Document:

EX-10.36

 Exhibit 10.36 

 
  

MASTER REORGANIZATION AGREEMENT 

dated as of February    , 2021 

by and among 
 each of
the Parties set forth in the Preamble hereto 
  
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I THE MERGERSUB AND APRIA HEALTHCARE MERGER
	  	 	2	 
		
	 1.1  Merger
	  	 	2	 
		
	 ARTICLE II THE APRIA HEALTHCARE CONVERSION
	  	 	3	 
		
	 2.1  Conversion
	  	 	3	 
		
	 ARTICLE III EXCHANGE OF APRIA HOLDINGS INTERESTS FOR SHARES OF PUBCO
	  	 	4	 
		
	 ARTICLE IV ADMISSION OF ASSIGNEES
	  	 	5	 
		
	 4.1  Admission of Assignees
	  	 	5	 
	 4.2  Stock Power
	  	 	5	 
	 4.3  Amendments and Consents
	  	 	5	 
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	6	 
		
	 5.1  Representations and Warranties of the Parties
	  	 	6	 
		
	 ARTICLE VI MISCELLANEOUS
	  	 	6	 
		
	 6.1  Notices
	  	 	6	 
	 6.2  Entire Agreement
	  	 	7	 
	 6.3  Binding Effect
	  	 	7	 
	 6.4  Severability
	  	 	7	 
	 6.5  Governing Law
	  	 	7	 
	 6.6  Submission to Jurisdiction; Waiver of Jury Trial
	  	 	7	 
	 6.7  Further Assurances
	  	 	8	 
	 6.8  Counterparts
	  	 	8	 
	 6.9  Injunctive Relief
	  	 	8	 
	 6.10 Interpretation
	  	 	9	 

 Schedules 
  

					
	Annex I	  	–  	  	Addressees

  

					
	Exhibits	  		  	
	Exhibit A	  	–  	  	Amended and Restated Certificate of Incorporation of PubCo
	Exhibit B	  	–  	  	Form of Apria Healthcare Plan of Conversion
	Exhibit C	  	–  	  	Limited Liability Company Agreement of Apria Healthcare Group LLC
	Exhibit D	  	–  	  	Second Amended and Restated Limited Liability Company Agreement of Apria Holdings

 MASTER REORGANIZATION AGREEMENT 

This MASTER REORGANIZATION AGREEMENT, dated as of February , 2021 (this “Agreement”), is entered into by and among each of
the following entities (each, a “Party”, and collectively, the “Parties”): 
  

	 	1.	 Apria Inc., a Delaware corporation (“PubCo”); 

 

	 	2.	 Apria Holdings LLC, a Delaware limited liability company (“Apria Holdings”);

  

	 	3.	 Apria Healthcare Group Inc., a Delaware corporation (“Apria Healthcare”);

  

	 	4.	 Apria MergerSub Inc., a Delaware corporation (“MergerSub”); 

 

	 	5.	 BP Healthcare Holdings LLC, a Delaware limited liability company; 

 

	 	6.	 The Class B and C Members (as defined below) party hereto. 

R E C I T A L S 

WHEREAS, (i) Pubco was formed pursuant to a Certificate of Incorporation which was filed with the office of the Secretary of State
of the State of Delaware on March 22, 2018 and (ii) MergerSub was formed pursuant to a Certificate of Incorporation which was filed with the office of the Secretary of State of the State of Delaware on January 26, 2021; and 

WHEREAS, Pubco has adopted the Amended and Restated Certificate of Incorporation of PubCo in the form attached hereto as Exhibit
A. 
 NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements
set forth herein, the Parties hereby agree as follows: 
 ARTICLE I 

THE MERGERSUB AND APRIA HEALTHCARE MERGER 

The transactions described in this Article I shall become effective at the Merger Effective Time (as defined below). 

1.1 Merger. Upon the terms and subject to the conditions set forth in this Section 2.1, and in accordance
with Section 251 of the Delaware General Corporation Law (the “DGCL”), at the Merger Effective Time, MergerSub shall merge with and into Apria Healthcare, whereupon the separate corporate existence of MergerSub shall cease, and
Apria Healthcare shall be the surviving entity (such merger, the “Merger”). The Merger shall have the effects specified herein and in the DGCL. At the Merger Effective Time, all the property, rights, privileges, powers and
franchises of MergerSub shall vest in Apria Healthcare, and all debts, liabilities and duties of MergerSub shall become the debts, liabilities and duties of Apria Healthcare. 

  
 2 

 (a) Certificate of Merger. Apria Healthcare shall cause the Merger to be consummated
by filing a certificate of merger with the Secretary of State of the State of Delaware in such form as is required by, and executed in accordance with the relevant provisions of, the DGCL. The Merger shall become effective at the time specified in
such certificate of merger or, if no effective time is so specified, upon the filing of such certificate of merger with the Secretary of State of the State of Delaware (such time, the “Merger Effective Time”). 

(b) Capital Stock and Interests. At the Merger Effective Time: 

(i) all of the capital stock of MergerSub outstanding immediately prior to the Merger Effective Time shall, by virtue of the
Merger and without any action on the part of any holder thereof or any Party, be converted into 100 duly authorized, validly issued, fully paid and nonassessable shares of common stock, par value $0.01 per share of Apria Healthcare as the surviving
corporation in the Merger; 
 (ii) all of the capital stock of Apria Healthcare outstanding immediately prior to the Merger
Effective Time shall, by virtue of the Merger and without any action on the part of any Party, be converted into the right to receive the number of shares of Pubco’s duly authorized, validly issued, fully paid and nonassessable common stock,
par value $0.01 per share (“Pubco Common Stock”) set forth on Schedule 1.1(b)(ii); and 
 (iii) the
Certificate of Incorporation and Bylaws of Apria Healthcare, each as in effect immediately prior to the Merger Effective Time shall be the Certificate of Incorporation and Bylaws of the surviving corporation in the Merger. 

ARTICLE II 
 THE APRIA
HEALTHCARE CONVERSION 
 The transaction described in this Article II shall occur following the effectiveness of the transactions
described in Article I and shall be effective at the time set forth in the Apria Healthcare Plan of Conversion (as defined below)(the “Apria Healthcare Conversion Effective Time”). 

2.1 Conversion. 

(a) At the Apria Healthcare Conversion Effective Time, Apria Healthcare shall convert to a Delaware limited liability company (“Apria
Healthcare LLC”, and such conversion the “Apria Healthcare Conversion”), pursuant to a plan of conversion in the form attached hereto as Exhibit B (the “Apria Healthcare Plan of Conversion”). Apria
Healthcare LLC is intended to be treated as a disregarded entity for U.S. federal income tax purposes. 
 (b) Upon the effectiveness of the
Apria Healthcare Conversion: (i) the Certificate of Incorporation and Bylaws of Apria Healthcare, each as in effect immediately prior 

  
 3 

 
to the Apria Healthcare Conversion Effective Time, shall be replaced and superseded in their entirety by (A) the certificate of formation of Apria Healthcare LLC in the form attached to the
Plan of Conversion and (B) the Limited Liability Company Agreement of Apria Healthcare LLC in the form attached hereto as Exhibit C (each of which is hereby approved and adopted by Apria Holdco LLC, a Delaware limited liability company
(“Apria Holdco”)), (ii) all of the shares of capital stock of Apria Healthcare issued and outstanding immediately prior to the Apria Healthcare Conversion Effective Time shall be converted into all the limited liability company
interests in Apria Healthcare LLC, (iii) Apria Holdco, as the sole stockholder of Apria Healthcare immediately prior to the Apria Healthcare Conversion Effective Time, shall be automatically admitted as the sole member of Apria Healthcare LLC
owning 100% of the limited liability company interests in Apria Healthcare LLC and continue the business of Apria Healthcare without dissolution in the form of a Delaware limited liability company governed by such Limited Liability Company Agreement
of Apria Healthcare LLC, and (iv) in accordance with Section 18-214(g) of the Delaware Limited Liability Company Act, Apria Healthcare LLC shall constitute a continuation of the existence of Apria
Healthcare in the form of a Delaware limited liability company and, for all purposes of the laws of the State of Delaware, Apria Healthcare LLC shall be deemed to be the same entity as Apria Healthcare. 

(c) The parties intend that the transactions in Article I and Article II together constitute a reorganization within the meaning of
Section 368(a)(1)(F) of the U.S. Internal Revenue Code of 1986, as amended, of Apria Healthcare into Pubco and this Agreement shall constitute a plan of reorganization. 

ARTICLE III 
 EXCHANGE OF
APRIA HOLDINGS INTERESTS FOR SHARES OF PUBCO 
 The transactions described in this Article III shall occur in the order specified
herein and be effective immediately following the effectiveness of the transaction described in Article II. 
 3.1 Apria Holdings
Interests. 
 (a) Apria Holdings, in accordance with the terms and provisions of that certain Amended and Restated Limited Liability
Company Agreement of Apria Holdings LLC, dated as of March 25, 2010 (the “Apria Holdings LLCA”), hereby distributes, assigns, transfers and conveys to each of the members of Apria Holdings set forth on Schedule 3.1(a)
(the “Class B and C Members”) the number of shares of Pubco Common Stock set forth next to each such member’s name on Schedule 3.1(a) in complete redemption and cancellation of, and in exchange for,
each such member’s entire Membership Interest (as defined in the Apria Holdings LLCA), and each such Class B and C Member hereby assigns, transfers and conveys to Apria Holdings such Class B and C Member’s entire Membership
Interest in exchange for the number of shares of Pubco Common Stock set forth next to each such member’s name on Schedule 3.1(a), whereupon each such Membership Interest shall be cancelled as set forth in the books and records of Apria
Holdings and such Class B and Class C Members shall thereupon cease to be members of Apria Holdings. 

  
 4 

 (b) Upon the effectiveness of the transactions set forth in
Section 3.1(a) above, BP Healthcare, as the sole member of Apria Holdings, hereby approves and adopts the Second Amended and Restated Limited Liability Company Agreement of Apria Holdings in the form attached hereto as
Exhibit D. 
 ARTICLE IV 

ADMISSION OF ASSIGNEES 
 4.1
Admission of Assignees. With respect to each assignment, transfer, issuance, conveyance or distribution of capital stock, limited liability company or other ownership interests contemplated by this Agreement (the interests so assigned,
transferred, issued, conveyed or distributed, collectively, the “Transferred Interests”), each of the Parties agrees that by virtue of executing and delivering this Agreement, each transferee, assignee or other new holder of such
Transferred Interests (the “Assignees”) will become party to the relevant limited liability company agreements or other organizational documents, as the case may be (the “Organizational Documents”), of the issuer of
the Transferred Interests (and in accordance with the applicable Organizational Documents, the relevant Assignees will be admitted as members or other similar ownership positions, as the case may be, under the applicable Organizational Documents),
and notwithstanding anything to the contrary contained in any such Organizational Documents, the relevant Assignees hereby accept and agree to be bound by all of the terms and conditions of the applicable Organizational Documents. The books and
records of each Assignee and issuer of Transferred Interests shall promptly be revised to reflect the transactions set forth in this Agreement. 

4.2 Stock Power. To the extent permitted by applicable law, with respect to each transfer and distribution or contribution of capital
stock or membership or limited liability company interests contemplated by this Agreement (the “Transferred Shares”), this Agreement constitutes an irrevocable stock or other interest power and power of attorney of the applicable
transferor with respect such Transferred Shares, and such transferor hereby irrevocably appoints any officer of Pubco or Apria Holdings, as applicable, as its
attorney-in-fact to cause the transfer and distribution or contribution of such Transferred Shares on the books and records of Pubco or Apria Holdings, as applicable,
with full power of substitution and resubstitution in the premises. Upon receipt of this Agreement and at the applicable effective time set forth herein, the transfer and distribution or contribution of such Transferred Shares may be recorded on the
books and records of Pubco or Apria Holdings, as applicable. A copy of this Agreement may be delivered to Pubco or Apria Holdings, as applicable, and, upon the delivery of this Agreement and the applicable effective time set forth herein, Pubco or
Apria Holdings, as applicable, will have the power to effect any transfer and distribution or contribution of Transferred Shares as provided herein. 

4.3 Amendments and Consents. To the extent that any of the provisions set forth herein constitute an amendment, or to give full effect
to the transactions contemplated hereby any waiver or amendment is required to be given or made, to any Organizational Document, the Parties hereby agree that such Organizational Document is hereby amended to effectuate such
transactions, and this Agreement shall constitute an amendment to such Organizational Document. Each Party hereby further agrees that whenever such Party’s consent is required with respect to all or any of the matters described herein,
such Party hereby consents to such matter without any further action required. 

  
 5 

 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

5.1 Representations and Warranties of the Parties. Each Party represents and warrants as of the date hereof that: 

(a) Authorization. The execution, delivery and performance of this Agreement by such Party and the consummation by such Party of the
transactions contemplated hereby are within such Party’s corporate, limited liability company, limited partnership or, in the case of natural persons, actual, power and, subject to the receipt of applicable stockholder or member approval, have
been duly authorized by all necessary action on the part of such Party. This Agreement has been duly executed and delivered by such Party and, assuming the due and valid execution and delivery of this Agreement by each of the other Parties,
constitutes a legal, valid and binding agreement of such Party, enforceable against such Party in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or similar laws affecting
the enforcement of creditors’ rights generally and general equitable principles. 
 (b) No Conflicts. The execution, delivery
and performance of this Agreement by such Party does not and will not (i) violate the certificate of formation, limited liability company agreement, limited partnership agreement, memorandum and articles of association or other similar
organizational document of such Party, if any, (ii) violate any law, rule, regulation, judgment, injunction, order or decree applicable to or binding upon such Party or (iii) result in any breach or creation of any lien or constitute any
default under any contract, indenture, mortgage, lease, note or other agreement or instrument to which such Party is subject or is a party. 

(c) Litigation; Government Approvals. No claim, legal action, suit, arbitration, governmental investigation, or other legal, judicial
or administrative proceeding is pending or, to such Party’s knowledge, threatened against such Party which would reasonably be expected to prevent or delay the transactions contemplated hereby. No consent or approval of any governmental
authority is or has been required on the part of such Party in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. 

ARTICLE VI 
 MISCELLANEOUS

 6.1 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and
shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the addresses (or
at such other address for a party as shall be specified in a notice given in accordance with this Section 8.1) set forth on Annex I. 

  
 6 

 6.2 Entire Agreement. This Agreement, together with the Schedules, Annexes, Exhibits,
the other certificates, documents, instruments and writings referred to herein or delivered pursuant hereto constitutes the entire agreement among the Parties with respect to the subject matter hereof and supersede all prior agreements and
understandings, both written and oral, between the Parties with respect to the subject matter hereof. Each of the Parties acknowledges that no other Party, nor any agent or attorney of any other Party, has made any promise, representation or
warranty whatsoever not contained herein, and that such Party has not executed or authorized the execution of this Agreement in reliance upon any such promise, representation or warranty not contained herein. 

6.3 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs, legal
representatives, successors, and permitted assigns. 
 6.4 Severability. If any provision of this Agreement is held to be invalid,
illegal or unenforceable by any applicable law or public policy, this Agreement shall be considered divisible and such provision shall be deemed inoperative to the extent it is deemed unenforceable so long as the legal substance of the transactions
contemplated herein is not affected in any manner materially adverse to any Party, and in all other respects this Agreement shall remain in full force and effect; provided, however, that if any such provision may be made enforceable by limitation
thereof, then such provision shall be deemed to be so limited and shall be enforceable to the maximum extent permitted by applicable law. 

6.5 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without
giving effect to any choice or conflict of laws, provisions or rules that would cause the application of the laws of any jurisdiction other than the State of Delaware. 

6.6 Submission to Jurisdiction; Waiver of Jury Trial. 

(a) Any and all disputes which cannot be settled amicably with respect to this Agreement, including any action (at law or in equity), claim,
litigation, suit, arbitration, hearing, audit, review, inquiry, proceeding or investigation or ancillary claims of any Party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement or any matter arising out of or in connection with this Agreement and the rights and obligations arising hereunder or thereunder, or for recognition and enforcement of any judgment
in respect of this Agreement and the rights and obligations arising hereunder or thereunder brought by a Party or its successors or assigns, shall be brought and determined exclusively in the Delaware Chancery Court, if such court shall not have
jurisdiction, any federal court located in the State of Delaware, or, if neither of such courts shall have jurisdiction, any other Delaware state court. Each of the Parties hereby irrevocably submits with regard to any such dispute for itself and in
respect of its property, generally and unconditionally, to the sole and exclusive personal jurisdiction of the aforesaid courts and agrees that it will not bring any dispute relating to this Agreement or any of the transactions contemplated by this

  
 7 

 
Agreement in any court other than the aforesaid courts. Each Party irrevocably consents to service of process in any dispute in any of the aforesaid courts by the mailing of copies thereof by
registered or certified mail, postage prepaid, or by recognized overnight delivery service, to such Party at such Party’s address referred to in Annex I. Each Party hereby irrevocably and unconditionally waives, and agrees not to assert
as a defense, counterclaim or otherwise, in any action brought by any Party with respect to this Agreement (i) any claim that it is not personally subject to the jurisdiction of the aforesaid courts for any reason other than the failure to
serve process in accordance with this Section 6.6(a); (ii) any claim that it or its property is exempt or immune from the jurisdiction of any such court or from any legal process commenced in such courts (whether through
service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise); or (iii) any objection which such Party may now or hereafter have (A) to the laying of venue of any of the
aforesaid actions arising out of or in connection with this Agreement brought in the courts referred to above; (B) that such action brought in any such court has been brought in an inconvenient forum and (C) that this Agreement, or the
subject matter hereof or thereof, may not be enforced in or by such courts. 
 (b) To the extent that any Party has or hereafter may acquire
any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself, or to such Party’s property,
each such Party hereby irrevocably waives such immunity in respect of such Party’s obligations with respect to this Agreement. 
 (c)
Each Party acknowledges that it is knowingly and voluntarily agreeing to the choice of Delaware law to govern this agreement and to the jurisdiction of Delaware courts in connection with proceedings brought hereunder. The Parties intend this to be
an effective choice of Delaware law and an effective consent to jurisdiction and service of process under 6 Del. C. § 2708. 
 (d) Each
Party, for itself and its affiliates, hereby irrevocably and unconditionally waives to the fullest extent permitted by applicable law all right to trial by jury in any action or counterclaim (whether based on contract, tort or otherwise) arising out
of or relating to the actions of the Parties or their respective affiliates pursuant to this Agreement or the other transaction documents in the negotiation, administration, performance or enforcement hereof or thereof. 

6.7 Further Assurances. From time to time following the date hereof, at the request of any of the Parties and without further
consideration, the other Parties hereto shall execute and deliver to such requesting party such instruments and documents and take such other action as such requesting party may reasonably request (and which is not specifically required hereby in
another provision) in order to consummate more fully and effectively the transactions contemplated hereby. 
 6.8 Counterparts. This
Agreement may be executed in any number of identical counterparts, each of which for all purposes shall be deemed an original, and all of which shall constitute collectively, one instrument. This Agreement may be validly executed and delivered by
facsimile or other electronic transmission. 

  
 8 

 6.9 Injunctive Relief. The Parties hereby acknowledge and agree that the failure of
any party to this Agreement to perform its obligations hereunder in accordance with their specific terms or to otherwise comply with such obligations, including its failure to take all actions as are necessary on its part to consummate the
transactions contemplated hereby, will cause irreparable injury to the other Parties to this Agreement for which damages, even if available, will not be an adequate remedy. Accordingly, each of the Parties hereto hereby consents to the issuance of
injunctive relief by any court of competent jurisdiction to compel performance of any Party’s obligations, including an injunction to prevent breaches, and to the granting by any such court of the remedy of specific performance of the terms and
conditions hereof. 
 6.10 Interpretation. When a reference is made in this Agreement to a Section, Article, Schedule, Annex or
Exhibit such reference shall be to a Section, Article, Schedule, Annex or Exhibit of this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement or in any Schedule, Annex or Exhibit are for convenience
of reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Any capitalized terms used in
any Schedule, Annex or Exhibit but not otherwise defined therein shall have the meaning as defined in this Agreement. All Schedules, Annexes and Exhibits annexed hereto or referred to herein are hereby incorporated in and made a part of this
Agreement as if set forth herein. The word “including” and words of similar import when used in this Agreement will mean “including, without limitation,” unless otherwise specified. The words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to the Agreement as a whole and not to any particular provision in this Agreement. The term “or” is not exclusive. The word
“will” shall be construed to have the same meaning and effect as the word “shall.” References to days mean calendar days unless otherwise specified. Any contract, instrument or law defined or referred to herein means such
contract, instrument or law as from time to time amended, modified or supplemented, unless otherwise specifically indicated. References to any law include references to any associated rules or regulations promulgated thereunder and any official
guidance with respect thereto. 
 [Signature pages follow] 

  
 9 

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

 

			
	APRIA, INC.
		
	By:	 	
                     
    

		 	 Name:
 Title:

	
	APRIA HOLDINGS LLC
		
	By:	 	  

		 	 Name:
 Title:

	
	APRIA HEALTHCARE GROUP INC.
		
	By:	 	  

		 	 Name:
 Title:

	
	APRIA MERGERSUB INC.
		
	By:	 	  

		 	 Name:
 Title:

	
	BP HEALTHCARE HOLDINGS LLC
		
	By:	 	  

		 	 Name:
 Title:

	
	 CLASS B AND C MEMBERS:
  

Each of the members of the Apria Holdings set forth on Schedule 3.1(a) pursuant to the powers of attorney executed in favor of, and granted and
delivered to the Chief Executive Officer of Apria Holdings

		
	By:	 	  

		 	 Name:
 Title:Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF
UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	Principal Amount:  Up to $1,500,000	
         Dated as of February
        9, 2021

         New York, New York

 

Alussa Energy Acquisition
Corp., a Cayman Islands exempted company (“Maker”), promises to pay to the order of Alussa Energy Sponsor
LLC, a Delaware limited liability company or its registered assigns or successors in interest or order (“Payee”),
the principal sum of up to One Million Five Hundred Thousand Dollars ($1,500,000.00) in lawful money of the United States of America,
on the terms and conditions described below.  All payments on this Note (unless the full principal is converted pursuant
to Section 15 below) shall be made by check or wire transfer of immediately available funds to such account as Payee may from time
to time designate by written notice in accordance with the provisions of this Note.

 

	 	1.	Repayment. The principal balance of this Note shall be payable on the earliest to occur of (i) the date on which Maker consummates its initial business combination and (ii) the date that the winding up of Maker is effective (such date, the “Maturity Date”). The principal balance may be prepaid at any time, at the election of Maker.

 

	 	2.	Interest. This Note shall be non-interest bearing.

 

	 	3.	Drawdown Requests. Payee, in its sole and absolute discretion, may fund up to One Million Five Hundred Thousand Dollars ($1,500,000.00) for costs reasonably related to Maker’s consummation of an initial business combination. The principal of this Note may be drawn down from time to time until the date on which Maker consummates its initial business combination, upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must be in multiples of not less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee. Payee, in its sole discretion, shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note shall not exceed One Million Five Hundred Thousand Dollars ($1,500,000.00). Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid. Except as set forth herein, no fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

 

	 	4.	Application of Payments. All payments received by Payee pursuant to this Note shall be applied first to the payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, and then to the reduction of the unpaid principal balance of this Note.

 

	 	5.	Events of Default. The following shall constitute an event of default (“Event of Default”):

 

(a) Failure to Make Required
Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the Maturity
Date.

 

(b) Voluntary Bankruptcy,
etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee,
custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of
any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the
taking of corporate action by Maker in furtherance of any of the foregoing.

 

     

     

    

 

(c) Involuntary Bankruptcy,
Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary
case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or
liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive
days.

 

		6.	Remedies.

 

(a) Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon
the occurrence of an Event of Default specified in Sections 5(b) and 5(c) hereof, the unpaid principal balance of this Note and
all other amounts payable hereunder, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

		7.	Waivers. Maker and all endorsers and guarantors
of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with
regard to this Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note,
and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal,
or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real or personal
property that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

		8.	Unconditional Liability. Maker hereby waives
all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and
agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected
in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents
to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment
or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto
without notice to Maker or affecting Maker’s liability hereunder.

 

		9.	Notices. All notices, statements or other documents
which are required or contemplated by this Note shall be: (i) in writing and delivered personally or sent by first class registered
or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii)
by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing
by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other
electronic mail address as may be designated in writing by such party.  Any notice or other communication so transmitted
shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written
confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service
or five (5) days after mailing if sent by mail.

 

		10.	Construction. THIS NOTE SHALL BE CONSTRUED
AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

		11.	Severability. Any provision contained in this
Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

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		12.	Trust Waiver.   Notwithstanding anything
herein to the contrary, Payee hereby waives any claim in or to any distribution of or from the trust account (the “Trust
Account”) established in connection with Maker’s initial public offering (the “IPO”) or any
distributions to its public stockholders therefrom, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any claim against the Trust Account or any distributions to its public stockholders therefrom for any reason whatsoever; provided,
however, that upon the consummation of the initial business combination, Maker shall repay the principal balance of this Note
first using the proceeds released to Maker from the Trust Account and not distributed to its public stockholders.

 

		13.	Amendment; Waiver.  Any amendment hereto
or waiver of any provision hereof may be made with, and only with, the written consent of Maker and Payee.

 

		14.	Assignment.  No assignment or transfer
of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without
the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void; provided,
however, that the foregoing shall not apply to an affiliate of Payee who agrees to be bound to the terms of this Note.

 

		15.	Conversion.

 

(a) Notwithstanding
anything contained in this Note to the contrary, at Payee’s option, at any time prior to payment in full of the principal
balance of this Note, Payee may elect to convert all or any portion of the unpaid principal balance of this Note into that number
of warrants, each whole warrant exercisable for one ordinary share of the Maker (the “Conversion Warrants”),
equal to: (x) the portion of the principal amount of this Note being converted pursuant to this Section 15, divided by (y) $1.00,
rounded up to the nearest whole number of warrants. The Conversion Warrants shall be identical to the warrants issued by the Maker
to the Payee in a private placement upon consummation of the Maker’s initial public offering. The Conversion Warrants and
the ordinary shares issuable upon the exercise of the Conversion Warrants, and any other equity security of Maker issued or issuable
with respect to the foregoing by way of a share dividend or share split or in connection with a combination of shares, recapitalization,
amalgamation, consolidation or reorganization, shall be entitled to the registration rights set forth in Section 16 hereof.

 

(b) Upon any complete
or partial conversion of the principal amount of this Note, (i) such principal amount shall be so converted and such converted
portion of this Note shall become fully paid and satisfied, (ii) Payee shall surrender and deliver this Note, duly endorsed, to
Maker or such other address which Maker shall designate against delivery of the Conversion Warrants, (iii) Maker shall promptly
deliver a new duly executed Note to Payee in the principal amount that remains outstanding, if any, after any such conversion and
(iv) in exchange for all or any portion of the surrendered Note, Maker shall, at the direction of Payee, deliver to Payee (or its
members or their respective affiliates) (Payee or such other persons, the “Holders”) the Conversion Warrants,
which shall bear such legends as are required, in the opinion of counsel to Maker or by any other agreement between Maker and Payee
and applicable state and federal securities laws.

 

(c) The Holders shall
pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Warrants upon
conversion of this Note pursuant hereto; provided, however, that the Holders shall not be obligated to pay any transfer taxes resulting
from any transfer requested by the Holders in connection with any such conversion.

 

(d) The Conversion
Warrants shall not be issued upon conversion of this Note unless such issuance and such conversion comply with all applicable provisions
of law.

 

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	 	16.	Registration Rights.

 

(a) Reference is made
to that certain Registration Rights Agreement between Maker and the parties thereto, dated as of November 25, 2019 (the “Registration
Rights Agreement”). All capitalized terms used in this Section 16 shall have the same meanings ascribed to them in the
Registration Rights Agreement.

 

(b) The Holders shall
be entitled to one Demand Registration, which shall be subject to the same provisions as set forth in Section 2.1 of the Registration
Rights Agreement.

 

(c) The Holders shall
also be entitled to include the Conversion Warrants and the ordinary shares issuable upon the exercise of the Conversion Warrants
in Piggyback Registrations, which shall be subject to the same provisions as set forth in Section 2.2 of the Registration Rights
Agreement; provided, however, that in the event that an underwriter advises Maker that the Maximum Number of Securities has been
exceeded with respect to a Piggyback Registration, the Holders shall not have any priority for inclusion in such Piggyback Registration.

 

(d) Except as set forth
above, the Holders and Maker, as applicable, shall have all of the same rights, duties and obligations set forth in the Registration
Rights Agreement.

 

[Signature Page Follows]

 

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IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as
of the day and year first above written.

 

	 	ALUSSA ENERGY ACQUISITION CORP.
	 	 	 
	 	By: 	/s/ Daniel Barcelo
	 	 	Name:	 Daniel Barcelo
	 	 	Title:	 President and Chief Executive Officer

 

[Signature Page to Promissory Note]

 

5

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