectively under the foregoing clauses (i) and (ii). (c) Representations and Warranties. The representations and warranties contained herein shall be true and correct in all material respects (without duplication of any materiality qualifier therein), and no Forbearance Default or event that with notice, the passage of time or both would constitute a Forbearance Default shall exist on the date hereof. (d) Subordinated Loan Documents. Agent shall have received fully and duly executed true and correct copies of (i) the Subordinated Loan Agreement and the Merger Agreement and (ii) the Subordination Agreement in the form of Annex B hereto (the "Subordination Agreement"). (e) Other Deliverables. Agent shall have received a certificate of the secretary or assistant secretary of each Credit Party that is organized under the laws of the United States or any state thereof or the District of Columbia delivering true, accurate and complete copies of: (i) its Organizational Documents, (ii) the resolutions authorizing its execution, delivery and full performance of this Amendment, the Subordinated Loan Agreement, the Merger Agreement, the Subordination Agreement and the other Loan Documents to which it is a party, and all other documents, certificates and actions required hereunder or in connection herewith, (iii) an incumbency certificate setting forth its authorized officers (together with the corresponding specimen signatures), and (iv) a recently issued good standing certificate. (f) Other Corporate Proceedings/KYC. All corporate proceedings taken in connection with the transactions contemplated by this Agreement and all documents, instruments, and other legal matters incident thereto shall be satisfactory to Agent. Agent and the Lenders shall have completed all of their respective "know your customer" due diligence with respect to the Subordinated Lender and its affiliates with results satisfactory to each of them. SECTION 21. WAIVER OF JURY TRIAL RIGHT AND OTHER MATTERS. EACH CREDIT PARTY HEREBY WAIVES (i) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ANY OTHER TRANSACTION CONTEMPLATED HEREBY AND THEREBY, WHICH WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE; (ii) PRESENTMENT, DEMAND AND PROTEST, AND NOTICE OF PRESENTMENT, PROTEST, DEFAULT, NONPAYMENT, MATURITY, RELEASE WITH RESPECT TO ALL OR ANY PART OF THE OBLIGATIONS OR ANY COMMERCIAL PAPER, ACCOUNTS, CONTRACT RIGHTS, DOCUMENTS, INSTRUMENTS, CHATTEL PAPER AND GUARANTIES AT ANY TIME HELD BY ANY LENDER PARTY ON WHICH ANY CREDIT PARTY MAY IN ANY WAY BE LIABLE AND HEREBY RATIFIES AND CONFIRMS WHATEVER SUCH LENDER PARTY MAY DO IN THIS REGARD; AND (iii) NOTICE OF ACCEPTANCE HEREOF, AND EACH CREDIT PARTY ACKNOWLEDGES THAT THE FOREGOING WAIVERS ARE A MATERIAL INDUCEMENT TO AGENT'S AND THE OTHER LENDER PARTIES' ENTERING INTO THIS AGREEMENT AND THAT SUCH PARTIES ARE RELYING UPON THE FOREGOING WAIVERS IN THEIR FUTURE DEALINGS WITH THE CREDIT PARTY. EACH CREDIT PARTY WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THE FOREGOING WAIVERS WITH ITS LEGAL COUNSEL AND HAS KNOWINGLY AND VOLUNTARILY WAIVED ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. SECTION 22. ASSIGNMENTS; NO THIRD PARTY BENEFICIARIES.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be binding upon and inure to the benefit of the Credit Parties, the Lender Parties and their respective successors and assigns; provided, that no Credit Party shall be entitled to delegate any of its duties hereunder or to assign any of its rights or remedies set forth in this Agreement without the prior written consent of Agent in its sole discretion. No Person other than the parties hereto shall have any rights hereunder or be entitled to rely on this Agreement and all third-party beneficiary rights (other than the rights of the Releasees under Section 6 hereof) are hereby expressly disclaimed. SECTION 23. FINAL AGREEMENT. This Agreement, the Loan Agreement, the other Loan Documents, and the other written agreements, instruments, and documents entered into in connection therewith set forth in full the terms of agreement between the parties hereto and thereto with respect to the subject matter thereof and are intended as the full, complete, and exclusive contracts governing the relationship between such parties with respect to the subject matter thereof, superseding all other discussions, promises, representations, warranties, agreements, and understandings between the parties with respect thereto. Any waiver of any condition in, or breach of, any of the foregoing in a particular instance shall not operate as a waiver of other or subsequent conditions or breaches of the same or a different kind. Agent's or any Lender's exercise or failure to exercise any rights or remedies under any of the foregoing in a particular instance shall not operate as a waiver of its right to exercise the same or different rights and remedies in any other instances. There are no oral agreements among the parties hereto. [Signature pages to follow] SIGNATURE PAGE ELEVENTH AMENDMENT TO LOAN AGREEMENT IN WITNESS WHEREOF, this Forbearance Agreement and Eleventh Amendment to Loan Agreement has been executed by the parties hereto as of the date first written above. BORROWER: VOLTA CHARGING, LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary VOLTA MEDIA LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary VOLTA CHARGING SERVICES LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary GUARANTORS: VOLTA INC., a Delaware corporation By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary VOLTA CANADA INC. By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary

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&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE ELEVENTH AMENDMENT TO LOAN AGREEMENT VOLTA CHARGING GERMANY GMBH By: /s/ Michelle Kley Name: Michelle Kley Title: Managing Director VOLTA FRANCE SARL By: /s/ Michelle Kley Name: Michelle Kley Title: Manager VOLTA CHARGING INDUSTRIES, LLC, a Delaware limited liability company By: /s/ Michelle Kley Name: Michelle Kley Title: Executive Vice President, Chief Legal Officer and Secretary RAKKO HOLDING B.V., a private limited liability company incorporated under the laws of the Netherlands By: /s/ Michelle Kley Name: Michelle Kley Title: Board Member VOLTA RAKKO B.V., a private limited liability company incorporated under the laws of the Netherlands By: /s/ Michelle Kley Name: Michelle Kley Title: Board Member SIGNATURE PAGE ELEVENTH AMENDMENT TO LOAN AGREEMENT AGENT: EICF AGENT LLC By: /s/ Harry Giovani Name: Harry Giovani Title: Authorized Signatory

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&nbsp;&nbsp;&nbsp;&nbsp;SIGNATURE PAGE ELEVENTH AMENDMENT TO LOAN AGREEMENT LENDERS: ENERGY IMPACT CREDIT FUND I LP By: Energy Impact Credit Fund I GP LLC, its general partner By: /s/ Harry Giovani Name: Harry Giovani Title: Managing Partner CION INVESTMENT CORPORATION By: /s/ Gregg Bresner Name: Gregg Bresner Title: President & Chief Investment Officer Schedule A Specified Defaults Any Event of Default arising under the Loan Agreement or any other Loan Document due to: 1. The Credit Parties' failure to make deposits into an escrow account in the amounts required under, and otherwise in accordance with, Section 3.41 on January 1, 2023 and October 1, 2022. 2. The Credit Parties' failure to observe the provisions of Section 5.3 that prohibit the making of Foreign Investments in excess of 125% of the amount held in escrow for the benefit of Agent pursuant to Section 3.41. 3. The Credit Parties' failure to timely observe the provisions of Section 4.1(c) in respect of the Fiscal Month ending September 30, 2022.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annex A Marked Loan Agreement See attached. Annex B Subordination Agreement See attached.

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## Exhibit 23.1

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We have issued our report dated March 30, 2023, with respect to the consolidated financial statements included in the Annual Report of Volta Inc. on Form 10-K for the year ended December 31, 2022. We consent to the incorporation by reference of said report in the Registration Statements of Volta Inc. on Form S-3 (File No. 333-267374) and Form S-8 (File No. 333-260690).

/s/ GRANT THORNTON LLP

San Francisco, California

March 30, 2023

## Exhibit 31.1

**Exhibit 31.1**

**<u>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</u>**

**<u>PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</u>**

I, Vincent T. Cubbage, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this annual report on Form 10-K of Volta Inc. for the year ended December 31, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. &nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 30, 2023 | By: /s/ Vince Cubbage |
|  | Vince Cubbage |
|  | Interim Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**<u>CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</u>**

**<u>PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</u>**

I, Stephen Pilatzke, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this annual report on Form 10-K of Volta Inc. for the year ended December 31, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. &nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 30, 2023 | By: /s/ Stephen Pilatzke |
|  | Stephen Pilatzke |
|  | Chief Accounting Officer |
|  | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Vince Cubbage, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual Report of Volta Inc. (the "Company") on Form 10-K for the fiscal year ended December 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that information contained in such Annual Report on Form 10-K fairly presents in all material respects the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: March 30, 2023 | By: | /s/ Vince Cubbage |
|  |  | Vince Cubbage |
|  |  | Interim Chief Executive Officer |
|  |  | (Principal Executive Officer) |

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I, Stephen Pilatzke, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual Report of Volta Inc. (the "Company") on Form 10-K for the fiscal year ended December 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that information contained in such Annual Report on Form 10-K fairly presents in all material respects the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| Date: March 30, 2023 | By: | /s/ Stephen Pilatzke |
|  |  | Stephen Pilatzke |
|  |  | Chief Accounting Officer |
|  |  | (Principal Financial Officer and Principal Accounting Officer) |

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This certification accompanies the Form 10-K to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Volta Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-K), irrespective of any general incorporation language contained in such filing.

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