Document:

EX-4.4

 Exhibit 4.4 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF
PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED. 
 SOLID POWER, INC. 

BOARD NOMINATION AND SUPPORT AGREEMENT 

THIS BOARD NOMINATION AND SUPPORT AGREEMENT (this “Agreement”) is entered into as of May 5, 2021, by and between Solid
Power, Inc., a Colorado corporation (the “Company”), BMW Holding B.V., a Dutch limited liability company (“BMW”), and those certain stockholders of the Company listed on Schedule A (the “Key
Holders”). 
 RECITALS 

A. BMW acquired 2,746,853 shares of Series B Preferred Stock of the Company (the “Series B Preferred Stock”) pursuant to that
certain Series B Preferred Stock Purchase Agreement, by and among the Company, BMW, and the other parties thereto, dated May 5, 2021 (the “Purchase Agreement”). 

B. As a material inducement for BMW to invest in the Company and enter into the Purchase Agreement and purchase shares of Series B Preferred
Stock, the Company agreed to grant the director nomination rights to BMW as contained herein. 
 C. Each Key Holder is the beneficial owner
of shares of the Company’s Common Stock (the “Common Stock”) and/or Preferred Stock (the “Preferred Stock”), and the Key Holders desire to further induce BMW to invest in the Company by entering into this
Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants hereinafter set forth, the Company, BMW, and the Key
Holders agree as follows: 
 SECTION 1 

1. Certain Definitions 

1.1 “Affiliate” shall mean (i) in the case of BMW, Bayerische Motoren Werke Aktiengesellschaft (“BMW
AG”) and any direct or indirect subsidiary of BMW AG or any entity for which BMW AG directly or indirectly holds at least a 50% ownership stake or 50% of the voting control, or in the case of an investment fund, that BMW AG holds at least
50% of the economic interests of such fund, and (ii) in the case of the Company, any direct or indirect subsidiary of the Company. 

1.2 “BMW Designee” shall mean the individual designated by BMW, its Affiliates or its permitted assigns to serve on the
Public Company Event Board of Directors pursuant to Section 2.1 below. 
 1.3 “Board” shall mean the board of
directors of the Company. 

 1.4 “Board Nomination Conditions” shall mean that (i) BMW and the
Company have a continuing and material commercial relationship, (ii) BMW or its Affiliates continue to hold at least 686,713 shares of Series B Preferred Stock or common stock issued upon conversion thereof or in exchange therefor (subject to
appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization), and (iii) the performance by the Company of its board nomination obligations as set forth in this Agreement do not conflict
with or violate any applicable law, rule or regulation, including applicable securities laws and applicable stock exchange listing requirements. 

1.5 “Capital Stock” shall mean shares of the Company’s Common Stock or Preferred Stock or any other shares of the
Company’s capital stock. 
 1.6 “continuing and material commercial relationship” shall have the meaning ascribed to
such term in the Amended and Restated Voting Agreement by and among the Company, BMW and the other parties thereto in effect as of the date hereof. 

1.7 “De-SPAC Transaction” shall mean a transaction or series of related transactions
by merger, consolidation, share exchange or otherwise of the Corporation with a SPAC, following which the shares of common stock or share capital of the SPAC or its successor entity, are listed for trading on the Nasdaq Stock Market’s National
Market, the New York Stock Exchange or another exchange or marketplace approved by the Board. 
 1.8 “Deemed Liquidation
Event” shall mean any of the following: 
  

	 	(a)	 a merger or consolidation, including a transaction or series of related transactions in which a Person, or a
group of related Persons, acquires from stockholders of the Company shares representing more than sixty-six percent (66%) of the outstanding voting power of the Company, in which: 

 

	 	(i)	 the Company is a constituent party or 

 

	 	(ii)	 a subsidiary of the Company is a constituent party and the Company issues shares of its capital stock pursuant
to such merger or consolidation, 

 except any such merger or consolidation, other than a
De-SPAC Transaction, involving the Company or a subsidiary in which the shares of capital stock of the Company outstanding immediately prior to such merger or consolidation continue to represent or are
converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital stock of (1) the surviving or resulting corporation or (2) if
the surviving or resulting corporation is a wholly-owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; or 

	 	(b)	 the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related
transactions, by the Company or any subsidiary of the Company of all or substantially all the assets or intellectual property of the Company and its subsidiaries taken as a whole, or the sale or disposition (whether by merger, consolidation or
otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or
other disposition is to a wholly-owned subsidiary of the Company. 

 1.9 “Direct Listing” shall mean the
Company’s initial listing of its Common Stock on a U.S. national securities exchange, the concurrent registration of the Common Stock under the Securities Exchange Act of 1934, as amended, pursuant to an effective registration statement on Form
10 filed by the Company with the U.S. Securities and Exchange Commission, and the concurrent registration of the resale of certain outstanding shares of capital stock of the Company under the Securities Act pursuant to an effective registration
statement on Form S-1 also filed by the Company with the U.S. Securities and Exchange Commission. 

1.10 “Governance Guidelines” shall mean the Solid Power, Inc. Corporate Governance Guidelines Respecting Confidentiality and
Conflicts of Interest attached hereto as Exhibit A (as may be amended and/or restated from time to time approved by the Board). 

1.11 “Nomination Right Sunset Date” shall mean the earliest to occur of (i) December 31, 2030, or (ii) the
occurrence of a Deemed Liquidation Event following the Public Company Event. 
 1.13 “Person” shall mean an individual,
firm, corporation, partnership, association, limited liability company, trust or any other entity. 
 1.14 “Public Company
Event” shall mean a Direct Listing, Public Offering or a De-SPAC Transaction. 
 1.15
“Public Company Event Board of Directors” shall mean the board of directors or similar governing body of the Company following a Direct Listing, Public Offering, or a De-SPAC Transaction. 

1.16 “Public Offering” shall mean the sale of shares of Common Stock to the public in a firm-commitment underwritten public
offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, and in connection with such offering the Common Stock is listed for trading on the Nasdaq Stock Market’s National Market, the New York Stock
Exchange or another exchange or marketplace. 
 1.17 “ Securities Act” shall mean the Securities Act of 1933, as amended.

 1.18 “SPAC” shall mean a publicly-traded “special purpose acquisition company” or its subsidiary. 

 2. Director Nomination Rights 

2.1 Designee. The Company shall take all necessary actions within its control, including but not limited to calling a meeting of the
Board or executing an action by unanimous written consent of the Board, such that, at the time of effectiveness of a Public Company Event (the “Effective Time”), the BMW Designee shall either be elected by the Company’s
stockholders at the meeting held to approve the transactions relating to the Public Company Event or appointed to the Board as of the Effective Time as a director of the Company. Following a Public Company Event, subject to the continued
satisfaction of the Board Nomination Conditions, the Company shall, and shall cause the Public Company Event Board of Directors (or the nominating committee thereof) to, (i) nominate one BMW Designee to the initial post-Public Company Event
Board of Directors (which shall be a classified board with three classes, and the BMW Designee shall be in the class that is last up for re-election following the Public Company Event at the third annual
meeting of stockholders following the Public Company Event), (ii) include any such designee in the slate of nominees recommended to the applicable stockholders for reelection at each applicable annual meeting of stockholders held on or before the
Nomination Right Sunset Date, and (iii) ensure that any BMW Designee up for election is included in the proxy statement prepared by management of the Company in connection with soliciting proxies for every meeting of the stockholders of the
Company called with respect to the election of members of Public Company Event Board of Directors, and at every adjournment or postponement thereof, and on every action or approval by written consent of the stockholders of the Company or Public
Company Event Board of Directors with respect to the election of members of Public Company Event Board of Directors prior to the Nomination Right Sunset Date. In the event that BMW shall desire to appoint a BMW Designee other than in connection with
a stockholder solicitation or action relating to the election of directors, then as soon as practicable upon written notice from BMW, but in no event in more than ten (10) days from such notice, the Public Company Event Board of Directors shall
appoint the BMW Designee to the Public Company Event Board of Directors. 
 Notwithstanding the foregoing, BMW shall not be entitled to
designate a particular BMW Designee if (i) there has been a failure by such BMW Designee to materially comply with the Confidentiality guidelines set out in Section 1 of the Governance Guidelines or the Conflict of Interest guidelines set
out in Section 2 of the Governance Guidelines, as determined by Independent Counsel, or (ii) Independent Counsel determines that such BMW Designee is not qualified to serve as a director of the Company under any then applicable law
(including requirements of fiduciary duties under applicable law), rule or regulation, or any applicable rule of the stock exchange on which the Company’s shares are listed; provided that, any BMW Designee that does not qualify as
“Independent” as defined in the listing standards of the applicable securities exchange rules due to the failure to satisfy such requirements or any other rules relating to diversity and inclusion or similar requirements shall not be
deemed a failure to qualify to serve as a director for purposes of this Agreement. The Company shall notify BMW as soon as reasonably practicable of any objection to any particular BMW Designee as to enable BMW to propose a replacement designee.
Notwithstanding anything to the contrary herein, the director position for such BMW Designee shall not be filled pending such proposal and appointment or election of a BMW Designee. For the purposes of this Agreement, “Independent Counsel”
shall mean an AmLaw 100 law firm with expertise in corporate governance with no current or prior client relationship with the Company or BMW or their Affiliates that is reasonably acceptable to the Company and BMW. 

 2.2 Voting of Key Holder Shares. Upon and at all times following a Public Company
Event, each of the Key Holders agrees, severally and not jointly, to vote, or cause to be voted, all shares Capital Stock owned by such Key Holder, or over which such Key Holder has voting control, from time to time and at all times, in whatever
manner as shall be necessary, to elect the BMW Designee to the Public Company Event Board of Directors. 
 2.3 Voting of Management
Shares. Following a Public Company Event, the Company shall endeavor, using commercially reasonable efforts, (i) to cause the shares held by the Company’s executive officers that are not Key Holders hereunder on the date hereof
(“Future Executives”) to be voted in favor of the election of the BMW Designee nominated pursuant to this Agreement; (ii) to cause each such Future Executive to become a party to this Agreement as a Key Holder by executing a
joinder to this agreement, and (iii) to cause the Public Company Event Board of Directors to recommend to its stockholders to vote in favor of the BMW Designee for election to the Public Company Event Board of Directors. 

2.4 Vacancies. In the event that any BMW Designee shall cease to serve as a director of the Public Company Event Board of Directors for
any reason during a period in which BMW’s designation rights pursuant to Section 2.1 hereof apply, the vacancy resulting therefrom shall be filled only by another BMW Designee, subject to the conditions and qualifications above.
Notwithstanding anything to the contrary herein, the Public Company Event Board of Directors shall take no action to fill the director position for such BMW Designee until BMW makes such designation. 

2.5 Indemnification. The Company shall indemnify the BMW Designee on the same basis as all other members of the Board and pursuant to
an indemnity agreement with terms that are no less favorable to the BMW Designee than the indemnity agreements entered into between the Company and its other directors. 

2.6 Compensation and Expenses. The Company shall reimburse the BMW Designee in accordance with the Company’s expense reimbursement
policies applicable to outside directors. 
 2.7 Negative Covenant. The Company shall not decrease the size of the Board so as to
eliminate directorships sufficient for the BMW Designee to serve on the Board, or to otherwise circumvent the purpose of, or the Company’s obligations under, this Agreement. 

2.8 Designation of Proxy. Each of the Key Holders hereto hereby constitutes and appoints the President and Secretary of the Company or
the SPAC, as applicable, and each of them, with full power of substitution, as its proxies to represent and to vote all of such Key Holder’s voting securities in accordance with the terms and provisions of this Agreement, if and only if such
Key Holder (i) fails to vote or (ii) attempts to vote (whether by proxy, in person or by written consent) in a manner that is inconsistent with the terms of this Agreement. The proxy granted pursuant to the immediately preceding sentence
is given in consideration of the agreements and covenants of the Company and the parties hereto in connection with the transactions contemplated by this Agreement and, as such, is coupled with an interest and shall be irrevocable unless and until
this Agreement terminates or expires. 

 3. Miscellaneous 

3.1 Termination. This Agreement shall terminate and have no further force or effect upon the earliest to occur of
(a) December 31, 2030, (b) the occurrence of a Deemed Liquidation Event following the Public Company Event, and (c) the date on which BMW or its Affiliates no longer own at least 686,713 shares of Series B Preferred Stock or common
stock issued upon conversion thereof or in exchange therefor (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization) or, following a
De-SPAC Transaction, a number and type of SPAC securities that such Series B Preferred Stock or common stock, as applicable, would represent. 

3.2 Specific Enforcement. Each party acknowledges and agrees that each party hereto will be irreparably damaged in the event any of the
provisions of this Agreement are not performed by the parties in accordance with their specific terms or are otherwise breached. Accordingly, it is agreed that each of the Company and BMW shall be entitled to an injunction to prevent breaches of
this Agreement, and to specific enforcement of this Agreement and its terms and provisions in any action instituted in any court of the United States or any state having subject matter jurisdiction. 

3.3 Assignment. This Agreement and the rights granted to BMW hereunder are personal to BMW and may not be assigned to any other Person
other than to its Affiliates, provided that such assignee expressly agrees in writing to be bound by the terms of this Agreement. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or
their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. This Agreement shall be binding upon and inure solely to the benefit of
each party hereto (and their permitted assigns), and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person (other than the SPAC) any right, benefit or remedy of any nature whatsoever under or by reason
of this Agreement. For the avoidance of doubt, this Agreement shall be automatically assigned by the Company to the SPAC upon the consummation of a De-SPAC Transaction. 

3.4 Governing Law. This Agreement shall be governed by the internal law of the State of Delaware, without regard to its principles of
conflicts of laws. 
 3.5 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,
www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

3.6 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement. 
 3.7 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 days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one business
day after the business day of deposit 

 
with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to (i) in the
case of the Company, Attention: David B. Jansen, President, [***], with a copy to Sparks Willson, P.C., Attention: David P. Steigerwald, [***], (ii) in the case of BMW, BMW Holding B.V.; attn: board of directors, Einsteinlaan 5, 2289
CC Rijswijk, the Netherlands, with a copy to [***] or (iii) in the case of a Key Holder, to the address set forth for such Key Holder on Schedule A hereto; or to such email address or address as subsequently modified by written notice
given in accordance with this Section 3.7. 
 3.8 Amendments and Waivers. Any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of (i) the Company, (ii) BMW, and (iii) with respect to
Sections 2.2 and 2.8 only, the holders of a majority of the voting securities of the Company over which the Key Holders who are then providing services to the Company as officers, employees, or consultants have control, or, following a De-SPAC Transaction, the holders of a majority of the voting securities of the SPAC over which the Key Holders who are then providing services to the SPAC as officers, employees, or consultants have control;
provided, however, (a) the consent of the Key Holders shall not be required for any amendment or waiver if such amendment or waiver either (I) is not directly applicable to the rights of the Key Holders hereunder; or (II) does not
adversely affect the rights of the Key Holders in a manner that is different than the effect on the rights of the other parties hereto; and (b) any provision hereof may be waived by the waiving party on such party’s own behalf, without the
consent of any other party. 
 The Company shall give prompt written notice of any amendment, termination, or waiver hereunder to any party
that did not consent in writing thereto. Any amendment, termination, or waiver effected in accordance with this Section 3.8 shall be binding on each party and all of such party’s successors and permitted assigns, whether or not any such
party, successor or assignee entered into or approved such amendment, termination or waiver. 
 3.9 Delays or Omissions. No delay or
omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such
non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach
or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default previously or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part
of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such
writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

3.10 Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of
any other provision. 
 3.11 Entire Agreement. This Agreement (including the Exhibits hereto) constitutes the full and entire
understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties. 

 3.12 Stock Splits, Stock Dividends, etc. In the event of any issuance the
Company’s voting securities hereafter to any of the parties (including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or the like), such voting securities shall become subject to this
Agreement. 
 3.13 Further Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with
each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the consummation of the
transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder. 
 3.14 Dispute Resolution. The
parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the federal and state courts located in Denver, Colorado, for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement,
(b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the federal and state courts located in Denver, Colorado, and (c) hereby waive, and agree not to assert, by way of motion,
as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action
or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 

WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY
DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 (Signature Pages Follow) 

 IN WITNESS WHEREOF, the parties have executed this Board Nomination and Support
Agreement as of the date first written above. 
 COMPANY: 

SOLID POWER INC. 
  

									
	 /s/ David B. Jansen
	 		 	  
	 	
	 Name:
	 	 David B. Jansen
	 		 	 Date
	 	
	 Title:
	 	 President
	 		 		 	

  
 Solid Power Board
Nomination and Support Agreement 
 Signature Page 

 IN WITNESS WHEREOF, the parties have executed this Board Nomination and Support
Agreement as of the date first written above. 
 BMW: 

BMW Holding B.V. 
  

											
	 /s/ W. Knopp
	 	 /s/ G.Ramcharan
	 		 	 	 	
	 Name:
	 	 W. Knopp
	 	 G. Ramcharan
	 		 	 Date
	 	
	 Title:
	 	 Director
	 	 Authorised Representative
	 		 		 	

  
 Solid Power Board
Nomination and Support Agreement 
 Signature Page 

 IN WITNESS WHEREOF, the parties have executed this Board Nomination and Support
Agreement as of the date first written above. 
 KEY HOLDERS: 
  

					
	/s/ Douglas Campbell	 		 	/s/ David B. Jansen
	Douglas Campbell	 		 	David B. Jansen
			
	/s/ SeHee Lee	 		 	/s/ Conrad Stoldt
	SeHee Lee	 		 	Conrad Stoldt
			
	/s/Joshua Buettner-Garrett	 		 	/s/Stephen C.Fuhrman
	Joshua Buettner-Garrett	 		 	Stephen C. Fuhrman
			
	/s/Derek Johnson	 		 	
	Derek Johnson	 		 	

  
 Solid Power Board
Nomination and Support Agreement 
 Signature Page 

 SCHEDULE A 

KEY HOLDERS 
  

			
	 Name
	  	 Email Address

	 Douglass Campbell
	  	[***]
		
	 SeHee Lee
	  	[***]
		
	 Conrad Stoldt
	  	[***]
		
	 David Jansen
	  	[***]
		
	 Joshua Buettner-Garrett
	  	[***]
		
	 Stephen C. Fuhrman
	  	[***]
		
	 Derek Johnson
	  	[***]

 EXHIBIT A 

GOVERNANCE GUIDELINES 

[***]EX-10.11

 Exhibit 10.11 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF
PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED. 
 JOINT DEVELOPMENT AGREEMENT 

between 
 BMW OF NORTH AMERICA,
LLC 
 300 Chestnut Ridge Road 

Woodcliff Lake, New Jersey 07677 

U.S.A. 
 hereinafter referred to
as “BMW” 
 and 

Solid Power, Inc. 
 500 S.
Arthur Ave., Unit 300 
 Louisville, CO 80027 

USA 
 hereinafter referred to as
“Solid Power” 

 THIS JOINT DEVELOPMENT AGREEMENT (this “Agreement” or “JDA”) is
entered into as of 01 July 2017 (the “Effective Date”), by and between SOLID POWER, INC., a with a principal place of business at 500 S. Arthur Ave., Unit 300, Louisville, CO 80027, USA (“Solid Power”) and
BMW OF NORTH AMERICA, LLC, a Delaware limited liability company with a principal place of business at 300 Chestnut Ridge Road, Woodcliff Lake, New Jersey 07677 (“BMW”). 

RECITALS 
 WHEREAS,
Solid Power designs and develops technology in the field of all solid state batteries and solid state electrolytes, in addition to the related fields of electrolyte manufacturing, electrode coatings, electrode assembly, cell formation, cell cycling,
and electrolyte composition; 
 WHEREAS, BMW conducts, supports, and promotes research and development in the field of advanced
automotive technologies, including those related to automotive batteries; and 
 WHEREAS, the objective of this JDA is to [ * * * ];
and 
 WHEREAS, Solid Power shall develop commonly defined product for use by BMW as defined below. BMW shall commit to participate
in the cost of such development and shall commit to a purchase process as further specified below. 
 Now, THEREFORE, for good
and valuable consideration, receipt of which is hereby acknowledged, the parties hereby agree as follows: 
 AGREEMENT 

1. DEFINITIONS. The following capitalized terms shall have the meanings ascribed to them below. 

1.1 “Affiliate” in relation to a Party shall be defined as a company, which is directly or indirectly controlled by
that Party, controls that Party, or is under common control with that Party, whereby control means that at least 50% of the shares or voting rights are being held. 

1.2 “Automotive Charter Customer” is [ * * * ]. 

1.3 “Automobile Manufacturer” means any person or entity generating, or being member of a group generating or
intending to generate, revenues by way of manufacturing and selling complete or substantially complete automobiles, trucks, busses or motorbikes. 

1.4 “Automotive Product” means any product for the integration or use in automobiles, trucks, buses, motorbikes or
stationary storage units. 
 1.5 “Background IP” shall mean: 

(a) any Intellectual Property (and associated Intellectual Property Rights) developed prior to the Effective Date of the JDA; and 

(b) Intellectual Property (and associated Intellectual Property Rights) developed, by or for, a party independent of the activities of
the JDA. 
 1.6 “BMW” means the contracting party BMW of North America LLC. 

 1.7 “Competitive Pricing” means [ * * * ]. 

1.8 “Customer Product” means the BMW [ * * * ]. 

1.9 “Foreground IP” means the Intellectual Property first developed and reduced to practice by the Parties or their
subcontractors in the performance of the JDA and all associated Intellectual Property Rights related to the foregoing. 
 1.10
“Intellectual Property” means any and all inventions (whether or not patentable), discoveries, materials, tools, software (both source and object code), works of authorship, know-how,
technical information, trade secrets, work product, methods, processes, schematics, and other forms of technology. 
 1.11
“Intellectual Property Rights” means, inclusively, any and all forms of intangible property rights, including without limitation: 

(a) all U.S. and foreign patents, trade secrets, trademarks, trade names, copyrights, moral rights, mask work rights, and all other
industrial or intangible property rights throughout the world, including without limitation rights in inventions, technologies, and utility models all grants and registrations worldwide in connection with any of the foregoing, and all rights
with respect thereto; 
 (b) all applications for any such grant or registration; 

(c) all rights of priority under international conventions to make such applications and the right to control their prosecution, and
all amendments, continuations, divisions, and continuations-in-part of such applications; and 

(d) all corrections, reissues, patents of addition, extensions, and renewals of any of the foregoing. 

1.12 “JDA Automotive Product” means [ * * * ]. 

1.13 “Non-Charter Automotive Customer” means [ * * * ]. 

1.14 “R&D Activities” means any research and development activities conducted by the parties under this Agreement
pursuant to the Statement of Work. 
 1.15 “Solid Power’s Technology” means [ * * * ]. 

2. DEVELOPMENT ARRANGEMENT 
 2.1
Program Structure. Solid Power and BMW have jointly developed a detailed Statement of Work (Annex 2) [ * * * ]. Solid Power shall use commercially reasonable efforts to complete its responsibilities in accordance with the timeline and
milestones set forth in the Statement of Work and shall provide resources necessary to complete their respective R&D Activities. Solid Power shall promptly inform BMW about any delays in their R&D Activities or impediments to the
achievement of any milestones under the Statement of Work. 
 The JDA Project may be adapted during development by mutual agreement.
Solid Power shall be obliged to continue with the execution of its due cooperative activities even in case of project delays, subject to [ * * * ]. 

 2.2 Program Coordinators. To facilitate communication, Solid Power and BMW
shall each designate a “Program Coordinator”, who shall be the principal point of contact for the performance of the Statement of Work. Program Coordinators shall have authority to manage the day-to-day activities to be performed under the Statement of Work and shall be responsible for directing and supervising such activities. Each party shall have the right to replace its Program Coordinator in
its sole discretion upon written notice to the other party. 
 2.3 Steering Committee. Within 30 days after the Effective
Date, the Parties shall establish a “Steering Committee” for the purpose of steering and realizing the JDA Project including but not limited to 

(a) assessing and confirming [ * * * ]; 

(b) addressing and resolving [ * * * ]; and 

(c) relationship management issues and dispute resolutions. 

The Steering Committee shall meet either telephonically or in-person when requested by one party, but
at least on a quarterly basis. Each party may replace any of its members of the Steering Committee upon written notice to the other party. If necessary, Solid Power and BMW may also mutually agree to change the specifications and/or Milestones to be
achieved with regard to the JDA Automotive Product. Any such changes must be documented and mutually agreed to by the parties in writing. All actions proposed to be undertaken by the Steering Committee shall require the written approval of
both parties to be effective. The Steering Committee shall have an equal number of members from each Party. 
 2.4
Subcontracting. Except as set forth in this section, neither party may subcontract any of its obligations related to [ * * * ]without the prior written consent of the other party. BMW may subcontract its obligations to its Affiliates;
provided, however, that 
 (a) BMW shall remain ultimately liable for the performance of its obligations hereunder, and any
act or omission by its Affiliates that would, if it were undertaken by BMW, be a breach of this Agreement, shall be deemed a breach of this Agreement by BMW; 

(b) to the extent that a BMW Affiliate [ * * * ] under this Agreement, BMW shall cause its Affiliate to [ * * * ]; and 

(c) BMW shall cause its U.S. Affiliate to comply with the terms and conditions of the NDA (as defined in Sec. 7
(Confidentiality)) if it were a signatory to the NDA, with respect to any information disclosed by the other party in connection with this Agreement. 

2.5 Project Funding. The parties agree that [ * * * ] 

[ * * * ]according to [ * * * ]. For purposes of administrative convenience, , but the express provisions of this Agreement shall exclusively
govern the relationship contemplated hereby, and any conflicting, inconsistent, different, or additional terms and conditions set forth in or on such purchase order shall be of no effect and are hereby objected to and rejected [ * * * ]. 

[ * * * ]  
 2.6 [
* * * ]and [ * * * ]Process. 
 It is the common intention of Solid Power and BMW to either [ * * * ]. 

 2.6.1 Solid Power as the [ * * * ]. 

The following section contains an outline of the intended process [ * * * ]. 

(a) [ * * * ] 

(b) [ * * * ] Process. 

(i) [ * * * ] 

(ii) [ * * * ] 
 (iii)
[ * * * ]Offer. 
 (c) [ * * * ] Agreement. [ * * * ] 

(d) [ * * * ]Orders. [ * * * ] 

2.7.2 Third party or [ * * * ] 

[ * * * ] 
 2.7 Intentionally
deleted. 
 2.8 [ * * * ] Volumes. [ * * * ] 

2.9 Costs and Expenses. Except to the extent expressly set forth in Section 2.5 (Project Funding), each party shall bear
its own costs and expenses in performing its obligations related to the R&D Activities under this Agreement. 
 2.10
Taxes. Each party shall be responsible for any taxes, duties, or other governmental charges imposed on it by any governmental authority in connection with this Agreement. 

3. OWNERSHIP AND INTELLECTUAL PROPERTY RIGHTS 

3.1 Ownership of Background IP. Each Party retains ownership of its Background IP. 

3.2 Licenses and use of Foreground IP. Both Parties will have the right to use Foreground IP that is owned by the other Party as
specified in this Section 3.2. 
 (i) License to [ * * * ] 

(b) License to [ * * * ] 

(i) Affiliates for use with [ * * * ]; and 

(ii) Third Parties for [ * * * ] and/or their customers. 

(iii) Third Parties necessary [ * * * ] product. 

(c) Sublicensing of Jointly Owned IP. The Parties shall have the right [ * * * ] 

(i) Affiliates; and 

(ii) Third Parties for [ * * * ]; and 

 (iii) Third Parties necessary for [ * * * ]. 

3.3 Ownership of [ * * * ]. 

(a) Each Party shall own [ * * * ]as part of the activities under the JDA. 

(b) The Parties shall jointly own [ * * * ]qualifies as an inventor under an applicable patent law for such Foreground IP (“Jointly
Owned IP”). 
 3.4 Prosecution and Enforcement of Jointly Owned IP. The parties agree to cooperate reasonably and in
good faith to decide the manner in which their respective interests in the Jointly Owned IP shall be perfected and enforced. 
 3.5
Failure to [ * * * ]. Solid Power and BMW agree that any Supply Agreement signed shall include provisions that state: 
 (a)
that if [ * * * ]. This right will be sublicensable to: 
 (i) Affiliates for [ * * * ]; and 

(ii) Third Parties for [ * * * ]. 

(b) [ * * * ]and its Affiliates use; and 

(c) that if [ * * * ], shall only do so in a manner that does not prevent it from fulfilling its obligations under
Section 3.5(a). 
 For clarification, if this JDA is terminated after [ * * * ], clauses that address (a), (b), and (c) in the [ * * * ]
shall survive. 
 3.6 [ * * * ]manufacturer 

If [ * * * ]according to the conditions in Section 2.7.2 [ * * * ]. This right is sublicensable to: 

(i) Affiliates for [ * * * ]; and 

(ii) Third Parties for [ * * * ]products and services. 

If [ * * * ]shall only do so in a manner that does not prevent the fulfillment of the obligations under this Section 3.6. 

3.7 Other IP Language 

(a) Each Party reserves all rights to all Intellectual Property rights expressly granted under the term of this Agreement and no
licenses are granted except as expressly granted under this Agreement. No licenses are implied in this Agreement. 
 (b) Licenses
granted in this Section 3 survive termination of this JDA. 
 4. DELIVERY AND DISCLOSURE OF RESULTS 

4.1 Data Disclosure. [ * * * ] 

4.2 Conference Call Updates. [ * * * ] 

 4.3 Materials and [ * * * ]. At certain dates [ * * * ], Solid Power shall
deliver [ * * * ]. Use of these [ * * * ]will be subject to the following additional terms: 
 (a) BMW will use the [ * * * ] 

(b) BMW will not sell, transfer, disclose or otherwise provide access to the [ * * * ]to any person, entity or location without the
prior written consent of Solid Power, except that BMW may allow access to the [ * * * ]to its employees and its Affiliates for the Permitted Use; provided, that such employees are subject to non-disclosure
obligations not less stringent than those provided for in this Agreement. 
 (c) BMW shall keep complete and accurate records [ * * *
]. Notwithstanding Section 7, BMW shall not publish or present any information related to [ * * * ]without the prior written consent of Solid Power. 

(d) BMW will handle and use [ * * * ]and conduct its activities under this Agreement in compliance with all applicable laws and
regulations, including, but not limited to, any laws or regulations relating to the research, testing, production, storage, transportation, export, packaging, labeling or other authorized use of the [ * * * ]. BMW shall handle, store and test the [
* * * ]in compliance with any instructions provided by Solid Power. BMW will maintain reasonable security measures, no less strict than it maintains to protect its own valuable tangible property against loss, theft or destruction. BMW understands
and agrees that the [ * * * ]may have unpredictable and unknown chemical and/or metallurgic properties, and [ * * * ]should be handled and used with caution. 

(e) Upon completion of the designated testing by BMW, BMW shall, at Solid Power’s direction, either return or destroy such [ * * *
]. 
 5. [ * * * ]AGREEMENT AND [ * * * ] 

5.1 [ * * * ]. As considerations for the financial and technical support under this JDA that BMW shall provide to Solid Power, BMW
will [ * * * ]. 
 (a) 

5.2 [ * * * ] 
 6. [ * * *
]LIMITATIONS 
 BMW shall: [ * * * ] 

6.1 Termination of [ * * * ]; 

6.2 No initiation of [ * * * ]; 

6.3 [ * * * ]; 

6.4 Volumes of [ * * * ]. 
 7.
CONFIDENTIALITY. Any information exchanged between the parties in connection with this Agreement shall be subject to that certain Mutual Confidentiality Agreement dated 2/04/2016 by and between BMW and Solid Power (the
“NDA”), [ * * * ]. Notwithstanding anything to the contrary in the NDA, the term of the NDA will be co-terminus with the term of this Agreement and the NDA will not end before the term
of this Agreement. Upon execution of this Agreement, both parties agree to issue a joint press release. Prior to issuance, the content of this press release shall be approved in writing by both parties. 

 8. TERM AND TERMINATION 

8.1 Term. Except as otherwise provided in this Agreement, the JDA Project shall terminate upon the occurrence of any of the
following: [ * * * ] 
 8.2 Termination for Breach. 

(a) Right of Termination of BMW. BMW shall be entitled to terminate the JDA giving a [ * * * ] as set out in the Statement of
Work were not reached by Solid Power. [ * * * ]. Termination of the JDA shall not entitle BMW to any refunds of amounts due, or paid, [ * * * ] and any amounts due, but not yet paid, shall be paid upon termination of the JDA. 

Prior to such termination the Parties will jointly discuss and decide via the Steering Committee [ * * * ]. 

(b) Right of Termination of Solid Power. Solid Power shall be entitled to terminate the JDA giving a [ * * * ]. BMW shall be
responsible to pay for any work done until such termination. 
 (c) Effect of Termination on IP. In case of a termination, the
regulations relating to IP, in particular Sec. 3.2, 3.3, 3.4 and 3.6, shall survive and shall apply to Intellectual Property generated until the termination. 

8.3 Termination for [ * * * ] 

9. REPRESENTATIONS AND WARRANTIES 

9.1 Development Warranties. Each party represents and warrants to the other party that it will perform the R&D
Activities in a professional, workmanlike, and timely manner; provided, however, that the other party’s sole and exclusive remedy, and such party’s entire liability, for any breach of the warranty shall be for such party to re-perform its obligations in a conforming manner. 
 9.2 Warranty Disclaimer. THE EXPRESS WARRANTIES
SET FORTH IN THIS SECTION 9.1 ARE IN LIEU OF ALL OTHER WARRANTIES, WHETHER EXPRESS, IMPLIED, OR STATUTORY, REGARDING THIS AGREEMENT INCLUDING ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT OF THIRD-PARTY RIGHTS. EACH PARTY ACKNOWLEDGES THAT IT HAS RELIED ON NO WARRANTIES OTHER THAN THE EXPRESS WARRANTIES IN THIS AGREEMENT. EACH OF THE PARTIES ACKNOWLEDGES THAT [ * * * ] AND THAT
NEITHER PARTY REPRESENTS OR WARRANTS TO THE OTHER THAT SUCH ACTIVITIES WILL BE SUCCESSFUL OR RESULT IN A [ * * * ]. 
 10.
LIMITATION OF LIABILITY. EXCEPT FOR BREACHES OF SECTION 7. (CONFIDENTIALITY), OR FOR INFRINGEMENT OF THE OTHER PARTY’S INTELLECTUAL PROPERTY RIGHTS, IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY LOST PROFITS OR
CONSEQUENTIAL, INDIRECT, PUNITIVE, EXEMPLARY, SPECIAL, OR INCIDENTAL DAMAGES ARISING FROM OR RELATING TO THIS AGREEMENT, WHETHER IN CONTRACT OR TORT OR OTHERWISE, EVEN IF SUCH PARTY KNEW OR 

 
SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES. EXCEPT FOR BREACHES OF SECTION 7. (CONFIDENTIALITY), OR FOR INFRINGEMENT OF THE OTHER PARTY’S INTELLECTUAL PROPERTY RIGHTS, IN NO EVENT
WILL EITHER PARTY’S CUMULATIVE LIABILITY ARISING FROM OR RELATED TO THIS AGREEMENT EXCEED THE SUM OF THE NRE CREDIT. THE EXISTENCE OF MULTIPLE CLAIMS SHALL NOT ENLARGE THIS LIMIT. THE PARTIES ACKNOWLEDGE THAT THE TERMS OF THIS SECTION REFLECT
THE ALLOCATION OF RISK SET FORTH IN THIS AGREEMENT AND THAT THE PARTIES WOULD NOT HAVE ENTERED INTO THIS AGREEMENT WITHOUT THESE LIMITATIONS OF LIABILITY. 

11. GENERAL 
 11.1 Relationship
of Parties. Each party is an independent contractor with respect to the other party and is not an employee or legal representative of the other party for any purpose. Neither party shall have the authority to enter into any contracts in the name
of or on behalf of the other party. 
 11.2 Assignment. Notwithstanding Section 2.4, neither party may assign, delegate,
or otherwise transfer this Agreement, or any rights or obligations under this Agreement, to any third party without the other party’s written consent. Either party may assign this Agreement to a Party [ * * * ] that acquires all, or
substantially all of the stock or assets of a Party without the consent of a Party. Any other attempted unauthorized assignment under this Agreement without the written consent of the other party shall be null and void. In the case of any permitted
assignment or transfer of or under this Agreement, this Agreement or the relevant provisions shall inure to the benefit of and be binding upon the parties’ respective executors, heirs, representatives, administrators and assigns. 

11.3 [ * * * ] 

11.4 Governing Law. This Agreement will be governed by and interpreted in accordance with the laws of the State of New Jersey,
without giving effect to any conflicts of laws rules that would require the application of the law • of a different jurisdiction. All claims, suits, and proceedings arising from or relating to this Agreement may be brought in any state or
federal court located in Bergen County, New Jersey, or any federal court in Newark, New Jersey. The Parties hereby consent to the personal jurisdiction and venue of such courts and waive any right to object to the exercise of personal
jurisdiction• by these courts. Notwithstanding the foregoing, either party may seek injunctive relief in any court of competent jurisdiction, wherever located, as necessary to protect its Intellectual Property Rights. 

11.5 Compliance with Laws. Each party shall comply with all governmental laws, rules, and regulations with respect to its
performance under this Agreement. 
 11.6 Notices. All notices, communications, requests, demands, consents and the like
required or permitted under this Agreement will be in writing and will be deemed given and received 
 (a) when delivered personally,

 (b) when sent by confirmed telecopy, 

(c) seven (7) days after having been duly mailed by first class, registered or certified mail, postage prepaid, or 

 (d) one (1) business day after deposit with a commercial overnight carrier. All
notices will be addressed to the attention of the receiving party at the addresses specified below, or to such other address as the receiving party may have furnished to the other by a proper notice. 

 

			
	If to Solid Power	 	If to BMW:
		
	Solid Power, Inc.	 	BMW Group Technology Office USA
		
	500 S. Arthur Ave., Unit 300	 	2606 Bayshore Parkway
		
	Louisville, CO 80027	 	Mountain View, CA 94043
		
	Attn: [ * * * ]	 	Attn: [ * * * ]
		
	Phone: [ * * * ]	 	Phone: [ * * * ]

 11.7 Force Majeure. Neither party will be liable for any loss or damage as a
result of any failure to perform or any delay due to any cause beyond such party’s reasonable control, including acts of God, fire, theft, accident, earthquake, flood, war, sabotage, slowdown, strikes or other labor difficulties, riot, embargo,
government act, regulation, rule, ordinance, or request, or inability to obtain necessary labor, materials, manufacturing facilities; or transportation. 

11.8 Severability. In the event any provision of this Agreement is held to be invalid or unenforceable, the valid or enforceable
portion thereof and the remaining provisions of this Agreement will remain in full force and effect. 
 11.9 Waivers;
Amendment. No waiver of any terms or conditions of this Agreement will be valid or binding on a party unless such party makes the waiver in writing. The failure of one party to enforce any of the provisions of this Agreement, or the failure to
require at any time the performance of the other party of any of the provisions of this Agreement, will in no way be construed to be a present or future waiver of such provisions, nor in any way affect the ability of a party to enforce each and
every provision thereafter. This Agreement may not be altered, amended, modified, or otherwise changed in any way except by a written instrument signed by the authorized representatives of each party. 

11.10 Rights and Remedies Cumulative. Except to the extent expressly set forth to the contrary herein, the rights and remedies
provided in this Agreement shall be cumulative and not exclusive of any other rights and remedies provided by law or otherwise. 

11.11 Construction. The headings of sections of this Agreement are included solely for convenience of reference and are not to
be used to interpret, construe, define, or describe the scope of any aspect of this Agreement. As used in this Agreement, the word “including” means “including but not limited to.” Each party represents that it has had the
opportunity to participate in the preparation of this Agreement, and any rule of construction to the effect that ambiguities are to be resolved against the drafting party will not be applied in connection with the construction or interpretation of
this Agreement. For purposes of this Agreement, the word “will” shall be equivalent in meaning to the word “shall,” both of which describe an act or forbearance which is mandatory under this Agreement. The word “may”
describes an act or forbearance which is optional under this Agreement. Unless otherwise expressly stated to the contrary herein, all remedies are cumulative, and the exercise of any express remedy by either party does not by itself waive such
party’s right to exercise its other rights and remedies available at law or in equity. 
 11.12 Entire Agreement. This
Agreement and any attachments hereto constitute the entire, final, complete and exclusive agreement between the parties and supersede all previous and contemporaneous agreements or representations, written or oral, with respect to the subject matter
of this Agreement. 
 11.13 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an
original and all of which taken together shall constitute one and the same instrument. 

 12. ANNEXES 

The following Annexes are integral part of this Agreement: 

Annex 1: [ * * * ] 
 Annex 2: Statement of
Work 
 Annex 3: Budget breakdown and [ * * * ] 

Annex 4: [ * * * ]Annex 5: Intended [ * * * ] 

Annex 6: [ * * * ] 
 IN WITNESS WHEREOF
each of the parties has caused its duly-authorized representative to execute this Agreement as of the Effective Date. 
  

					
	Solid Power, Inc.	 	 BMW OF NORTH AMERICA, LI,C

			
	/s/ D. Campbell	 		 	/s/ Peter Buchawe
	Signature	 		 	Signature
			
	D. Campbell	 		 	Peter Buchawe
	Printed Name	 		 	Printed Name
			
	CEO	 		 	CEO (Deputy)
	Title	 		 	Title
			
	/s/ David B Jansen	 		 	/s/ Howard S. Harris
	Signature	 		 	Signature
			
	David B Jansen	 		 	Howard S. Harris
	Printed Name	 		 	Printed Name
			
	President	 		 	Secretary and Deputy for President and CEO                
	Title	 		 	Title

 Annex 1 

[ * * * ] 

 Annex 2 

[ * * * ] 

 Annex 3 

[ * * * ] 

 Annex 4 

[ * * * ] 

 Annex 5 

[ * * * ] 

 Annex 6 

[ * * * ]

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