Document:

Exhibit 10.2

 

NG-III Execution Form

 

FORWARD PURCHASE AGREEMENT

 

This Forward Purchase Agreement
(this “Agreement”) is entered into as of April 21, 2021 between Northern Genesis Acquisition Corp. III, a Delaware
corporation (the “Company”), [_______________________], a [________________] (“Counterparty”),
and each affiliate of Counterparty that executes and delivers from time to time a Purchaser Joinder hereto (as defined herein).

 

WHEREAS, the Company was incorporated
for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination
with one or more businesses (a “Business Combination”);

 

WHEREAS, the Company recently
completed an initial public offering (“IPO”) of the Company’s units (the “Public Units”)
at a price of $10.00 per Public Unit, each comprised of one share of common stock of the Company, par value $0.0001 per share (the “Common
Stock,” and the shares of Common Stock included in the Public Units, the “Public Shares”), and
one-fourth of one redeemable warrant, where each whole redeemable warrant is exercisable to purchase one share of Common Stock at an exercise
price of $11.50 per share (the “Warrants,” and the Warrants included in the Public Units, the “Public
Warrants”);

 

WHEREAS, following the closing
of the IPO (the “IPO Closing”), the Company commenced a process to identify and consummate a Business Combination,
and the Company may seek to raise funds through an issuance and private placement of equity securities of the Company to be issued in
connection with the consummation of such Business Combination; and

 

WHEREAS, the parties wish
to enter into this Agreement, pursuant to which, to the extent that the Company seeks to issue and sell equity securities through a PIPE
Transaction (as defined herein) in connection with the Company’s initial Business Combination, (a) the Company shall first irrevocably
offer to issue and sell to Counterparty (or any affiliates thereof designated by Counterparty), on a private placement basis pursuant
to this Agreement, Forward Purchase Securities (as defined herein) in an aggregate dollar amount specified herein, and (b) Counterparty
(and/or any affiliates thereof designated by Counterparty) may elect (each such entity making such election, a “Purchaser”)
to purchase all or a portion of such Forward Purchase Securities by confirming its purchase commitment in the manner provided herein (and,
in the case of any such designated affiliate, executing and delivering a Purchaser Joinder, as defined herein), in each case on the terms
and subject to the conditions set forth herein; and

 

NOW, THEREFORE, in consideration
of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

1. Commitment.

 

1.1. Priority.
The Company hereby agrees that, as a condition to and as part of any issuance and sale of any equity securities of the Company pursuant
to a PIPE Transaction in connection with its initial Business Combination, the Company shall irrevocably offer to issue and sell to Counterparty
(and/or one or more affiliates thereof designated by Counterparty), on a private placement basis pursuant to this Agreement, Forward Purchase
Securities (as defined herein) in an aggregate dollar amount (the “Counterparty FPA Offering Amount”) equal
to $[●], reduced in the same proportion, if any, by which the aggregate dollar
amount of such PIPE Transaction is less than $75,000,000. As used herein:

 

     

     

    

 

1.1.1. “PIPE
Transaction” means a private placement of equity securities (including, without limitation, pursuant to this Agreement and,
as applicable, any other Forward Purchase Agreement) in connection with and by a party to the Company’s initial Business Combination,
to institutional accredited investors solely in their capacity as such, and not due to the unique status of an investor (or any affiliate
thereof) in relation to the Business Combination or in relation to a party thereto other than the Company, such status including but not
limited to (a) an existing ownership interest in any party to the Business Combination other than the Company, (b) an intended cornerstone
interest in the post-transaction company, as evidenced by governance rights, transfer restrictions, or other terms and conditions (other
than registration rights) not generally applicable to the holders of securities of the post-transaction company, (c) an existing or intended
material or strategic commercial relationship with the post-transaction company, or (d) the role of such investor (or any affiliate thereof)
in the origination of such Business Combination.

 

1.1.2. “Forward
Purchase Agreement” means any agreement entered into by the Company and any other party thereto, whether prior to or upon
or following the date hereof, but in any case prior to the disclosure to such party of any proposed initial Business Combination of the
Company, that grants to such party the right or option, whether conditional or unconditional, to subscribe for and purchase equity securities
of the Company pursuant to a PIPE Transaction.

 

1.2. Terms
of the Forward Purchase Securities.

 

1.2.1. As
used herein, “Forward Purchase Securities” means forward purchase units (each, a “Forward Purchase
Unit”) at a price of $10.00 per Forward Purchase Unit, each such Forward Purchase Unit consisting of one share of Common
Stock (a “Forward Purchase Share”) and one-eighth of one redeemable Warrant (each such whole Warrant, a “Forward
Purchase Warrant”); provided, that such number of Forward Purchase Shares and Forward Purchase Warrants shall be subject
to adjustment in accordance with any conversion or exchange ratio applicable to the Company’s Public Shares and Public Warrants
in connection with the Company’s initial Business Combination.

 

1.2.2. Except
as provided in Section 3 below, following the Closing, (a) each Forward Purchase Share shall have the same terms as a Public Share,
(b) each Forward Purchase Warrant shall have the same terms as a Public Warrant; and (c) each Forward Purchase Unit shall have the same
terms as a Public Unit except that a Forward Purchase Unit shall include only one-eighth of a Warrant. For the avoidance of doubt, neither
the Forward Purchase Shares nor any other Forward Purchase Securities constitute “IPO Shares” as defined in the Amended and
Restated Certificate of Incorporation of the Company (the “Certificate of Incorporation”) and, as such, do not
have any rights of redemption, rights to conversion into cash, or rights to any liquidating distributions from any funds held in the trust
account established by the Company for the benefit of the Company’s public stockholders upon the IPO Closing (the “Trust
Account”).

 

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1.3. Offer
to Sell.

 

1.3.1. If
the Company desires to issue and sell equity securities pursuant to a PIPE Transaction, then no later than fifteen (15) days prior to
entering into any definitive agreement binding the Company to effect (subject to any conditions and qualifications set forth in such agreement)
its initial Business Combination (a “Business Combination Agreement”), the Company shall give written notice
to Counterparty (an “FPA Offering Notice”), which shall state the Company’s bona fide intention to enter
into a Business Combination Agreement, and specify all relevant details of the proposed sale and purchase of Forward Purchase Securities
pursuant hereto, including (a) the Counterparty FPA Offering Amount, (b) any modifications to the price, terms and/or conditions of such
sale and purchase specified herein, to the extent required by Section 1.3.2, and (c) any terms and conditions of such sale and
purchase that are not specified herein, and the proposed form of any Subscription Agreement (as defined below) that may be required by
the Company to be executed by a Purchaser as a condition to such sale and purchase, in each case to the extent permitted by Section
1.3.3.

 

1.3.2. Except
as otherwise provided in Section 4.1, but notwithstanding any other provision of this Agreement, in the event that the purchase
price or other terms and conditions of purchase granted by the Company with respect to the purchase of equity securities of the Company
pursuant to a PIPE Transaction are more favorable to any purchaser in any material respect than the price or other terms or conditions
set forth herein, the price and/or terms and conditions hereunder shall be modified, or deemed modified, to match such other more favorable
price, terms and/or conditions.

 

1.3.3. The
Company shall have the right to specify terms of and conditions to the purchase of Forward Purchase Securities hereunder that are not
specified herein, to the extent and only to the extent that such terms and conditions (a) apply equally to all purchases of equity securities
of the Company pursuant to a PIPE Transaction, and (b) are not inconsistent with the terms and conditions specified herein. In addition,
as a condition to the sale and purchase of Forward Purchase Securities hereunder, the Company shall have the right to require that each
Purchaser execute and deliver to the Company a subscription agreement in form and substance identical to that executed and delivered by
any other persons concurrently subscribing for equity securities in the Company on a private placement basis, subject to such changes
as may be required thereto so as to reflect, and not be inconsistent with, the terms and conditions of this Agreement (a “Subscription
Agreement”).

 

1.4. Confirmation
by Counterparty.

 

1.4.1. Following
delivery of an FPA Offering Notice, the Company will provide Counterparty with applicable materials and information to evaluate whether
to elect to purchase Forward Purchase Securities, including the material terms of the proposed Business Combination and any other information
reasonably requested by Counterparty with respect to the proposed Business Combination. All such materials and information will be subject
to the terms of a non-disclosure agreement to be entered between the Company and Counterparty in accordance with applicable law (including
Regulation FD under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), and the Company’s
contractual obligations; provided, that the Company shall have the right to refuse to provide any such materials or information if, in
the opinion of the Company, acting reasonably and in good faith having received the advice of counsel, the provision of such materials
or information could violate applicable laws or regulations or result in any waiver of legal privilege of the Company; and provided, further,
that if the target entity’s equity or debt securities are traded on a securities exchange or over-the-counter market, prior to providing
such materials and information, the Company will first provide only the name of the potential target to a legal or compliance person designated
by Counterparty in writing as authorized to receive such information so that the recipient can determine if it has an internal restriction
on the receipt of such materials or information.

 

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1.4.2. The
right and obligation of Counterparty or any of its designated affiliates to purchase the Forward Purchase Securities at the Closing is
subject to, among other conditions specified below, Counterparty delivering to the Company on behalf of each such Purchaser, no later
than fifteen (15) days after receipt of an FPA Offering Notice from the Company (or such later date as the Company may specify or agree,
including by later acceptance):

 

(a) written
notice (a “Confirmation”) setting forth (i) the identity of each Purchaser, (ii) the aggregate dollar amount
(up to the Counterparty FPA Offering Amount) of Forward Purchase Securities that the Purchasers shall purchase at the Closing (such specified
amount, the “Purchase Price”), and (iii) the amount of the Purchase Price allocated to, and to be paid directly
by, each Purchaser; and

 

(b) for
each such Purchaser other than Counterparty, a joinder to this Agreement in the form attached hereto as Exhibit A (with such changes as
may be agreed to by the Company in its sole discretion), duly executed by such Purchaser (each, a “Purchaser Joinder”),
in respect of the portion of the Forward Purchase Securities allocated to such Purchaser pursuant to the Confirmation (each, a “Purchaser
FPA Purchase Amount”), providing for the direct sale and purchase of Forward Purchase Securities by the Company to such
Purchaser, on a several (and not joint) basis;

 

provided, however, that delivery of any such Purchaser
Joinder to the Company after the date specified above shall not invalidate such Purchaser Joinder, and such delayed delivery may be waived
by the Company by any means, and shall irrevocably be deemed to have been waived by the Company upon the Company’s written acceptance
of a Purchase Joinder or the issuance of any Forward Purchase Securities pursuant thereto.

 

1.4.3. The
Company acknowledges that, notwithstanding anything to the contrary set forth herein, this Agreement is neither a commitment nor an obligation
of Purchaser to purchase any Forward Purchase Securities unless and until a Confirmation is delivered in accordance with Section 1.4.2.
For the avoidance of doubt, it shall be in the sole and absolute discretion of Counterparty whether to deliver a Confirmation, and the
Counterparty and all of its affiliates shall be excused, without any further liability or obligation hereunder, from the purchase of any
Forward Purchase Securities if for any reason, in its sole and absolute discretion, it does not deliver a Confirmation within fifteen
(15) days after receipt of an FPA Offering Notice from the Company.

 

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2. Closing
and Closing Conditions.

 

2.1. Closing
of the Sale and Purchase of Securities. The consummation and settlement of the purchase and sale of Forward Purchase Securities hereunder
(the “Closing”) shall be held on the date and time specified by the Company in the FPA Offering Notice or pursuant
to the terms of a Subscription Agreement, as applicable (the “Closing Date”) and shall be effective upon or
immediately prior to the effective time of the Business Combination. At the Closing, the Company will issue Forward Purchase Securities
to the Purchasers in the amounts set forth in the Confirmation, each registered in the name of the applicable Purchaser, against delivery
of the applicable portion of the Purchase Price in cash via wire transfer to an account specified in writing by the Company no later than
three (3) business days prior to the Closing (or as otherwise provided in a Subscription Agreement).

 

2.2. Conditions
to the Company’s Closing Obligations. The obligation of the Company to issue and sell the Forward Purchase Securities at the
Closing under this Agreement shall be subject to the fulfillment, at or prior to the Closing, of each of the following conditions, any
of which, to the extent permitted by applicable law, may be waived by the Company:

 

2.2.1. FPA
Offering Notice, Confirmation and Purchaser Joinders. The Company shall have delivered to Counterparty an FPA Offering Notice, and
Counterparty shall have delivered to the Company, on behalf of each Purchaser, (a) the Confirmation and (b) in the case of any affiliate
of Counterparty (if applicable), a separate Purchaser Joinder for each Purchaser, duly executed by such Purchaser.

 

2.2.2. Subscription
Agreement. To the extent required by the Company, each Purchaser shall have executed and delivered to the Company a Subscription Agreement.

 

2.2.3. Business
Combination Closing. The Business Combination shall be consummated substantially concurrently with the purchase of the Forward Purchase
Securities.

 

2.2.4. Representations
and Warranties Correct. The representations and warranties made by such Purchaser in Section 6.1 hereof shall be true and correct
in all material respects when made and shall be true and correct in all material respects on and as of the Closing Date (unless they specifically
speak as of another date in which case they shall be true and correct in all material respects as of such date) with the same force and
effect as if they had been made on and as of said date.

 

2.2.5. Performance
of Covenants. All covenants, agreements and conditions contained in this Agreement to be performed by Counterparty or such Purchaser
on or prior to the Closing Date shall have been performed or complied with in all material respects.

 

2.2.6. No
Injunction. No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental,
regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition
shall be in effect, preventing the purchase by such Purchaser of the Forward Purchase Securities.

 

2.2.7. Additional
Conditions. All other conditions to the issuance and sale of the Forward Purchase Securities under this Agreement as may be specified
by the Company in the FPA Offering Notice or pursuant to the terms of a Subscription Agreement, as applicable, shall have been satisfied.

 

2.3. Conditions
to the Purchasers’ Closing Obligations. The obligation of any Purchaser to purchase Forward Purchase Securities at the Closing
under this Agreement shall be subject to the fulfillment, at or prior to the Closing, of each of the following conditions, any of which,
to the extent permitted by applicable law, may be waived by such Purchaser:

 

2.3.1. Confirmation
and Purchaser Joinders. The Company shall have delivered to Counterparty an FPA Offering Notice, and any such Purchaser other than
Counterparty shall have delivered to the Company a Purchaser Joinder duly executed by such Purchaser.

 

2.3.2. Board
Approval of Business Combination. The Business Combination shall have been approved by a majority of the members, and a majority of
the independent directors, of the board of directors of the Company.

 

2.3.3. Business
Combination Closing. The Business Combination shall be consummated substantially concurrently with the purchase of the Forward Purchase
Securities.

 

2.3.4. Blue
Sky. The Company shall have obtained all necessary “blue sky” law permits and qualifications, or secured an exemption
therefrom, required by any state for the offer and sale of the Forward Purchase Securities.

 

2.3.5. Representations
and Warranties Correct. The representations and warranties made by the Company in Section 6.2 hereof shall be true and correct
in all material respects when made and shall be true and correct in all material respects on and as of the Closing Date (unless they specifically
speak as of another date in which case they shall be true and correct in all material respects as of such date) with the same force and
effect as if they had been made on and as of said date.

 

2.3.6. Covenants.
All covenants, agreements and conditions contained in this Agreement to be performed by the Company on or prior to the Closing Date shall
have been performed or complied with in all material respects.

 

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2.3.7. No
Injunction. No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental,
regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition
shall be in effect, preventing the purchase by any Purchaser of the Forward Purchase Securities.

 

2.3.8. Business
Combination Terms. No amendment or modification of the Business Combination Agreement shall have occurred that would materially and
adversely affect the economic benefits that Counterparty would reasonably expect to receive under this Agreement without having received
Counterparty’s prior written consent.

 

2.3.9. NYSE
Listing. The Company shall have obtained approval of the New York Stock Exchange to list the Forward Purchase Shares and Forward Purchase
Warrants, subject to official notice of issuance, and no suspension of the qualification thereof for offering or sale or trading in any
jurisdiction, or initiation or threatening of any proceedings for any of such purposes, shall have occurred.

 

 

2.3.10. Additional
Conditions. All other conditions to the purchase of the Forward Purchase Securities under this Agreement as may be specified by the
Company in the FPA Offering Notice or pursuant to the terms of a Subscription Agreement, as applicable, shall have been satisfied.

 

3. Restrictions
on Transfer; Registration Rights.

 

3.1. Securities
Law Restrictions. The Forward Purchase Securities are being offered and sold pursuant to an exemption from the registration requirements
of the Securities Act of 1933, as amended (the “Securities Act”), will be “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, and can be offered, sold or transferred only pursuant to registration under
the Securities Act or an available exemption from registration under the Securities Act. Each Purchaser hereby agrees not to offer, sell,
or transfer all or any part of the Forward Purchase Securities unless, prior thereto (a) a registration statement on the appropriate form
under the Securities Act and applicable state securities laws with respect to such Forward Purchase Securities proposed to be transferred
shall then be effective or (b) the Company has received an opinion of counsel for the Company that such registration is not required because
such transaction is exempt from registration under the Securities Act and the rules promulgated by the U.S. Securities and Exchange Commission
(the “SEC”) thereunder and under all applicable state securities laws. All certificates representing Forward
Purchase Securities shall have endorsed thereon a legend substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY
INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER SUCH ACT OR SUCH LAWS OR, SUBJECT TO AN OPINION OF COUNSEL OR SUCH OTHER INFORMATION AS THE COMPANY MAY REQUIRE, AN AVAILABLE EXEMPTION
FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS.”

 

3.2. Registration
Rights. The Company hereby confirms and agrees that each Purchaser and any subsequent holder of any Forward Purchase Securities sold
and purchased hereunder will be entitled to registration rights with respect to such Forward Purchase Securities pursuant to the terms
of any registration rights agreement benefitting any other purchasers of equity securities pursuant to the PIPE Transaction or, in the
absence of the foregoing, that certain Amended and Restated Registration Rights Agreement dated as of the date hereof between the Company
and certain other parties thereto (the “Registration Rights Agreement”).

 

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3.3. No
Short Sales. Each Purchaser hereby agrees that, from the date hereof until the closing of the Company’s initial Business Combination,
neither it, nor any person or entity acting on its behalf or pursuant to any understanding with it, will engage in any Short Sales with
respect to securities of the Company. For purposes of this Section 3.3, “Short Sales” shall include,
without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and
all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements),
forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and any transactions
having like effect through non-U.S. broker dealers or foreign regulated brokers. Notwithstanding anything to the contrary set forth herein,
(i) nothing herein shall prohibit any entities under common management or that share an investment advisor with any Purchaser that have
no knowledge of this Agreement or of any Purchaser’s participation in the transactions contemplated in this Agreement (including
any Purchaser’s controlled affiliates and/or other affiliates) from entering into any Short Sales and (ii) in the case of a Purchaser
that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets
and the portfolio managers have no knowledge of the investment decisions made by the portfolio managers managing other portions of such
Purchaser’s assets, this Section 3.3 shall only apply with respect to the portion of assets managed by the portfolio manager
that made the investment decision to purchase Forward Purchase Securities pursuant to this Agreement.

 

4. Additional
Agreements and Acknowledgements.

 

4.1. Other
Forward Purchase Agreements. Except to the extent otherwise agreed in writing by Counterparty, the Company shall not enter into any
Forward Purchase Agreement (or any agreement related thereto or any amendment of any of the foregoing) that provides any purchaser thereunder
and its affiliates, taken as a whole, rights to purchase pursuant to a PIPE Transaction equity securities of the Company having terms,
or for a per-security price, that are more favorable than the terms of the Forward Purchase Securities and per-security price hereunder,
unless the Company offers to modify the terms of this Agreement as necessary to render the terms of the Forward Purchase Securities and
per-security price hereunder materially equivalent to such other more favorable terms; provided, however, that Counterparty hereby agrees
that no rights shall arise under this Section 4.1 or Section 1.3.2 hereof due to (a) rights to appoint observers to meetings
of the board of directors of the Company granted to entities whose affiliates (i) are members of the sponsor of the Company and (ii) participating
in forward purchase arrangements with the Company similar to this Agreement, or (b) the dollar amount of equity securities of the Company
that any other purchaser may be granted priority rights to purchase under a Forward Purchase Agreement, or the grant to any purchaser
of priority rights to purchase equity securities under a Forward Purchaser Agreement that any other purchaser under a Forward Purchase
Agreement failed to confirm or purchase.

 

4.2. No
Vote on Business Combination. The Purchasers acknowledge and agree that if the Company seeks stockholder approval of a proposed Business
Combination, the Forward Purchase Securities shall not be issued and outstanding as of the record date for any stockholder meeting at
which such vote shall be held and, as such, none of the Forward Purchase Securities shall be entitled to vote at any such meeting on the
Business Combination or any other matter on which a vote is held thereat.

 

4.3. No
Rights to Redemption or Liquidating Distributions. The Purchasers acknowledge and agree that the issuance and sale of the Forward
Purchase Securities to each Purchaser, if any, is pursuant to a private placement of such securities and not pursuant to the IPO (and
as such, no Forward Purchase Securities constitute “IPO Shares” as defined in the Certificate of Incorporation), and is conditioned
upon the substantially concurrent closing of a Business Combination. As such, the Purchasers further acknowledge and agree that (a) neither
any Purchaser nor any other holder of any Forward Purchase Securities is entitled to participate with respect to any Forward Purchase
Securities in any tender offer conducted by the Company in connection with any Business Combination, (b) neither any Purchaser nor any
other holder of any Forward Purchase Securities is entitled to elect to have any such Forward Purchase Securities converted into or redeemed
for cash in connection with any Business Combination or any amendment of the Certificate of Incorporation, and (c) neither any Purchaser
nor any other holder of any Forward Purchase Securities is entitled to participate with respect to any Forward Purchase Securities in
any liquidating distributions from the Trust Account.

 

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4.4. Waiver
of Claims Against Trust. Counterparty and each Purchaser hereby acknowledges that it is aware that the Company has established the
Trust Account for the benefit of the Company’s public stockholders upon the IPO Closing. Counterparty and each Purchaser hereby
agrees that it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, except for redemption
and liquidation rights, if any, that Counterparty or such Purchaser may have in respect of any Public Shares that may be held by Counterparty
or such Purchaser from time to time. Counterparty and each Purchaser hereby agrees that it shall have no right of set-off or any right,
title, interest or claim of any kind (“Claim”) to, or to any monies in the Trust Account, and hereby irrevocably
waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future, except for redemption and liquidation
rights, if any, that Counterparty or such Purchaser may have in respect of any Public Shares held by Counterparty or such Purchaser from
time to time. In the event Counterparty or any Purchaser has any Claim against the Company under this Agreement, Counterparty or such
Purchaser shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the property or
any monies in the Trust Account.

 

4.5. Disclosure.
Counterparty and each Purchaser hereby acknowledges and consents to the disclosure by the Company of the existence and terms of this Agreement,
including without limitation in any confidential or public filing made with the SEC, and the inclusion of a copy of this Agreement as
an exhibit to any such filing. Within four (4) business days following the execution and delivery of this Agreement by the Company and
Counterparty, the Company will file with the SEC a Current Report on Form 8-K, disclosing the entry into this Agreement and attaching
a copy of this Agreement as an Exhibit thereto. In addition, the Company shall, within one (1) business day following the later of (a)
the entry by the Company into a Business Combination Agreement, and (b) the execution and delivery of a Confirmation and one or more Purchaser
Joinders hereunder, or the entry into one or more Subscription Agreements as may be required by the Company pursuant hereto, issue one
or more press releases or file with the SEC a Current Report on Form 8-K disclosing all material terms of the transactions contemplated
hereby, the Business Combination and any other material, nonpublic information that the Company has provided to any Purchaser at any time
prior to such filing.

 

4.6. Use
of Counterparty’s Name. Subject to Section 4.5, the Company will not, without the written consent of Counterparty in
each instance, use in advertising, publicity or otherwise the name of Counterparty or any of its affiliates, or any director, officer
or employee of Counterparty or any of its affiliates, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation,
contraction or simulation thereof owned by Counterparty or any of its affiliates or any information relating to the business or operations
of Counterparty or any of its affiliates (including, for the avoidance of doubt, any investment vehicles, funds or accounts managed thereby).
Notwithstanding the foregoing, the Company may disclose Counterparty’s name and information concerning Counterparty (a) to
the extent required by law, regulation or regulatory request, including in a registration statement or (b) to the Company’s
lawyers, independent accountants and to other advisors and service providers who reasonably require Counterparty’s information in
connection with the provision of services to the Company, are advised of the confidential nature of such information and are obligated
to keep such information confidential; provided, however, that the Company agrees to provide to Counterparty, for Counterparty’s
review in advance of the submission, filing or disclosure of such document, any disclosure with respect to Counterparty or any of its
affiliates in any registration statement, proxy statement or other document in connection with the transactions contemplated by this Agreement,
and will not make any such submission, filing or disclosure without including any revisions reasonably requested in writing by Counterparty
or to the extent Counterparty has a good faith objection to such submission, filing or disclosure.

 

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4.7. Additional
PIPE Financing. If the Company undertakes a PIPE Transaction in connection with its initial Business Combination in an aggregate dollar
amount in excess of $75,000,000 (such excess amount, an “Additional PIPE Financing”), the Company shall communicate
with Counterparty regarding such opportunity and, to the extent requested in writing by Counterparty, shall use its commercially reasonable
efforts to obtain, for Counterparty (and any affiliates as may be designated by Counterparty), a priority right to participate in such
Additional PIPE Financing in an amount equal to the lesser of (a) an amount equal to 200% of the Counterparty FPA Offering Amount, reduced
in the same proportion, if any, by which the aggregate dollar amount of such Additional PIPE Financing is less than $150,000,000, or (b)
the amount specified in writing by Counterparty. The terms of any such Additional PIPE Financing, including the securities to be issued
pursuant thereto, and any participation by Counterparty or any of its affiliates therein, shall be governed solely by the subscription
or other agreements executed by Counterparty (and any of its affiliates) and the Company in connection with such Additional PIPE Financing
and not by the terms of this Agreement.

 

4.8. Alternative
PIPE Financing. If an entity other than the Company is to be the surviving public issuer of securities pursuant to the Company’s
initial Business Combination and undertakes a PIPE Transaction in connection with such Business Combination (an “Alternative
PIPE Financing”), the Company shall cause such issuer to give effect to the rights of Counterparty hereunder in relation
to such Alternative PIPE Transaction (and any Additional PIPE Financing in relation thereto) as if the Company were the issuer of securities
pursuant to such Alternative PIPE Transaction, subject to such equitable changes to the terms hereof as may be necessary to give effect
to the substitution of such issuer for the Company hereunder.

 

5. Termination.

 

5.1. This
Agreement may be terminated at any time prior to the Closing (a) by mutual written consent of the Company and Counterparty, or (b) by
the Company, by written notice to Counterparty, if Counterparty does not deliver to the Company a Confirmation and one or more Purchaser
Joinders within the time specified hereby following delivery of an FPA Offering Notice by the Company to Counterparty. In addition, this
Agreement shall terminate automatically without further action by any party if, prior to the Closing:

 

5.1.1. A
Business Combination is consummated by the Company without the issuance and sale by the Company of equity securities through a PIPE Transaction
in connection with such Business Combination;

 

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5.1.2. The
Company does not consummate a Business Combination on or prior to the date that is 24 months following the IPO Closing, or the Company
or Counterparty is otherwise liquidated or dissolved;

 

5.1.3. Counterparty
or the Company becomes subject to any voluntary or involuntary petition under the United States federal bankruptcy laws or any state insolvency
law, in each case which is not withdrawn within sixty (60) days after being filed, or a receiver, fiscal agent or similar officer is appointed
by a court for business or property of such party, in each case which is not removed, withdrawn or terminated within sixty (60) days after
such appointment.

 

5.2. In
the event of any termination of this Agreement pursuant to this Section 5, any amount of the Purchase Price paid by any Purchaser
prior to such termination shall be promptly returned to such Purchaser (without interest), and thereafter this Agreement shall forthwith
become null and void and have no effect, without any liability on the part of any party and all rights and obligations of each party shall
cease; provided, however, that nothing contained in this Section 5 shall relieve any party from liabilities or damages arising
out of any fraud or willful breach by such party prior to such termination of any of its representations, warranties, covenants or agreements
contained in this Agreement.

 

6. Representations
and Warranties.

 

6.1. Representations
and Warranties of each Purchaser. Except for the specific representations and warranties contained in this Section 6.1 and
in any Purchaser Joinder and Subscription Agreement, if any, as may be delivered pursuant hereto, neither Counterparty nor any Purchaser,
nor any affiliate of any of the foregoing, nor any person acting on behalf of any of the foregoing (the “Purchaser Parties”)
has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to Counterparty, any Purchaser
or this offering, and the Purchaser Parties disclaim any such representation or warranty. Counterparty and each Purchaser, severally and
not jointly, hereby represents and warrants to the Company as follows:

 

6.1.1. Organization
and Authority. It is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization
and has all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. All entity action necessary
for the authorization, execution, delivery, and performance of this Agreement by Counterparty or such Purchaser, as applicable, and the
consummation thereby of the transactions contemplated hereby has been taken. This Agreement constitutes the valid and legally binding
obligation of Counterparty or such Purchaser, as applicable, enforceable against Counterparty or such Purchaser, as applicable, in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws
affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement
is sought in a proceeding at law or in equity).

 

    10

     

    

 

6.1.2. No
Conflicts or Consents. The execution and delivery of this Agreement (including by execution and delivery of any Purchaser Joinder)
by Counterparty or such Purchaser, as applicable, and the performance of this Agreement and the consummation by Counterparty or such Purchaser,
as applicable, of the transactions contemplated hereby do not violate, conflict with or constitute a default under (a) the organizational
documents of Counterparty or such Purchaser, as applicable, (b) any agreement, indenture or instrument to which Counterparty or such Purchaser,
as applicable is a party, (c) any law, statute, rule or regulation to which Counterparty or such Purchaser, as applicable, is subject,
or (d) any agreement, order, judgment or decree to which Counterparty or such Purchaser, as applicable, is subject. No governmental, administrative
or other third-party consents or approvals are required, necessary or appropriate on the part of Counterparty or such Purchaser, as applicable,
in connection with the transactions contemplated by this Agreement.

 

6.1.3. No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting Counterparty
or such Purchaser, as applicable, which (a) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions
contemplated by this Agreement or (b) question the validity or legality of any of such transactions or seek to recover damages or to obtain
other relief in connection with any such transactions.

 

6.1.4. Adequacy
of Funds. At the time of the Closing, such Purchaser will have available to it sufficient funds to satisfy its obligations under this
Agreement.

 

6.1.5. No
Brokers. No broker, finder or similar intermediary has acted for or on behalf of Counterparty or such Purchaser, as applicable, or
any of its respective affiliates in connection with this Agreement or the transactions contemplated hereby or is entitled to any broker’s,
finder’s or similar fee or other commission in connection therewith.

 

6.1.6. Experience,
Financial Capability and Suitability. Such Purchaser is: (a) sophisticated in financial and tax matters and is able to evaluate the
risks and benefits of the investment in the Forward Purchase Securities and (b) able to bear the economic and tax risk of its investment
in the Forward Purchase Securities for an indefinite period of time because the Forward Purchase Securities have not been registered under
the Securities Act and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration
is available. Such Purchaser is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect
its own interests. Such Purchaser must bear the economic and tax risk of this investment until the Forward Purchase Securities are sold
pursuant to an effective registration statement under the Securities Act or an exemption from such registration available with respect
to such sale. Such Purchaser is able to bear the economic and tax risks of an investment in the Forward Purchase Securities and to afford
a complete loss of such Purchaser’s investment in the Forward Purchase Securities.

 

    11

     

    

 

6.1.7. Access
to Information; Independent Investigation. Prior to its execution of this Agreement (including by execution of a Purchaser Joinder)
such Purchaser has had the opportunity to ask questions of and receive answers from representatives of the Company concerning an investment
in the Company, as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information
to verify the accuracy of all information so obtained. In determining whether to make this investment, such Purchaser has relied solely
on such Purchaser’s own knowledge and understanding of the Company and its business based upon such Purchaser’s own due diligence
investigation and the information furnished pursuant to this paragraph.

 

6.1.8. Accredited
Investor. Counterparty or such Purchaser, as applicable, is an “accredited investor” as such term is defined in Rule 501(a)
of Regulation D under the Securities Act and acknowledges the sale contemplated hereby is being made in reliance on a private placement
exemption applicable to “accredited investors” or similar exemptions under federal and state law.

 

6.1.9. Investment
Purposes. Such Purchaser is purchasing the Forward Purchase Securities solely for investment purposes and not with a view towards
the further distribution or dissemination thereof. Counterparty or such Purchaser, as applicable, did not decide to enter into this Agreement
(including by execution of a Purchaser Joinder) as a result of any general solicitation or general advertising within the meaning of Rule
502 under the Securities Act.

 

6.1.10. Certain
Acknowledgments. Such Purchaser understands that (a) no federal or state agency has passed upon or made any recommendation or endorsement
of the offering of the Forward Purchase Securities; (b) no public market now exists for the Forward Purchase Securities, and the Company
has made no assurances that a public market will ever exist for the Forward Purchase Securities; and (c) its agreement to purchase the
Forward Purchase Securities involves a high degree of risk which could cause such Purchaser to lose all or part of its investment.

 

6.1.11. Restrictions
on Transfer; Shell Company. Such Purchaser understands that (A) the Forward Purchase Securities are being offered in a transaction
not involving a public offering within the meaning of the Securities Act, (B) the Forward Purchase Securities will be “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act and any certificates representing the Forward Purchase
Securities will contain a legend in respect of such restrictions, (C) the Forward Purchase Securities can be offered, sold or transferred
only pursuant to registration under the Securities Act or an available exemption from such registration, and as a condition precedent
to any such transfer, such Purchaser may be required to deliver to the Company an opinion of counsel satisfactory to the Company, and
(D) because the Company is a shell company, Rule 144 may not be available to such Purchaser for the resale of the Forward Purchase Securities
until one (1) year following the filing of a Form 8-K announcing the consummation of the Business Combination.

 

6.1.12. Residence.
The principal place of business of Counterparty or such Purchaser, as applicable, is the office or offices located at the address thereof
set forth on the signature page to this Agreement (in the case of Counterparty) or the signature page to the Purchaser Joinder executed
by such Purchaser.

 

    12

     

    

 

6.1.13. Affiliation
of Certain FINRA Members. Counterparty or such Purchaser, as applicable, is not a person associated nor affiliated with any underwriter
of the IPO or, to its actual knowledge, any other member of the Financial Industry Regulatory Authority (“FINRA”)
that participated in the IPO.

 

6.1.14. Non-Reliance.
Except for the specific representations and warranties expressly made by the Company in Section 6.2 of this Agreement and in any
Purchaser Joinder or Subscription Agreement, if any, as may be delivered pursuant hereto, Counterparty or such Purchaser, as applicable,
has not relied and is not relying upon any other representations or warranties that may have been made by any of the Company Parties (defined
below) in connection with the transactions contemplated by this Agreement.

 

6.2. Representations
and Warranties of the Company. Except for the specific representations and warranties contained in this Section 6.2 and in
any Purchaser Joinder and Subscription Agreement, if any, as may be delivered pursuant hereto, none of the Company, any person on behalf
of the Company or any of the Company’s other affiliates (collectively, the “Company Parties”) has made,
makes or shall be deemed to make any other express or implied representation or warranty with respect to the Company, this offering, the
IPO or a potential Business Combination, and the Company Parties disclaim any such representation or warranty. The Company hereby represents
and warrants to Counterparty and each Purchaser as follows:

 

6.2.1. Organization
and Authority. The Company is duly organized, validly existing and in good standing under the laws of the state of Delaware and has
all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. All entity action on the part
of the Company necessary for the authorization, execution, delivery, and performance of this Agreement by the Company and the consummation
by the Company of the transactions contemplated hereby has been taken. This Agreement constitutes the valid and legally binding obligation
of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject
to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

6.2.2. No
Conflicts, Consents or Filings. The execution, delivery and performance of this Agreement and the consummation by the Company of the
transactions contemplated hereby do not violate, conflict with or constitute a default under (a) the organizational documents of the Company,
(b) any agreement, indenture or instrument to which the Company is a party, (c) any law, statute, rule or regulation to which the Company
is subject, or (d) any agreement, order, judgment or decree to which the Company is subject. Assuming the accuracy of the representations
and warranties made by Counterparty and the Purchasers in this Agreement, no governmental, administrative or other third-party consents
or approvals are required, necessary or appropriate on the part of the Company in connection with the transactions contemplated by this
Agreement, other than FINRA and New York Stock Exchange consents and approvals as may be required, and filings pursuant to Regulation
D of the Securities Act, and applicable state laws, if any, and pursuant to the Registration Rights Agreement.

 

    13

     

    

 

6.2.3. No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company which
(a) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or (b) question
the validity or legality of any such transactions or seek to recover damages or to obtain other relief in connection with any such transactions.

 

6.2.4. Valid
Issuance of and Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Forward Purchase
Securities and the securities issuable upon exercise of the Forward Purchase Warrants, when issued in accordance with the terms of the
Forward Purchase Warrants and this Agreement, will be duly and validly issued, fully paid and non-assessable, as applicable. Upon issuance
in accordance with, and payment by or on behalf of a Purchaser pursuant to, the terms hereof, such Purchaser will have or receive good
title to such Forward Purchase Securities, free and clear of all liens, claims, preemptive or similar rights, taxes and charges with respect
to the issue thereof, and restrictions on transfer encumbrances of any kind, other than (a) transfer restrictions under federal and state
securities laws, and (b) liens, claims or encumbrances imposed due to the actions of such Purchaser. Assuming the accuracy of the representations
of each Purchaser in this Agreement and subject to the filings described in Section 6.2.2 above, the Forward Purchase
Securities will be issued to such Purchaser in compliance with all applicable federal and state securities laws.

 

6.2.5. No
General Solicitation. No form of general solicitation or general advertising within the meaning of Regulation D of the Securities
Act was used by the Company or any of its representatives in connection with the offer and sale of the Forward Purchase Securities.

 

6.2.6. No
Disqualifying Event. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a
“Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered
Person (as defined below), except for a Disqualification Event as to which Rule 506(d)(2)(ii-iv) or (d)(3), is applicable. “Company
Covered Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under
the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1).

 

6.2.7. SEC
Reports. Except as subsequently reflected in an amendment or restatement as necessary to give effect to any change in law or accounting
standards, or to give effect to any subsequent interpretation of any of the foregoing, as of their respective dates (a) all reports (the
“SEC Reports”) required to be filed by the Company with the SEC since its Registration Statement on Form S-1
with respect to its Public Units and until the date hereof under Sections 13 or 15(d) of the Exchange Act, complied in all material respects
with the requirements of the Exchange Act and none of the SEC Reports, when filed, contained any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and (b) the financial statements of the Company included in the SEC Reports
comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto
as in effect at the time of filing and fairly present in all material respects the financial position of the Company as of and for the
dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to
normal, year-end audit adjustments.

 

    14

     

    

 

6.2.8. No
Brokers. No broker, finder or similar intermediary has acted for or on behalf of the Company or any of its respective affiliates in
connection with this Agreement or the transactions contemplated hereby and no broker, finder, agent or similar intermediary is entitled
to any broker’s, finder’s or similar fee or other commission in connection therewith.

 

6.2.9. Non-Reliance.
Except for the specific representations and warranties expressly made by Counterparty or any Purchaser (severally, and not jointly) in
Section 6.1 and in any Purchaser Joinder or Subscription Agreement, if any, as may be delivered pursuant hereto, the Company has
not relied and is not relying upon any other representations or warranties that may have been made by any of the Purchaser Parties in
connection with the transactions contemplated by this Agreement.

 

7. General.

 

7.1. Further
Assurances. Each party agrees to execute such further instruments and to take such further action as may reasonably be necessary to
carry out the intent of this Agreement.

 

7.2. Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail during
normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business day,
(c) five (5) business days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one
(1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery,
with written verification of receipt. All communications to Counterparty shall be sent to Counterparty at the address set forth on the
signature page to this Agreement or to such other address as Counterparty my specify by written notice to the Company; all communications
to any Purchaser other than Counterparty shall be sent to such Purchaser at the address set forth on the signature page to such Purchaser’s
Purchaser Joinder or to such other address as such Purchaser my specify by written notice to the Company; and all communications to the
Company shall be sent to the following address or to such other address as the Company my specify by written notice to Counterparty and
each Purchaser:

 

Northern Genesis
Acquisition Corp. III

4801 Main Street,
Suite 1000

Kansas City,
MO 64112

Attn: Chief Financial
Officer

Email: ken.manget@northerngenesis.com

 

with a copy to the Company’s counsel
at:

 

Husch Blackwell LLP

4801 Main Street, Suite 1000

Kansas City, Missouri 64112

Attn: James G. Goettsch

E-mail: jim.goettsch@huschblackwell.com

 

    15

     

    

 

7.3. Entire
Agreement. This Agreement, together with the Registration Rights Agreement and any other agreements that are delivered pursuant hereto
or referenced herein, constitute the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes
all prior understandings, agreements or representations by or among the parties hereto, written or oral, to the extent they relate in
any way to the subject matter hereof or the transactions contemplated hereby.

 

7.4. Amendments;
Waivers. The terms and provisions of this Agreement may be modified or amended only by written agreement executed (a) prior to the
delivery of a Confirmation, by the Company and Counterparty; and (b) following the delivery of a Confirmation, by the Company, Counterparty
and each Purchaser. The terms and provisions of this Agreement may be waived only by written document executed by the party entitled to
the benefits of such terms or provisions. No such waiver shall be deemed to be or shall constitute a waiver or consent with respect to
any other terms or provisions of this Agreement, and any such waiver shall be effective only in the specific instance and for the purpose
for which it was given and shall not constitute a continuing waiver.

 

7.5. Assignment.
The rights and obligations under this Agreement may not be assigned by any of the parties hereto without the prior written consent of
the other party, except as expressly provided herein.

 

7.6. No
Third-Party Beneficiaries. Except for the express rights of any affiliate of Counterparty to elect to become a party hereto by execution
and delivery of a Purchaser Joinder, nothing in this Agreement shall be construed to create any rights or obligations except among the
parties hereto, and no person or entity shall be regarded as a third-party beneficiary of this Agreement.

 

7.7. Governing
Law; Jurisdiction. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and
governed by the laws of the State of New York applicable to contracts wholly performed within the borders of such state, without giving
effect to the conflict of law principles thereof. Each party hereby agrees that any action, proceeding or claim against it arising out
of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, irrevocably submits to such jurisdiction, and waives any objection that such courts
represent an inconvenient forum.

 

7.8. Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement
shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems
it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such court shall deem any such
provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force
and effect.

 

7.9. No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement,
and no course of dealing between any parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single
or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps
to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any
other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such
party to pursue other available remedies. No notice to or demand on a party not expressly required under this Agreement shall entitle
the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver
of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

 

    16

     

    

 

7.10. Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any other
agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations
made by or on behalf of any of the parties.

 

7.11. Several
Undertakings. Nothing contained herein, in any other Forward Purchase Agreement or Subscription Agreement, or in the Business Combination
Agreement, and no action taken by Counterparty, any Purchaser, any other investor or the Company pursuant hereto or thereto, shall be
deemed to constitute any of Counterparty, any other Purchaser, the other investors, or the Company as a partnership, an association, a
joint venture or any other kind of entity, or create a presumption that Counterparty, any Purchaser, the other investors or the Company
are in any way acting in concert or as a group (including any group acting for the purpose of acquiring, holding or disposing of equity
securities of the Company (within the meaning of Rule 13d-5(b)(1) under the Exchange Act)) with respect to such obligations or the transactions
contemplated by this Agreement, any other Forward Purchase Agreement or Subscription Agreement, or the Business Combination Agreement.

 

7.12. Expenses.
Each of the Company and Counterparty (and any Purchaser) will bear its own costs and expenses incurred in connection with the preparation,
execution and performance of this Agreement, any Subscription Agreement and the consummation of the transactions contemplated hereby,
including all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants, except that the Company
will reimburse legal fees reasonably incurred by Counterparty, the Purchasers or any of their respective affiliates in connection herewith
and the transactions contemplated hereby in an aggregate amount (including Counterparty, each Purchaser, and all of their respective affiliates,
collectively and not severally) up to $50,000 promptly following the Closing of the purchase of Forward Purchase Securities under the
terms hereof by one or more of such parties and receipt by the Company of an invoice therefor. The Company shall be responsible for the
fees of its transfer agent, stamp taxes and all of The Depository Trust Company’s fees associated with the issuance of the Forward
Purchase Securities and the securities issuable upon conversion or exercise of the Forward Purchase Warrants.

 

7.13. Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall
in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

7.14. Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement.
In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall
create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such signature page were an original thereof.

 

[Signature Page Follows]

 

    17

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed this Agreement effective as of the date first set forth above.

 

	 	COUNTERPARTY:	[NAME
    OF COUNTERPARTY]
	 	 	 	 
	 	 	By:	 
	 	 		Name:
	 	 		Title:
	 	 	 	 
	 	 	Address
    for Notices:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	 	COMPANY:	NORTHERN GENESIS ACQUISITION 
	 		CORP. III
	 	 	 	 
	 	 	By:	                     
	 	 	 	Name:	Ian Robertson
	 	 	 	Title:	Chief Executive Officer

 

[Signature Page to NG-III Forward Purchase Agreement]

 

     

     

    

 

EXHIBIT A

 

FORM OF PURCHASER JOINDER

 

THIS PURCHASER JOINDER AGREEMENT
(this “Joinder”) is executed and delivered this____________ day of____________, 202[1] by the undersigned Purchaser (as
defined below) and is effective as of the date hereof.

 

This Joinder constitutes a
“Purchaser Joinder” under and to that certain Forward Purchase Agreement dated April 21, 2021 (as amended from time to time,
the “Agreement”), between Northern Genesis Acquisition Corp. III (the “Company”),
[Name of Counterparty] (“Counterparty”) and each Purchaser other than Counterparty that executes and delivers
a Purchaser Joinder thereto. Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in
the Agreement.

 

WHEREAS, the Company has delivered
to Counterparty an FPA Offering Notice, stating the Company’s bona fide intention to enter into a Business Combination Agreement
and setting forth details of the proposed issuance and sale of Forward Purchase Securities to the Purchaser(s) under the Agreement;

 

WHEREAS, by execution of this
Joinder, the undersigned Purchaser desires to confirm its election to purchase Forward Purchase Securities pursuant to the terms and conditions
of the Agreement, including the price per Forward Purchase Unit specified in the Agreement, in the aggregate dollar amount specified herein,
and to become a party to and be bound by the Agreement with respect thereto.

 

NOW, THEREFORE, in consideration
of the grant of the right to purchase Forward Purchase Securities pursuant to the Agreement, and as a condition to the exercise of such
right, and in further consideration of the mutual covenants contained in the Agreement and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the undersigned Purchaser hereby agrees as follows, expressly for the benefit
of each of the Company:

 

1. Purchaser
FPA Purchase Amount. The undersigned Purchaser hereby acknowledges and agrees that the undersigned’s Purchaser FPA Purchase
Amount, as used in the Agreement and herein, is an amount is equal to $[●].

 

2. Agreement
to be Bound. The undersigned Purchaser hereby acknowledges and agrees that it has received and reviewed a complete copy of the Agreement
and that, upon execution of this Joinder, it will become a party to the Agreement and will be fully bound by, and subject to, all terms
and conditions of the Agreement attributable to a “Purchaser” thereunder as though an original party to the Agreement, severally
and not jointly with any other Purchaser thereunder; provided, that the purchase price to be paid by the undersigned Purchaser pursuant
thereto for Forward Purchase Securities shall be the undersigned’s Purchaser FPA Purchase Amount, and all rights and obligations
of the undersigned Purchaser with respect to Forward Purchase Securities shall be limited to the dollar amount thereof that may be purchased
under the terms of the Agreement for the undersigned’s Purchaser FPA Purchase Amount.

 

3. Representations
and Warranties. The undersigned Purchaser hereby confirms, represents and warrants that all representations and warranties made in
respect of a “Purchaser” under the Forward Purchase Agreement are true and correct with respect to (and solely with respect
to) the undersigned Purchaser (with execution of this Joinder by the undersigned Purchaser, and delivery of this Joinder by or on behalf
of the undersigned Purchaser to the Company (including delivery hereof by Counterparty), constituting execution and delivery of the Agreement
by the undersigned Purchaser).

 

4. Authority.
The undersigned Purchaser hereby authorizes Counterparty to deliver to the Company the Confirmation and this Joinder on behalf of the
undersigned Purchaser.

 

5. Notices.
All communications sent to the undersigned Purchaser under or pursuant to the Agreement and this Joinder shall be sent to such Purchaser
at the address set forth on the signature page to this Agreement or to such other address as such Purchaser my specify by written notice
to the Company.

 

6. General
Provisions. Subject to Section 5 above with respect to the address for notices to the undersigned Purchaser, Article 7 of the Agreement
is hereby incorporated by reference and shall apply to this Joinder, mutatis mutandis.

 

[Signature page follows.]

 

    Exhibit A - 1

     

    

 

IN WITNESS WHEREOF, the undersigned
has executed this Joinder as of the date first written above, intending to be legally bound hereunder and by the Agreement to the extent
provided herein.

 

	 	PURCHASER:	 
	 	 	Name of Purchaser
	 	 	 
	 	 	By:	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 	(if signing on behalf of entity)
	 	 	 
	 	 	Initial Address for Notices:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	ACKNOWLEDGED AND CONFIRMED:	 
	 	 
	NORTHERN GENESIS ACQUISITION CORP. III	 
	 	 
	By:	                            	 
	 	Ian Robertson, Chief Executive Officer	

 

 

Exhibit A - 2Document

Exhibit 10.1

NORTHERN TRUST CORPORATION

TERMS AND CONDITIONS
RELATING TO PERFORMANCE STOCK UNITS GRANTED
PURSUANT TO THE 2017 LONG-TERM INCENTIVE PLAN

1.    Grant of PSUs.  The performance stock units (“PSUs”) with respect to shares of Common Stock of Northern Trust Corporation (the “Corporation”) granted to you pursuant to your Award Notice are subject to these Terms and Conditions Relating to Performance Stock Units Granted Pursuant to the 2017 Long-Term Incentive Plan (the “Terms and Conditions”), the PSU Award Notice (the “Award Notice”) and all of the terms and conditions of the Northern Trust Corporation 2017 Long-Term Incentive Plan (the “2017 Plan”), which is incorporated herein by reference.  In the case of a conflict between these Terms and Conditions, the Award Notice and the terms of the 2017 Plan, the provisions of the 2017 Plan will govern. Capitalized terms used but not defined herein have the meaning provided therefor in the 2017 Plan. For the sake of clarity, the PSUs are intended to be a Performance Award as governed by Article IV of the 2017 Plan. 

2.    Vesting Conditions.

(a)    Except as provided in Section 6, the vesting of 50% of your PSUs is dependent upon (a) the average annual rate of return on equity that the Corporation achieves during the Performance Period, and (b) your continuous and uninterrupted employment with your Employer through the Vesting Date.  

(b)    Except as provided in Section 6, the vesting of the remaining 50% of your PSUs is dependent upon (a) the Corporation's average annual rate of return on equity relative to the Performance Peer Group during the Performance Period, and (b) your continuous and uninterrupted employment with your Employer through the Vesting Date.  

3.    Average Annual Rate of Return on Equity.

    (a)    If you remain in the continuous and uninterrupted employment with your Employer through the Vesting Date (except as otherwise provided in Section 6), you shall become vested in the percentage of the applicable PSUs determined based on the Corporation’s average annual rate of return on equity for the Performance Period using the following table (applying straight line interpolation rounded to the nearest whole number of PSUs for average annual rates of return on equity falling between the applicable thresholds):

															
	Average Annual 
Rate of Return on 
Equity	Less than 
6.0%	6.0%	11.0%	≥ 13.0%
	PSU Multiplier	0%	25%	100%	150%

Any PSUs that do not become vested in accordance with the foregoing table shall be forfeited.

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(b)    The Corporation will issue you one (1) share of Common Stock in settlement of each vested PSU.

(c)    For purposes of these Terms and Conditions:

(i)    The average annual rate of return on equity for the Performance Period attained by the Corporation is the return on average common equity, based on the Corporation’s net income, and shall be determined by the Committee in its sole and absolute discretion in accordance with generally accepted accounting principles (subject to the adjustments set forth below).  For purposes of the foregoing, the average annual rate of return on equity shall be calculated as the simple average annual rate of return on equity for the three-year Performance Period measured across the Corporation as a whole.

(ii)    Notwithstanding anything herein to the contrary, for purposes of determining the average annual rate of return on equity for any individual fiscal year of the Corporation within the Performance Period, if any of the following items, individually or aggregated with other items as reflected herein, would produce a change to net income in excess of $100 million, net income shall be determined for such fiscal year by excluding such item(s) as aggregated:

(A)    the gains or losses resulting from, and the expenses incurred in connection with, the acquisition or disposition of a business, a merger, or a similar transaction, and integration in connection therewith; 

(B)    the impact of securities issuances in connection with events described in item (A), above, and expenses incurred in connection therewith;  

(C)    any gain, loss, income or expense resulting from changes in accounting principles, tax laws, or other laws or provisions affecting reported results, that become effective during the Performance Period; 

(D)    any gain or loss resulting from, and expenses incurred in connection with, any litigation or regulatory investigations; 

(E)    any charges and expenses incurred in connection with restructuring activity, including but not limited to, reductions in force; 

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(F)    the impact of discontinued operations;  

(G)    asset write-downs; 

(H)    the impact of goodwill impairment; or 

(I)    any other gain, loss, income or expense with respect to the Performance Period that is extraordinary, unusual and/or infrequent and not related to normal operations.  

All amounts referenced in the foregoing list shall be determined in accordance with GAAP and shall be consistent with the Corporation’s financial disclosures.  Further, the Committee’s determination of the average annual rate of return on equity for a Performance Period shall be final.

4.    Average Annual Rate of Return on Equity Relative to Performance Peer Group.

(a)    If you remain in the continuous and uninterrupted employment with your Employer through the Vesting Date (except as otherwise provided in Section 6), you shall become vested in the percentage of the applicable PSUs determined based on the Corporation’s average annual rate of return on equity relative to the Performance Peer Group for the Performance Period using the following table (applying straight line interpolation rounded to the nearest whole number of PSUs for the Corporation's achievement falling between the applicable thresholds):

															
	Ranking	< 25th
 percentile
	25th
percentile
	50th
percentile
	Highest ROE
	PSU Multiplier	0%	50%	100%	150%

Any PSUs that do not become vested in accordance with the foregoing table shall be forfeited.

(b)    The Corporation will issue you one (1) share of Common Stock in settlement of each vested PSU.

(c)    For purposes of these Terms and Conditions, the average annual rate of return on equity for the Performance Period attained by the Corporation shall be determined by the Committee in its sole and absolute discretion by reference to the Corporation's reported annual rate of return as reflected on its audited consolidated financial statements for each year in the Performance Period..  For purposes of the foregoing, the average annual rate of return on equity shall be calculated as the sum of the annual rate of return on equity for the three-year Performance Period measured across the Corporation as a whole, divided by three (3).

(d)    The average annual rate of return on equity for each member of the Performance Peer Group shall be determined by the Committee in its sole and absolute discretion by 

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reference to the member's reported annual rate of return as reflected on its audited consolidated financial statements for each year in the Performance Period.

5.    Dividend Equivalents. Upon the payment of any dividends on the shares of Common Stock occurring during the period preceding the settlement of your PSUs pursuant to these Terms and Conditions, the Corporation shall credit to you an amount in cash equal in value to the dividends that you would have received had you been the actual owner of the number of shares of Common Stock represented by the number of PSUs earned as of the end of the Performance Period.  The payment of any dividend equivalents as provided herein shall be made as soon as administratively practicable following the Vesting Date (but in no event later than 60 days following the Vesting Date).

6.    Termination of Employment. Upon the termination of your employment with your Employer, your right to receive the shares of Common Stock issuable pursuant to the PSUs shall be only as follows:

(a)    Cause.  Notwithstanding anything to the contrary contained in these Terms and Conditions, if your Employer terminates your employment for Cause, your PSUs, whether vested but unsettled or unvested, immediately shall terminate and be forfeited.

(b)    Disability and Death.  If you cease to be an Employee by reason of Disability or death prior to the Vesting Date, you or your estate will become vested in the Actual PSUs as of the Vesting Date and you, your legal representative or your estate will receive the underlying shares of Common Stock pursuant to the vested PSUs. 

(c)    Retirement.  If (i) you cease to be an Employee by reason of Retirement,  and (ii) you provide Retirement Notice, you will become vested in the Actual PSUs as of the Vesting Date and you will receive the underlying shares of Common Stock pursuant to the vested PSUs.  However, if you cease to be Retired from the Industry (as determined by the Committee in its sole discretion), any PSUs immediately shall terminate and be forfeited. Notwithstanding the foregoing, you will continue to vest in your PSUs pursuant to this Section 3(c) regardless of whether you cease to be Retired from the Industry if (i) your termination qualifies as a Mutual Agreement Termination, (ii) you cease to be an employee by reason of Disability, or (iii) a forfeiture upon your ceasing to be Retired from the Industry would violate applicable law. 

(d)    Mutual Agreement Termination. If you cease to be an Employee and your termination qualifies as a Mutual Agreement Termination, you will become vested in the Actual PSUs as of the Vesting Date and you will receive the underlying shares of Common Stock pursuant to the vested PSUs. 

(e)    Other Termination Events.  If you cease to be an Employee prior to the date that your PSUs become vested for any reason other than those provided above, your PSUs shall terminate and be forfeited as of your Termination Date.

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(f)    Form and Timing of Settlement.  Notwithstanding the foregoing, the Corporation may, in its sole discretion, settle your PSUs in the form of: (i) a cash payment to the extent settlement in shares of Common Stock (1) is prohibited under local law, (2) would require you or the Corporation to obtain the approval of any governmental and/or regulatory body in your country of residence (and/or country of employment, if different) or (3) is administratively burdensome or (ii) shares of Common Stock, but require you to immediately sell such shares of Common Stock (in which case, the Corporation shall have the authority to issue sales instructions in relation to such shares of Common Stock on your behalf).  Also, the PSUs shall be settled as soon as administratively practicable following the Vesting Date (but in no event later than March 15 of the calendar year following the calendar year in which the Performance Period ends).

7.    Treatment Upon Change in Control.

(a)    General.  Except as may be otherwise provided in an agreement executed by the Corporation (and, where applicable, approved by the Corporation’s shareholders) addressing a Change in Control and which does not materially impair your rights under the PSUs, your PSUs shall be treated in accordance with the following provisions in the event of a Change in Control. 

(b)    Conversion of PSUs by Acquirer.  In the event of a Change in Control, the PSUs shall be converted to unvested restricted stock units settled in shares of the acquirer’s common stock (an “Acquirer Stock Unit”) as follows:

            (i)    Acquirer Unvested Stock Units Based Upon Corporation Performance:  A pro-rata number of the PSUs shall be converted into time-based, unvested restricted stock units over shares of the acquirer’s common stock (with an equivalent intrinsic value) based upon the Corporation’s average annual rate of return on equity and the Corporation's average annual rate of return on equity relative to the Performance Peer Group as computed for the Abbreviated Performance Period (an “Acquirer Unvested Performance-Related Stock Unit”) where: (1) the Corporation’s average annual rate of return on equity and the Corporation's average annual rate of return on equity relative to the Performance Peer Group shall be computed on the basis of the Abbreviated Performance Period; (2) the PSU Multiplier shall be determined based upon the Corporation’s average annual rate of return on equity and the Corporation's average annual rate of return on equity relative to the Performance Peer Group for the Abbreviated Performance Period; (3) the pro-ration shall be done on the basis of the Pre-Change in Control Pro-Ration Factor; and (4) the terms and conditions of each Acquirer Unvested Performance-Related Stock Unit shall be the same in all material respects as the terms and conditions of the original PSUs, with the exception that you shall vest in each Acquirer Unvested Performance-Related Stock Unit on the basis of your continuous employment from the date of the Change in Control through the end of the original Performance Period plus one (1) day (the “Post-Change Vesting Date”).  Upon vesting, each vested Acquirer Unvested Performance-Related Stock Unit will be settled in one (1) share of the acquirer’s common stock as soon as administratively practicable following the Post-Change Vesting Date (but in no event later than 60 days following the Post-Change Vesting Date).  Upon a Qualifying Termination prior to the Post-Change Vesting Date, you shall become fully vested in each Acquirer Unvested Performance-Related Stock Unit and each vested Acquirer Unvested Performance-Related Stock Unit shall be settled (in one share (1) of the acquirer’s common stock) as soon as 

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administratively practicable following such Qualifying Termination (but in no event later than 60 days following the Qualifying Termination). 

            (ii)    Acquirer Unvested Stock Units: A pro-rata number of the PSUs shall be converted into time-based, unvested restricted stock units over shares of the acquirer’s common stock (with an equivalent intrinsic value; an “Acquirer Unvested Stock Unit”) where: (1) the number of PSUs subject to conversion to Acquirer Unvested Stock Units shall be computed on the basis of a PSU Multiplier equal to 100%, (2) the pro-ration shall be done on the basis of the Post-Change in Control Pro-Ration Factor, and (3) the terms and conditions of each Acquirer Unvested Stock Unit shall be the same in all material respects as the terms and conditions of the original PSU, with the exception that you shall vest in each Acquirer Unvested Stock Unit on the basis of your continuous employment from the date of the Change in Control through the Post-Change Vesting Date.  Upon vesting, each vested Acquirer Unvested Stock Unit will be settled in one (1) share of the acquirer’s common stock as soon as administratively practicable following the Post-Change Vesting Date (but in no event later than 60 days following the Post-Change Vesting Date).  Upon a Qualifying Termination prior to the Post-Change Vesting Date, you shall become fully vested in each Acquirer Unvested Stock Unit and each vested Acquirer Unvested Stock Unit shall be settled (in one share (1) of the acquirer’s common stock) as soon as administratively practicable following such Qualifying Termination (but in no event later than 60 days following the Qualifying Termination).  For purposes of the foregoing and to the extent possible, the conversion of PSUs into Acquirer Unvested Stock Units shall be effectuated in accordance with the applicable provisions of the Code (and the related Treasury Regulations) and the applicable provisions of the laws of your country of residence and/or country of employment such that the conversion is tax neutral and itself does not trigger a taxable event to you, the Corporation, your Employer or the acquirer.  

(c)    Cashout of PSUs.  In the event of a Change in Control where the acquirer does not convert the PSUs in accordance with the provisions of Section 6(b), you shall become vested in the PSUs as follows:

            (i)    Cashout of Vested PSUs Based Upon Corporation Performance: A pro-rata number of the PSUs shall become vested based upon the Corporation’s average annual rate of return on equity and the Corporation's average annual rate of return on equity relative to the Performance Peer Group as computed for the Abbreviated Performance Period where: (1) the Corporation’s average annual rate of return on equity and the Corporation's average annual rate of return on equity relative to the Performance Peer Group shall be computed on the basis of the Abbreviated Performance Period, (2) the PSU Multiplier shall be determined based upon the Corporation’s average annual rate of return on equity and the Corporation's average annual rate of return on equity relative to the Performance Peer Group for the Abbreviated Performance Period, and (3) the pro-ration shall be done on the basis of the Pre-Change in Control Pro-Ration Factor.  Upon vesting, each vested PSU shall be cancelled by the Corporation in exchange for a cash payment equal to the aggregate consideration paid to each shareholder of one (1) share of Common Stock upon the Change in Control.  Such cash payment shall be made as soon as administratively practicable following the Change in Control (but in no event later than 60 days following the Change in Control) in such manner and in accordance with such procedures as the Committee may determine in its sole discretion.

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            (ii)    Cashout of Vested PSUs Based on Target: Another pro-rata number of the PSUs shall become vested where: (1) the number of PSUs subject to vesting shall be computed on the basis of a PSU Multiplier equal to 100%, and (2) the PSUs will be subject to the Post-Change Pro-Ration Factor.  Upon vesting, each vested PSU shall be cancelled by the Corporation in exchange for a cash payment equal to the aggregate consideration paid to each shareholder of one (1) share of Common Stock upon the Change in Control.  Such cash payment shall be made as soon as administratively practicable following the Change in Control (but in no event later than 60 days following the Change in Control) in such manner and in accordance with such procedures as the Committee may determine in its sole discretion.

8.    Legal and Tax Compliance; Cooperation.  If you are resident and/or are employed outside of the United States, you agree, as a condition of the grant of the PSUs, to repatriate all payments attributable to the shares of Common Stock and/or cash acquired under the 2017 Plan (including, but not limited to, dividends, dividend equivalents and any proceeds derived from the sale of the shares of Common Stock acquired pursuant to the PSUs) if required by and in accordance with local foreign exchange rules and regulations in your country of residence (and/or country of employment, if different).  In addition, you also agree to take any and all actions, and consent to any and all actions taken by the Corporation and its Subsidiaries, as may be required to allow the Corporation and its Subsidiaries to comply with local laws, rules and regulations in your country of residence (and/or country of employment, if different).  Finally, you agree to take any and all actions as may be required to comply with your personal legal and tax obligations under local laws, rules and regulations in your country of residence (and/or country of employment, if different).

9.    Age Discrimination Rules.  If you are resident and/or employed in a country that is a member of the European Union, the grant of the PSUs and these Terms and Conditions are intended to comply with the Age Discrimination Rules.  To the extent that a court or tribunal of competent jurisdiction determines that any provision of the Terms and Conditions are invalid or unenforceable, in whole or in part, under the Age Discrimination Rules, the Corporation, in its sole discretion, shall have the power and authority to revise or strike such provision to the minimum extent necessary to make it valid and enforceable to the full extent permitted under local law.

10.    Withholding of Tax-Related Items.  

(a)    Regardless of any action the Corporation and/or your Employer take with respect to any or all Tax-Related Items, you acknowledge that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that the Corporation and your Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the PSUs, including the grant of the PSUs, the vesting of the PSUs, the subsequent sale of any shares of Common Stock acquired pursuant to the PSUs and the receipt of any dividends or dividend equivalents and (ii) do not commit to structure the terms of the grant or any aspect of the PSUs to reduce or eliminate your liability for Tax-Related Items.

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PSU Award
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(b)    Prior to the delivery of shares of Common Stock upon the vesting of your PSUs, if your country of residence (and/or country of employment, if different) requires withholding of Tax-Related Items, the Corporation shall withhold a sufficient number of whole shares of Common Stock otherwise issuable upon the vesting of the PSUs that have an aggregate Fair Market Value sufficient to pay the Tax-Related Items required to be withheld with respect to the shares of Common Stock. The cash equivalent of the shares of Common Stock withheld will be used to settle the obligation to withhold the Tax-Related Items.  In the event that withholding in shares of Common Stock is prohibited or problematic under applicable law or otherwise may trigger adverse consequences to the Corporation or your Employer, your Employer may withhold the Tax-Related Items required to be withheld with respect to the shares of Common Stock in cash from your regular salary and/or wages or any other amounts payable to you.  In the event the withholding requirements are not satisfied through the withholding of shares of Common Stock by the Corporation or through your regular salary and/or wages or other amounts payable to you by your Employer, no shares of Common Stock will be issued to you (or your estate) upon vesting of the PSUs unless and until satisfactory arrangements (as determined by the Corporation) have been made by you with respect to the payment of any Tax-Related Items that the Corporation or your Employer determines, in its sole discretion, must be withheld or collected with respect to such PSUs. 

(c)    By accepting these PSUs, you expressly consent to the foregoing methods of withholding as provided for hereunder.  All other Tax-Related Items related to the PSUs and any shares of Common Stock delivered in settlement thereof are your sole responsibility.

11.    Code Section 409A.  

(a)    The PSUs are intended to comply with or be exempt from the requirements of Code Section 409A.  The 2017 Plan and these Terms and Conditions shall be administered and interpreted in a manner consistent with this intent.  If the Corporation determines that these Terms and Conditions are subject to Code Section 409A and that they do not comply with or are inconsistent with the applicable requirements, the Corporation may, in its sole discretion, and without your consent, amend these Terms and Conditions to cause them to comply with Code Section 409A or be exempt from Code Section 409A.

(b)    Notwithstanding any provision of these Terms and Conditions to the contrary, in the event that any settlement or payment of the PSUs occurs as a result of your termination of employment and the Corporation determines that you are a “specified employee” (within the meaning of Code Section 409A) subject to Code Section 409A at the time of your termination of employment, and provided further that such payment or settlement does not otherwise qualify for an applicable exemption from Code Section 409A, then no such settlement or payment shall be paid to you until the date that is the earlier to occur of: (i) your death, or (ii) six (6) months and one (1) day following your termination of employment.  Any portion of the PSUs where settlement is delayed as a result of the foregoing, which is (i) in whole or in part, settled in cash and (ii) based on the value of a share of Common Stock, shall be based on the value of a share of Common Stock at the time the PSUs otherwise would have been settled or paid without application of the delay described in the foregoing sentence.  If the PSUs do not otherwise qualify for an applicable exemption from Code Section 409A, the terms “Retirement,” “terminate,” “termination,” “termination of employment,” 

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and variations thereof as used in these Terms and Conditions are intended to mean a “separation from service” as such term is defined under Code Section 409A.   

(c)    Although these Terms and Conditions and the payments provided hereunder are intended to be exempt from or to otherwise comply with the requirements of Code Section 409A, the Corporation does not represent or warrant that these Terms and Conditions or the payments provided hereunder will comply with Code Section 409A or any other provisions of federal, state, local, or non-U.S. law.  Neither the Corporation, its Subsidiaries, your Employer or their respective directors, officers, employees or advisers shall be liable to you (or any other individual claiming a benefit through you) for any tax, interest, or penalties you may owe as a result of compensation paid under these Terms and Conditions, and the Corporation, its Subsidiaries and your Employer shall have no obligation to indemnify or otherwise protect you from the obligation to pay any taxes pursuant to Code Section 409A.  

12.    Forfeitures and Recoupment 

        (a)    Recoupment Policy.  In addition to these Terms and Conditions, your PSUs and any shares of Common Stock issued to you pursuant to the PSUs shall be subject to the provisions of the Northern Trust Corporation Policy on Recoupment, as may be subsequently amended from time to time (the “Policy”).

        (b)    Delegation of Authority to Corporation.  For purposes of the foregoing, you expressly and explicitly authorize the  Corporation to issue instructions, on your behalf, to any brokerage firm and/or third party administrator engaged by the Corporation to hold your shares of Common Stock and other amounts acquired pursuant to your PSUs to re-convey, transfer or otherwise return such shares of Common Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policy.  To the extent that these Terms and Conditions and the Policy conflict, the terms of the Policy shall prevail.

13.    Nontransferability.  The PSUs shall be transferable only by will or the laws of descent and distribution.  If you purport to make any transfer of the PSUs, except as aforesaid, the PSUs and all rights thereunder shall terminate immediately.

14.    Securities Laws.  The PSUs shall not be vested in whole or in part, and the Corporation shall not be obligated to issue any shares of Common Stock subject to the PSUs, if such issuance would, in the opinion of counsel for the Corporation, violate the Securities Act of 1933 or any other U.S. federal, state or non-U.S. laws having similar requirements as it may be in effect at the time.  The PSUs are subject to the further requirement that, if at any time the Board of Directors of the Corporation shall determine in its discretion that the listing or qualification of the shares of Common Stock subject to the PSUs under any securities exchange requirements or under any applicable law, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of or in connection with the issuance of shares of Common Stock pursuant to the PSUs, the PSUs may not be vested in whole or in part unless such listing, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Corporation.

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15.    No Right of Continued Employment.  The grant of the PSUs shall not confer upon you any right to continue in the employ of your Employer nor limit in any way the right of your Employer to terminate your employment at any time.  You shall have no rights as a shareholder of the Corporation with respect to any shares of Common Stock issuable upon the vesting of the PSUs until the date of issuance of such shares of Common Stock.

16.     Discretionary Nature; No Vested Rights.  You acknowledge and agree that the 2017 Plan is discretionary in nature and may be amended, cancelled, or terminated by the Corporation, in its sole discretion, at any time.  The grant of the PSUs under the 2017 Plan is a one-time benefit and does not create any contractual or other right to receive a grant of PSUs or any other award under the 2017 Plan or other benefits in lieu thereof in the future.  Future grants, if any, will be at the sole discretion of the Corporation, including, but not limited to, the form and timing of any grant, the number of shares of Common Stock subject to the grant and the vesting provisions.  Any amendment, modification or termination of the 2017 Plan shall not constitute a change or impairment of the terms and conditions of your employment with your Employer.

17.    Extraordinary Benefit.  Your participation in the 2017 Plan is voluntary.  The value of the PSUs and any other awards granted under the 2017 Plan is an extraordinary item of compensation outside the scope of your employment (and your employment contract, if any).  Any grant under the 2017 Plan, including the grant of the PSUs, is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension, or retirement benefits or similar payments.

18.    Heirs.  These Terms and Conditions shall bind and inure to the benefit of the Corporation, its successors and assigns, and you and your estate in the event of your death.

19.    Data Privacy.  The Corporation is located at 50 S. LaSalle Street, Chicago, Illinois 60603, United States of America, and grants PSUs under the 2017 Plan to employees of the Corporation and its Subsidiaries in its sole discretion.  In conjunction with the Corporation’s grant of the PSUs under the 2017 Plan and its ongoing administration of such awards, the Corporation is providing the following information about its data collection, processing and transfer practices.  In accepting the grant of the PSUs, you expressly and explicitly consent to the personal data activities as described herein.

(a)    Data Collection, Processing and Usage. The Corporation collects, processes and uses your personal data, including your name, home address, email address, telephone number, date of birth, social insurance number or other identification number, salary, citizenship, job title, any shares of Common Stock or directorships held in the Corporation, and details of all PSUs or any other equity compensation awards granted, canceled, exercised, vested, or outstanding in your favor, which the Corporation receives from you or your Employer.  In granting the PSUs under the 2017 Plan, the Corporation will collect your personal data for purposes of allocating shares of Common Stock and implementing, administering and managing the 2017 Plan.  The Corporation’s legal basis for the collection, processing and usage of your personal data is your consent.

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(b)    Stock Plan Administration Service Provider. The Corporation transfers your personal data to Fidelity Stock Plan Services, LLC, an independent service provider based in the United States of America, which assists the Corporation with the implementation, administration and management of the 2017 Plan (the “Stock Plan Administrator”).  In the future, the Corporation may select a different Stock Plan Administrator and share your personal data with another company that serves in a similar manner.  The Stock Plan Administrator will open an account for you to receive and trade shares of Common Stock acquired under the 2017 Plan.  You will be asked to agree on separate terms and data processing practices with the Stock Plan Administrator, which is a condition to your ability to participate in the 2017 Plan.

(c)    International Data Transfers. The Corporation and the Stock Plan Administrator are based in the United States of America.  You should note that your country of residence may have enacted data privacy laws that are different from the United States of America. The Corporation’s legal basis for the transfer of your personal data to the United States of America is your consent.

(d)    Voluntariness and Consequences of Consent Denial or Withdrawal.  Your participation in the 2017 Plan and your grant of consent is purely voluntary.  You may deny or withdraw your consent at any time.  If you do not consent, or if you later withdraw your consent, you may be unable to participate in the 2017 Plan.  This would not affect your existing employment or salary; instead, you merely may forfeit the opportunities associated with the 2017 Plan.

(e)    Data Subjects Rights. You may have a number of rights under the data privacy laws in your country of residence.  For example, your rights may include the right to (i) request access or copies of personal data the Corporation processes, (ii) request rectification of incorrect data, (iii) request deletion of data, (iv) place restrictions on processing, (v) lodge complaints with competent authorities in your country of residence, and/or (vi) request a list with the names and addresses of any potential recipients of your personal data.  To receive clarification regarding your rights or to exercise your rights, you should contact privacy_compliance@ntrs.com.

20.    Private Placement.  If you are a resident and/or employed outside of the United States, you acknowledge that the grant of the PSUs is not intended to be a public offering of securities in your country of residence (and/or country of employment, if different).  You further acknowledge that the Corporation has not submitted any registration statement, prospectus or other filing with any securities authority other than the U.S. Securities and Exchange Commission with respect to the grant of the PSUs, unless otherwise required under local law.  No employee of the Corporation is permitted to advise you on whether you should acquire shares of Common Stock under the 2017 Plan or provide you with any legal, tax or financial advice with respect to the grant of the PSUs.  The acquisition of shares of Common Stock involves certain risks, and you should carefully consider all risk factors and tax considerations relevant to the acquisition of shares of Common Stock under the 2017 Plan and the disposition of them.  Further, you should carefully review all of the materials related to the PSUs and the 2017 Plan, and you should consult with your personal legal, tax and financial advisors for professional advice in relation to your personal circumstances.

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21.    Governing Law.  All questions concerning the construction, validity and interpretation of the PSUs and the 2017 Plan shall be governed and construed according to the laws of the state of Delaware, without regard to the application of the conflicts of laws provisions thereof.  Any disputes regarding the PSUs or the 2017 Plan shall be brought only in the state or federal courts of the state of Delaware.

22.    Electronic Delivery.  The Corporation may, in its sole discretion, decide to deliver any documents related to the PSUs or other awards granted to you under the 2017 Plan by electronic means.  You hereby consent to receive such documents by electronic delivery and agree to participate in the 2017 Plan through an on-line or electronic system established and maintained by the Corporation or a third party designated by the Corporation.

23.    Severability.  The invalidity or unenforceability of any provision of the 2017 Plan or these Terms and Conditions shall not affect the validity or enforceability of any other provision of the 2017 Plan or these Terms and Conditions.  

24.    English Language.  If you are resident and/or employed outside of the United States, you acknowledge and agree that it is your express intent that these Terms and Conditions, the 2017 Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the PSUs be drawn up in English.  If you have received these Terms and Conditions, the 2017 Plan or any other documents related to the PSUs translated into a language other than English and the meaning of the translated version is different than the English version, the English version will control. 

25.    Addendum.  Notwithstanding any provisions of these Terms and Conditions to the contrary, the PSUs shall be subject to any special terms and conditions for your country of residence (and/or country of employment, if different) set forth in an addendum to these Terms and Conditions (an “Addendum”).  Further, if you transfer your residence and/or employment to another country reflected in an Addendum to these Terms and Conditions at the time of transfer, the special terms and conditions for such country will apply to you to the extent the Corporation determines, in its sole discretion, that the application of such special terms and conditions is necessary or advisable in order to comply with local law, rules and regulations, or to facilitate the operation and administration of the PSUs and the 2017 Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate your transfer).  In all circumstances, any applicable Addendum shall constitute part of these Terms and Conditions.

26.    Insider Trading. By participating in the 2017 Plan, you expressly agree to comply with the Corporation’s Securities Transactions Policy and Procedures and any other of its policies regarding insider trading or personal account dealing applicable to you. Further, you expressly acknowledge and agree that, depending on the country of residence of you or your broker, or where the shares of Common Stock are listed, you may be subject to insider trading restrictions and/or market abuse laws which may affect your ability to accept, acquire, sell or otherwise dispose of shares of Common Stock, rights to shares of Common Stock (e.g., PSUs) or rights linked to the value of the shares of Common Stock, during such times you are considered to have material non-public information, “inside information” or similar types of information regarding the Corporation as 

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defined by laws or regulations in the applicable country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders you place before you possessed such information.  Furthermore, you may be prohibited from (a) disclosing such information to any third party (other than on a “need to know” basis) and (b) “tipping” third parties or causing them otherwise to buy or sell securities (including other employees of the Corporation and its Subsidiaries). Any restriction under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation policies.  You expressly acknowledge and agree that it is your responsibility to comply with any applicable restrictions, and you should consult your personal advisor for additional information on any trading restrictions that may apply to you.

27.    Additional Requirements; Amendments.  The Corporation reserves the right to impose other requirements on the PSUs, any shares of Common Stock acquired pursuant to the PSUs and your participation in the 2017 Plan to the extent the Corporation determines, in its sole discretion, that such other requirements are necessary or advisable in order to comply with local law, rules and regulations, or to facilitate the operation and administration of the PSUs and the 2017 Plan.  Such requirements may include (but are not limited to) requiring you to sign any agreements or undertakings that may be necessary to accomplish the foregoing. In addition, the Corporation reserves the right to amend these Terms and Conditions without your consent, either prospectively or retroactively, to the extent that such amendment does not materially impair your rights under the PSUs.  

28.    Definitions.      For purposes of these Terms and Conditions:

(a)    “Abbreviated Performance Period” means the period commencing on January 1, 2021 and ending on the last day of the month preceding the month in which a Change in Control occurs.

(b)    “Actual PSUs” means the number of PSUs, if any, as determined based on the average annual rate of return on equity actually attained by the Corporation (as determined by the Committee in its sole and absolute discretion) and the Corporation's average annual rate of return on equity relative to the Performance Peer Group for the Performance Period.

(c)    “Age Discrimination Rules” means the age discrimination provisions of the EU Equal Treatment Framework Directive, as implemented into local law.

(d)    “Cause” means (i) a material breach or your willful and substantial non-performance of your assigned duties and responsibilities (other than as a result of incapacity due to physical or mental illness), (ii) a conviction of or no contest plea with respect to bribery, extortion, embezzlement, fraud, grand larceny, or any felony or similar conviction under local law involving abuse or misuse of your position to seek or obtain an illegal or personal gain at the expense of the Corporation, your Employer or any Subsidiary, or similar crimes, or conspiracy to commit any such crimes or attempt to commit any such crimes, (iii) your violation of any policy of the Corporation, your Employer or any of its Subsidiaries to which you may be subject or your willful engagement in any misconduct in the performance of your duties that materially injures the Corporation,  your 

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Employer or any of its Subsidiaries, (iv) your performance of any act which, if known to the customers, clients, stockholders or regulators of the Corporation, your Employer or any of its Subsidiaries, would materially and adversely impact the business of the Corporation, your Employer or any of its Subsidiaries, or (v) any act or omission by you that causes a regulatory body with jurisdiction over the Corporation, your Employer or any of its Subsidiaries, to demand, request, or recommend that you be suspended or removed from any position in which you serve with the Corporation, your Employer or any of its Subsidiaries.

(e)    “Continuous Years of Service” means the period of your continuous and uninterrupted employment with your Employer commencing on your most recent hire date with your Employer through your Termination Date.  For the sake of clarity, if your employment with the Corporation or a Subsidiary terminated and you have been rehired by your Employer, your Continuous Years of Service shall not be determined by aggregating your periods of employment with the Corporation or a Subsidiary.

(f)    “Disability” means (i) if you are covered under the Northern Trust Corporation Managed Disability Program, a covered disability that continues for a period of at least six (6) months, or (ii) if you are not covered under the Northern Trust Corporation Managed Disability Program, a disability as determined by the Committee in its sole discretion.

(g)    “Employer” means the Corporation or any Subsidiary that employs you on the applicable date.

(h)    “Grant Date” means the date of grant reflected in your Award Notice.

(i)    “Mutual Agreement Termination” means (i) a termination pursuant to the Northern Trust Corporation Severance Plan, (ii) a termination pursuant to an established country redundancy or severance policy (outside of the United States), or (iii) any other termination without Cause by your Employer providing transition/separation pay, provided in each case that in conjunction with such termination, you have executed, and not revoked during the period provided for therein, a binding and effective settlement agreement, waiver and release.

(j)    “Performance Peer Group” means (i) State Street Corporation, (ii) The Bank of New York Mellon Corporation, (iii) The Charles Schwab Corp., (iv) Truist, Inc., (v) The PNC Financial Services Group, (vi) U.S. Bancorp, (vii) Bank of America Corporation, (viii) Citigroup, Inc., (ix) JPMorgan Chase & Co., (x) Wells Fargo & Company, (xi) Morgan Stanley, and (xii) The Goldman Sachs Group, Inc.

(k)    “Performance Period” means the three-year period commencing on January 1, 2021 and ending on December 31, 2023.

(l)    "Pre-Change in Control Pro-Ration Factor" means a fraction, the numerator of which is the number of full months in the Abbreviated Performance Period, and the denominator of which is the number of full months in the Performance Period.

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(m)    "Post-Change in Control Pro-Ration Factor" means a fraction, the numerator of which is the number of full months from the date of a Change in Control through the last day of the Performance Period, and the denominator of which is the number of full months in the Performance Period.

(n)    “Qualifying Termination” means a termination of employment with the Corporation, its Subsidiaries and its successors within 24-months following the date of the Change in Control, that is involuntary on your part and does not otherwise (i) qualify as a Retirement or Mutual Agreement Termination, (ii) result from your death or Disability, or (iii) constitute a termination of employment for Cause.

(o)    “Retired from the Industry” means a termination of employment under circumstances that constitute Retirement, and you (i) do not thereafter perform services as an employee, officer, director or consultant for, or in any other capacity assist, any  entity (other than the Corporation or a Subsidiary), whether existing or in formation, that provides or plans to provide services the same as, substantially similar to, or in direct or indirect competition with those offered by the Corporation or any Subsidiary and which you rendered on behalf of the Corporation or any Subsidiary during your tenure of employment, including but not limited to, those relating to trust, investment management, financial and family business consulting, guardianship and estate administration, brokerage services, private and commercial banking, asset management, custody, fund administration, investment operations outsourcing, investment risk and analytical services, employee benefit services, securities lending, foreign exchange, treasury and cash management, and transition management services, and (ii) on an annual basis certify to the Corporation, at such times and in such manner as the Committee may require, that since your Retirement, you have not performed any such services.  The foregoing notwithstanding, service as a director of an entity described above which has been approved in writing by the Committee prior to the commencement of such service shall not, in and of itself, constitute the cessation of being Retired from the Industry.

(p)    “Retirement” means a termination of employment without Cause (other than on account of death or Disability) occurring on or after the date (i) you have attained age 55, and (ii) the sum of your age (in whole years, rounded down to the nearest year) and Continuous Years of Service (in whole years, rounded down to the nearest year) equals or exceeds 65.  For purposes of these Terms and Conditions, any Retirement shall become effective on the first day of the month following the month in which you satisfy the provisions hereunder.

(q)    “Retirement Notice” means notice of your Retirement provided at least three (3) months in advance of such Retirement to the individual(s) to whom you directly report or the Corporation’s chief human resources officer.

(r)    “Tax-Related Items” means any income tax (including U.S. federal, state and local taxes or non-U.S. taxes), social insurance, payroll tax, payment on account or other tax-related withholding amounts.

(s)    “Termination Date” means the effective date of termination of your employment with your Employer, as determined by your Employer (in its discretion).

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(t)    "Vesting Date" means the date on which the Committee certifies the Corporation's attainment of its average annual rate of return on equity and the Corporation's average annual rate of return on equity relative to the Performance Peer Group for the Performance Period.

29.    Exclusion of Claim. You acknowledge and agree that you will have no entitlement to compensation or damages in consequence of the termination of your employment with the Corporation and your Employer for any reason whatsoever and whether or not in breach of contract, insofar as any purported claim to such entitlement arises or may arise from your ceasing to have rights under or to be entitled to vest in the PSUs as a result of such termination of employment (whether the termination is in breach of contract or otherwise), or from the loss or diminution in value of the PSUs.  Upon the grant of the PSUs, you shall be deemed irrevocably to have waived any such entitlement.

    30.    Acceptance. By accepting the grant of the PSUs, you affirmatively and expressly acknowledge that you have read these Terms and Conditions, the Award Notice, the Addendum to these Terms and Conditions (as applicable) and the 2017 Plan, and specifically accept and agree to the provisions therein. You also affirmatively and expressly acknowledge that the Corporation, in its sole discretion, may amend these Terms and Conditions without your consent, either prospectively or retroactively, to the extent that such amendment does not materially impair your rights under the PSUs, and you agree to be bound by such amendment regardless of whether notice is given to you of such change.

*          *          *          *          *

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PSU Award
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