Document:

Exhibit 10.2

 

Execution Version

 

SPONSOR
SUPPORT AGREEMENT

 

This SPONSOR SUPPORT AGREEMENT
(this “Agreement”), dated as of May 8, 2021, is made by and among Star Peak Corp II, a Delaware corporation (“STPC”),
Benson Hill, Inc., a Delaware corporation (the “Company”), Star Peak Sponsor II LLC, a Delaware limited liability company
(“Sponsor”), and the undersigned holders of STPC Class B Shares (the holders thereof, including Sponsor, collectively,
the “Class B Holders”). STPC, the Company and the Class B Holders shall be referred to herein from time to time collectively
as the “Parties”. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such
terms in the Merger Agreement (as defined below).

 

WHEREAS, STPC, the Company
and STPC II Merger Sub Corp., a Delaware corporation, entered into that certain Merger Agreement, dated as of the date hereof (as may
be amended, restated or otherwise modified from time to time in accordance with its terms, the “Merger Agreement”);

 

WHEREAS, the Class B Holders
are the record and beneficial owners of all of the issued and outstanding STPC Class B Shares;

 

WHEREAS, pursuant to the Charter
(as defined below), all of the STPC Class B Shares will be converted into STPC Common Shares at the time of consummation of the Merger
(the “Conversion”); and

 

WHEREAS, the Merger Agreement
contemplates that the Parties will enter into this Agreement concurrently with the execution and delivery of the Merger Agreement by the
parties thereto, pursuant to which, among other things, (a) each Class B Holder will vote (or execute and return an action by written
consent), or cause to be voted, all Subject STPC Equity Securities (as defined below) in favor of approval of the Merger Agreement, the
Merger, the issuance of the STPC Common Shares as consideration in the Merger pursuant to Section 2.2(a) of the Merger Agreement and the
other transactions contemplated by the Merger Agreement (the “Proposals”), (b) Sponsor will agree that following the
Conversion, a certain amount of its STPC Common Shares will be subject to substantially the same terms and restrictions as apply to Earn
Out Shares and (c) each Class B Holder will agree to waive any adjustment to the conversion ratio set forth in the Governing Documents
of STPC or any other anti-dilution or similar protection with respect to all of the STPC Class B Shares related to the transactions contemplated
by the Merger Agreement.

 

NOW, THEREFORE, in consideration
of the premises and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties, each intending to be legally bound, hereby agree as follows:

 

1.                   Agreement
to Vote. Each Class B Holder hereby irrevocably and unconditionally agrees (a) to vote at any
meeting of the shareholders of STPC, and in any action by written resolution of the shareholders of STPC, all of such Class B
Holder’s STPC Class B Shares (together with any other equity securities of STPC that such Class B Holder holds of record or
beneficially, as of the date of this Agreement, or acquires record or beneficial ownership after the date hereof, collectively, the
“Subject STPC Equity Securities”) (i) in favor of the Proposals and (ii) against, and withhold consent with
respect to, any Alternative Business Combination Proposal (as defined below) and any other matter, action or proposal that would
reasonably be expected to or result in (x) a breach of any of the STPC’s or Merger Sub’s covenants, agreements or
obligations under the Merger Agreement or (y) any of the conditions to the Closing set forth in Sections 6.1 or 6.3 of the Merger
Agreement not being satisfied, (b) if a meeting is held in respect of the matters set forth in clause (a), to appear at the
meeting, in person or by proxy, or otherwise cause all of such Class B Holder’s Subject STPC Equity Securities to be counted
as present thereat for purposes of establishing a quorum and (c) not to redeem, elect to redeem or tender or submit any of its
Subject STPC Equity Securities for redemption in connection with such stockholder approval, the Merger or any other transactions
contemplated by the Merger Agreement. Prior to any valid termination of the Merger Agreement, each Class B Holder shall take,
or cause to be taken, all actions and to do, or cause to be done, all things reasonably necessary under applicable Laws to
consummate the Merger and the other transactions contemplated by the Merger Agreement and on the terms and subject to the conditions
set forth therein. The obligations of each Class B Holder specified in this Section 1
shall apply whether or not the Merger, any of the transactions contemplated by the Merger Agreement or any action described above is
recommend by STPC’s board of directors.

 

     

     

    

 

		2.	Waiver of Anti-dilution Protection.

 

(a)               
The Class B Holders hereby irrevocably and unconditionally relinquish and waive (the “Waiver”)
the right of holders of STPC Class B Shares under Section 4.3(b)(ii) of the STPC’s Amended and Restated Certificate of Incorporation
(the “Charter”) to receive STPC Class A Shares in excess of the number issuable at the Initial Conversion Ratio (as
defined in the Charter) (the “Excess Shares”) upon conversion of the STPC
Class B Shares in connection with the Merger as a result of any adjustment caused by issuances made in respect the PIPE Financing.

 

(b)               
Each Class B Holder acknowledges and agrees that if such Class B Holder receives any Excess Shares as a result of any adjustment
caused by the issuance in respect of the PIPE Financing, such issuance of Excess Shares shall be void, ab initio and such Excess
Shares shall automatically be deemed to be surrendered for no consideration to STPC for cancellation. Each Class B Holder agrees to take,
or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to consummate and make effective
the immediately preceding sentence, including promptly surrendering such shares to STPC for cancellation for no consideration (and any
evidence of issuance thereof, whether book-entry or certificates).

 

		3.	Sponsor Earn Out.

 

(a)               
At the Effective Time, following the Conversion, Sponsor agrees that 1,996,500 of its STPC Common Shares (collectively, the “Sponsor
Earn Out Shares”) shall be subject to the vesting and forfeiture provisions provided
for in this Section 3, such that:

 

(i)                
998,250 of the Sponsor Earn Out Shares will vest upon the occurrence of Triggering Event I (the “$14
Sponsor Earn Out Shares”); and

 

(ii)             
998,250 of the Sponsor Earn Out Shares will vest upon the occurrence of Triggering Event II (the
“$16 Sponsor Earn Out Shares”).

 

For illustrative purposes, if, prior to the expiration
of the Earn Out Period:

 

(i)                
the Closing Price of the STPC Common Shares is greater than or equal to $14.00 over any twenty (20)
Trading Days within any thirty- (30-) consecutive Trading Day period, all of the $14 Sponsor Earn Out Shares shall vest upon such Triggering
Event as determined in accordance with Section 3(d); and

 

(ii)             
the Closing Price of the STPC Common Shares is greater than or equal to $16.00 over any twenty (20)
Trading Days within any thirty- (30-) consecutive Trading Day period, all of the $16 Sponsor Earn Out Shares shall vest upon such Triggering
Event as determined in accordance with Section 3(d) and, if not already vested, all of the $14 Sponsor Earn Out Shares shall also
vest.

 

    2 

     

    

 

(b)                Subject
to the limitations contemplated herein, Sponsor shall have all of the rights of a stockholder with respect to the Sponsor Earn Out
Shares, including the right to receive dividends and to vote such shares; provided that the unvested Sponsor Earn Out Shares
shall not entitle Sponsor to consideration in connection with any sale or other transaction (other than, for the avoidance of doubt,
as part of a Company Sale) and may not be offered, sold, transferred, redeemed, assigned, pledged, hypothecated, encumbered or
otherwise disposed of (whether by operation of law or otherwise) by Sponsor or be subject to execution, attachment or similar
process without the consent of STPC, and shall bear a customary legend with respect to such transfer restrictions. Any attempt to
sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of such unvested Sponsor Earn Out Shares shall be null
and void. Notwithstanding the foregoing, the Sponsor Earn Out Shares may be transferred in accordance
with Section 5(c) of the Sponsor Letter Agreement (as defined below) as such provision applies to Founder Shares (as defined in the
Sponsor Letter Agreement), provided that the applicable permitted transferee and the transferred Sponsor Earn Out Shares
shall otherwise be subject to the terms and conditions set forth in this Section 3.

 

(c)               
If the applicable Triggering Event has not occurred prior to the expiration of the Earn Out Period, then all Sponsor Earn Out Shares
which would vest in connection with such Triggering Event shall be automatically forfeited and deemed transferred to STPC and shall be
cancelled by STPC and cease to exist. For the avoidance of doubt, prior to such forfeiture, all Sponsor Earn Out Shares shall be entitled
to any dividends or distributions made to the holders of STPC Common Shares and shall be entitled to the voting rights generally granted
to holders of STPC Common Shares.

 

(d)               
In the event of occurrence of any Triggering Event set forth in Section 3(a), as soon as practicable (but in any event within
three (3) Business Days), STPC will deliver to Sponsor a written statement (each, a “Sponsor
Stock Price Earn Out Statement”) that sets forth (i) the Closing Price over the applicable thirty- (30-) consecutive
Trading Day period and (ii) the calculation of the Sponsor Earn Out Shares in connection therewith, including any adjustments made pursuant
to a stock split, stock dividend, reorganizations, recapitalizations and the like. Sponsor may deliver written notice to STPC on or prior
to the fifteenth (15th) day after receipt of a Sponsor Stock Price Earn Out Statement, either (x) accepting the Sponsor Stock Price Earn
Out Statement or (y) specifying in reasonable detail any items that it wishes to dispute and the basis therefor. If Sponsor fails to deliver
such written notice in such fifteen (15) day period, then Sponsor will be deemed to have waived its right to contest such Sponsor Stock
Price Earn Out Statement and the calculations set forth therein, and such Sponsor Stock Price Earn Out Statement and calculations set
forth therein shall be deemed final and binding. If Sponsor provides STPC with written notice of any objections to the Sponsor Stock Price
Earn Out Statement in such fifteen (15) day period, then Sponsor and STPC will, for a period of fifteen (15) days following the date of
delivery of such notice, attempt to resolve their differences and any written resolution by them as to any disputed amount will be final
and binding for all purposes under this Agreement. If at the conclusion of such fifteen (15) day period Sponsor and STPC have not reached
an agreement on any objections with respect to the Sponsor Stock Price Earn Out Statement, then upon the written request of either STPC
or Sponsor, the dispute shall be referred to an independent accountant of national standing as shall be mutually agreed upon in good faith
by STPC and Sponsor for final resolution of the dispute as promptly as practicable. Upon final determination of the items set forth in
the Sponsor Stock Price Earn Out Statement as contemplated by this Section 3(d), the applicable Sponsor Earn Out Shares shall
be deemed to have vested upon such applicable Triggering Event in accordance with such Sponsor Stock Price Earn Out Statement. In the
event STPC fails to deliver the Sponsor Stock Price Earn Out Statement within the three (3) Business Day period described above, Sponsor
shall be entitled to deliver the Sponsor Stock Price Earn Out Statement, and any disputes and the resolution process set forth in this
Section 3(d) shall, in such circumstances, apply mutatis mutandis. Notwithstanding anything to the contrary, to the extent
the applicable Sponsor Earn Out Shares have not already vested, (i) the $14 Sponsor Earn Out Shares shall vest immediately upon vesting
of the $14 Earn Out Shares and (ii) the $16 Sponsor Earn Out Shares shall vest immediately upon vesting of the $16 Earn Out Shares.

 

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(e)               
 In the event that there is a Company Sale after the Closing and prior to the expiration of the Earn Out Period, if the sale price
per share or implied sale price per share based on the company sale price at the closing of the Company Sale is at least $14 (with respect
to Triggering Event I and the $14 Sponsor Earn Out Shares) or $16 (with respect to Triggering Event II and the $16 Sponsor Earn Out Shares),
in each case, taking into account the number of Sponsor Earn Out Shares that would be vested as if the STPC Common Shares had been trading
at a Closing Price equal to such sale price per share or implied sale price per share in connection with such Company Sale, as applicable,
for the requisite period set forth in Section 3(a) necessary to satisfy the applicable Triggering Event, then (i) immediately prior
to the consummation of the Company Sale, Triggering Event I or Triggering Event II (as applicable) that has not previously occurred shall
be and the related vesting conditions in Section 3(d) also shall be deemed to have occurred, (ii) such Sponsor Earn Out Shares
shall immediately vest and (iii) Sponsor (or any other holders of such Sponsor Earn Out Shares) shall be eligible to participate in such
Company Sale.

 

(f)                
The Parties intend that the Conversion will be treated as a tax-free recapitalization under Section 368(a)(1)(E) of the Internal
Revenue Code of 1986, as amended (the “Code”), and Sponsor intends to make a protective election under Section 83(b)
of the Code with respect to the receipt of the portion of the STPC Common Stock subject to vesting under this Section 3.

 

4.          
Working Capital. Prior to the Closing, Sponsor hereby agrees to continue to fund (whether by Working Capital Loans or otherwise)
the working capital expenses of STPC arising in the ordinary course of its business.5.Representations
and Warranties.

 

(a)               
Sponsor represents and warrants to the Company as follows: (i) it is duly organized, validly existing and in good standing
under the laws of Delaware, and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
hereby are within Sponsor’s limited liability company powers and have been duly authorized by all necessary actions on the part
of Sponsor; (ii) the execution and delivery of this Agreement by Sponsor does not, and the performance by Sponsor of its obligations hereunder
will not, (A) conflict with or result in a violation of the Governing Documents of Sponsor, or (B) require any consent or approval that
has not been given or other action that has not been taken by any third party (including under any Contract binding upon Sponsor or Sponsor’s
Subject STPC Equity Securities), in each case, to the extent such consent, approval or other action would prevent, enjoin or materially
delay the performance by Sponsor of its obligations under this Agreement; and (iii) there are no Proceedings pending against Sponsor or,
to the knowledge of Sponsor, threatened against Sponsor, before (or, in the case of threatened Proceedings, that would be before) any
arbitrator or any Governmental Entity, which in any manner challenges or seeks to prevent, enjoin or materially delay the performance
by Sponsor of its obligations under this Agreement.

 

(b)                Each
Class B Holder represents and warrants to the Company as follows: (i) this Agreement has been duly executed and delivered by such
Class B Holder and, assuming due authorization, execution and delivery by the other parties to this Agreement, this Agreement
constitutes a legally valid and binding obligation of such Class B Holder, enforceable against such Class B Holder in accordance
with the terms hereof (except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’
rights and general principles of equity affecting the availability of specific performance and other equitable remedies); (ii) such
Class B Holder has not entered into, and shall not enter into, any agreement that would restrict, limit or interfere with the
performance of such Class B Holder’s obligations hereunder; and (iii) such Class B Holder is the record and beneficial owner
of all of its Subject STPC Equity Securities, and there exist no Liens or any other limitation or restriction (including, without
limitation, any restriction on the right to vote, sell or otherwise dispose of such securities), other than pursuant to (A) this
Agreement, (B) STPC’s Governing Documents, (C) the Merger Agreement, (D) that certain Letter Agreement (re: Initial Public
Offering), dated as of January 8, 2021 (the “Sponsor Letter Agreement”), by and among STPC, the Class B Holders
and certain other parties thereto or (E) any applicable Securities Laws.

 

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6.          Termination.
This Agreement shall automatically terminate, without any notice or other action by any Party, and be void ab initio upon the
earlier of (a) the Effective Time and (b) the termination of the Merger Agreement in accordance with its terms. Upon termination of this
Agreement as provided in the immediately preceding sentence, none of the Parties shall have any further obligations or liabilities under,
or with respect to, this Agreement. Notwithstanding the foregoing or anything to the contrary in this Agreement, (i) the termination
of this Agreement shall not affect any liability on the part of any Party for a Willful Breach of any covenant or agreement set forth
in this Agreement prior to such termination, (ii) Sections 2, 3 and 12 (solely to the extent related to the foregoing
Sections 2 and 3) shall each survive the termination of this Agreement solely to the
extent such termination is pursuant to the foregoing clause (a) of this Section 6, and (iii) Sections 8, 9
and 12 (solely to the extent related to the following Sections 8 and 9) shall survive any termination of this Agreement.
For purposes of this Section 6, “Willful Breach” means a material breach that is a consequence of an act undertaken
or a failure to act by the breaching Party with the knowledge that the taking of such act or such failure to act would, or would reasonably
be expected to, constitute or result in a breach of this Agreement.

 

7.           Certain Covenants of the Sponsor. The Sponsor hereby covenants and agrees as follows:

 

(a)               
No Solicitation. From the date of this Agreement until the earlier of the Closing or the termination of this Agreement
in accordance with its terms, the Sponsor shall not, and shall cause its Representatives not to on behalf of the Sponsor, directly or
indirectly: (i) accept, initiate, respond to, knowingly encourage, solicit, negotiate, provide information with respect to or discuss
other offers with respect to any merger, capital stock exchange, asset acquisition, stock purchase, reorganization, recapitalization or
similar business combination with any Person other than the Company and its Representatives (each, an “Alternative Business Combination
Proposal”), (ii) issue or execute any Contract, indication of interest, memorandum of understanding, letter of intent, or any
other similar agreement with respect to an Alternative Business Combination Proposal, (iii) commence, continue or otherwise participate
in any discussions or negotiations regarding, or cooperate in any way in connection with an Alternative Business Combination Proposal,
or (iv) commence, continue or renew any due diligence investigation regarding an Alternative Business Combination Proposal. STPC agrees
to (A) notify the Company promptly upon receipt (and in any event within forty-eight (48) hours after receipt) of any Alternative Business
Combination Proposal that it receives and to describe the terms and conditions of any such Alternative Business Combination Proposal in
reasonable detail (including the identity of the Persons making such Alternative Business Combination Proposal), (B) keep the Company
reasonably informed on a reasonably current basis of any modifications to such offer or information and (C) not (and to cause its Representatives
not to) conduct any further discussions with, provide any information to, or enter into negotiations with such Persons. STPC shall immediately
cease and cause to be terminated any discussions or negotiations with any Persons (other than the Company and its Representatives) that
may be ongoing with respect to an Alternative Business Combination Proposal as of the date hereof and terminate any such Person’s
and such Person’s Representative’s access to any electronic data room. Notwithstanding anything to the contrary, the foregoing
shall not restrict Sponsor and/or Sponsor’s Affiliates in any way with respect to the pursuit of any transaction by such Affiliates
not related to STPC.

 

(b)                Lock-Up.
The Class B Holders agree that they will not amend or waive any provision in Section 5 of the Sponsor Letter Agreement without the
prior written consent of the Company. Notwithstanding any language in Section 5(a) of the Sponsor Letter Agreement (but, for the
avoidance of doubt, subject to Section 5(c) of the Sponsor Letter Agreement), the Class B Holders hereby agree that the Founder
Shares Lock-Up (as defined in the Sponsor Letter Agreement) shall not expire prior to the earlier of (i) the date that is six (6)
months following the Closing and (ii) following the Closing, the date on which STPC completes a Company Sale.

 

(c)               
STPC Copy. The Sponsor hereby authorizes STPC to maintain a copy of this Agreement at either the executive office
or the registered office of STPC.

 

    5 

     

    

 

8.                  
No Recourse. Except for claims pursuant to the Merger Agreement or any other Ancillary Document
by any party(ies) thereto against any other party(ies) thereto, each Party agrees that (a) this Agreement may only be enforced against,
and any action for breach of this Agreement may only be made against, the Parties, and no claims of any nature whatsoever (whether in
tort, contract or otherwise) arising under or relating to this Agreement, the negotiation hereof or its subject matter, or the transactions
contemplated hereby shall be asserted against any Affiliate of the Company or any Affiliate of STPC (other than the Class B Holders, on
the terms and subject to the conditions set forth herein), and (b) none of the Affiliates of the Company or the Affiliates of STPC (other
than the Class B Holders, on the terms and subject to the conditions set forth herein) shall have any liability arising out of or relating
to this Agreement, the negotiation hereof or its subject matter, or the transactions contemplated hereby, including with respect to any
claim (whether in tort, contract or otherwise) for breach of this Agreement or in respect of any written or oral representations made
or alleged to be made in connection herewith, as expressly provided herein, or for any actual or alleged inaccuracies, misstatements or
omissions with respect to any information or materials of any kind furnished in connection with this Agreement, the negotiation hereof
or the transactions contemplated hereby.

 

9.                  
No Third Party Beneficiaries. This Agreement shall be for the sole benefit of the Parties
and their respective successors and permitted assigns and is not intended, nor shall be construed, to give any Person, other than the
Parties and their respective successors and assigns, any legal or equitable right, benefit or remedy of any nature whatsoever by reason
this Agreement. Nothing in this Agreement, expressed or implied, is intended to or shall constitute the Parties, partners or participants
in a joint venture.

 

10.              
Further Assurances. From time to time, at the Company’s request and without further
consideration, the Sponsor shall execute and deliver such additional documents and take all such further action as may be reasonably necessary
or reasonably requested to effect the actions and consummate the transactions contemplated by this Agreement. 

 

11.              
No Legal Action. Sponsor shall not, and shall cause its Affiliates not to and shall direct
its Representatives not to, bring, commence, institute, maintain, voluntarily aid or prosecute any claim, appeal or proceeding which (a)
challenges the validity of or seeks to enjoin the operation of any provision of this Agreement, or (b) alleges that the execution and
delivery of this Agreement by Sponsor breaches any duty that Sponsor has (or may be alleged to have) to the Company or to the other holders
of Subject STPC Equity Securities; provided, that the foregoing shall not limit or restrict in any manner the rights of Sponsor to enforce
the terms of this Agreement.

 

12.              
Incorporation by Reference. Sections 8.1 (Survival), 8.2 (Entire Agreement; Assignment), 8.5
(Governing Law), 8.7 (Construction; Interpretation), 8.10 (Severability), 8.11 (Counterparts; Electronic Signatures), 8.15 (Waiver of
Jury Trial) and 8.16 (Jurisdiction) of the Merger Agreement are incorporated herein by reference and shall apply to this Agreement mutatis
mutandis.

 

*       *       *      *     *

 

    6 

     

    

 

IN WITNESS WHEREOF,
each of the Parties has caused this Agreement to be duly executed on its behalf as of the day and year first above written.

 

	 	STAR PEAK CORP II
	 	 
	 	By:	/s/ Eric Scheyer
	 	Name:	Eric Scheyer
	 	Title:	Chief Executive Officer
	 	 
	 	STAR PEAK SPONSOR II LLC
	 	 
	 	By: MTP Energy Management LLC, its
    Sole Member
	 	 
	 	By: Magnetar Financial LLC, its Sole
    Member
	 	 
	 	By:	/s/ Eric Scheyer
	 	Name:	Eric Scheyer
	 	Title:	Authorized Signatory

 

Signature Page to Sponsor
Support Agreement 

     

     

    

 

	 	BENSON HILL, INC.
	 	 
	 	By:	/s/ Matthew Crisp
	 	Name:	Matthew Crisp
	 	Title:	Chief Executive Officer

 

Signature Page to Sponsor
Support Agreement 

     

     

    

 

	 	OTHER CLASS B HOLDERS:
	 	  
	 	/s/ C. Park Sharper
	 	C. Park Sharper  
	 	 
	 	/s/ Desirée Rodgers
	 	Desirée Rodgers

 

Signature
Page to Sponsor Support AgreementExhibit
10.3

 

Final Form

 

FORM OF LOCK-UP AGREEMENT

 

THIS LOCK-UP AGREEMENT (this
“Agreement”) is made and entered into as of [•], 2021 by and among (i) Star Peak Corp II, a Delaware corporation
(together with its successors, “STPC”), (ii) Benson Hill, Inc., a Delaware corporation (the “Company”),
and (iii) the undersigned (“Holder”). Any capitalized term used but not defined in this Agreement will have the meaning
ascribed to such term in the Merger Agreement (as defined below).

 

WHEREAS, STPC, STPC II Merger
Sub Corp., a Delaware corporation and a direct wholly-owned subsidiary of STPC (“Merger Sub”), and the Company [entered
into that // are substantially contemporaneously entering into that] certain Agreement and Plan of Merger, [dated as of [•], 2021
// on or about the date hereof] (as amended from time to time in accordance with the terms thereof, the “Merger Agreement”),
pursuant to which, among other matters, upon the consummation of the transactions contemplated thereby (the “Closing”),
Merger Sub will merge with and into the Company, with the Company continuing as the surviving entity and a wholly-owned subsidiary of
STPC (the “Merger”), and as a result of which all of the issued and outstanding capital stock of the Company immediately
prior to the Closing shall no longer be outstanding and shall automatically be cancelled and shall cease to exist, in exchange for the
right to receive newly issued STPC Common Shares and [STPC Options], all upon the terms and subject to the conditions set forth in the
Merger Agreement and in accordance with the applicable provisions of the DGCL;

 

WHEREAS, as of the date hereof,
Holder is a holder of equity securities of the Company in such amounts and classes or series as set forth underneath Holder’s name
on the signature page hereto; and

 

WHEREAS, pursuant to the Merger
Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties desire
to enter into this Agreement, pursuant to which the STPC Common Shares (including any Earn Out Shares), STPC Options and STPC Converted
Warrants, as applicable, to be received by Holder as consideration in the Merger, including any STPC Common Shares (including any Earn
Out Shares) underlying the STPC Options or STPC Converted Warrants (all such securities, together with any securities paid as dividends
or distributions with respect to such securities or into which such securities are exchanged or converted, the “Restricted Securities”)
shall become subject to limitations on disposition as set forth herein.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and intending to be legally bound
hereby, the parties hereby agree as follows:

 

1.             
Lock-up Provisions.

 

(a)               Holder
hereby agrees not to (1) Transfer any Restricted Securities from and after the Closing and until the earlier of (x) the date that is
six (6) months following the Closing and (y) the date after the Closing on which STPC completes a liquidation, merger, capital stock
exchange, reorganization or other similar transaction that results in all of STPC’s stockholders having the right to exchange
their equity holdings in STPC for cash, securities or other property (clause (y), a “Liquidity Event”, and
such period, the “Lock-up Period”), and (2) from and after the execution of the Merger Agreement and until the
end of the Lock-Up Period, directly or indirectly, engage in any short sales or other hedging or derivative transactions in respect
of STPC Common Shares or STPC Warrants; provided that the foregoing restrictions shall not apply to the Transfer of any or
all of the Restricted Securities owned by Holder made in respect of a Permitted Transfer (as defined below); provided,
further, that in any of case of a Permitted Transfer, it shall be a condition to such Transfer that the transferee executes and
delivers to STPC and the Company an agreement, in substantially the same form of this Agreement, stating that the transferee is
receiving and holding the Restricted Securities subject to the provisions of this Agreement applicable to Holder, and there shall be
no further Transfer of such Restricted Securities except in accordance with this Agreement. As used herein,
“Transfer” shall mean (i) the sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant
of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase
of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section
16 of the Exchange Act, and the rules and regulations of the SEC promulgated thereunder with respect to, any security, (ii) entry
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of
any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) public
announcement of any intention to effect any transaction specified in clause (i) or (ii). As used in this Agreement, the term
“Permitted Transfer” shall mean a Transfer made: (A) in the case of Holder being an individual, by gift to a
member of one of the individual’s immediate family, an estate planning vehicle or to a trust, the beneficiary of which is a
member of the individual’s immediate family, an affiliate of such person or to a charitable organization; (B) in the case of
Holder being an individual, by virtue of laws of descent and distribution upon death of Holder; (C) in the case of Holder being an
individual, pursuant to a qualified domestic relations order; (D) by pro rata distributions from Holder to its members, partners, or
shareholders pursuant to the Holder’s organizational documents; (E) by virtue of applicable law or the Holder’s
organizational documents upon liquidation or dissolution of Holder; (F) to STPC for no value for cancellation in connection with the
consummation of a Liquidity Event or the cashless exercise of options or warrants of STPC (provided that, for the avoidance
of doubt, any securities received in such cashless exercise shall be deemed to be Restricted Securities hereunder); (G) in the event
of STPC’s liquidation prior to the completion of a Liquidity Event; (H) in the event of completion of a liquidation, merger,
capital stock exchange, reorganization or other similar transaction which results in all of the STPC’s holders of STPC Common
Shares having the right to exchange their STPC Common Shares for cash, securities or other property subsequent to the completion of
a Liquidity Event; or (I) to any employees, officers, directors or members of the Holder or any affiliates of the Holder.

 

(b)              
If any Transfer is made or attempted contrary to the provisions of this Agreement, such purported Transfer shall be null and void
ab initio, and STPC shall refuse to recognize any such purported transferee of the Restricted Securities as one of its equityholders for
any purpose. In order to enforce this Section 1, STPC may impose stop-transfer instructions with respect to the Restricted Securities
of Holder (and Permitted Transferees and assigns thereof) until the end of the Lock-up Period.

 

    2 

     

    

 

(c)               During the Lock-up Period, each certificate evidencing any Restricted Securities shall be stamped or otherwise imprinted with
a legend in substantially the following form, in addition to any other applicable legends:

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF [•], 2021, BY AND AMONG
THE ISSUER OF SUCH SECURITIES (THE “ISSUER”), THE ISSUER’S SECURITY HOLDER NAMED THEREIN AND CERTAIN OTHER PARTIES NAMED
THEREIN, AS AMENDED. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN
REQUEST.”

 

(d)               For
the avoidance of any doubt, (i) Holder shall retain all of its rights as a stockholder of STPC during the Lock-up Period, including the
right to vote, and to receive any dividends and distributions in respect of, any Restricted Securities, and (ii) the restrictions contained
in clause (1) of Section 1(a) shall not apply to any STPC Common Shares or other securities of STPC acquired by Holder in open
market transactions or in any public or private capital raising transactions of STPC or otherwise to any STPC Common Shares (or other
securities of STPC) other than the Restricted Securities.

 

(e)               In
connection with the written request of Holder, following the expiration of the Lock-up Period or in connection with a release of restrictions
on Transfer pursuant to Section 1(a), the Company shall remove
any restrictive legend included on the certificates (or, in the case of book-entry shares, any other instrument or record) representing
Holder and/or its Affiliates or permitted transferee’s ownership of Common Shares, and the Company shall issue a certificate (or
evidence of the issuance of securities in book-entry form) without such restrictive legend or any other restrictive legend to the holder
of the applicable Common Shares upon which it is stamped, if (i) such Common Shares are registered for resale under the Securities Act
and the Registration Statement for such Common Shares has not been suspended pursuant to the Securities Act, the Exchange Act or the
rules and regulations of the Commission promulgated thereunder, (ii) such Common Shares are sold or transferred pursuant to Rule 144,
or (iii) such Common Shares are eligible for sale pursuant to Section 4(a)(1) of the Securities Act or Rule 144 without volume or manner-of-sale
restrictions. Following the earlier of (A) the effective date of a Registration Statement registering such Common Shares or (B) Rule
144 becoming available for the resale of such Common Shares without volume or manner-of-sale restrictions, the Company, upon the written
request of Holder or its permitted transferee and the provision by such person of an opinion of reputable counsel reasonably satisfactory
to the Company and the Company’s transfer agent, shall instruct the Company’s transfer agent to remove the legend from such
Common Shares (in whatever form) and shall cause Company counsel to issue any legend removal opinion required by the transfer agent.
Any fees (with respect to the transfer agent, Company counsel, or otherwise) associated with the removal of such legend (except for the
provision of the legal opinion by Holder or its permitted transferee to the transfer agent referred to above) shall be borne by the Company.
If a legend is no longer required pursuant to the foregoing, the Company will no later than two (2) Business Days following the delivery
by Holder or its permitted transferee to the Company or the transfer agent (with notice to the Company) of a legended certificate (if
applicable) representing such Common Shares and, to the extent required, a seller representation letter representing that such
Common Shares may be sold pursuant to Rule 144, and a legal opinion of reputable counsel reasonably satisfactory to the Company and the
transfer agent, deliver or cause to be delivered to the holder of such Common Shares a certificate representing such Common Shares (or
evidence of the issuance of such Common Shares in book-entry form) that is free from all restrictive legends.

 

    3 

     

    

 

2.            
Miscellaneous.

 

(a)             Termination
of Merger Agreement. Notwithstanding anything to the contrary contained herein, in the event that the Merger Agreement is terminated
in accordance with its terms prior to the Closing, this Agreement and all rights and obligations of the parties hereunder shall automatically
terminate and be of no further force or effect; provided that, such termination shall not affect any Liability on the part of
any party for a willful breach of any covenant or agreement set forth in this Agreement prior to such termination.

 

(b)              
Binding Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit
of the parties hereto and their respective permitted successors and assigns. This Agreement and all obligations of Holder are personal
to Holder and may not be transferred or delegated by Holder at any time without the prior written consent of STPC, the Company and Sponsor
(as defined below). Each of STPC and the Company may freely assign any or all of its rights under this Agreement, in whole or in part,
to any successor entity (whether by merger, consolidation, equity sale, asset sale or otherwise) without obtaining the consent or approval
of Holder.

 

(c)              Third
Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the transactions
contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person or entity that is not
a party hereto or thereto or a successor or permitted assign of such a party; provided, that Star Peak Sponsor II LLC, a Delaware
limited liability company (“Sponsor”), shall be an express third party beneficiary of this Agreement and shall have
the right to enforce the terms of this Agreement directly against Holder as if Sponsor were an original party hereto.

 

(d)              Governing
Law; Jurisdiction; Waiver of Jury Trial: Remedies. This Agreement and all related Proceedings shall be governed by and construed
in accordance with the internal Laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision
or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Law of any jurisdiction
other than the State of Delaware. THE PARTIES HERETO EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY
JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR
INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE
WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. THE PARTIES HERETO EACH HEREBY AGREE
AND CONSENT THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES
HERETO MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES
HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. The parties hereto expressly incorporate by reference Section 8.16 (Jurisdiction)
of the Merger Agreement and, subject to Section 2(i) hereof, Section 8.17 (Remedies) of the Merger Agreement to apply to this Agreement
mutatis mutandis, with references to the Merger Agreement therein deemed to reference this Agreement and references to the “Parties”
thereunder deemed to reference the parties hereto.

 

    4 

     

    

 

(e)              
Severability. Whenever possible, each provision of this Agreement will be interpreted in such a manner as to be effective
and valid under applicable Law, but if any term or other provision of this Agreement is held to be invalid, illegal or unenforceable under
applicable Law, all other provisions of this Agreement shall remain in full force and effect so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any
term or other provision of this Agreement is invalid, illegal or unenforceable under applicable Law, the parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in an acceptable
manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

(f)               
Construction; Interpretation. The headings set forth in this Agreement are inserted for convenience only and shall not affect
in any way the meaning or interpretation of this Agreement. No party hereto, nor its respective counsel, shall be deemed the drafter of
this Agreement for purposes of construing the provisions hereof, and all provisions of this Agreement shall be construed according to
their fair meaning and not strictly for or against any such party. Unless otherwise indicated to the contrary herein by the context or
use thereof: (a) the words, “herein,” “hereto,” “hereof” and words of similar import refer to this
Agreement as a whole, and not to any particular section, subsection, paragraph, subparagraph or clause set forth in this Agreement; (b)
masculine gender shall also include the feminine and neutral genders, and vice versa; (c) words importing the singular shall also include
the plural, and vice versa; (d) the words “include,” “includes” or “including” shall be deemed to
be followed by the words “without limitation”; (e) references to “$” or “dollar” or “US$”
shall be references to United States dollars; (f) the word “or” is disjunctive but not necessarily exclusive; (g) the words
“writing,” “written” and comparable terms refer to printing, typing and other means of reproducing words (including
electronic media) in a visible form; (h) the word “extent” in the phrase “to the extent” means the degree to which
a subject or other thing extends, and such phrase shall not mean simply “if”; (i) all references to Articles or Sections are
to Articles or Sections of this Agreement; and (j) all references to any Law will be to such Law as amended, supplemented or otherwise
modified from time to time. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. Consequently,
in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the
parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any
provision of this Agreement.

 

    5 

     

    

 

(g)               Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be
deemed to have been duly given) when delivered in person, when delivered by e-mail (having obtained electronic delivery confirmation
thereof), or when sent by registered or certified mail (postage prepaid, return receipt requested) (upon receipt thereof) to the
other parties hereto as follows:

 

	
    If to STPC, to:

     

    Star Peak Corp II

    1603 Orrington Avenue, 13th Floor

    Evanston, Illinois 60201

    Attention: Secretary

    Email: info@starpeakcorp.com
	
    With a copy (which shall not constitute notice) to:

     

    Kirkland & Ellis LLP

    609 Main Street

    Houston, Texas 77002

    Attention:William J. Benitez, P.C.

         Matthew
R. Pacey, P.C.

         David Thompson

    E-mail:william.benitez@kirkland.com

                matthew.pacey@kirkland.com

	
    david.thompson@kirkland.com

     
	 
	
    If to the Company prior to the Closing, to:

     

    Benson Hill, Inc.

    1001 N. Warson Rd., Suite 200

    St. Louis, MO 63132

    Attention: Legal Department

    Email: legal@bensonhill.com
	
    With a copy (which shall not constitute notice) to:

     

    Winston & Strawn LLP

    35 West Wacker Drive

    Chicago, IL 10166-0193

    Attention: Jason D. Osborn

    Email: josborn@winston.com

      

	
    If to the Company following the Closing, to:

     

    Benson Hill, Inc.

    1001 N. Warson Rd., Suite 200

    St. Louis, MO 63132

    Attention: Legal Department

    Email: legal@bensonhill.com
	
    With a copy (which shall not constitute notice) to:

     

    Winston & Strawn LLP

    35 West Wacker Drive

    Chicago, IL 10166-0193

    Attention: Jason D. Osborn

    Email: josborn@winston.com

     

 

If to Holder, to: the address set forth below
Holder’s name on the signature page to this Agreement.

 

(h)               Amendments
and Waivers. This Agreement may be amended or modified only with the written consent of STPC, the Company, Sponsor and Holder.
The observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively
or prospectively) only with the written consent of the party against whom enforcement of such waiver is sought. No failure or delay
by a party in exercising any right hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition,
or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver
of any such term, condition, or provision. STPC and the Company hereby represent, warrant, covenant and agree that (i) if any
Lock-Up Agreement signed by the Sponsor or a stockholder of the Company in connection with the transactions contemplated hereby is
amended, modified or waived in a manner favorable to the Sponsor or such stockholder and that would be favorable to Holder, this
Agreement shall be contemporaneously amended in the same manner and STPC shall provide prompt notice thereof to Holder, and (ii) if
the Sponsor or any such stockholder is released from any or all of the lock-up restrictions under its Lock-Up Agreement, Holder will
be similarly and contemporaneously released from the lock-up restrictions hereunder (which, for the avoidance, of doubt will include
a release of the same percentage of Holder’s Restricted Securities) and STPC shall provide prompt notice thereof to
Holder.

 

    6 

     

    

 

(i)                Specific
Performance. Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event of
a breach of this Agreement by Holder, money damages will be inadequate and STPC and the Company will have no adequate remedy at law,
and agrees that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by Holder
in accordance with their specific terms or were otherwise breached. Accordingly, each of STPC and the Company (or Sponsor on their behalf)
shall be entitled to an injunction or restraining order to prevent breaches of this Agreement by Holder and to enforce specifically the
terms and provisions hereof, without the requirement to post any bond or other security or to prove that money damages would be inadequate,
this being in addition to any other right or remedy to which such party may be entitled under this Agreement, at law or in equity.

 

(j)                
Entire Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with respect
to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties
is expressly canceled; provided that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations of
the parties under the Merger Agreement or any Ancillary Documents. Notwithstanding the foregoing, nothing in this Agreement shall limit
any of the rights or remedies of STPC and the Company or any of the obligations of Holder under any other agreement between Holder and
STPC or the Company or any certificate or instrument executed by Holder in favor of STPC or the Company, and nothing in any other agreement,
certificate or instrument shall limit any of the rights or remedies of STPC or the Company or any of the obligations of Holder under this
Agreement.

 

(k)              
Further Assurances. From time to time, at another party’s written request and without further consideration (but at
the requesting party’s reasonable cost and expense), each party shall execute and deliver such additional documents and take all
such further action as may be reasonably necessary to consummate the transactions contemplated by this Agreement.

 

(l)                 Counterparts;
Electronic Signatures. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original, but all of which shall constitute one and the same agreement. The words “execution,” “signed,”
“signature,” and words of like import in this Agreement or in any other certificate, agreement or document related to
this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including,
“pdf,” “tif” or “jpg”) and other electronic signatures (including, DocuSign and AdobeSign). The
use of electronic signatures and electronic records (including, any contract or other record created, generated, sent, communicated,
received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed
signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the Delaware Uniform Electronic Transactions Act and any other applicable
law. Minor variations in the form of the signature page, including footers from earlier versions of this Agreement or any such other
document, shall be disregarded in determining the party’s intent or the effectiveness of such signature.

 

* * * * *

 

    7 

     

    

 

IN WITNESS WHEREOF,
each of the parties has caused this Lock-up Agreement to be duly executed on its behalf as of the day and year first above written.

  

	 	STAR PEAK CORP II
	 	 
	 	By:	
	 	Name:
	 	Title:

  

	 	BENSON HILL, INC.
	 	 
	 	By:	
	 	Name:
	 	Title:

 

Signature page to Lock-up
Agreement

 

     

     

    

 

IN WITNESS WHEREOF, each of
the parties has caused this Lock-up Agreement to be duly executed on its behalf as of the day and year first above written.

 

Holder:

 

Name of Holder: [                                 ]

 

Signature page to Lock-up
Agreement

 

     

     

    

 

	By:	 	 
	Name:	 
	Title:	 

  

	Number and Type of Company Securities:	 
	 	 
	[Company Common	 
	Stock]:		 

  

	[Company Preferred	 
	Stock]:	 	 

  

	[Company Options]:		 
	 	 	 

 

	Address for Notice:	 
	 	 
	Address:		 
	 	 
	 	 
	 	 

 

	Facsimile No.:		 

 

	Telephone No.:	 	 

 

	Email:		 

  

Signature page to Lock-up
Agreement

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