Document:

Exhibit
10.2

 

Execution
Version

 

REGISTRATION
RIGHTS AGREEMENT

 

This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of May 6, 2021, is by and between Tumim Stone
Capital LLC, a Delaware limited liability company (the “Investor”), and Gaucho Group Holdings, Inc., a Delaware
corporation (the “Company”).

 

RECITALS

 

A.       The
Company and the Investor have entered into that certain Common Stock Purchase Agreement, dated as of the date hereof (the “Purchase
Agreement”), pursuant to which the Company may issue, from time to time, to the Investor up to the lesser of (i) $50,000,000
in aggregate gross purchase price of newly issued shares of the Company’s common stock, par value $0.01 per share (“Common
Stock”), and (ii) the Exchange Cap (to the extent applicable under Section 3.4 of the Purchase Agreement), as provided
for therein.

 

B.       Pursuant
to the terms of, and in consideration for the Investor entering into, the Purchase Agreement, and to induce the Investor to execute and
deliver the Purchase Agreement, the Company has agreed to provide the Investor with certain registration rights with respect to the Registrable
Securities (as defined herein) as set forth herein.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the representations, warranties, covenants and agreements contained herein and in the Purchase Agreement,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, intending to be legally bound
hereby, the Company and the Investor hereby agree as follows:

 

		1.	Definitions.

 

Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement. As used in
this Agreement, the following terms shall have the following meanings:

 

(a)       “Agreement”
shall have the meaning assigned to such term in the preamble of this Agreement

 

(b)       “Allowable
Grace Period” shall have the meaning assigned to such term in Section 3(p).

 

(c)       “Blue
Sky Filing” shall have the meaning assigned to such term in Section 6(a).

 

(d)       “Business
Day” means any day other than Saturday, Sunday or any other day on which commercial banks in New York, New York are authorized
or required by law to remain closed.

 

(e)       “Claims”
shall have the meaning assigned to such term in Section 6(a).

 

(f)       “Closing
Date” shall mean the date of this Agreement.

 

    	 

     

    

 

 

(g)       “Commission”
means the U.S. Securities and Exchange Commission or any successor entity.

 

(h)       “Common
Stock” shall have the meaning assigned to such term in the recitals to this Agreement.

 

(i)       “Company”
shall have the meaning assigned to such term in the preamble of this Agreement.

 

(j)       “Effective
Date” means the date that the applicable Registration Statement has been declared effective by the Commission.

 

(k)       “Effectiveness
Deadline” means (i) with respect to the Initial Registration Statement required to be filed to pursuant to Section 2(a),
the earlier of (A) the 60th calendar day after the date of this Agreement, if such Registration Statement is subject to review
by the Commission, and (B) the 30th calendar day after the date of this Agreement, if the Company is notified (orally or in
writing, whichever is earlier) by the Commission that such Registration Statement will not be reviewed and (ii) with respect to any New
Registration Statements that may be required to be filed by the Company pursuant to this Agreement, the earlier of (A) the 60th
calendar day following the date on which the Company was required to file such additional Registration Statement, if such Registration
Statement is subject to review by the Commission, and (B) the 30th calendar day following the date on which the Company was
required to file such New Registration Statement, if the Company is notified (orally or in writing, whichever is earlier) by the Commission
that such Registration Statement will not be reviewed.

 

(l)       “Filing
Deadline” means (i) with respect to the Initial Registration Statement required to be filed to pursuant to Section 2(a),
the 10th Business Day after the date of this Agreement and (ii) with respect to any New Registration Statements that may be
required to be filed by the Company pursuant to this Agreement, the 20th Business Day following the sale of substantially
all of the Registrable Securities included in the Initial Registration Statement or the most recent prior New Registration Statement,
as applicable, or such other date as permitted by the Commission.

 

(m)       “Indemnified
Damages” shall have the meaning assigned to such term in Section 6(a).

 

(n)       “Initial
Registration Statement” shall have the meaning assigned to such term in Section 2(a).

 

(o)       “Investor”
shall have the meaning assigned to such term in the preamble of this Agreement.

 

(p)       “Investor
Party” and “Investor Parties” shall have the meaning assigned to such terms in Section 6(a).

 

(q)       “Legal
Counsel” shall have the meaning assigned to such term in Section 2(b).

 

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(r)       “New
Registration Statement” shall have the meaning assigned to such term in Section 2(c).

 

(s)       “Person”
means any person or entity, whether a natural person, trustee, corporation, partnership, limited partnership, limited liability company,
trust, unincorporated organization, business association, firm, joint venture, governmental agency or authority.

 

(t)       “Prospectus”
means the prospectus in the form included in the Registration Statement, as supplemented from time to time by any Prospectus Supplement,
including the documents incorporated by reference therein.

 

(u)       “Prospectus
Supplement” means any prospectus supplement to the Prospectus filed with the Commission from time to time pursuant to Rule
424(b) under the Securities Act, including the documents incorporated by reference therein.

 

(v)       “Purchase
Agreement” shall have the meaning assigned to such term in the recitals to this Agreement.

 

(w)       “register,”
“registered,” and “registration” refer to a registration effected by preparing and
filing one or more Registration Statements in compliance with the Securities Act and pursuant to Rule 415 and the declaration of effectiveness
of such Registration Statement(s) by the Commission.

 

(x)       “Registrable
Securities” means all of the Shares, and any capital stock of the Company issued or issuable with respect to the Shares,
including, without limitation, (i) as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise
and (ii) shares of capital stock of the Company into which the shares of Common Stock are converted or exchanged and shares of capital
stock of a successor entity into which the shares of Common Stock are converted or exchanged, in each case until such time as such securities
cease to be Registrable Securities pursuant to Section 2(f).

 

(y)       “Registration
Statement” means a registration statement or registration statements of the Company filed under the Securities Act covering
the resale by the Investor of Registrable Securities, as such registration statement or registration statements may be amended and supplemented
from time to time, including all documents filed as part thereof or incorporated by reference therein.

 

(z)       “Registration
Period” shall have the meaning assigned to such term in Section 3(a).

 

(aa)“Rule
144” means Rule 144 promulgated by the Commission under the Securities Act, as such rule may be amended from time to time,
or any other similar or successor rule or regulation of the Commission that may at any time permit the Investor to sell securities of
the Company to the public without registration.

 

(bb)“Rule
415” means Rule 415 promulgated by the Commission under the Securities Act, as such rule may be amended from time to time,
or any other similar or successor rule or regulation of the Commission providing for offering securities on a delayed or continuous basis.

 

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(cc)“Staff”
shall have the meaning assigned to such term in Section 2(e).

 

(dd)“Violations”
shall have the meaning assigned to such term in Section 6(a).

 

		2.	Registration.

 

(a)       Mandatory
Registration. The Company shall prepare and, as soon as practicable, but in no event later than the Filing Deadline, file with the
Commission an initial Registration Statement on Form S-1 (or any successor form) covering the resale by the Investor of the maximum number
of Registrable Securities as shall be permitted to be included thereon in accordance with applicable Commission rules, regulations and
interpretations so as to permit the resale of such Registrable Securities by the Investor under Rule 415 under the Securities Act at
then prevailing market prices (and not fixed prices) (the “Initial Registration Statement”). Such initial Registration
Statement shall contain the “Selling Stockholder” and “Plan of Distribution” sections in substantially the form
attached hereto as Exhibit B. The Company shall use its commercially reasonable efforts to have the Initial Registration Statement
declared effective by the Commission as soon as reasonably practicable, but in no event later than the applicable Effectiveness Deadline.

 

(b)       Legal
Counsel. Subject to Section 5 hereof, the Investor shall have the right to select one legal counsel to review and oversee, solely
on its behalf, any registration pursuant to this Section 2 (“Legal Counsel”), which shall be Dorsey & Whitney
LLP, or such other counsel as thereafter designated by the Investor. Except as provided under Section 10.1(i) of the Purchase Agreement,
the Company shall have no obligation to reimburse the Investor for any and all legal fees and expenses of the Legal Counsel incurred
in connection with the transactions contemplated hereby.

 

(c)       Sufficient
Number of Shares Registered. If at any time all Registrable Securities are not covered by the Initial Registration Statement filed
pursuant to Section 2(a) as a result of Section 2(e) or otherwise, the Company shall use its commercially reasonable efforts to file
with the Commission one or more additional Registration Statements so as to cover all of the Registrable Securities not covered by such
initial Registration Statement, in each case, as soon as practicable (taking into account any position of the staff of the Commission
(“Staff”) with respect to the date on which the Staff will permit such additional Registration Statement(s)
to be filed with the Commission and the rules and regulations of the Commission) (each such additional Registration Statement, a “New
Registration Statement”), but in no event later than the applicable Filing Deadline for such New Registration Statement(s).
The Company shall use its commercially reasonable efforts to cause each such New Registration Statement to become effective as soon as
practicable following the filing thereof with the Commission, but in no event later than the applicable Effectiveness Deadline for such
New Registration Statement.

 

(d)       No
Inclusion of Other Securities. In no event shall the Company include any securities other than Registrable Securities on any Registration
Statement pursuant to Section 2(a) or Section 2(c) without consulting the Investor and Legal Counsel prior to filing such Registration
Statement with the Commission.

 

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(e)       Offering.
If the Staff or the Commission seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement
as constituting an offering of securities that does not permit such Registration Statement to become effective and be used for resales
by the Investor on a delayed or continuous basis under Rule 415 at then-prevailing market prices (and not fixed prices), or if after
the filing of any Registration Statement pursuant to Section 2(a) or Section 2(c), the Company is otherwise required by the Staff or
the Commission to reduce the number of Registrable Securities included in such Registration Statement, then the Company shall reduce
the number of Registrable Securities to be included in such Registration Statement (after consultation with the Investor and Legal Counsel
as to the specific Registrable Securities to be removed therefrom) until such time as the Staff and the Commission shall so permit such
Registration Statement to become effective and be used as aforesaid. Notwithstanding anything in this Agreement to the contrary, if after
giving effect to the actions referred to in the immediately preceding sentence, the Staff or the Commission does not permit such Registration
Statement to become effective and be used for resales by the Investor on a delayed or continuous basis under Rule 415 at then-prevailing
market prices (and not fixed prices), the Company shall not request acceleration of the Effective Date of such Registration Statement,
the Company shall promptly (but in no event later than 48 hours) request the withdrawal of such Registration Statement pursuant to Rule
477 under the Securities Act, and the Effectiveness Deadline shall automatically be deemed to have elapsed with respect to such Registration
Statement at such time as the Staff or the Commission has made a final and non-appealable determination that the Commission will not
permit such Registration Statement to be so utilized (unless prior to such time the Company has received assurances from the Staff or
the Commission that a New Registration Statement filed by the Company with the Commission promptly thereafter may be so utilized). In
the event of any reduction in Registrable Securities pursuant to this paragraph, the Company shall use its commercially reasonable efforts
to file one or more New Registration Statements with the Commission in accordance with Section 2(c) until such time as all Registrable
Securities have been included in Registration Statements that have been declared effective and the Prospectuses contained therein are
available for use by the Investor.

 

(f)       Any
Registrable Security shall cease to be a “Registrable Security” at the earliest of the following: (i) when a Registration
Statement covering such Registrable Security becomes or has been declared effective by the Commission and such Registrable Security has
been sold or disposed of pursuant to such effective Registration Statement; (ii) when such Registrable Security is held by the Company
or one of its subsidiaries; and (iii) the date that is the later of (A) the first (1st) anniversary of the date of termination
of the Purchase Agreement in accordance with Article VIII of the Purchase Agreement and (B) the first (1st) anniversary of
the date of the last sale of any Registrable Securities to the Investor pursuant to the Purchase Agreement.

 

		3.	Related
                                            Obligations.

 

The
Company shall use its commercially reasonable efforts to effect the registration of the Registrable Securities in accordance with the
intended method of disposition thereof, and, pursuant thereto, the Company shall have the following obligations:

 

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(a)       The
Company shall promptly prepare and file with the Commission the Initial Registration Statement pursuant to Section 2(a) hereof and one
or more New Registration Statements pursuant to Section 2(c) hereof with respect to the Registrable Securities, but in no event later
than the applicable Filing Deadline therefor, and the Company use its commercially reasonable efforts to cause each such Registration
Statement to become effective as soon as practicable after such filing, but in no event later than the applicable Effectiveness Deadline
therefor. Subject to Allowable Grace Periods, the Company shall keep each Registration Statement effective (and the Prospectus contained
therein available for use) pursuant to Rule 415 for resales by the Investor on a continuous basis at then-prevailing market prices (and
not fixed prices) at all times until the earlier of (i) the date on which the Investor shall have sold all of the Registrable Securities
covered by such Registration Statement and (ii) the date of termination of the Purchase Agreement if as of such termination date the
Investor holds no Registrable Securities (or, if applicable, the date on which such securities cease to be Registrable Securities after
the date of termination of the Purchase Agreement) (the “Registration Period”). Notwithstanding anything to
the contrary contained in this Agreement (but subject to the provisions of Section 3(q) hereof), the Company shall ensure that, when
filed and at all times while effective, each Registration Statement (including, without limitation, all amendments and supplements thereto)
and the Prospectus (including, without limitation, all amendments and supplements thereto) used in connection with such Registration
Statement shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or
necessary to make the statements therein (in the case of Prospectuses, in the light of the circumstances in which they were made) not
misleading. The Company shall submit to the Commission, as soon as reasonably practicable after the date that the Company learns that
no review of a particular Registration Statement will be made by the Staff or that the Staff has no further comments on a particular
Registration Statement (as the case may be), a request for acceleration of effectiveness of such Registration Statement to a time and
date as soon as reasonably practicable in accordance with Rule 461 under the Securities Act.

 

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(b)       Subject
to Section 3(q) of this Agreement, the Company shall use its commercially reasonable efforts to prepare and file with the Commission
such amendments (including, without limitation, post-effective amendments) and supplements to each Registration Statement and the Prospectus
used in connection with each such Registration Statement, which Prospectus is to be filed pursuant to Rule 424 promulgated under the
Securities Act, as may be necessary to keep each such Registration Statement effective (and the Prospectus contained therein current
and available for use) at all times during the Registration Period for such Registration Statement, and, during such period, comply with
the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company required to be covered
by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the
intended methods of disposition by the Investor. Without limiting the generality of the foregoing, the Company covenants and agrees that
(i) at or before 8:30 a.m. (New York City time) on the Trading Day immediately following the Effective Date of the Initial Registration
Statement and any New Registration Statement (or any post-effective amendment thereto), the Company shall file with the Commission in
accordance with Rule 424(b) under the Securities Act the final Prospectus to be used in connection with sales pursuant to such Registration
Statement (or post-effective amendment thereto), and (ii) if the transactions contemplated by any Fixed Purchase and related VWAP Purchase
(as applicable) are material to the Company (individually or collectively with all other prior Fixed Purchases and VWAP Purchases, the
consummation of which have not previously been reported in any Prospectus Supplement filed with the Commission under Rule 424(b) under
the Securities Act or in any report, statement or other document filed by the Company with the Commission under the Exchange Act), or
if otherwise required under the Securities Act (or the interpretations of the Commission thereof), in each case as reasonably determined
by the Company and the Investor, then, at or before 8:30 a.m., New York City time, on the first (1st) Trading Day immediately
following the Fixed Purchase Date with respect to such Fixed Purchase, or the first (1st) Trading Day immediately following
the VWAP Purchase Date, if a VWAP Purchase Notice was properly delivered to the Investor hereunder in connection with such Fixed Purchase,
the Company shall file with the Commission a Prospectus Supplement pursuant to Rule 424(b) under the Securities Act with respect to the
applicable Fixed Purchase(s) and VWAP Purchase(s) (as applicable), disclosing the total number of Shares that are to be (and, if applicable,
have been) issued and sold to the Investor pursuant to such Fixed Purchase(s), the total purchase price for the Shares subject to such
Fixed Purchase(s) and VWAP Purchase(s) (as applicable), the applicable purchases price(s) for such Shares and the net proceeds that are
to be (and, if applicable, have been) received by the Company from the sale of such Shares. To the extent not previously disclosed in
the Prospectus or a Prospectus Supplement, the Company shall disclose in its Quarterly Reports on Form 10-Q and in its Annual Reports
on Form 10-K the information described in the immediately preceding sentence relating to all Fixed Purchase(s) and VWAP Purchase(s) consummated
during the relevant fiscal quarter and shall file such Quarterly Reports and Annual Reports with the Commission within the applicable
time period prescribed for such report under the Exchange Act. In the case of amendments and supplements to any Registration Statement
on Form S-1 or Prospectus related thereto which are required to be filed pursuant to this Agreement (including, without limitation, pursuant
to this Section 3(b)) by reason of the Company filing a report on Form 8-K, Form 10-Q or Form 10-K or any analogous report under the
Exchange Act, the Company shall have incorporated such report by reference into such Registration Statement and Prospectus, if applicable,
or shall file such amendments or supplements to the Registration Statement or Prospectus with the Commission on the same day on which
the Exchange Act report is filed which created the requirement for the Company to amend or supplement such Registration Statement or
Prospectus, for the purpose of including or incorporating such report into such Registration Statement and Prospectus. The Company consents
to the use of the Prospectus (including, without limitation, any supplement thereto) included in each Registration Statement in accordance
with the provisions of the Securities Act and with the securities or “Blue Sky” laws of the jurisdictions in which the Registrable
Securities may be sold by the Investor, in connection with the resale of the Registrable Securities and for such period of time thereafter
as such Prospectus (including, without limitation, any supplement thereto) (or in lieu thereof, the notice referred to in Rule 173(a)
under the Securities Act) is required by the Securities Act to be delivered in connection with resales of Registrable Securities.

 

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(c)       The
Company shall (A) permit Legal Counsel an opportunity to review and comment upon (i) each Registration Statement at least two (2) Business
Days prior to its filing with the Commission and (ii) all amendments and supplements to each Registration Statement (including, without
limitation, the Prospectus contained therein) (except for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports
on Form 8-K, and any similar or successor reports or Prospectus Supplements the contents of which is limited to that set forth in such
reports) within a reasonable number of days prior to their filing with the Commission, and (B) shall reasonably consider any comments
of the Investor and Legal Counsel on any such Registration Statement or amendment or supplement thereto or to any Prospectus contained
therein. The Company shall promptly furnish to Legal Counsel, without charge, (i) electronic copies of any correspondence from the Commission
or the Staff to the Company or its representatives relating to each Registration Statement (which correspondence shall be redacted to
exclude any material, non-public information regarding the Company or any of its Subsidiaries), (ii) after the same is prepared and filed
with the Commission, one (1) electronic copy of each Registration Statement and any amendment(s) and supplement(s) thereto, including,
without limitation, financial statements and schedules, all documents incorporated therein by reference, if requested by the Investor,
and all exhibits and (iii) upon the effectiveness of each Registration Statement, one (1) electronic copy of the Prospectus included
in such Registration Statement and all amendments and supplements thereto; provided, however, the Company shall not be required to furnish
any document (other than the Prospectus, which may be provided in .PDF format) to Legal Counsel to the extent such document is available
on EDGAR).

 

(d)       Without
limiting any obligation of the Company under the Purchase Agreement, the Company shall promptly furnish to the Investor, without charge,
(i) after the same is prepared and filed with the Commission, at least one (1) electronic copy of each Registration Statement and any
amendment(s) and supplement(s) thereto, including, without limitation, financial statements and schedules, all documents incorporated
therein by reference, if requested by the Investor, all exhibits thereto, (ii) upon the effectiveness of each Registration Statement,
one (1) electronic copy of the Prospectus included in such Registration Statement and all amendments and supplements thereto (or such
other number of copies as the Investor may reasonably request from time to time) and (iii) such other documents, including, without limitation,
copies of any final Prospectus and any Prospectus Supplement thereto, as the Investor may reasonably request from time to time in order
to facilitate the disposition of the Registrable Securities owned by the Investor; provided, however, the Company shall not be required
to furnish any document (other than the Prospectus, which may be provided in .PDF format) to the Investor to the extent such document
is available on EDGAR).

 

(e)       The
Company shall take such action as is reasonably necessary to (i) register and qualify, unless an exemption from registration and qualification
applies, the resale by the Investor of the Registrable Securities covered by a Registration Statement under such other securities or
“Blue Sky” laws of all applicable jurisdictions in the United States, (ii) prepare and file in those jurisdictions, such
amendments (including, without limitation, post-effective amendments) and supplements to such registrations and qualifications as may
be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be reasonably
necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all
other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided,
however, the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in
any jurisdiction where it would not otherwise be required to qualify but for this Section 3(e), (y) subject itself to general taxation
in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify
Legal Counsel and the Investor of the receipt by the Company of any notification with respect to the suspension of the registration or
qualification of any of the Registrable Securities for sale under the securities or “Blue Sky” laws of any jurisdiction in
the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.

 

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(f)       The
Company shall notify Legal Counsel and the Investor in writing of the happening of any event, as promptly as reasonably practicable after
becoming aware of such event, as a result of which the Prospectus included in a Registration Statement, as then in effect, includes an
untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain
any material, non-public information regarding the Company or any of its Subsidiaries), and, subject to Section 3(q), promptly prepare
a supplement or amendment to such Registration Statement and such Prospectus contained therein to correct such untrue statement or omission
and deliver one (1) electronic copy of such supplement or amendment to Legal Counsel and the Investor (or such other number of copies
as Legal Counsel or the Investor may reasonably request). The Company shall also promptly notify Legal Counsel and the Investor in writing
(i) when a Prospectus or any Prospectus Supplement or post-effective amendment has been filed, when a Registration Statement or any post-effective
amendment has become effective (notification of such effectiveness shall be delivered to Legal Counsel and the Investor by facsimile
or e-mail on the same day of such effectiveness and by overnight mail), and when the Company receives written notice from the Commission
that a Registration Statement or any post-effective amendment will be reviewed by the Commission, (ii) of any request by the Commission
for amendments or supplements to a Registration Statement or related Prospectus or related information, (iii) of the Company’s
reasonable determination that a post-effective amendment to a Registration Statement would be appropriate and (iv) of the receipt of
any request by the Commission or any other federal or state governmental authority for any additional information relating to the Registration
Statement or any amendment or supplement thereto or any related Prospectus. The Company shall respond as promptly as reasonably practicable
to any comments received from the Commission with respect to a Registration Statement or any amendment thereto. Nothing in this Section
3(f) shall limit any obligation of the Company under the Purchase Agreement.

 

(g)       The
Company shall (i) use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness
of a Registration Statement or the use of any Prospectus contained therein, or the suspension of the qualification, or the loss of an
exemption from qualification, of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is
issued, to obtain the withdrawal of such order or suspension at the earliest possible time and (ii) notify Legal Counsel and the Investor
of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding.

 

(h)       The
Company shall hold in confidence and not make any disclosure of information concerning the Investor provided to the Company unless (i)
disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information
is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required to be disclosed in
such Registration Statement pursuant to the Securities Act, (iii) the release of such information is ordered pursuant to a subpoena or
other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information has been made
generally available to the public other than by disclosure in violation of this Agreement or any other Transaction Document. The Company
agrees that it shall, upon learning that disclosure of such information concerning the Investor is sought in or by a court or governmental
body of competent jurisdiction or through other means, give prompt written notice to the Investor and allow the Investor, at the Investor’s
expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information.

 

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(i)       Without
limiting any obligation of the Company under the Purchase Agreement, the Company shall use its commercially reasonable efforts either
to (i) cause all of the Registrable Securities covered by each Registration Statement to be listed on the Trading Market, (ii) secure
designation and quotation of all of the Registrable Securities covered by each Registration Statement on another Eligible Market, or
(iii) if, despite the Company’s commercially reasonable efforts to satisfy the preceding clauses (i) or (ii) the Company is unsuccessful
in satisfying the preceding clauses (i) or (ii), without limiting the generality of the foregoing, to use its commercially reasonable
efforts to arrange for at least two market makers to register with the Financial Industry Regulatory Authority (“FINRA”)
as such with respect to such Registrable Securities. In addition, the Company shall reasonably cooperate with the Investor and any Broker-Dealer
through which the Investor proposes to sell its Registrable Securities in effecting a filing with FINRA pursuant to FINRA Rule 5110 as
requested by the Investor. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section
3(i).

 

(j)       The
Company shall cooperate with the Investor and, to the extent applicable, facilitate the timely preparation and delivery of Registrable
Securities, as DWAC Shares, to be offered pursuant to a Registration Statement and enable such DWAC Shares to be in such denominations
or amounts (as the case may be) as the Investor may reasonably request from time to time and registered in such names as the Investor
may request. Investor hereby agrees that it shall cooperate with the Company, its counsel and Transfer Agent in connection with any issuances
of the DWAC Shares, and hereby represents, warrants and covenants to the Company that that it will resell such Shares only pursuant to
the Registration Statement in which such DWAC Shares are included, in a manner described under the caption “Plan of Distribution”
in such Registration Statement, and in a manner in compliance with all applicable U.S. federal and state securities laws, rules and regulations,
including, without limitation, any applicable prospectus delivery requirements of the Securities Act. DWAC Shares shall be free from
all restrictive legends may be transmitted by the transfer agent to the Investor by crediting an account at DTC as directed in writing
by the Investor.

 

(k)       Upon
the written request of the Investor, the Company shall as soon as reasonably practicable after receipt of notice from the Investor and
subject to Section 3(p) hereof, (i) incorporate in a Prospectus Supplement or post-effective amendment such information as the Investor
reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation,
information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any
other terms of the offering of the Registrable Securities to be sold in such offering; (ii) make all required filings of such Prospectus
Supplement or post-effective amendment after being notified of the matters to be incorporated in such Prospectus Supplement or post-effective
amendment; and (iii) supplement or make amendments to any Registration Statement or Prospectus contained therein if reasonably requested
by the Investor.

 

(l)       The
Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by a Registration Statement to be registered
with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable
Securities.

 

(m)       The
Company shall make generally available to its security holders (which may be satisfied by making such information available on EDGAR)
as soon as practical, but not later than ninety (90) days after the close of the period covered thereby, an earnings statement (in form
complying with, and in the manner provided by, the provisions of Rule 158 under the Securities Act) covering a twelve-month period beginning
not later than the first day of the Company’s fiscal quarter next following the applicable Effective Date of each Registration
Statement.

 

    	 	10	 

    	 	 	 

    

 

(n)       The
Company shall otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission
in connection with any registration hereunder.

 

(o)       Within
one (1) Business Day after each Registration Statement which covers Registrable Securities is declared effective by the Commission, the
Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities
(with copies to the Investor) confirmation that such Registration Statement has been declared effective by the Commission in the form
attached hereto as Exhibit A or in such other form as requested by the transfer agent.

 

(p)       Notwithstanding
anything to the contrary contained herein (but subject to the last sentence of this Section 3(p)), at any time after the Effective Date
of a particular Registration Statement, the Company may, upon written notice to Investor, suspend Investor’s use of any prospectus
that is a part of any Registration Statement (in which event the Investor shall discontinue sales of the Registrable Securities pursuant
to such Registration Statement contemplated by this Agreement, but shall settle any previously made sales of Registrable Securities)
if the Company (x) is pursuing an acquisition, merger, tender offer, reorganization, disposition or other similar transaction and the
Company determines in good faith that (A) the Company’s ability to pursue or consummate such a transaction would be materially
adversely affected by any required disclosure of such transaction in such Registration Statement or other registration statement or (B)
such transaction renders the Company unable to comply with Commission requirements, in each case under circumstances that would make
it impractical or inadvisable to cause any Registration Statement (or such filings) to be used by Investor or to promptly amend or supplement
any Registration Statement contemplated by this Agreement on a post effective basis, as applicable, or (y) has experienced some other
material non-public event the disclosure of which at such time, in the good faith judgment of the Company, would materially adversely
affect the Company (each, an “Allowable Grace Period”); provided, however, that in no event shall the
Investor be suspended from selling Registrable Securities pursuant to any Registration Statement for a period that exceeds 20 consecutive
Trading Days or an aggregate of 60 days in any 365-day period; and provided, further, the Company shall not effect any such suspension
during (A) the first 10 consecutive Trading Days after the Effective Date of the particular Registration Statement or (B) the five-Trading
Day period following each settlement date for a Fixed Purchase or VWAP Purchase. Upon disclosure of such information or the termination
of the condition described above, the Company shall provide prompt notice, but in any event within one Business Day of such disclosure
or termination, to the Investor and shall promptly terminate any suspension of sales it has put into effect and shall take such other
reasonable actions to permit registered sales of Registrable Securities as contemplated in this Agreement (including as set forth in
the first sentence of Section 3(f) with respect to the information giving rise thereto unless such material, non-public information is
no longer applicable). Notwithstanding anything to the contrary contained in this Section 3(p), the Company shall cause its transfer
agent to deliver DWAC Shares to a transferee of the Investor in accordance with the terms of the Purchase Agreement in connection with
any sale of Registrable Securities with respect to which (i) the Company has made a sale to Investor and (ii) the Investor has entered
into a contract for sale, and delivered a copy of the Prospectus included as part of the particular Registration Statement to the extent
applicable, in each case prior to the Investor’s receipt of the notice of an Allowable Grace Period and for which the Investor
has not yet settled.

 

    	 	11	 

    	 	 	 

    

 

		4.	Obligations
                                            of the Investor.

 

(a)       At
least five (5) Business Days prior to the first anticipated filing date of each Registration Statement (or such shorter period to which
the parties agree), the Company shall notify the Investor in writing of the information the Company requires from the Investor with respect
to such Registration Statement. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant
to this Agreement with respect to the Registrable Securities of the Investor that the Investor shall furnish to the Company such information
regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by
it, as shall be reasonably required to effect and maintain the effectiveness of the registration of such Registrable Securities and shall
execute such documents in connection with such registration as the Company may reasonably request.

 

(b)       The
Investor, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company
in connection with the preparation and filing of each Registration Statement hereunder, unless the Investor has notified the Company
in writing of the Investor’s election to exclude all of the Investor’s Registrable Securities from such Registration Statement.

 

(c)       The
Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(p)
or the first sentence of 3(f), the Investor shall immediately discontinue disposition of Registrable Securities pursuant to any Registration
Statement(s) covering such Registrable Securities until the Investor’s receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 3(p) or the first sentence of Section 3(f) or receipt of notice that no supplement or amendment is required.
Notwithstanding anything to the contrary in this Section 4(c), the Company shall cause its transfer agent to deliver DWAC Shares to a
transferee of the Investor in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities
with respect to which the Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company
of the happening of any event of the kind described in Section 3(p) or the first sentence of Section 3(f) and for which the Investor
has not yet settled.

 

(d)       The
Investor covenants and agrees that it shall comply with the prospectus delivery and other requirements of the Securities Act as applicable
to it in connection with sales of Registrable Securities pursuant to a Registration Statement.

 

		5.	Expenses
                                            of Registration.

 

All
reasonable expenses of the Company, other than sales or brokerage commissions and fees and disbursements of counsel for, and other expenses
of, the Investor, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without
limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and disbursements of counsel for
the Company, shall be paid by the Company.

 

    	 	12	 

    	 	 	 

    

 

		6.	Indemnification.

 

(a)       In
the event any Registrable Securities are included in any Registration Statement under this Agreement, to the fullest extent permitted
by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each of its directors, officers, shareholders,
members, partners, employees, agents, advisors, representatives (and any other Persons with a functionally equivalent role of a Person
holding such titles notwithstanding the lack of such title or any other title) and each Person, if any, who controls the Investor within
the meaning of the Securities Act or the Exchange Act and each of the directors, officers, shareholders, members, partners, employees,
agents, advisors, representatives (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding
the lack of such title or any other title) of such controlling Persons (each, an “Investor Party” and collectively,
the “Investor Parties”), against any losses, obligations, claims, damages, liabilities, contingencies, judgments,
fines, penalties, charges, costs (including, without limitation, court costs, reasonable attorneys’ fees, costs of defense and
investigation), amounts paid in settlement or expenses, joint or several, (collectively, “Claims”) reasonably
incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the
foregoing by or before any court or governmental, administrative or other regulatory agency, body or the Commission, whether pending
or threatened, whether or not an Investor Party is or may be a party thereto (“Indemnified Damages”), to which
any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or
any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities
or other “Blue Sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”),
or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein
not misleading or (ii) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus (as amended or
supplemented) or in any Prospectus Supplement or the omission or alleged omission to state therein any material fact necessary to make
the statements made therein, in light of the circumstances under which the statements therein were made, not misleading (the matters
in the foregoing clauses (i) and (ii) being, collectively, “Violations”). Subject to Section 6(c), the Company
shall reimburse the Investor Parties, promptly as such expenses are incurred and are due and payable, for any legal fees or other reasonable
expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained
herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Investor Party arising out
of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by
such Investor Party for such Investor Party expressly for use in connection with the preparation of such Registration Statement, Prospectus
or Prospectus Supplement or any such amendment thereof or supplement thereto (it being hereby acknowledged and agreed that the written
information set forth on Exhibit C attached hereto is the only written information furnished to the Company by or on behalf of
the Investor expressly for use in any Registration Statement, Prospectus or Prospectus Supplement); (ii) shall not be available to the
Investor to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the Prospectus (as amended
or supplemented) made available by the Company (to the extent applicable), including, without limitation, a corrected Prospectus, if
such Prospectus (as amended or supplemented) or corrected Prospectus was timely made available by the Company pursuant to Section 3(d)
and then only if, and to the extent that, following the receipt of the corrected Prospectus no grounds for such Claim would have existed;
and (iii) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent
of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of the Investor Party and shall survive the transfer of any of the Registrable Securities by
the Investor pursuant to Section 9.

 

    	 	13	 

    	 	 	 

    

 

(b)       In
connection with any Registration Statement in which the Investor is participating, the Investor agrees to severally and not jointly indemnify,
hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors,
each of its officers who signs the Registration Statement and each Person, if any, who controls the Company within the meaning of the
Securities Act or the Exchange Act (each, an “Company Party”), against any Claim or Indemnified Damages to
which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages
arise out of or are based upon any Violation, in each case, to the extent, and only to the extent, that such Violation occurs in reliance
upon and in conformity with written information relating to the Investor furnished to the Company by the Investor expressly for use in
connection with such Registration Statement, the Prospectus included therein or any Prospectus Supplement thereto (it being hereby acknowledged
and agreed that the written information set forth on Exhibit C attached hereto is the only written information furnished to the
Company by or on behalf of the Investor expressly for use in any Registration Statement, Prospectus or Prospectus Supplement); and, subject
to Section 6(c) and the below provisos in this Section 6(b), the Investor shall reimburse a Company Party any legal or other expenses
reasonably incurred by such Company Party in connection with investigating or defending any such Claim; provided, however,
the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not
apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which
consent shall not be unreasonably withheld or delayed; and provided, further that the Investor shall be liable under this Section
6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the applicable
sale of Registrable Securities pursuant to such Registration Statement, Prospectus or Prospectus Supplement. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of such Company Party and shall survive the transfer of
any of the Registrable Securities by the Investor pursuant to Section 9.

 

    	 	14	 

    	 	 	 

    

 

(c)       Promptly
after receipt by an Investor Party or Company Party (as the case may be) under this Section 6 of notice of the commencement of any action
or proceeding (including, without limitation, any governmental action or proceeding) involving a Claim, such Investor Party or Company
Party (as the case may be) shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver
to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate
in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control
of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Investor Party or the Company Party (as the
case may be); provided, however, an Investor Party or Company Party (as the case may be) shall have the right to retain
its own counsel with the fees and expenses of such counsel to be paid by the indemnifying party if: (i) the indemnifying party has agreed
in writing to pay such fees and expenses; (ii) the indemnifying party shall have failed promptly to assume the defense of such Claim
and to employ counsel reasonably satisfactory to such Investor Party or Company Party (as the case may be) in any such Claim; or (iii)
the named parties to any such Claim (including, without limitation, any impleaded parties) include both such Investor Party or Company
Party (as the case may be) and the indemnifying party, and such Investor Party or such Company Party (as the case may be) shall have
been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Investor Party or such
Company Party and the indemnifying party (in which case, if such Investor Party or such Company Party (as the case may be) notifies the
indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, then the indemnifying
party shall not have the right to assume the defense thereof on behalf of the indemnified party and such counsel shall be at the expense
of the indemnifying party, provided further that in the case of clause (iii) above the indemnifying party shall not be responsible
for the reasonable fees and expenses of more than one (1) separate legal counsel for all Investor Parties or Company Parties (as the
case may be). The Company Party or Investor Party (as the case may be) shall reasonably cooperate with the indemnifying party in connection
with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying party all
information reasonably available to the Company Party or Investor Party (as the case may be) which relates to such action or Claim. The
indemnifying party shall keep the Company Party or Investor Party (as the case may be) reasonably apprised at all times as to the status
of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action,
claim or proceeding effected without its prior written consent; provided, however, the indemnifying party shall not unreasonably
withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Company Party or Investor
Party (as the case may be), consent to entry of any judgment or enter into any settlement or other compromise which does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such Company Party or Investor Party (as the case may be)
of a release from all liability in respect to such Claim or litigation, and such settlement shall not include any admission as to fault
on the part of the Company Party. For the avoidance of doubt, the immediately preceding sentence shall apply to Sections 6(a) and 6(b)
hereof. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Company
Party or Investor Party (as the case may be) with respect to all third parties, firms or corporations relating to the matter for which
indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement
of any such action shall not relieve such indemnifying party of any liability to the Investor Party or Company Party (as the case may
be) under this Section 6, except to the extent that the indemnifying party is materially and adversely prejudiced in its ability to defend
such action.

 

(d)       No
Person involved in the sale of Registrable Securities who is guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) in connection with such sale shall be entitled to indemnification from any Person involved in such sale of Registrable
Securities who is not guilty of fraudulent misrepresentation.

 

    	 	15	 

    	 	 	 

    

 

(e)       The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or Indemnified Damages are incurred; provided that any Person receiving any payment
pursuant to this Section 6 shall promptly reimburse the Person making such payment for the amount of such payment to the extent a court
of competent jurisdiction determines that such Person receiving such payment was not entitled to such payment.

 

(f)       The
indemnity and contribution agreements contained herein shall be in addition to (i) any cause of action or similar right of the Company
Party or Investor Party against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant
to the law.

 

		7.	Contribution.

 

To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law;
provided, however: (i) no contribution shall be made under circumstances where the maker would not have been liable for
indemnification under the fault standards set forth in Section 6 of this Agreement, (ii) no Person involved in the sale of Registrable
Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) in connection
with such sale shall be entitled to contribution from any Person involved in such sale of Registrable Securities who was not guilty of
fraudulent misrepresentation; and (iii) contribution by any seller of Registrable Securities shall be limited in amount to the amount
of net proceeds received by such seller from the applicable sale of such Registrable Securities pursuant to such Registration Statement.
Notwithstanding the provisions of this Section 7, the Investor shall not be required to contribute, in the aggregate, any amount in excess
of the amount by which the net proceeds actually received by the Investor from the applicable sale of the Registrable Securities subject
to the Claim exceeds the amount of any damages that the Investor has otherwise been required to pay, or would otherwise be required to
pay under Section 6(b), by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

		8.	Reports
                                            Under the Exchange Act.

 

With
a view to making available to the Investor the benefits of Rule 144, the Company agrees to:

 

(a)       use
its reasonable best efforts to make and keep public information available, as those terms are understood and defined in Rule 144;

 

(b)       use
its reasonable best efforts to file with the Commission in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act so long as the Company remains subject to such requirements (it being understood that nothing
herein shall limit any of the Company’s obligations under the Purchase Agreement) and the filing of such reports and other documents
is required for the applicable provisions of Rule 144;

 

(c)       furnish
to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company, if
true, that it has complied with the reporting, submission and posting requirements of Rule 144 and the Exchange Act, (ii) a copy of the
most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company with the Commission
if such reports are not publicly available via EDGAR, and (iii) such other information as may be reasonably requested to permit the Investor
to sell such securities pursuant to Rule 144 without registration; and

 

    	 	16	 

    	 	 	 

    

 

(d)       take
such additional action as is reasonably requested by the Investor to enable the Investor to sell the Registrable Securities pursuant
to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions
to the Company’s Transfer Agent as may be reasonably requested from time to time by the Investor and otherwise fully cooperate
with Investor and Investor’s broker to effect such sale of securities pursuant to Rule 144.

 

		9.	Assignment
                                            of Registration Rights.

 

Neither
the Company nor the Investor shall assign this Agreement or any of their respective rights or obligations hereunder.

 

		10.	Amendment
                                            or Waiver.

 

No
provision of this Agreement may be amended or waived by the parties from and after the date that is one (1) Trading Day immediately preceding
the filing of the Initial Registration Statement with the Commission. Subject to the immediately preceding sentence, no provision of
this Agreement may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived other than in a written
instrument signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise any right or remedy
under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

 

		11.	Miscellaneous.

 

(a)       Solely
for purposes of this Agreement, a Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to
own of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons
with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from
such record owner of such Registrable Securities.

 

(b)       Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement shall be given
in accordance with Section 10.4 of the Purchase Agreement.

 

(c)       Failure
of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy,
shall not operate as a waiver thereof. The Company and the Investor acknowledge and agree that irreparable damage would occur in the
event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.
It is accordingly agreed that either party shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions
of this Agreement by the other party and to enforce specifically the terms and provisions hereof (without the necessity of showing economic
loss and without any bond or other security being required), this being in addition to any other remedy to which either party may be
entitled by law or equity.

 

    	 	17	 

    	 	 	 

    

 

(d)       All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws
of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New
York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York.
Each party hereby irrevocably submits to the exclusive jurisdiction of the federal courts sitting in The City of New York, Borough of
Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If any provision of this Agreement
shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability
of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other
jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(e)       The
Transaction Documents set forth the entire agreement and understanding of the parties solely with respect to the subject matter thereof
and supersedes all prior and contemporaneous agreements, negotiations and understandings between the parties, both oral and written,
solely with respect to such matters. There are no promises, undertakings, representations or warranties by either party relative to subject
matter hereof not expressly set forth in the Transaction Documents. Notwithstanding anything in this Agreement to the contrary and without
implication that the contrary would otherwise be true, nothing contained in this Agreement shall limit, modify or affect in any manner
whatsoever (i) the conditions precedent to a Fixed Purchase and a VWAP Purchase contained in Article VII of the Purchase Agreement or
(ii) any of the Company’s obligations under the Purchase Agreement.

 

(f)       This
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors. This Agreement is not
for the benefit of, nor may any provision hereof be enforced by, any Person, other than the parties hereto, their respective successors
and the Persons referred to in Sections 6 and 7 hereof.

 

(g)       The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. Unless the
context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural
forms thereof. The terms “including,” “includes,” “include” and words of like import shall be construed
broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,” “hereof”
and words of like import refer to this entire Agreement instead of just the provision in which they are found.

 

    	 	18	 

    	 	 	 

    

 

(h)       This
Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall
become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile signature
or signature delivered by e-mail in a “.pdf” format data file, including any electronic signature complying with the U.S.
federal ESIGN Act of 2000, e.g., www.docusign.com, www.echosign.adobe.com, etc., shall be considered due execution and shall be binding
upon the signatory thereto with the same force and effect as if the signature were an original signature.

 

(i)       Each
party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such
other agreements, certificates, instruments and documents as any other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(j)       The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of
strict construction will be applied against any party.

 

[Signature
Pages Follow]

 

    	 	19	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, Investor and the Company have caused their respective signature page to this Registration Rights Agreement to be
duly executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	GAUCHO
    GROUP HOLDINGS, INC.
	 	 
	 	By:	/s/
    Scott Mathis
	 	Name:	Scott
    Mathis
	 	Title:	President
    & CEO

 

    	 	20	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, Investor and the Company have caused their respective signature page to this Registration Rights Agreement to be
duly executed as of the date first written above.

 

	 	INVESTOR:
	 	 	 
	 	TUMIM STONE CAPITAL LLC
	 	 	 
	 	By:	/s/
    Maier J. Tarlow
	 	Name:	Maier
    J. Tarlow
	 	Title:	Manager
    on Behalf of GP

 

    	 	21	 

    	 	 	 

    

 

EXHIBIT
A

 

FORM
OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

 

[NAME & ADDRESS]

 

Re:Gaucho
Group Holdings, Inc.

 

Ladies
and Gentlemen:

 

We
are special counsel to Gaucho Group Holdings, Inc., a Delaware corporation (the “Company”), and have represented
the Company in connection with that certain Common Stock Purchase Agreement, dated May 6, 2021 (the “Purchase Agreement”),
entered into by and among the Company and the Investor named therein (the “Holder”) pursuant to which the Company
will issue to the Holder from time to time shares of the Company’s common stock, par value $0.01 per share (the “Common
Stock”). Pursuant to the Purchase Agreement, the Company also has entered into a Registration Rights Agreement, dated May
6, 2021, with the Holder (the “Registration Rights Agreement”), pursuant to which the Company agreed, among
other things, to register the offer and sale by the Holder of the Registrable Securities (as defined in the Registration Rights Agreement)
under the Securities Act of 1933, as amended (the “Securities Act”). In connection with the Company’s
obligations under the Registration Rights Agreement, on [●], 20[●], the Company filed a Registration Statement on Form S-1
(File No. 333-[●]) (the “Registration Statement”) with the Securities and Exchange Commission (the “Commission”)
relating to the Registrable Securities which names the Holder as an underwriter and a selling stockholder thereunder.

 

In
connection with the foregoing, based solely on our review of the Commission’s EDGAR website, we advise you that the Registration
Statement became effective under the Securities Act on [____, 20__]. In addition, based solely on our review of the information made
available by the Commission at http://www.sec.gov/litigation/stoporders.shtml, we confirm that the Commission has not issued any stop
order suspending the effectiveness of the Registration Statement. To our knowledge, based solely on our participation in the conferences
mentioned above regarding the Registration Statement and our review of the information made available by the Commission at http://www.sec.gov/litigation/stoporders.shtml,
no proceedings for that purpose are pending or have been instituted or threatened by the Commission.

 

This
letter shall serve as our standing opinion to you that the shares of Common Stock are freely transferable by the Holder pursuant to the
Registration Statement, provided the Registration Statement remains effective.

 

This
opinion letter is limited to the federal securities laws of the United States of America. We express no opinion as to matters relating
to state securities laws or Blue Sky laws.

 

We
assume no obligation to update or supplement this opinion letter to reflect any facts or circumstances which may hereafter come to our
attention with respect to the opinion and statements expressed above, including any changes in applicable law that may hereafter occur.

 

    	 

     

    

 

This
opinion letter is being delivered solely for the benefit of the person to whom it is addressed; accordingly, it may not be quoted, filed
with any governmental authority or other regulatory agency or otherwise circulated or utilized for any purposes without our prior written
consent.

 

	 	Very
    truly yours,
	 	 
	 	[ISSUER’S
    COUNSEL]
	 	 
	 	By:	_____________________

 

cc:
Tumim Stone Capital LLC

 

    	 

     

    

 

EXHIBIT
B

 

SELLING
STOCKHOLDER

 

This
prospectus relates to the possible resale from time to time by Tumim Stone Capital of any or all of the shares of common stock that may
be issued by us to Tumim Stone Capital under the Purchase Agreement. For additional information regarding the issuance of common stock
covered by this prospectus, see the section titled “Tumim Stone Capital Committed Equity Financing” above. We are registering
the shares of common stock pursuant to the provisions of the Registration Rights Agreement we entered into with Tumim Stone Capital on
May 6, 2021 in order to permit the selling stockholder to offer the shares for resale from time to time. Except for the transactions
contemplated by the Purchase Agreement and the Registration Rights Agreement, Tumim Stone Capital has not had any material relationship
with us within the past three years. As used in this prospectus, the term “selling stockholder” means Tumim Stone Capital,
LLC.

 

The
table below presents information regarding the selling stockholder and the shares of common stock that it may offer from time to time
under this prospectus. This table is prepared based on information supplied to us by the selling stockholder, and reflects holdings as
of [●], 2021. The number of shares in the column “Maximum Number of Shares of Common Stock to be Offered Pursuant to this
Prospectus” represents all of the shares of common stock that the selling stockholder may offer under this prospectus. The selling
stockholder may sell some, all or none of its shares in this offering. We do not know how long the selling stockholder will hold the
shares before selling them, and we currently have no agreements, arrangements or understandings with the selling stockholder regarding
the sale of any of the shares.

 

Beneficial
ownership is determined in accordance with Rule 13d-3(d) promulgated by the SEC under the Exchange Act, and includes shares of common
stock with respect to which the selling stockholder has voting and investment power. The percentage of shares of common stock beneficially
owned by the selling stockholder prior to the offering shown in the table below is based on an aggregate of [●] shares of our common
stock outstanding on [●], 2021. Because the purchase price of the shares of common stock issuable under the Purchase Agreement
is determined on each Fixed Purchase Date, with respect to a Fixed Purchase, and on each VWAP Purchase Date, with respect to a VWAP Purchase,
the number of shares that may actually be sold by the Company under the Purchase Agreement may be fewer than the number of shares being
offered by this prospectus. The fourth column assumes the sale of all of the shares offered by the selling stockholder pursuant to this
prospectus.

 

    	 

     

    

 

	Name of Selling Stockholder	 	Number
    of Shares of Common Stock Owned Prior to Offering	 	 	Maximum Number of Shares of Common Stock to be Offered Pursuant to this 

                                                                                Prospectus
	 	Number
    of Shares of Common Stock Owned After Offering	 
	 	 	Number(1)	 	 	Percent(2)	 	 	 	 	Number(3)	 	 	Percent(2)	 
	Tumim Stone Capital LLC(4)	 	 	120,337	 	 	 	—	 	 	[●]	 	 	0	 	 	 	—	 

 

 

	(1)	This
                                            number represents the 120,337 shares of common stock we issued to Tumim Stone Capital on
                                            May [●], 2021 as Commitment Shares in consideration for entering into the Purchase
                                            Agreement with us. In accordance with Rule 13d-3(d) under the Exchange Act, we have excluded
                                            from the number of shares beneficially owned prior to the offering all of the shares that
                                            Tumim Stone Capital may be required to purchase under the Purchase Agreement, because the
                                            issuance of such shares is solely at our discretion and is subject to conditions contained
                                            in the Purchase Agreement, the satisfaction of which are entirely outside of Tumim Stone
                                            Capital’s control, including the registration statement that includes this prospectus
                                            becoming and remaining effective. Furthermore, the Fixed Purchases and VWAP Purchases of
                                            common stock are subject to certain agreed upon maximum amount limitations set forth in the
                                            Purchase Agreement. Also, the Purchase Agreement prohibits us from issuing and selling any
                                            shares of our common stock to Tumim Stone Capital to the extent such shares, when aggregated
                                            with all other shares of our common stock then beneficially owned by Tumim Stone Capital,
                                            would cause Tumim Stone Capital’s beneficial ownership of our common stock to exceed
                                            the 4.99% Beneficial Ownership Cap. The Purchase Agreement also prohibits us from issuing
                                            or selling shares of our common stock under the Purchase Agreement in excess of the 19.99%
                                            Exchange Cap, unless we obtain stockholder approval to do so, or unless sales of common stock
                                            are made at a price equal to or greater than $[●] per share, such that the Exchange
                                            Cap limitation would not apply under applicable NASDAQ rules. Neither the Beneficial Ownership
                                            Limitation nor the Exchange Cap (to the extent applicable under NASDAQ rules) may be amended
                                            or waived under the Purchase Agreement.
	 	 
	(2)	Applicable
                                            percentage ownership is based on [●] shares of our common stock outstanding as of [●],
                                            202[●].
	 	 
	(3)	Assumes
                                            the sale of all shares being offered pursuant to this prospectus.
	 	 
	(4)	The
                                            business address of Tumim Stone Capital LLC is 140 Broadway, 38th Floor, New York,
                                            NY 10005. Tumim Stone Capital LLC’s principal business is that of a private investor.
                                            Maier Joshua Tarlow is the manager of 3i Management, LLC, the general partner of 3i, LP,
                                            which is the sole member of Tumim Stone Capital, LLC, and has sole voting control and investment
                                            discretion over securities beneficially owned directly by Tumim Stone Capital LLC and indirectly
                                            by 3i Management, LLC and 3i, LP. 3i Management, LLC is also the manager of Tumim Stone Capital
                                            LLC. We have been advised that none of Mr. Tarlow, 3i Management, LLC, 3i, LP or Tumim Stone
                                            Capital LLC is a member of the Financial Industry Regulatory Authority, or FINRA, or an independent
                                            broker-dealer, or an affiliate or associated person of a FINRA member or independent broker-dealer.
                                            The foregoing should not be construed in and of itself as an admission by Mr. Tarlow as to
                                            beneficial ownership of the securities beneficially owned directly by Tumim Stone Capital
                                            LLC and indirectly by 3i Management, LLC and 3i, LP.

 

    	 

     

    

 

PLAN
OF DISTRIBUTION

 

The
shares of common stock offered by this prospectus are being offered by the selling stockholder, Tumim Stone Capital. The shares may be
sold or distributed from time to time by the selling stockholder directly to one or more purchasers or through brokers, dealers, or underwriters
who may act solely as agents at market prices prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated
prices, or at fixed prices, which may be changed. The sale of the ordinary shares offered by this prospectus could be effected in one
or more of the following methods:

 

	 	●	ordinary
    brokers’ transactions; 
	 	 	 
	 	●
    	transactions
    involving cross or block trades; 
	 	 	 
	 	●
    	through
    brokers, dealers, or underwriters who may act solely as agents; 
	 	 	 
	 	●
    	“at
    the market” into an existing market for the ordinary shares; 
	 	 	 
	 	●
    	in
    other ways not involving market makers or established business markets, including direct sales to purchasers or sales effected through
    agents; 
	 	 	 
	 	●
    	in
    privately negotiated transactions; or 
	 	 	 
	 	●
    	any
    combination of the foregoing. 

 

In
order to comply with the securities laws of certain states, if applicable, the shares may be sold only through registered or licensed
brokers or dealers. In addition, in certain states, the shares may not be sold unless they have been registered or qualified for sale
in the state or an exemption from the state’s registration or qualification requirement is available and complied with.

 

Tumim
Stone Capital is an “underwriter” within the meaning of Section 2(a)(11) of the Securities Act.

 

Tumim
Stone Capital has informed us that it intends to use one or more registered broker-dealers to effectuate all sales, if any, of our common
stock that it has acquired and may in the future acquire from us pursuant to the Purchase Agreement. Such sales will be made at prices
and at terms then prevailing or at prices related to the then current market price. Each such registered broker-dealer will be an underwriter
within the meaning of Section 2(a)(11) of the Securities Act. Tumim Stone Capital has informed us that each such broker-dealer will receive
commissions from Tumim Stone Capital that will not exceed customary brokerage commissions.

 

Brokers,
dealers, underwriters or agents participating in the distribution of the shares of our common stock offered by this prospectus may receive
compensation in the form of commissions, discounts, or concessions from the purchasers, for whom the broker-dealers may act as agent,
of the shares sold by the selling stockholder through this prospectus. The compensation paid to any such particular broker-dealer by
any such purchasers of shares of our common stock sold by the selling stockholder may be less than or in excess of customary commissions.
Neither we nor the selling stockholder can presently estimate the amount of compensation that any agent will receive from any purchasers
of shares of our common stock sold by the selling stockholder.

 

    	 

     

    

 

We
know of no existing arrangements between the selling stockholder or any other stockholder, broker, dealer, underwriter or agent relating
to the sale or distribution of the shares of our common stock offered by this prospectus.

 

We
may from time to time file with the SEC one or more supplements to this prospectus or amendments to the registration statement of which
this prospectus forms a part to amend, supplement or update information contained in this prospectus, including, if and when required
under the Securities Act, to disclose certain information relating to a particular sale of shares offered by this prospectus by the selling
stockholder, including the names of any brokers, dealers, underwriters or agents participating in the distribution of such shares by
the selling stockholder, any compensation paid by the selling stockholder to any such brokers, dealers, underwriters or agents, and any
other required information.

 

We
will pay the expenses incident to the registration under the Securities Act of the offer and sale of the shares of our common stock covered
by this prospectus by the selling stockholder. As consideration for its irrevocable commitment to purchase our common stock under the
Purchase Agreement, we have issued to Tumim Stone Capital 120,337 shares of our common stock as Commitment Shares. We also have agreed
to reimburse Tumim Stone Capital for the fees and disbursements of its counsel, payable upon execution of the Purchase Agreement, in
an amount not to exceed $35,000.

 

We
also have agreed to indemnify Tumim Stone Capital and certain other persons against certain liabilities in connection with the offering
of shares of our common stock offered hereby, including liabilities arising under the Securities Act or, if such indemnity is unavailable,
to contribute amounts required to be paid in respect of such liabilities. Tumim Stone Capital has agreed to indemnify us against liabilities
under the Securities Act that may arise from certain written information furnished to us by Tumim Stone Capital specifically for use
in this prospectus or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities. Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons,
we have been advised that in the opinion of the SEC this indemnification is against public policy as expressed in the Securities Act
and is therefore, unenforceable.

 

We
estimate that the total expenses for the offering will be approximately $[●].

 

Tumim
Stone Capital has represented to us that at no time prior to the date of the Purchase Agreement has Tumim Stone Capital or its agents,
representatives or affiliates engaged in or effected, in any manner whatsoever, directly or indirectly, any short sale (as such term
is defined in Rule 200 of Regulation SHO of the Exchange Act) of our common stock or any hedging transaction, which establishes a net
short position with respect to our common stock. Tumim Stone Capital has agreed that during the term of the Purchase Agreement, neither
Tumim Stone Capital, nor any of its agents, representatives or affiliates will enter into or effect, directly or indirectly, any of the
foregoing transactions.

 

We
have advised the selling stockholder that it is required to comply with Regulation M promulgated under the Exchange Act. With certain
exceptions, Regulation M precludes the selling stockholder, any affiliated purchasers, and any broker-dealer or other person who participates
in the distribution from bidding for or purchasing, or attempting to induce any person to bid for or purchase any security which is the
subject of the distribution until the entire distribution is complete. Regulation M also prohibits any bids or purchases made in order
to stabilize the price of a security in connection with the distribution of that security. All of the foregoing may affect the marketability
of the securities offered by this prospectus.

 

This
offering will terminate on the date that all shares of our common stock offered by this prospectus have been sold by the selling stockholder.

 

Our
common stock is currently listed on The Nasdaq Capital Market under the symbol “VINO”.

 

    	 

     

    

 

EXHIBIT
C

 

The
business address of Tumim Stone Capital LLC is 140 Broadway, 38th Floor, New York, NY 10005. Tumim Stone Capital LLC’s
principal business is that of a private investor. Maier Joshua Tarlow is the manager of 3i Management, LLC, the general partner of 3i,
LP, which is the sole member of Tumim Stone Capital, LLC, and has sole voting control and investment discretion over securities beneficially
owned directly by Tumim Stone Capital LLC and indirectly by 3i Management, LLC and 3i, LP. 3i Management, LLC is also the manager of
Tumim Stone Capital LLC. None of Mr. Tarlow, 3i Management, LLC, 3i, LP or Tumim Stone Capital LLC is a member of the Financial Industry
Regulatory Authority, or FINRA, or an independent broker-dealer, or an affiliate or associated person of a FINRA member or independent
broker-dealer. The foregoing should not be construed in and of itself as an admission by Mr. Tarlow as to beneficial ownership of the
securities beneficially owned directly by Tumim Stone Capital LLC and indirectly by 3i Management, LLC and 3i, LP.Exhibit 10.3

 

[CERTAIN INFORMATION IN THIS EXHIBIT IDENTIFIED BY [***] IS CONFIDENTIAL AND HAS BEEN EXCLUDED BECAUSE IT (I)
IS NOT MATERIAL AND (II) THE REGISTRANT CUSTOMARILY AND ACTUALLY TREATS THAT INFORMATION AS PRIVATE OR CONFIDENTIAL.]

 

 

 

 

 

 

 

 

 

 

LICENSE AND SERVICES AGREEMENT

 

 

BETWEEN

 

(1) 24M TECHNOLOGIES, INC.

AND

(2) FREYR

 

 

 

 

 

 

 

 

 

     

    

    

 

TABLE OF CONTENTS

 

	1.	definitions and interpretation	2
	 	 	 
	2.	commencement and duration	10
	 	 	 
	3.	grant of license	10
	 	 	 
	4.	ownership of intellectual property rights	11
	 	 	 
	5.	Royalty Payments	12
	 	 	 
	6.	Non-compete	14
	 	 	 
	7.	Service agreement	15
	 	 	 
	8.	record keeping, audit and inspection	18
	 	 	 
	9.	representation, warranties and undertakings	19
	 	 	 
	10.	indemnities	22
	 	 	 
	11.	limits of liability	24
	 	 	 
	12.	termination	24
	 	 	 
	13.	confidentiality	26
	 	 	 
	14.	force majeure	26
	 	 	 
	15.	dispute resolution	27
	 	 	 
	16.	miscellaneous	27
		 	 
	Schedule 1 PATENTS

	31
	 	 
	Schedule 2 Services	32
	 	 
	SCHEDULE 3
    Technical Training	33
	 	 
	SCHEDULE
    4 exceptions to 24m REPRESENTATIONS AND WARRANTIES	34

 

    i

    

    

 

LICENSE AND SERVICES AGREEMENT

 

This LICENSE AND SERVICES AGREEMENT (the
“Agreement”) commences on and from 15th December 2020 (the “Effective Date”) and is entered into
by and between:

 

		(1)	24M TECHNOLOGIES, INC, incorporated in Delaware, U.S.A. and whose principal office is situated at
130 Brookline Street, Cambridge, MA 02139 (“24m”); and

 

		(2)	FREYR AS, a Norwegian limited liability corporation with
company registration number 920 388 620 having its registered place of business at Nytorget 1, 8622 Mo i Rana, Norway (“FREYR”),

 

each a “Party” and
together the “Parties”.

 

RECITALS

 

		(A)	24m has developed 24m Proprietary Technology, including know how,
related to the development and manufacture of Semi-Solid Battery (as defined herein) cells.

     

	(B)	FREYR is creating a platform with Norwegian and EU support to
scale the manufacture and commercialization of Semi-Solid Battery cells and modules.
	 	 

	(C)	FREYR wishes to license the 24m Proprietary Technology (as defined
herein) and receive the Services (as defined herein) from 24m to enable the construction and scale of manufacturing facilities for such
purposes.
	 	 

	(D)	24m has agreed to license the 24m Proprietary Technology and provide
the Services to FREYR to facilitate the manufacture and commercialization of the Semi-Solid Battery cells and modules by FREYR, in accordance
with the terms of this Agreement.
	 	 

	1.	DEFINITIONS AND INTERPRETATION

     

		1.1	In this Agreement, unless the context requires otherwise:

 

	 	“24m Developed Improvements”	has the meaning set out in clause 4.2;
	 	 	 	 
	 	“24m Indemnified Persons”	has the meaning set out in clause 10.4; 
	 	 	 	 
	 	“24m Licensed Patents”	means all patents and patent applications owned or Controlled by 24m or any of its Affiliates as of the Effective Date, or that 24m or an Affiliate develops or acquires ownership or Control of at any time during the Term of this Agreement that are necessary or useful for, or otherwise related to, the manufacture, assembly, test, operation and service of Semi-Solid Battery cells and Semi-Solid Battery modules, including:

 

	 	 	(a)	all patents and patent applications set out in Schedule 1 ([***]) as at the Effective Date, it being understood that such patents and patent applications relate to technology capable of producing cells with a gravimetric energy density below 350 Wh/kg at 20°C;

  

    Page 2

    

    

 

	 	 	(b) 	effective upon 24m obtaining the required governmental consents or exemptions further described in Schedule 1a (“Required Approvals”), all patents and patent applications set out in Schedule 1a ([***]) as at the Effective Date, it being understood that such patents and patent applications relate to technology capable of producing cells with a gravimetric energy density above 350 Wh/kg at 20°C; and
	 	 	 	 
	 	 	(c)	any patents and patent applications claiming inventions created in
whole or in part by 24m in the performance of the Services or the fulfilment of 24m’s liabilities, responsibilities and obligations
pursuant to this Agreement;
	 	 	 	 
	 	 	(d) 	any patents and patent applications claiming 24m Developed Improvements;
	 	 	 	 
	 	 	(e) 	any patents and patent applications claiming FREYR Developed Improvements; and
	 	 	 	 
	 	 	(f)	in respect of each of the above: (i) all extensions and renewals thereof; (ii) applications for any of the foregoing and the right to apply for any of the foregoing in any country; (iii) rights under licenses, consents, orders, statutes or otherwise in relation to the foregoing; (iv) rights of the same or similar effect or nature which now subsist; and (v) the right to sue for past and future infringements of any of the foregoing rights; but in no case will the foregoing clauses (i) through (v) inclusive include any patents or patent applications to the extent they claim technology solely related to producing cells with a gravimetric energy density above 350 Wh/kg at 20°C, until 24m obtains the Required Approvals.
	 	 	 	 
	 	“24m Licensed Technology”	means all Related Information owned or Controlled by 24m or any of its Affiliates as of the Effective Date, or that 24m or an Affiliate develops or acquires ownership or Control of at any time during the Term of this Agreement, that is not in the public domain or that is otherwise proprietary to 24m or an Affiliate, including:
	 	 	 	 
	 	 	(a)	all 24m Developed Improvements;
	 	 	 	 
	 	 	(b)	all FREYR Developed Improvements;
	 	 	 	 
	 	 	(c)	all IPR, including unregistered utility models, unregistered designs, unregistered design rights, topography rights, database rights, know-how and copyrights (including moral rights), in the foregoing; and

 

    Page 3

    

    

 

	 	 	(d)	
     in respect
    of each of the foregoing: (i) applications for any of the foregoing and the right to apply for any of the foregoing in any country; rights
    under licenses, consents, orders, statutes or otherwise in relation to the foregoing; rights of the same or similar effect or nature which
    now subsist; and (ii) the right to sue for past and future infringements of any of the foregoing rights,

    

	 	 	but in each case, excluding the patent rights and trademark rights;
	 	 	 	 
	 	“24m Licensee”	means an entity with whom 24m has entered into licensing arrangements related to the 24m Proprietary Technology, but excluding FREYR or its Affiliates;
	 	 	 	 
	 	“24m Proprietary Technology”	means 24m Licensed Patents and 24m Licensed Technology;
	 	 	 	 
	 	“Affiliates” 	means, with respect to any person, any other person directly or indirectly Controlling, (including, but not limited to, all directors and officers of such person) Controlled by, or under direct or indirect common Control with, such person. For the purposes of this definition, “Control” when used with respect to any person, means the power to direct the management and policies of such person, directly or indirectly, through the ownership of  more than fifty percent (>50%) voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled” shall be construed accordingly;  
	 	 	 	 
	 	“Applicable Law”	means any of the following, to the extent that it applies to a Party, its Affiliates or its employees and contractors:
	 	 	 	 
	 	 	(a)	any statute,
    regulation, by-law, ordinance or subordinate legislation in force from time to time;
	 	 	 	 
	 	 	(b)	 the common
law and the law of equity;
	 	 	 	 
	 	 	(c) 	any binding
    court order, judgment or decree;
	 	 	 	 
	 	 	(d)	 any applicable
    industry code, policy or standard enforceable by law; and
	 	 	 	 
	 		(e)	
    

    

    

     any applicable
    policy, requirement, rule or order that is given by a regulator;

	 	 	 	 
	 	“ASEAN”	means those member states belonging to the Association of Southeast Asian Nations as at the Effective Date;

 

    Page 4

    

    

 

	 	“Business Days”	means a day (other than a Saturday or Sunday) on which banks in Norway and/or New York, New York, USA are open for ordinary banking business;
	 	 	 	 
	 	“Calendar Year” 	means a period of 12 consecutive months beginning on and including January 1st and ending on and including December 31st;
	 	 	 	 
	 	“Confidential Information” 	means, in respect of a Party, information in any form (whether written, electronic, graphic, oral or otherwise) that falls within any of the following categories:
	 	 	 	 
	 	 	(a) 	it has been
    provided by the Party and was marked confidential (or a similar designation) or was stated to be confidential at the time of disclosure;
	 	 	 	 
	 	 	(b)	it concerns
    the customers, finances, sales, marketing, products, suppliers, employees, strategies, business operations, projections, forecasts or
    management, or it would ordinarily be deemed by a reasonable person to be confidential or proprietary to each Party;
	 	 	 	 
	 	 	(c) 	information
    contained in, or relating to, the items licensed to the other Party pursuant to clause 3 (Grant of Licence); and
	 	 	 	 
	 	 	(d)
	information identified
in this Agreement as Confidential Information of a Party;

	 	 	 	 
	 	 	 	Notwithstanding the foregoing, the Confidential
Information shall not include, and no obligation shall be imposed regarding information which:
	 	 	 	 
	 	 	(a) 	is publicly known at the time of disclosure or becomes publicly known after disclosure through no wrongful act or breach of this Agreement by the other Party;
	 	 	 	 
	 	 	(b) 	 is already in the possession of the other Party at the time of disclosure without reference to the Party’s Confidential Information;
	 	 	 	 
	 	 	(c) 	is rightfully and lawfully obtained by the other Party from a third party without any confidentiality obligation, directly or indirectly, to the Party or its Affiliates;
	 	 	 	 
	 	 	(d) 	is independently developed by or for the other Party without reference to the Party’s Confidential Information; or
	 	 	 	 
	 	 	(e)	is approved for public release by written authorization of the Party;  

 

    Page 5

    

    

    

	 	“Control”	means, whether arising by ownership, license or otherwise:  (i) with respect to a patent, patent application or patent right, that 24m or its Affiliate possesses the right to grant and authorize the licenses, and sublicenses, as applicable, of the scope granted to FREYR under this Agreement, and (ii) with respect to Information, that 24m or its Affiliate possesses the Information and the rights to disclose and deliver the Information, or a copy thereof, to FREYR under this Agreement; in either case without violating the terms of any agreement under which 24m or its Affiliate as of the Effective Date holds or after the Effective Date first acquires rights in such subject matter.     
	 	 	 	 
	 	“COVID-19”	means SARS-CoV-2 or COVID-19, and any evolutions or mutations thereof or related or associated epidemics, pandemic or disease outbreaks.
	 	 	 	 
	 	“COVID-19 Measures”	means any quarantine, “shelter in place,” “stay at home,” workforce reduction, social distancing, shut down, closure, sequester, safety or similar law, directive, guidelines or recommendations promulgated by any industry group or any Governmental Authority, including the Centers for Disease Control and Prevention and the World Health Organization, in each case, in connection with or in response to COVID-19, including the CARES Act and Families First Act.
	 	 	 	 
	 	“Effective Date” 	has the meaning set out in the preamble; 
	 	 	 	 
	 	“Energy Storage System”	means a grid connected electricity storage system that has more than 200 kWh of lithium-ion battery storage capacity, excluding any applications related to automotive charging or discharging.
	 	 	 	 
	 	“Existing IPR”	has the meaning set out in clause 4.1; 
	 	 	 	 
	 	“Force Majeure Event”	means acts of God, fire, flood, war, acts of terrorism, riot, civil commotion, governmental actions, labour disputes (save where such disputes involve personnel of the non-performing Party), pandemic, epidemic, quarantine and any similar events that are not reasonably foreseeable and beyond the reasonable control of the non-performing Party; provided that, as an ongoing issue of which both Parties are aware, COVID-19 and COVID-19 Measures in effect as of the Effective Date shall not be considered Force Majeure Events;
	 	 	 	 
	 	“FREYR Indemnified Persons”	has the meaning set out in clause 10.1; 

 

 

    Page 6

    

    

 

	 	“Improvement”	means any improvement, enhancement, derivative of or modification to the 24m Proprietary Technology including any such modifications in the manufacturing processes or otherwise related to manufacture of the Products but in all cases excluding the 24m Proprietary Technology itself (without reference, for purposes of this exclusion, to clauses (d) and (e) in the definition or “24m Licensed Patents” and clauses (a) and (b) in the definition of “24m Licensed Technology”), 
	 	 	 	 
	 	“Indemnitee” 	means the Party that is receiving the benefit of the relevant indemnity;
	 	 	 	 
	 	“Indemnitor”	means the Party that is giving the relevant indemnity;
	 	 	 	 
	 	“Insolvency Event”	means the occurrence of any of the following events (or any event analogous to any of the following in a jurisdiction other than the United States) in relation to the relevant entity:
	 	 	 	 
	 	 	
    (a)

     
	the entity passing a resolution for its winding up or a court of competent jurisdiction making an order (which order is not dismissed or vacated within 90 days) for the entity to be wound up or dissolved or the entity being dissolved;
	 	 	 	 
	 	 	(b) 	the appointment by a court of competent jurisdiction of an administrator of or a receiver or administrative receiver of, or an encumbrancer taking possession of or selling, the whole or part of the entity’s undertaking, assets, rights or revenue; or
	 	 	 	 
	 	 	(c) 	the entity makes an application to a court of competent jurisdiction for protection from its creditors, however, a resolution by the relevant entity or a court order that such entity be wound up for the purpose of a bona fide reconstruction or amalgamation will not amount to an Insolvency Event;

 

	 	“IPR”	means all rights of any nature in patents, registered designs, registered trademarks and service marks, and all extensions and renewals thereof, unregistered trademarks and service marks, business and customer names, unregistered designs, internet domain names and email addresses, design rights, topography rights, rights in inventions, utility models, database rights, rights in Information and copyrights (including moral rights); applications for any of the foregoing and the right to apply for any of the foregoing in any country; rights under licenses, consents, orders, statutes or otherwise in relation to the foregoing; rights of the same or similar effect or nature which now subsist; and the right to sue for past and future infringements of any of the foregoing rights;

 

    Page 7

    

    

 

	 	“Information”	means all technical, scientific and other know-how and information, trade secrets, technology, means, methods, processes, practices, formulae, instructions, skills, techniques, procedures, experiences, discoveries, inventions, designs, drawings, assembly procedures, computer programs, apparatuses, prototypes, specifications, data, results, and other material, including manufacturing and quality control procedures and data, in each case (whether or not confidential, proprietary, patented or patentable, of commercial advantage or not) in written, electronic or any other form now known or hereafter developed.   
	 	 	 	 
	 	“Major Automobile Companies”	means any company that produces more than five-hundred thousand cars and/or more than ten thousand trucks or buses annually. 
	 	 	 	 
	 	“Product”	means Semi-Solid Battery cells or any product containing a Semi-Solid Battery cell, the manufacture or sale of which would, but for the license granted in this Agreement, infringe a Valid Claim of a 24m Licensed Patent.  For the avoidance of doubt, Product includes Semi-Solid Battery cells or products containing Semi-Solid Battery cells, that is manufactured and/or sold in a jurisdiction that does not infringe a Valid Claim, provided its manufacture or sale in any jurisdiction would infringe a Valid Claim; 
	 	 	 	 
	 	“Quarter”	means calendar quarters, 1 January – 31 March; 1 April – 30 June; 1 July – 30 September; and 1 October – 31 December, and “Quarterly” shall be construed accordingly; 
	 	 	 	 
	 	 “Related Information”   	means all Information necessary or useful for, or otherwise related to, the manufacture, assembly, test, operation and service of Semi-Sold Battery cells and Semi-Solid Battery modules, including:
	 	 	 	 
	 		(a) 	all Information regarding materials required to manufacture Semi-Solid Battery cells and Semi-Solid Battery modules;
	 	 	 	 
	 	 	(b) 	all specifications and drawings for pilot and high volume Semi-Solid Battery cell and Semi-Solid Battery module manufacturing equipment and facilities;
	 	 	 	 
	 	 	(c) 	all manufacturing and testing process and procedures for Semi-Solid Battery cells and Semi-Solid Battery modules; and
	 	 	 	 
	 	 	(d) 	all Information (including specifications) regarding the machines, the equipment and the facilities used for manufacturing or evaluating Semi-Solid Battery cells and Semi-Solid Battery modules;

 

    Page 8

    

    

 

	 	“Related Parties”	means any person or entity that is related to any of the senior management of FREYR, owns more than 5% of FREYR or otherwise exerts significant influence or control over FREYR;
	 	 	 
	 	“Restricted Information”	means the Information set forth or described in Schedule 4b. 
	 	 	 
	 	“Royalty”	has the meaning set out in clause 5.1, and “Royalties”
    shall be construed accordingly;
	 	
    

     

    “Scandinavian Region”
	
    

    means Denmark, Norway, Sweden, Finland, Greenland,
    and Iceland;

	 	 	 
	 	“Semi-Solid Battery”	means a battery that has at least one electrode comprised of a liquid electrolyte and a solid for which the manufacturing process did not use a drying process;
	 	 	 
	 	“Term”	has the meaning set out in clause 2.1;
	 	 	 
	 	“Valid Claim”	means a claim of an issued and unexpired patent included within the 24m Licensed Patents that (a) has not been held unenforceable, unpatentable or invalid by a decision of a court or other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and (b) has not been admitted to be invalid or unenforceable through reissue, disclaimer or otherwise.

 

		1.2	In this Agreement, unless the context requires otherwise:

 

		(a)	a statutory provision, includes a reference to:

 

		(i)	the statutory provision as modified or re-enacted from time to
time (whether before or after the Effective Date); and

 

		(ii)	any subordinate legislation made pursuant to the statutory provision (whether before or after the Effective
Date);

 

		(b)	a Party, person or entity, includes a reference to that Party’s, person’s or entity’s
successors, personal representatives or assigns;

 

		(c)	an agreement, includes a reference to such agreement as amended from time to time;

 

		(d)	a “Schedule” or “Appendix” unless the context otherwise requires,
is a reference to a schedule or appendix to this Agreement; and

 

		(e)	the singular includes the plural and vice versa, unless the context otherwise requires.

 

    Page 9

    

    

 

		1.3	The headings in this Agreement will not affect the interpretation of this Agreement (and unless the context
requires otherwise, a reference to a Schedule includes the associated Appendices).

 

		1.4	Whenever the words “include”, “includes”, “including” or “in
particular” (or similar derivates) are used, they are deemed to be followed by the words “without limitation”.

 

		1.5	This Agreement is the result of arm’s length negotiations between the Parties and will be construed
to have been drafted by both Parties such that any ambiguities in this Agreement will not be construed against either Party as a result
of that Party having drafted or proposed the relevant clause.

 

		2.	commencement and duration

 

		2.1	This Agreement shall take effect from the Effective Date and, unless terminated earlier in accordance
with clause 12 (Termination), shall continue until the expiration, lapse, cancellation, abandonment or invalidation of the last
Valid Claim of the 24m Licensed Patents (the “Term”). FREYR’s license with respect to then-existing 24m Licensed
Technology will survive the expiration, but not an earlier termination (subject to clause 12.5 with respect to FREYR Developed Improvements)
of the Agreement, [***].

 

		3.	grant of license

 

		3.1	24m Licensed Patents. Subject to the terms of this Agreement, 24m hereby grants the following rights
to FREYR and its Affiliates:

 

		(a)	during the Term a royalty-bearing, non-exclusive (subject to clause 6), perpetual (during the Term), irrevocable
(except in accordance with clause 12 (Termination)), non-transferable (except in accordance with clause 16.2 (Assignment / Novation))
and non-sub-licensable (except to equipment manufacturers and other contracted suppliers solely in support of FREYR and its Affiliates
hereunder and not for the independent use by a third party) license, under the 24m Licensed Patents, to:

 

		(i)	manufacture Products on a worldwide basis, subject to the following restrictions (“Manufacturing
Restrictions”):

 

		(A)	FREYR’s license under this clause 3.1(a)(i) shall not include the right to manufacture Products
within ASEAN until after December 31, 2022, [***]; and

 

		(B)	FREYR’s license under this clause 3.1(a)(i) shall not include the right to manufacture Products
within Japan until after December 31, 2022, [***] and

 

		(ii)	use, sell, offer to sell and import Products on a worldwide basis, subject to the following restrictions
(“Restrictions”):

 

		(A)	FREYR may not sell or offer to sell the Products within ASEAN until [***], currently December 31, 2022.

 

		(B)	FREYR may not sell or offer to sell the Products within Japan until [***], currently December 31, 2022.

 

Notwithstanding the
foregoing, with respect to any 24m Licensed Patents claiming FREYR Developed Improvements, the foregoing license is granted on a perpetual,
non-exclusive, irrevocable, fully paid-up and royalty-free basis.

 

    Page 10

    

    

 

		3.2	24m Licensed Technology. 24m hereby grants to FREYR and its Affiliates a non-exclusive (subject
to clause 6), perpetual, irrevocable, royalty-free, fully-paid, non-transferable (except in accordance with clause 16.2 (Assignment
/ Novation)) and non-sublicensable (except to equipment manufacturers and other contracted suppliers solely in support of FREYR and
its Affiliates hereunder and not for the independent use by a third party) license to use the 24m Licensed Technology, in order to:

 

		(a)	manufacture Products on a worldwide basis subject to Manufacturing Restrictions; and

 

		(b)	use, sell, offer to sell and import Products on a worldwide basis, subject to the Restrictions.

 

Notwithstanding the
foregoing, with respect to any FREYR Developed Improvements, the foregoing license is granted on a perpetual, non-exclusive, irrevocable,
fully paid-up and royalty-free basis.

 

		3.3	No Implied License. Except as expressly provided in this Agreement, nothing herein is intended
to confer, by implication, estoppel, or otherwise, upon FREYR a license to or rights in any IPR of 24m.

 

		4.	ownership of intellectual property rights

 

		4.1	Ownership of Background IPR. Except as provided in clause 4.3, nothing in this Agreement will assign
or transfer ownership of any IPR, corporate names, trademarks, and associated goodwill, of either Party which are (i) owned or Controlled
by that Party or any Affiliate as of the Effective Date (the “Existing IPR”), or (ii) developed or acquired by that
Party or any Affiliate (itself or working with any third party, including any 24m Licensee) during the Term of this Agreement.

 

		4.2	24m Developed Improvements. As between the Parties and subject to the licenses provided in clause
3, any Improvement that is conceived, first reduced to practice, invented or developed by 24m or any Affiliate (itself or working with
any third party, including any 24m Licensee) after the Effective Date (“24m Developed Improvements”) shall be owned
by 24m.

 

		4.3	FREYR Developed Improvements. As between the Parties, any Improvement that is conceived, first
reduced to practice, invented or developed by FREYR or any Affiliate, independently or in cooperation with 24m or any Affiliate, shall
be owned by 24m (“FREYR Developed Improvements”); provided that (a) FREYR Developed Improvements exclude [***],
and (b) 24m hereby grants to FREYR a license to FREYR Developed Improvements on a non-exclusive, perpetual, irrevocable, fully-paid up
and royalty free basis, in accordance with clause 3. In connection with the foregoing, FREYR hereby assigns, and agrees to assign, all
of its right, title, and interest in and to the FREYR Developed Improvements, including any IPR related thereto that arises from the conception,
first reduction to practice, invention or development of the FREYR Developed Improvement by FREYR or any Affiliate, subject to such FREYR
Developed Improvements being automatically licensed back to FREYR pursuant to clause 3, without further action by the Parties, on a perpetual,
irrevocable, fully paid-up and royalty-free basis.

 

    Page 11

    

    

 

		4.4	Deliveries.

 

		(a)	By 24m. Following 24m’s initial delivery of all Related Information required under clause
7.4, and continuing throughout the Term of this Agreement, on a quarterly basis 24m shall disclose in writing and transfer and deliver
to FREYR, at no cost and, where possible, through electronic means such as file transfer or FTP, copies of all material 24m Developed
Improvements and all other material Related Information that 24m or its Affiliates have developed or acquired ownership or Control of
at any time during the Term of this Agreement (to the extent not previously disclosed, transferred or delivered to FREYR hereunder). FREYR
acknowledges and agrees that, with respect to the Restricted Information, FREYR may be required to enter into an agreement directly with
the third-party owner of rights in or to such Information in order to receive access to such Information in connection with this Agreement.

 

		(b)	By FREYR. Following 24m’s initial delivery of all Related Information required under clause
7.4, and continuing throughout the Term of this Agreement, on a quarterly basis FREYR shall disclose in writing and transfer and deliver
to 24m, at no cost and, where possible, through electronic means such as file transfer or FTP, copies of all material FREYR Developed
Improvements that FREYR or its Affiliates have developed or acquired ownership or Control of at any time during the Term of this Agreement
(to the extent not previously disclosed, transferred or delivered to 24m hereunder).

 

		5.	Royalty Payments

 

		5.1	Royalty. In consideration of the licenses granted by 24m under clause 3.1 of this Agreement, FREYR
shall pay to 24m the royalty payments set out below (the “Royalty”) on aggregate Revenues earned for the sale of Products
during each Calendar Year:

 

	Portion of aggregate Revenues from Products sold during Calendar Year

 (based on aggregate, rated capacity of Products sold, in kWh)	 	Royalty (% of 

Revenue)
	[***] kWh/year	to	[***] kWh/year	 	[***]%
	[***] kWh/year	to 	[***] kWh/year	 	[***]%
	[***] kWh/year	to	[***] kWh/year	 	[***]%
	[***] kWh/year	to	[***] kWh/year	 	[***]%
	[***] kWh/year	to	[***] kWh/year	 	[***]%
	[***] kWh/year	to	[***] kWh/year	 	[***]%
	[***] kWh/year	 	 	 	[***]%

 

    Page 12

    

    

 

“Revenue”
for the purpose of calculating the Royalty in the table above means the actual revenue per Calendar Year (not the cumulative amount from
the production) FREYR earned for the sale of Products to customers of FREYR who are not Affiliates nor Related Parties of FREYR (“Non-affiliates”).
If FREYR leases (to third parties or Related Parties or Affiliates), uses (for its own benefit as a commercial end user) or sells Products
to Affiliates or Related Parties of FREYR, then Revenue shall be the revenue that would have been received if Products were sold at the
market price as represented by the price paid by unaffiliated parties in an arms-length transaction, which shall be deemed to be the actual
revenue received by the Affiliate or Related Party from the subsequent resale of the Products to customers (that are not an Affiliates
or Related Parties of FREYR) if the Products are so resold. For the foregoing purposes, the Parties agree to negotiate in good faith a
representative market price based on available information of sales of Products by FREYR, if any, and other manufacturers after considering
differences in quality, purchase volumes and other relevant considerations.

 

For the avoidance
of doubt, for the [***] kWh of sales each Calendar Year the Royalty is [***]% of Revenue. For example, if FREYR’s quarterly sales
volumes are [***] kWh for the first, second and third quarters and [***] kWh in the fourth quarter, then the Royalty will be [***]% of
Revenue for the [***] kWh of sales and [***]% of Revenue for the remaining [***] kWh of sales.

Notwithstanding anything to the contrary in this Agreement, if a Product includes Semi-Solid Battery cells as part of or in combination
with other products, services or components that do not use or practice 24m Licensed Patents (e.g., a module that does not use or practice
24m Licensed Patents that includes Semi-Solid Battery cells), Revenue from such combination sales for purposes of calculating the amounts
due shall be the revenue that would have been received if the Semi-Solid Battery cells were sold alone at the market price as represented
by the price paid by unaffiliated parties in an arms-length transaction.

 

		5.2	Minimum Annual Royalty. Beginning on the three-year anniversary
of the Effective Date, FREYR shall pay to 24m minimum annual Royalties equal to three million U.S. Dollars ($3,000,000) per Calendar
Year (“Minimum Annual Royalties”).

 

		5.3	Waiver of Royalties on Initial Sales. Subject to payment of the Service Fee in 7.1, 24M agrees
to waive the royalty payments [***] during the [***] from FREYR’s pilot manufacturing line. For the avoidance of doubt, this waiver
of royalty payments is only applicable to sales from FREYR’s pilot manufacturing line and expires in [***].

 

		5.4	Revenue. In addition to the foregoing set out in clause 5.1:

 

		(a)	Revenue shall mean the actual revenue earned or calculated from sales or use of Product sold, less:

 

		(i)	any tax regarding sales, use, occupation, tariff, excise or import/export, or other governmental charges
imposed on the production, importation, exportation, use or sale on particular sales or the provision of a service (but not income taxes
derived from such sales);

 

		(ii)	any packing for the shipping of Products, freight, postage, insurance, or other transportation charges
itemized as such on the invoice; and

 

		(iii)	refunds, returns, and credits for the foregoing.

 

		5.5	Royalty Calculation and Invoicing. The Royalty calculated in accordance with this clause 5 (Royalty
Payments) shall be paid Quarterly in arrears. Within twenty (20) Business Days after the end of each relevant Quarter, FREYR shall
provide full details to 24m of the total Revenue earned during that Quarter and the corresponding amount of the Royalty calculated in
accordance with clauses 5.1 (the “Royalty Report”).  The amount of the Royalty shall be converted by FREYR into
US Dollars using the average exchange rate during the Quarter in which the Royalty is calculated. 24m shall provide an invoice to FREYR
within five (5) Business Days following receipt of the Royalty Report. If there has been any underpayment or overpayment of the Royalty,
FREYR shall ensure that there is an adjustment to the next Quarterly payment following discovery of such underpayment or overpayment.

 

    Page 13

    

    

 

The Minimum Annual
Royalty under clause 5.2 shall be paid each Calendar Year in arrears. In its Royalty Report for the 4th Quarter of each Calendar
Year, actual Royalties accrued for the entire Calendar Year shall be credited against the Minimum Annual Royalty, and any remainder added
to the Royalty calculation of the Royalty Report for the 4th Quarter.

 

		5.6	Royalty Payment. FREYR shall pay all undisputed Royalties in US dollars within [***] of receipt
of each invoice from 24m. FREYR will pay 24m a late fee for any amount that is not paid when due at a rate of [***] per month or the maximum
rate permitted by applicable law, whichever is less, from the due date until paid.

 

		5.7	Taxes

 

		(a)	All Royalty payments are exclusive of VAT (or other similar taxes) and shall be paid by FREYR free of
all deductions and withholdings whatsoever, except where otherwise required by law.

 

		(b)	If any deduction or withholding is required by law, FREYR will pay to 24m a sum that will, after such
deduction or withholding has been made, leave 24m with the same amount as 24m would have been entitled to in the absence of such deduction
or withholding. FREYR shall provide to 24m a statement showing the gross Royalty paid, the amount of the sum deducted, and the actual
Royalty paid.

 

		(c)	Any taxes, duties or fees arising out of or in connection with each Party’s income shall be borne
by the Party the respective taxes are levied upon.

 

		6.	Non-compete

 

		6.1	Provided FREYR is not in material default of this Agreement and with the exception of direct grants to
Major Automobile Companies, 24M will refrain, and will cause its Affiliates to refrain, from directly or indirectly granting any license
for the manufacture of Products within:

 

		(a)	the Scandinavian Region, through December 31, 2023, and

 

		(b)	the EEA, excluding the Scandinavian Region, and excluding the grant of no more than two licenses, inclusive
of that granted to FREYR hereunder, through December 31, 2023,

 

in either case wherein
the Product is produced for use, used or sold for Energy Storage System Applications (together (a) and (b), the “Out-Licensing
Restrictions”). For purposes of clarity, the Out-Licensing Restrictions shall not apply to (i) the production licenses or binding
agreements to enter into a production license that that are in effect as of the Effective Date and set forth in Schedule 4f, or (ii) production
licenses that are granted or entered into within 90 days after the Effective Date with the parties set forth in Schedule 4f based on negotiations
that are on-going as of the Effective Date.

 

Subject to providing
[***] months’ prior notice, paying the Exclusivity Fee (as shown in the table below) within [***] of providing such notice, the
Out-Licensing Restriction in clause 6.1(a) (the “Scandinavian Region Out-Licensing Restriction”) can be extended, on
an annual basis, through [***].

 

    Page 14

    

    

 

	Calendar Year	 	Exclusivity Fee
	[***]	 	$[***]
	[***]	 	$[***]
	[***]	 	$[***]
	[***]	 	$[***]
	[***]	 	$[***]
	[***]	 	$[***]
	[***]	 	$[***]

 

Each Exclusivity
Fee that FREYR pays under this Agreement [***] in the calendar year for which the Exclusivity Fee is paid. In the event FREYR elects not
to pay the Exclusivity Fee to extend the term of the Scandinavian Region Out-Licensing Restriction in the applicable year, such Scandinavian
Region Out-Licensing Restriction term shall expire, and FREYR may not subsequently pay an Exclusivity Fee to reinstate the Scandinavian
Region Out-Licensing Restriction following such expiration.

 

During the Out-Licensing
Restriction term, should 24m or an Affiliate wish to provide a production license that would violate the Out-Licensing Restriction, 24m
can approach FREYR and request approval. If FREYR grants approval (which approval may be granted or withheld in FREYR’s sole and
absolute discretion), then the Exclusivity Fee and Market Share requirement shall be reduced [***] (unless the Parties, in their discretion,
agree otherwise in writing).

 

[***].

 

		7.	Service agreement

 

		7.1	Service Fee. FREYR shall pay 24m a Service Fee of nineteen million three-hundred thousand U.S.
dollars ($19,300,000) in three separate payments (the “Service Fee”), in accordance with the following schedule wire
transfer instructions to be provided by 24m.

 

		(a)	Two million five-hundred thousand U.S. dollars ($2,500,000) within 15 days of the Effective Date.

 

		(b)	Two million five-hundred thousand U.S. dollars ($2,500,000) on or before July 31, 2021.

 

		(c)	Fourteen million three-hundred thousand U.S. dollars ($14,300,000) within three (3) days of FREYR’s
financial close for its first commercial facility, but in any event no later than December 31, 2021.

 

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		7.2	Services.

 

		(a)	In consideration of the Service Fee [plus any incurred travel, lodging, meals and similar expenses incurred
by 24m in providing Services,] 24m will provide FREYR with the services as set forth in clauses 7.3 through 7.5 and in Schedule 2 (the
“Services”).

 

		(b)	24m agrees to: (i) complete the Services diligently, (ii) comply
with the requirements of this Agreement and Schedule 2, and (iii) complete its obligations in the timeframe specified in this Agreement
and Schedule 2.

 

		(c)	All Services are dependent on FREYR actively providing the resources required to complete its tasks and
that the minimum resources are outlined in Schedule 2.

 

		(d)	The Parties further agree that regardless of the capacity or status of FREYR, Services shall be completed
within [***] of the start production start but in no event shall Services extend beyond December 31, 2022.

 

		7.3	Technical Training. 

 

		(a)	As soon as practical, but in any event within [***] of the Effective Date, FREYR will hire and send, at
FREYR’s expense, no more than [***] engineers (“Trainees”) to 24m for technical training as described in Schedule
3 (“Technical Training”). Once the Trainees have arrived in the U.S., 24m will commence the Technical Training as set
forth in the Schedule 3 [***].

 

		(b)	The duration of the Technical Training is [***] months from the commencement date of the Technical Training.
At the end of each of the Technical Training programs, 24m will certify those Trainees who have reached the required levels of such Technical
Training program.

 

		7.4	Information Provision. Except with respect to information which 24m determines, in its sole discretion
with the advice of counsel, is designated as “critical technology” pursuant to 31 C.F.R. §
800.215 or other information 24m is not permitted to disclose under other nondisclosure agreements, applicable laws, rules, or regulations,
including but not limited to, those for export control, 24m will disclose and/or provide, and continue to disclose and/or provide, to
FREYR the following Information and/or tangible materials it has in its possession that are necessary or reasonably relevant for FREYR
to construct and operate a [***] factory to produce Products, including:

 

1.1(a)
any information regarding materials required to manufacture Semi-Solid Battery cells and/or the Semi-Solid Battery modules;

 

1.2(b)
specifications and drawings for pilot and high volume Semi-Solid battery manufacturing equipment and facilities; and

 

1.3(c)
manufacturing process and testing process of the Semi-Solid Battery cells and modules, and any information (including, but not limited
to, specifications) regarding the machines, the equipment or the facilities used for manufacturing or evaluating such Semi-Solid Battery
cells and/or such Semi-Solid Battery modules.

FREYR may reasonably request any such information set forth above in this clause 7.4 from time to time during the Term of this Agreement,
and 24m shall reasonably cooperate with FREYR to promptly provide such information.

 

    Page 16

    

    

 

		7.5	On Site Support. 24m will provide support for FREYR in the specification, selection and installation
of the facility and manufacturing equipment necessary to initially produce [***] of Products. This includes:

 

		(a)	technical advice and/or onsite technical support to install the mass production equipment and the support
of FREYR personnel in the initial start-up and debug of said equipment.

 

		7.6	Limitations. Without obtaining U.S. or other jurisdiction/country’s government clearance,
license, permit or exemption or relying on License Exception TSR, 24m will not disclose or provide to FREYR or FREYR Affiliates any information
regarding technologies capable of producing an energy density above 350 Wh/kg at 20°C and other information that requires such clearance,
license, permit or exemption. For the avoidance of doubt, 24m will withhold and retain from FREYR any information it determines, in its
sole discretion with the advice of counsel, is subject to U.S. export control restrictions or is “critical technology” or
technical information that is not available in the public domain and is necessary to design, fabricate, develop, test, produce, or manufacture
a critical technology, including processes, techniques, or methods.

 

		7.7	Joint Steering Committee.

 

		(a)	Joint Steering Committee. The Parties will establish, as soon as practicable after the Effective Date,
a Joint Steering Committee (the “JSC”) to oversee and coordinate the performance of the Services and information sharing
regarding Improvements that arise in connection with this Agreement. The JSC shall be comprised of two (2) employees from FREYR and two
(2) employees from 24m, or such other equal number as the Parties may agree in writing. Subject to the foregoing, each Party shall appoint
its respective representatives to the JSC, and may change its representatives from time to time, in its sole discretion, effective upon
notice to the other Party designating such change in accordance with this Agreement. Each JSC representative of each Party shall be a
senior employee of such Party and shall have appropriate technical credentials, experience and knowledge pertaining to Products. One (1)
of the members of the JSC shall be designated the JSC chairperson (the “JSC Chair”). FREYR will appoint the initial
JSC Chair from its representatives, and thereafter the Parties will alternate in appointing the chairperson for twelve (12)-month terms.
The JSC Chair will be responsible for calling meetings of the JSC, circulating agenda and minutes and performing administrative tasks
required to assure efficient operation of the JSC.

 

		(b)	JSC Meetings. The JSC shall meet (in person, or by telephone or videoconference) in accordance with a
schedule established by mutual written agreement of the Parties no less frequently than once every three (3) months during the Term. The
location for in-person meetings shall be as in as provided in the mutually agreed schedule. Alternatively, the JSC may meet by means of
teleconference, videoconference or other similar means. As appropriate, additional employees or consultants may from time to time attend
the JSC meetings as nonvoting observers, provided that any such additional attendees shall agree in writing to comply with confidentiality
obligations similar in all material respects to those under this Agreement; and provided further that no third party personnel may attend
unless otherwise agreed by both Parties in writing. Each Party shall bear its own expenses related to the attendance of the JSC meetings
by its representatives. Each Party may also call for special meetings to resolve particular matters requested by such Party upon fifteen
(15) Business Days prior written notice to the other Party.

 

    Page 17

    

    

 

		(c)	The JSC Chair or his/her designee shall keep minutes of each JSC meeting that records in writing all decisions
made, action items assigned or completed and other appropriate matters. The JSC Chair or his/her designee shall send meeting minutes to
all members of the JSC promptly after a meeting for review. Each member shall have ten (10) Business Days from receipt in which to comment
on and to approve/provide comments to the minutes (such approval not to be unreasonably withheld, conditioned or delayed). If a member,
within such time period, does not notify the JSC Chair that s/he does not approve of the minutes, the minutes shall be deemed to have
been approved by such member.

 

		(d)	JSC Functions. The JSC’s responsibilities are as follows:

 

		(i)	Observing the activities of each Party (including those of its
Affiliates and third parties acting under its authority) in connection with the Services;

 

		(ii)	Periodically reviewing the progress of the activities in connection with the Services;

 

		(iii)	Approving any mutually agreed written amendments or changes to the Services;

 

		(iv)	Determining the status of Improvements arising in connection with this Agreement; and

 

		(v)	Fulfilling such other responsibilities as may be allocated to the JSC by mutual written agreement of the
Parties.

 

		(e)	JSC Disputes. The JSC will endeavour to make decisions by consensus, with each of FREYR’s and 24m’s
representatives having, collectively, one vote. If consensus is not reached by the Parties’ representatives pursuant to such vote,
the matter will be referred to two (2) internal mediators, one (1) from each Party, each of which is an employee designated by such Party.
In the event such mediators cannot resolve an issue that is escalated to them by the JSC, within sixty (60) days after such escalation,
the issue will be deemed a dispute and handled in accordance with clause 15.2.

 

		(f)	Authority. For clarity and notwithstanding the creation of the JSC, each Party shall retain the rights
and authority granted to it hereunder, and the JSC shall not be delegated or vested with such rights or authority unless such delegation
or vesting is expressly provided herein, or the Parties expressly so agree in writing. Unless expressly set forth in this clause 7.7,
the JSC shall not have the power to amend, waive or modify any term of this Agreement, and no decision of the JSC shall be in contravention
of any terms and conditions of this Agreement.

 

		8.	record keeping, audit and inspection

 

		8.1	Accounting Records. For a period of [***] years following the Calendar Year to which they relate,
FREYR shall keep accounting records and financial statements in relation to sales and use in accordance with US GAAP to substantiate the
Royalty paid to 24m under this Agreement, including details of the gross and net revenue of the FREYR operations that manufacture the
Products (the “Accounting Records”).

 

    Page 18

    

    

 

		8.2	Audits. 24m shall have the right at its own cost and on an annual basis to appoint independent
third-party auditors reasonably acceptable to FREYR (the “Auditors”) to inspect and audit the accounting records of
FREYR to validate and verify the Royalty paid to 24m. FREYR shall provide the Auditors with such reasonable assistance as they may require
for the purpose of validating and verifying the Royalties paid by FREYR. The Auditors shall disclose to 24m only the information necessary
to determine the amount and accuracy of payments reported and actually paid or otherwise payable under this Agreement. The Auditor will
send a copy of the report to FREYR at the same time it is sent to 24m. Such inspections may be made no more than once each Calendar Year
and during normal business hours. Such records for any particular Calendar Quarter shall be subject to no more than one audit. The Auditors
shall be obligated to execute a reasonable confidentiality agreement prior to commencing any such inspection. The Parties will endeavour
in such inspection to minimize disruption of FREYR’s normal business activities to the extent reasonably practicable. If an audit
reveals an underpayment of the Royalty, FREYR shall explain the reason for such underpayment to 24m’s reasonable satisfaction and
promptly make payment of the underpaid amount to 24m, plus any interest as required under clause 5.5. If such underpayment is more than
[***] of the royalty actually paid, then FREYR will reimburse 24m its audit fees. If an audit reveals an overpayment, 24m shall promptly
disclose and reimburse FREYR for such overpayment.

 

		9.	representation, warranties and undertakings

 

		9.1	Mutual Representations, Warranties and Undertakings

 

Each Party represents, warrants and
undertakes to the other Party that as of the Effective Date:

 

		(a)	it is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction
of its incorporation, is duly qualified or licensed to do business and is in good standing as a foreign corporation in each jurisdiction
in which the conduct of its business or the ownership of its properties requires such qualification;

 

		(b)	it has all requisite power and authority to enter into this Agreement, to grant the rights and licenses
it grants hereunder and to perform its obligations hereunder;

 

		(c)	the persons entering into this Agreement on its behalf have been duly authorised to do so, including by
all necessary corporate and stockholder action, if required, and no further corporate or stockholder action is required on the part of
it to authorize this Agreement, to grant the rights and licenses set out in this Agreement, and to perform its obligations under this
Agreement;

 

		(d)	this Agreement and the obligations created hereunder are binding upon it and enforceable against it in
accordance with their terms (subject to applicable principles of equity) and do not and will not violate the terms of any other agreement,
or any judgment or court order, to which it is bound;

 

		(e)	there is no proceeding pending or threatened, or any other event, matter, occurrence or circumstance which
to the Party’s knowledge, challenges or may have a material adverse impact on this Agreement or the ability of the Party to perform
its obligations pursuant to this Agreement;

 

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		(f)	once duly executed and delivered, and assuming due execution and delivery by the other Party, this Agreement
(i) will constitute its legal, valid and binding obligations, enforceable in accordance with its terms except as enforceability may be
affected by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting
creditors’ rights generally, and general equitable principles (whether considered in a proceeding in equity or at law) and (ii)
does not conflict with: (A) any provision of its certificate of incorporation or bylaws; (B) any law, rule, regulation, order, writ, judgment,
decree, determination or award of any court, governmental body or administrative or other agency having jurisdiction over it; or (C) any
agreement, instrument or understanding, oral or written, to which it is a party or by which it is bound; and

 

		(g)	no consent, notice, waiver, approval, order or authorization of, or registration, declaration or filing
with, any governmental authority or regulatory authority or any third party is required by, or with respect to, it in connection with
the execution and delivery of this Agreement.

 

		9.2	24m Representations, Warranties and Undertakings

 

24m represents, warrants and undertakes
to FREYR that:

 

		(a)	except as set forth in Schedule 4a, it is the sole and exclusive owner of, and holds all rights in, the
24m Proprietary Technology, free of any encumbrance, lien, or claim of ownership by any third party;

 

		(b)	except as set forth in Schedule 4b, 24m does not possess, use or provide to its other licensees any Related
Information that it does not have the right to disclose, deliver and license to FREYR as 24m Licensed Technology on the terms set forth
in this Agreement;

 

		(c)	during the Term, all of 24m’s and its Affiliates’ rights, title and interest in any 24m Proprietary
Technology shall be and remain owned or held, as applicable, by 24m, except where 24m has, in its reasonable business judgment, decided
to cancel, abandon, allow to lapse or not renew such issuance, registration or application in any 24m Proprietary Technology;

 

		(d)	as of the Effective Date, Schedule 1 ([***]) and Schedule 1a ([***]) comprises a true and complete list
of all 24m Licensed Patents, and other than the 24m Licensed Patents listed on Schedule 1 ([***]) and Schedule 1a ([***]) 24m and its
Affiliates, do not own or otherwise have rights to any other patents or patent applications;

 

		(e)	it has the right to grant the licenses and rights, and perform the Services, set out in this Agreement
and has not, and will not during the Term, grant or permit an Affiliate to grant any right to any third party that would conflict with
the licenses and rights set out in this Agreement;

 

		(f)	except as set forth in Schedule 4f, neither 24m nor any of its Affiliates has previously entered into
any agreement, whether written or oral, with respect to the assignment, transfer, license, conveyance or encumbrance of, or otherwise
assigned, transferred, licensed, conveyed or encumbered its right, title, or interest in or to any patent, patent application, Information
or IPR (including by granting any covenant not to sue with respect thereto) that would otherwise be (or rights to which would otherwise
be) included in the 24m Proprietary Technology but for such assignment, transfer, license, conveyance, or encumbrance;

 

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		(g)	neither 24m nor any of its Affiliates has received any written notice from any person, or has knowledge
of, any claim or potential claim, whether or not asserted, that: (i) the 24m Licensed Patents are invalid or unenforceable, or (ii) the
use or practice of the 24m Proprietary Technology for the manufacture or sale of Semi-Solid Battery cells, Semi-Solid Battery modules,
or components thereof, does or would be reasonably expected to, violate, infringe or misappropriate the IPR of a third party;

 

		(h)	the Services under this Agreement will be performed in a professional and workman-like manner;

 

		(i)	there are no actual, pending, or alleged or threatened in writing, adverse actions, suits, claims, interferences
or formal governmental investigations by or against 24m or any of its Affiliates in or before any court or governmental authority;

 

		(j)	there are no material unsatisfied judgments or outstanding orders, injunctions, decrees, stipulations
or awards (whether rendered by a court, an administrative agency or by an arbitrator) against 24m;

 

		(k)	during the Term, it will inform FREYR promptly of the existence
of any proceedings, pending or threatened, or of any other event, matter, occurrence or circumstance to which 24m is a party which may
have a material adverse effect upon the performance of the Services or the fulfilment of 24m’s liabilities, responsibilities and
obligations pursuant to this Agreement, including the licenses; and

 

		9.3	FREYR Representations, Warranties and Undertakings

 

FREYR represents, warrants and undertakes
to 24m that:

 

		(a)	it will obtain and continue to hold all necessary licenses and regulatory approvals to manufacture the
Products in accordance with this Agreement;

 

		(b)	it will not do or omit to do anything to diminish the rights of 24m in the 24m Proprietary Technology
or impair the registration of any patent related to the 24m Proprietary Technology by 24m; and

 

		(c)	during the Term, it will inform 24m promptly of the existence of any proceedings, pending or threatened,
or of any other event, matter, occurrence or circumstance to which FREYR is a party which may have a material adverse effect upon the
performance its obligations or the fulfilment of FREYR’s liabilities, responsibilities and obligations pursuant to this Agreement.

 

		9.4	Export Control. FREYR acknowledges that the technology provided by 24M pursuant to this Agreement
is subject to U.S. export control laws, including the U.S. Export Administration Regulations (“EAR”), and may be subject to
the export control laws of other jurisdictions (collectively, the “Export Control Laws”).  FREYR agrees not to sell,
export, reexport, transfer, divert, or otherwise dispose of the products provided by 24M, directly or indirectly, in violation of the
EAR or any applicable Export Control Laws.  FREYR further warrants that the products provided by 24M pursuant to this Agreement will
not be used, exported, reexported, or transferred without prior authorization from the U.S. government to any “military end user”
or for a “military end use.”

 

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		9.5	DISCLAIMER. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH IN THIS ARTICLE 9, EACH PARTY DISCLAIMS
ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING WITHOUT LIMITATION ANY WARRANTIES OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE, ABSENCE OF ERRORS, ACCURACY, COMPLETENESS OF RESULTS, THE PROSPECTS OR LIKELIHOOD OF SUCCESS (FINANCIAL
OR OTHERWISE) OF THE EVALUATION, OR THE VALIDITY, SCOPE, OR NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY.

 

		10.	indemnities

 

		10.1	IPR Indemnity

 

24m shall on written request indemnify,
defend and hold harmless FREYR and all of its Affiliates, respective officers and employees (“FREYR Indemnified Persons”)
in respect of any third party claims brought against any of the FREYR Indemnified Persons that the use of the 24m Proprietary Technology
by FREYR in accordance with licenses granted by 24m under clause 3 (Grant of Licence) infringes or otherwise misappropriates any
IPR of any third party.

 

		10.2	Exceptions to IPR Indemnity

 

FREYR shall not be entitled to recover
for third party claims under the IPR indemnity set out in clause 10.1 (IPR Indemnity) to the extent that such third party claim
is based upon:

 

		(a)	any modifications made to the 24m Proprietary Technology by FREYR or its Affiliates (except where pursuant
to the specific written direction of 24m);

 

		(b)	any combination by, or for, FREYR or any of its Affiliates of the 24m Proprietary Technology with products,
data or materials not provided by 24m, including FREYR Developed IPR; or

 

		(c)	failure to use, within a reasonable time of them having been provided, any corrections or enhancements
of the 24m Proprietary Technology; provided that any relevant corrections or enhancements are provided free of charge and provide equivalent
functionality and in any event, no less functionality than the original 24m Proprietary Technology,

 

provided in each case that 24m notifies
FREYR of any potential infringement of such third party rights of which 24m is reasonably aware.

 

		10.3	Treatment of Infringing IPR

 

If a claim is brought which is the
subject of clause 10.1 (IPR Indemnity) then, in addition to the IPR indemnity obligation and notwithstanding clause 10.5 (Defence
of Claims), 24m may, at its option:

 

		(a)	use commercially reasonable efforts to procure the necessary rights to provide and use such IPR in the
24m Proprietary Technology as required in order to continue to grant the licenses under this Agreement; or

 

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		(b)	if 24m cannot procure such rights, use commercially reasonable efforts to replace or modify the infringing
elements of the 24m Proprietary Technology so that they no longer infringe third party rights, provided that the replacement or modification
does not materially degrade the functionality and performance of the 24m Proprietary Technology.

 

		(c)	[***].

 

		10.4	FREYR Indemnities

 

FREYR shall upon written request indemnify,
defend and hold harmless 24m and all of its Affiliates, respective officers and employees (the “24m Indemnified Persons”),
against any costs, claims, losses, liabilities, expenses (including reasonable legal costs) or damages assessed against, or incurred by
any of the 24m Indemnified Persons, to the extent arising out of or in connection with any third party claims brought against any of the
24m Indemnified Persons:

 

		(a)	as a result of a defect in the manufacture of the Products by FREYR; and

 

		(b)	that FREYR has failed to perform its obligations under this Agreement in accordance with Applicable Law.

 

		10.5	Defence of Claims

 

		(a)	Upon a third party threatening or bringing a claim in respect of which a Party has given an indemnity
pursuant to this Agreement:

 

		(i)	the Indemnitee will notify the Indemnitor as soon as reasonably practicable upon becoming aware of the
claim; and

 

		(ii)	the Indemnitor will defend the claim in accordance with sub-clause (b).

 

		(b)	The Indemnitor will assume control of the defence and settlement of the claim, as follows:

 

		(i)	the Indemnitor will, at its own expense, defend the claim and have control of the conduct of the defence
and settlement of the claim, provided however that the Indemnitee will have the right to:

 

		(A)	participate in any defence and settlement, such participation to be at its own cost where it is not pursuant
to a request for participation from the Indemnitor;

 

		(B)	review the terms of any settlement and reasonably veto any proposed admission of liability by the Indemnitee
and any such settlement or admission (including its terms) will be Confidential Information of both Parties; and

 

		(C)	join the Indemnitor as a defendant in legal proceedings arising out of the claim; and

 

		(ii)	the Indemnitee will:

 

		(A)	not make admissions (except under compulsion of Applicable Law), agree to any settlement or otherwise
compromise the defence or settlement of the claim without the prior written approval of the Indemnitor, which will not be unreasonably
withheld, delayed or conditioned; and

 

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		(B)	give, at the Indemnitor’s request and cost, all reasonable assistance in connection with the defence
and settlement of the claim; and

 

		(C)	the Indemnitor will be subrogated to the rights and defences of the Indemnitee in respect of the
                                                                   claim.
	 	 	 

		11.	limits of liability

 

		11.1	Notwithstanding anything in clause 11.2 below, nothing in this Agreement shall exclude or restrict either
Party’s liability for:

 

		(a)	[***];

 

		(b)	[***];

 

		(c)	[***];

 

		(d)	[***];

 

		(e)	[***];

 

		(f)	[***].

 

		11.2	TO THE FULLEST EXTENT PERMITTED BY LAW, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY OR ANY OTHER
PERSON FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL, PUNITIVE, OR ENHANCED DAMAGES WHETHER ARISING OUT OF BREACH OF
CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, PRODUCT LIABILITY, OR OTHERWISE (INCLUDING THE ENTRY INTO, PERFORMANCE, OR BREACH
OF THIS AGREEMENT), REGARDLESS OF WHETHER SUCH LOSS OR DAMAGE WAS FORESEEABLE OR THE PARTY AGAINST WHOM SUCH LIABILITY IS CLAIMED HAS
BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE, AND NOTWITHSTANDING THE FAILURE OF ANY AGREED OR OTHER REMEDY OF ITS ESSENTIAL
PURPOSE. SUBJECT TO CLAUSE 10.1, EACH PARTY’S AGGREGATE, CUMULATIVE LIABILITY FOR DIRECT DAMAGES INCURRED IN CONNECTION WITH THIS
AGREEMENT SHALL NOT EXCEED THE GREATER OF [***] (“LIABILITY CAP”).

 

		11.3	With respect to performance of indemnification obligations under clause 10, each party’s aggregate,
cumulative liability for direct damages incurred in connection with this Agreement shall not exceed [***] of the total amounts paid under
this Agreement. Additionally, with respect to any breach by 24m of its obligations in clause 6, 24m’s aggregate, cumulative liability
for direct damages incurred in connection with this Agreement shall not exceed [***].

 

		11.4	Each Party acknowledges its general duty at law to mitigate its losses incurred in relation to this Agreement.

 

		12.	termination

 

		12.1	Either Party may terminate this Agreement, by giving written notice to the other Party if such other Party:

 

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		(a)	commits a material breach of this Agreement (including, in the case of FREYR, non-payment of the Royalties
in accordance with clause 5) that is not cured within [***] days of being given written notice to do so; provided that if the Party alleged
to be in breach disputes such breach by written notice to the other Party within such [***]-day period, then the non-breaching Party shall
not have the right to terminate this Agreement pursuant to this clause 12.1(a) unless and until it has been determined that this Agreement,
as applicable, was materially breached in accordance with clause 15 (Dispute Resolution) below, and the breaching Party fails to comply
with its obligations hereunder within [***] days after such determination; or

 

		(b)	suffers an Insolvency Event.

 

		12.2	24m may terminate this Agreement if FREYR fails to achieve a sustained production rate of 1 GWh per year
by December 31, 2024; provided that any delay by 24m in providing Services under this Agreement that impacts FREYR’s ability to
achieve this milestone shall automatically result in a [***] extension of such date, without regard to any default or non-performance
by FREYR. Such date may also be extended in 24m’s sole discretion.

 

		12.3	At any time after [***], and provided that FREYR has not commercially sold Products hereunder for a period
of [***] consecutive months prior to the date this clause is invoked, FREYR shall have the right to terminate this Agreement in whole
with respect to the entire license grant, for any reason or no reason, upon [***] days’ prior written notice to 24m referencing
this clause 12.3. In such case FREYR and its Affiliates shall be prohibited from the manufacture, use, sale or import of Products in a
manner that would infringe or otherwise misappropriate 24m Proprietary Technology no longer licensed to FREYR hereunder; provided that
without granting FREYR any rights or licenses under any patents or copyrights, this sentence does not restrict FREYR from using 24m Licensed
Technology upon and after the earlier of (a) the 24m Licensed Technology becoming publicly known through no wrongful act or breach of
this Agreement by FREYR and (b) the [***] anniversary of the Effective Date.

 

		12.4	At any time after [***], and provided FREYR has not commercially manufactured Products for a period of
[***] consecutive months prior to the date this clause is invoked, FREYR shall have the right to terminate this Agreement in part on a
patent-by-patent, product-by-product or country-by-country basis, for any or no reason, upon [***] days’ prior written notice to
24m referencing this clause 12.3.

 

		12.5	In the event of an early termination of this Agreement (a) by 24M in accordance with clause 12, all Royalty
and Service Fee payments then-paid or accrued shall be fully earned and non-refundable; and (b) by either Party in accordance with clause
12, FREYR’s licenses with respect to the 24m Proprietary Technology (other than FREYR Developed Improvements and any patents and
patent applications claiming FRYER Developed Improvements) will terminate.

 

		12.6	Clauses 4 (with the exception of Clause 4.4), 5 (with the exception of Clauses 5.2 and 5.3) (with respect
to Royalty and Service Fee payments then accrued), 8 (limited, in the case of Clause 8.2, to the [***] period following termination of
this Agreement), 11, 13, and 15 and Clauses 2.1 (last sentence only), 3.1 (last sentence only), 3.2 (last sentence only), 9.4, 9.5, 10.1,
10.2, 10.4, 10.5, 12.3 (last sentence only), 12.5, and 12.6 shall survive termination of this Agreement.

 

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		13.	confidentiality

 

		13.1	Subject to clause 13.2, each Party:

 

		(a)	shall treat as strictly confidential all Confidential Information received from the other Party; and

 

		(b)	shall not, and shall procure that its Affiliates shall not, except with the prior written consent of the
other Party (which shall not be unreasonably withheld, conditioned or delayed), make use of (save for the purposes of performing its obligations
under this Agreement) or disclose to any person (other than its representatives in accordance with clause 13.3) any Confidential Information.

 

		13.2	Notwithstanding the foregoing, either Party shall have the limited right to disclose Confidential Information
in the event:

 

		(a)	such disclosure is required by Applicable Law or by any stock exchange or any supervisory, regulatory,
governmental or anti-trust body having applicable jurisdiction and the Party using or disclosing Confidential Information (or whose Affiliate
uses or discloses such Confidential Information) has (to the extent legally permissible and reasonably practicable in the circumstances)
given the other Party sufficient prior notice in order for such other Party to obtain a protective order or other appropriate remedy;

 

		(b)	such disclosure is required pursuant to governmental or judicial order requirement, provided, however,
that the other Party shall give the Party reasonable prior written notice so that the Party may seek a protective order or other legal
remedy to maintain such information in confidence; or

 

		(c)	such disclosure is required in order to facilitate any assignment or proposed assignment of the whole
or any part of the rights or benefits under this Agreement which is permitted by this Agreement or actual or potential Financing Party;
provided, however, such disclosure is made only to those parties on an as-needed basis and any third party who has access to the Confidential
Information signs a non-disclosure agreement containing restrictions on confidentiality at least as protective of the Confidential Information
as set forth herein.

 

		13.3	Each Party undertakes that it shall (and shall procure that its Affiliates shall) only disclose Confidential
Information to its representatives where it is reasonably required for the purposes of exercising its rights or performing its obligations
under this Agreement and only where the representatives are informed of the confidential nature of the Confidential Information and the
provisions of this clause 13 (Confidentiality).

 

		13.4	The provisions of this clause shall survive the termination of this Agreement.

 

		14.	force majeure

 

		14.1	A Party shall not be in breach of this Agreement, or liable for any failure or delay to perform, in whole
or in part, its obligations under this Agreement if such failure is due to any Force Majeure Event, provided that it shall:

 

		(a)	promptly notify the other Party in writing of the nature and extent of the Force Majeure Event causing
its failure or delay in performance; and

 

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		(b)	use best endeavours to prevent or mitigate the effect of the Force Majeure Event to carry out its obligations
under this Agreement in any way that is reasonably practicable and to resume the performance of its obligations as soon as reasonably
possible.

 

		15.	dispute resolution

 

		15.1	Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach thereof,
between the Parties (“Dispute”)_shall be settled through friendly negotiations by the Parties.

 

		15.2	If any Dispute cannot be settled through negotiations, the Dispute shall be settled by arbitration administered
by the American Arbitration Association in accordance with its Commercial Arbitration Rules, and judgment on the award rendered by the
arbitrator(s) may be entered in any court having jurisdiction thereof.

The seat of the arbitration shall be New York, New York, United States. The number of arbitrators shall be 3. The language of arbitration
shall be English.

 

		15.3	In all cases, the award rendered by the arbitrators shall be final and binding upon the Parties.

 

 

		15.4	When any Dispute occurs and when any Dispute is under arbitration, except for the matters in dispute,
the Parties shall continue to fulfil their respective obligations, and shall be entitled to exercise their respective rights under this
Agreement.

 

		16.	miscellaneous

 

		16.1	Further Assurance. Each Party will do and execute, or arrange for the doing and executing of, each
necessary act, document and thing reasonably within its power to implement and give effect to this Agreement.

 

		16.2	Assignment / Novation. Neither Party may assign, sub-license (except as provided in clause 3),
or otherwise transfer, or purport to assign, sub-license (except as provided in clause 3), or otherwise transfer any right or obligation
(as applicable), pursuant to this Agreement without the prior approval of the other Party except that either party may assign this Agreement
to (a) an Affiliate, or (b) a successor in connection with a change of control. This Agreement will be binding upon and inure to the benefit
of the Parties and their respective successors and permitted assigns. Notwithstanding the foregoing, FREYR may, without the prior approval
of 24m, assign, mortgage, pledge or otherwise directly or indirectly assign its rights under this Agreement to (A) any reputable Financing
Party that is not a competitor to 24m or a manufacturer of lithium-ion batteries or (B) any entity through which FREYR is obtaining financing
from a reputable Financing Party where neither the entity nor the Financing Party are competitors to 24m or manufacturers of lithium-ion
batteries.

 

		16.3	Financing. The Parties acknowledge that FREYR may obtain debt or equity financing or other credit
support from lenders, investors or other third parties (each, a “Financing Party”) in connection with the manufacturing
and commercialization of the Semi-Solid Battery cells and modules. In furtherance of FREYR’s financing arrangements and in addition
to any other rights or entitlements of FREYR under this Agreement, 24m shall use good faith efforts to timely execute any consents to
assignment (which may include notice, cure, attornment and step-in rights) or estoppels and negotiate any amendments to this Agreement
that may be reasonably requested by FREYR or the Financing Parties; provided, that such estoppels, consents to assignment or amendments
do not alter the fundamental economic terms of this Agreement.

 

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		16.4	Continuation of Rights in Bankruptcy. All rights and licenses granted under or pursuant to this
Agreement by 24m to FREYR are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the Bankruptcy Code, licenses of
rights to “intellectual property” as defined under Section 101(56) of the Bankruptcy Code. The parties agree that FREYR, as
a licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the Bankruptcy
Code. The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against 24m under the Bankruptcy
Code, FREYR shall be entitled to a complete duplicate of (or complete access to, as appropriate) any such intellectual property and all
embodiments of such intellectual property, and same, if not already in its possession, shall be promptly delivered to FREYR (i) upon any
such commencement of a bankruptcy proceeding upon written request therefor by FREYR, unless 24m elects to continue to perform all of its
obligations under this Agreement, or (ii) if not delivered under (i) above, upon the rejection of this Agreement by or on behalf of 24m
upon written request therefor by FREYR.

 

		16.5	Compliance with Laws and Anti-bribery and Corruption. Each Party shall perform its obligations,
and exercise its rights, pursuant to this Agreement in accordance with Applicable Laws and shall refrain from any conduct that would cause
the other Party to be in violation of any Applicable Laws related to bribery and corruption, including the United States Foreign Corrupt
Practices Act, 15 U.S.C. § 78dd-1, et seq. (the “FCPA”).

 

		16.6	Independent Contractors. Nothing in this Agreement is intended to, or shall be deemed to, establish
any partnership or joint venture between any of the Parties, constitute any Party the agent of another Party, or authorise any Party to
make or enter into any commitments for or on behalf of any other Party.

 

		16.7	CFIUS. If the Committee on Foreign Investment in the United States (“CFIUS”)
inquires about the transaction or requests the Parties or a Party to file a declaration or notice with respect to the transaction, then
each of 24m and FREYR shall use reasonable best efforts to (A) provide as promptly as practicable to each other’s counsel and to
CFIUS any additional or supplemental information and documentary material as may be necessary, proper or advisable in connection with
the transaction, including preparing and submitting a joint voluntary declaration or notice and thereafter to achieve CFIUS approval;
(B) permit the other party to review reasonably in advance any communication (subject to mutually acceptable appropriate redactions to
maintain confidentiality of business information) proposed to be given by it to CFIUS, and consult with each other in advance of any meeting
or conference with CFIUS, and, to the extent permitted by CFIUS, give the other party reasonable opportunity to attend and participate
in any such meeting or conference; and (C) keep each other timely apprised of the status of any communications with, and any inquiries
or requests for additional information or documentary material from, CFIUS, in each case (A)-(C), to the extent permitted by applicable
law and subject to customary and mutually acceptable confidentiality practices and all applicable privileges (including the attorney-client
privilege). For the sake of clarity, neither 24M nor FREYR shall have any obligation under this agreement to take any action, or refrain
from taking any action, in order to satisfy any conditions or mitigation measures that CFIUS may deem necessary to obtain CFIUS approval.
Each party shall account for its own costs associated with obtaining such approval, and the parties agree to share any such costs equally,
as calculated following the submission of final accountings by each party.

 

		16.8	Waiver. No delay or omission by either Party in enforcing or exercising any right, power or remedy
will impair that right, power or remedy or be construed to be a waiver of it. A waiver by either Party of any of its rights, powers or
remedies or of any breach will not be construed to be a waiver of any other right, remedy or power or any other succeeding breach. No
waiver or discharge of any kind will be valid unless in writing and signed by an authorised representative of the Party against whom such
waiver or discharge is sought to be enforced.

 

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		16.9	Severability. If a court of competent jurisdiction or other competent body decides that any provision
of this Agreement is void or otherwise ineffective but would be valid and effective if appropriately modified, then such provision will
apply with the modification necessary to make it valid and effective. If such a provision cannot be so modified, the provisions’
invalidity or ineffectiveness will not affect or impair the validity or legal effect of any other provision of this Agreement.

 

		16.10	Variation. No variation or amendment of this Agreement shall be valid unless it is in writing and
duly executed by or on behalf of each of the Parties to this Agreement.

 

		16.11	Notices. Any notice given by a Party to the other Party will be in English and will be sent by
registered air mail, fax or electronic mail to the respective addresses as set herein. Any notice sent by registered air mail will be
deemed to have been served seven (7) days after posting. Any notice sent by fax or electronic mail will be deemed to have been served
one (1) day after dispatch. Either Party may change its address for notices upon prior seven (7) days’ written notice to the other
Parties.

 

24m:

 

Address: 130 Brookline
Street, Suite 200, Cambridge, MA 02139, U.S.A.

 

Telephone:

 

Email: [***]

 

Attention: Naoki
Ota, CEO

 

FREYR:

 

Address: Nytorget
1, 8622 Mo i Rana, Norway

 

Telephone:

 

E-mail : contract-notifications@freyrbattery.com;
tom.jensen@freyrbattery.com

 

Attention: Tom Einar
Jensen, CEO

 

		16.12	Rights of Third Parties. Except as expressly provided otherwise in this Agreement, a person who
is not a Party to this Agreement shall have no right to benefit from this Agreement or to enforce any of its terms.

 

		16.13	Counterparts. This Agreement may be executed in counterparts.

 

		16.14	Entire Agreement. Except in the case of fraud or fraudulent misrepresentation:

 

		(a)	this Agreement sets out the entire agreement between the Parties and supersedes any prior drafts, representations,
negotiations, understandings and arrangements of any nature, relating thereto;

 

		(b)	each Party acknowledges that, in entering this Agreement, it has not relied on any statement, representation,
assurance or warranty other than those expressly set out in this Agreement; and

 

		(c)	if there is any conflict between the terms of this Agreement and
any other agreement, this Agreement shall prevail unless expressly stated otherwise in such agreement and agreed to in writing by both
Parties.

 

		16.15	Governing Law. This Agreement, and all questions regarding the existence, validity, interpretation,
breach or performance of this Agreement, shall be governed by, and construed and enforced in accordance with, the laws of the State of
New York, United States, without reference to its conflicts of law principles with the exception of sections 5-1401 and 5-1402 of New
York General Obligations Law.

 

    Page 29

    

    

 

IN WITNESS WHEREOF, the Parties hereto
have executed this Agreement by their duly authorized representatives.

 

	FREYR CORPORATION	 	24m TECHNOLOGIES, INC.
	 	 	 	 	 
	By:  	
    /s/ Tom Einar
    Jensen
	 	By:  	
    /s/ Naoki Ota

	Name:	Tom Einar Jensen	 	Name:	Naoki Ota
	Title:	Chief Executive Officer	 	Title:	Chief Executive Officer

 

    Page 30

    

    

 

Schedule
1

[***]

 

    Page 31

    

    

 

Schedule
2 Services

 

Milestones
and Deliverables

 

[***]

 

    Page 32

    

    

 

SCHEDULE
3

 

Technical Training

 

[***]

 

    Page 33

    

    

 

SCHEDULE
4

 

exceptions
to 24m REPRESENTATIONS AND WARRANTIES

 

[***]

 

 

Page 34

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