Document:

Exhibit 4.6

 

RIGHTS AGREEMENT

 

This Rights Agreement (this
 “Agreement”) is made as of  [_________], 2022, by and between Spring Valley Acquisition Corp. II,
a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company,
a New York limited purpose trust, as rights agent (in such capacity, the “Rights Agent”).

 

WHEREAS, the Company is engaged
in a public offering (the “Public Offering”) of 20,000,000 units (the “Units”) of
the Company (and up to 3,000,000 additional Units if the underwriters’ over-allotment option is exercised in full), each
Unit consisting of one Class A ordinary share of the Company, par value $0.0001 per share (the “Ordinary Shares”),
one right to receive one-tenth of one Ordinary Share upon the happening of the triggering event described herein (the “Right”),
and one half of one redeemable public warrant to purchase one Ordinary Share (the “Warrant”);

 

WHEREAS, simultaneously with
the consummation of the Public Offering, the Company will issue and deliver up to an aggregate of 23,000,000 rights upon consummation
of the offering, 3,000,000 of which are attributable to the over-allotment option;

 

WHEREAS, the Company has
filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File
No. 333-253156 (the “Registration Statement”), and related Prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of, among
other securities, the Rights and the Ordinary Shares issuable to the holders of the Rights;

 

WHEREAS, the Company desires
the Rights Agent to act on behalf of the Company, and the Rights Agent is willing to so act, in connection with the issuance, registration,
transfer and exchange of the Rights;

 

WHEREAS, the Company desires
to provide for the form and provisions of the Rights, the terms upon which they shall be issued, and the respective rights, limitation
of rights, and immunities of the Company, the Rights Agent, and the holders of the Rights; and

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned by or on
behalf of the Rights Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.            Appointment
of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company for the Rights, and the Rights Agent
hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2.            Rights.

 

2.1            Form of
Right. Each Right shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the
provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, a Chairperson of the Board, the
Chief Executive Officer, the Chief Financial Officer, or any person designated as an authorized person by the appropriate corporate authorization
(“Authorized Person”). In the event the person whose facsimile signature has been placed upon any Right shall
have ceased to serve in the capacity in which such person signed the Right before such Right is issued, it may be issued with the same
effect as if he or she had not ceased to be such at the date of issuance.

 

2.2            Effect
of Countersignature. Unless and until countersigned by the Rights Agent pursuant to this Agreement, a Right shall be invalid and
of no effect and may not be exchanged for Ordinary Shares.

 

     

     

    

 

2.3            Registration.

 

2.3.1          Right
Register. The Rights Agent shall maintain books (the “Right Register”) for the registration of original
issuance and the registration of transfer of the Rights. Upon the initial issuance of the Rights, the Rights Agent shall issue and register
the Rights in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered
to the Rights Agent by the Company.

 

2.3.2          Registered
Holder. Prior to due presentment for registration of transfer of any Right, the Company and the Rights Agent may deem and treat the
person in whose name such Right shall be registered upon the Right Register (the “Registered Holder”) as the
absolute owner of such Right and of each Right represented thereby (notwithstanding any notation of ownership or other writing on the
Right Certificate made by anyone other than the Company or the Rights Agent), for the purpose of the exchange thereof, and for all other
purposes, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary.

 

2.4            Detachability
of Rights. Each of the securities comprising the Units will begin to trade separately on (i) the fifty second (52nd) day following
the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in
New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding
Business Day following, or (ii) such earlier date as Citigroup Global Markets Inc. and Guggenheim Securities, LLC shall determine
is acceptable (such date, the “Detachment Date”). In no event will separate trading of the securities comprising
the Units commence until, if the Detachment Date is earlier than the 52nd day following the date of the Prospectus, the Company issues
a press release announcing when such separate trading shall begin. Upon the Detachment Date, holders of Units will have the option to
continue to hold Units or separate their Units into the component pieces.

 

3.            Terms
and Exchange of Rights.

 

3.1            Rights.
Each Right shall entitle the holder thereof to receive one-tenth of one Ordinary Share upon the happening of an Exchange Event (defined
below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its Ordinary Shares upon an Exchange
Event as the purchase price for such Ordinary Shares has been included in the purchase price for the Units. In no event will the Company
be required to net cash settle the Rights or issue fractional Ordinary Shares.

 

3.2            Exchange
Event. An “Exchange Event” shall occur upon the Company’s consummation of an initial Business Combination
(as defined in the Company’s Amended and Restated Memorandum and Articles of Association).

 

3.3            Exchange
of Rights.

 

3.3.1         Issuance
of Ordinary Shares. As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders of the Rights
to return their Rights Certificates to the Rights Agent. [If the Company is not the surviving entity in a Business Combination, the holder
of Rights must affirmatively elect to such conversion.] Upon receipt of a valid Rights Certificate, the Company shall issue to the Registered
Holder of such Right(s) the number of full Ordinary Shares to which he, she or it is entitled, registered in such name or names
as may be directed by him, her or it and issue to such Registered Holder(s) a certificate or book-entry position for such shares.
Notwithstanding the foregoing, or any provision contained in this Agreement to the contrary, in no event will the Company be required
to net cash settle the Rights. The Company shall not issue fractional shares upon exchange of Rights. In the event that any holder would
otherwise be entitled to any fractional share upon exchange of Rights, at the time of an Exchange Event, the Company will instruct the
Rights Agent how any such entitlement will be addressed. To the fullest extent permitted by the Company’s Amended and Restated
Memorandum and Articles of Association the Company reserves the right to deal with any such fractional entitlement at the relevant time
in accordance with Cayman Islands law, which would include the rounding down of any entitlement to receive Ordinary Shares to the nearest
whole share (and in effect extinguishing any fractional entitlement), or the holder being entitled to hold any remaining fractional entitlement
(without any share being issued) and to aggregate the same with any future fractional entitlement to receive shares in the Company until
the holder is entitled to receive a whole number. Any rounding down and extinguishment may be done with or without any in lieu cash payment
or other compensation being made to the holder of the relevant Rights, such that value received on exchange of the Rights may be considered
less than the value that the holder would otherwise expect to receive.

 

    	 	2	 

     

    

 

3.3.2         Valid
Issuance. All Ordinary Shares issued upon an Exchange Event in conformity with this Agreement shall be validly issued, fully paid
and nonassessable.

 

3.3.3         Date
of Issuance. Each person in whose name any such certificate or book-entry position for Ordinary Shares is issued shall for all purposes
be deemed to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the date of delivery
of such certificate or entry of position.

 

3.3.4         Company
Not Surviving Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly held reporting
entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration the holders of the
Ordinary Shares will receive in such transaction, for the number of shares such holder is entitled to pursuant to Section 3.3.1
above. If the Company does not continue as the publicly held reporting entity upon an Exchange Event, each holder of a Right will
be required to affirmatively convert his/her or its rights in order to receive the one-tenth of one share underlying each right (without
paying any additional consideration) upon consummation of the Exchange Event. In such a case, each holder of a Right will be required
to indicate his, her or its election to convert the Rights into underlying Ordinary Shares as well as to return the original certificates
evidencing the Rights to the Company.

 

3.4            Duration
of Rights. If an Exchange Event does not occur within the time period set forth in the Company’s Amended and Restated Memorandum
and Articles of Association, as the same may be amended from time to time, the Rights shall expire and shall be worthless.

 

4.            Transfer
and Exchange of Rights.

 

4.1            Registration
of Transfer. The Rights Agent shall register the transfer, from time to time, of any outstanding Right upon the Right Register, upon
surrender of such Right for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions
for transfer. Upon any such transfer, a new Right representing an equal aggregate number of Rights shall be issued and the old Right
shall be cancelled by the Rights Agent. The Rights so cancelled shall be delivered by the Rights Agent to the Company from time to time
upon request.

 

4.2          Procedure
for Surrender of Rights. Rights may be surrendered to the Rights Agent, together with a written request for exchange or transfer,
and thereupon the Rights Agent shall issue in exchange therefor one or more new Rights as requested by the Registered Holder of the Rights
so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that a Right surrendered for transfer
bears a restrictive legend and the new Rights to be issued will not bear a restrictive legend, the Rights Agent shall not cancel such
Right and issue new Rights in exchange therefor until the Rights Agent has received an opinion of counsel for the Company stating that
such transfer may be made and indicating no restrictive legend is required.

 

4.3            Fractional
Rights. The Rights Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance
of a Right Certificate for a fraction of a Right.

 

4.4            Service
Charges. No service charge shall be made for any exchange or registration of transfer of Rights.

 

4.5            Adjustments
to Conversion Ratios. The number of Ordinary Shares that the holders of Rights are entitled to receive as a result of the occurrence
of an Exchange Event shall be equitably adjusted to reflect appropriately the effect of any share split, reverse share split, share dividend,
reorganization, recapitalization, reclassification, combination, exchange of shares or other like change with respect to the Ordinary
Shares occurring on or after the date hereof and prior to the Exchange Event.

 

4.6           Right
Execution and Countersignature. The Rights Agent is hereby authorized to countersign and to deliver, in accordance with the terms
of this Agreement, the Rights required to be issued pursuant to the provisions of this Section 4, and the Company, whenever
required by the Rights Agent, will supply the Rights Agent with Rights duly executed on behalf of the Company for such purpose.

 

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5.            Other
Provisions Relating to Rights of Holders of Rights.

 

5.1            No
Rights as Shareholder. Until the exchange of a Right for Ordinary Shares as provided for herein, a Right does not entitle the Registered
Holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or
other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings
of shareholders or the election of directors of the Company or any other matter.

 

5.2          Lost,
Stolen, Mutilated, or Destroyed Rights. If any Right is lost, stolen, mutilated, or destroyed, the Company and the Rights Agent may
on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Right, include
the surrender thereof), issue a new Right of like denomination, tenor, and date as the Right so lost, stolen, mutilated, or destroyed.
Any such new Right shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated,
or destroyed Right shall be at any time enforceable by anyone.

 

5.3         Reservation
of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary Shares
that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.

 

6.            Concerning
the Rights Agent and Other Matters.

 

6.1         Payment
of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Rights
Agent in respect of the issuance or delivery of Ordinary Shares upon the exchange of Rights, but the Company shall not be obligated to
pay any transfer taxes in respect of the Rights or such Ordinary Shares.

 

6.2              Resignation,
Consolidation, or Merger of Rights Agent.

 

6.2.1          Appointment
of Successor Rights Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the
office of the Rights Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Rights Agent in place of the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days
after it has been notified in writing of such resignation or incapacity by the Rights Agent or by the holder of the Right (who shall,
with such notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme
Court of the State of New York for the County of New York for the appointment of a successor Rights Agent at the Company’s cost.
Any successor Rights Agent, whether appointed by the Company or by such court, shall be a corporation or other entity organized and existing
under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State
of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or
state authority. After appointment, any successor Rights Agent shall be vested with all the authority, powers, rights, immunities, duties,
and obligations of its predecessor Rights Agent with like effect as if originally named as Rights Agent hereunder, without any further
act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Rights Agent shall execute and deliver, at the
expense of the Company, an instrument transferring to such successor Rights Agent all the authority, powers, and rights of such predecessor
Rights Agent hereunder; and upon request of any successor Rights Agent the Company shall make, execute, acknowledge, and deliver any
and all instruments in writing for more fully and effectually vesting in and confirming to such successor Rights Agent all such authority,
powers, rights, immunities, duties, and obligations.

 

6.2.2         Notice
of Successor Rights Agent. In the event a successor Rights Agent shall be appointed, the Company shall give notice thereof to the
predecessor Rights Agent and the transfer agent for the Ordinary Shares not later than the effective date of any such appointment.

 

    	 	4	 

     

    

 

6.2.3            Merger
or Consolidation of Rights Agent. Any entity into which the Rights Agent may be merged or with which it may be consolidated or any
entity resulting from any merger or consolidation to which the Rights Agent shall be a party shall be the successor Rights Agent under
this Agreement without any further act.

 

6.3            Fees
and Expenses of Rights Agent.

 

6.3.1            Remuneration.
The Company agrees to pay the Rights Agent reasonable remuneration for its services as such Rights Agent hereunder and shall, pursuant
to its obligations under this Agreement, reimburse the Rights Agent upon demand for all expenditures that the Rights Agent may reasonably
incur in the execution of its duties hereunder.

 

6.3.2            Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and
delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Rights Agent for the carrying
out or performing of the provisions of this Agreement.

 

6.4            Liability
of Rights Agent.

 

6.4.1           Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Rights Agent shall deem it necessary or
desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact
or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a statement signed by the Chief Executive Officer, Chief Financial Officer or another Authorized Person and delivered to the Rights
Agent. The Rights Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions
of this Agreement.

 

6.4.2        Indemnity.
The Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. Subject to Section 6.6
below, the Company agrees to indemnify the Rights Agent and save it harmless against any and all liabilities, including judgments,
out-of-pocket costs and reasonable outside counsel fees, for anything done or omitted by the Rights Agent in the execution of this Agreement
except as a result of the Rights Agent’s gross negligence, willful misconduct, fraud or bad faith.

 

6.4.3          Exclusions.
The Rights Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation or warranty as to
the authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or any Right or as to whether any Ordinary
Shares will, when issued, be valid and fully paid and nonassessable.

 

6.5            Acceptance
of Agency. The Rights Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms
and conditions herein set forth.

 

6.6            Waiver.
The Rights Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date
hereof, by and between the Company and Continental Stock Transfer & Trust Company as trustee thereunder) and hereby agrees not
to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

7.            Miscellaneous
Provisions.

 

7.1            Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the
benefit of their respective successors and assigns.

 

    	 	5	 

     

    

 

7.2            Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right to
or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private
courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing
by the Company with the Rights Agent), as follows:

 

Spring Valley Acquisition Corp. II

2100 McKinney Ave, Suite 1675

Dallas, TX 75201

Attention: Jeffrey Schramm

 

with a copy (which shall not constitute notice) to:

 

Kirkland & Ellis LLP

609 Main Street

Houston, Texas 77002

Attn: Matthew Pacey

Christian O. Nagler

 

Any notice, statement or
demand authorized by this Agreement to be given or made by the holder of any Right or by the Company to or on the Rights Agent shall
be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within
five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Rights Agent with
the Company), as follows:

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Compliance Department

 

7.3            Applicable
Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in all
respects by the laws of the State of New York, without giving effect to conflict of laws. Subject to applicable law, the Company and
the Rights Agent hereby agree that any action, proceeding or claim against either of them arising out of or relating in any way to this
Agreement, including under the Securities Act, shall be brought and enforced in the courts of the State of New York located in the County
of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. The Company and the Rights Agent hereby waive
any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the
provisions of this paragraph will not apply to suits brought to enforce (i) any liability or duty created by the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), or the rules and regulations thereunder for which Section 27
of the Exchange Act creates exclusive federal jurisdiction or (ii) any other claim for which the federal district courts of the
United States of America are the sole and exclusive forum.

 

Any person or entity purchasing
or otherwise acquiring any interest in the Rights shall be deemed to have notice of and to have consented to the forum provisions in
this Section 7.3. If any action, the subject matter of which is within the scope the forum provisions above, is filed in
a court other than a court located within the State and County of New York or the United States District Court for the Southern District
of New York (a “foreign action”) in the name of any Rights holder, such Rights holder shall be deemed to have
consented to: (x) the personal jurisdiction of the state and federal courts located within the State and County of New York or
the United States District Court for the Southern District of New York in connection with any action brought in any such court to enforce
the forum provisions (an “enforcement action”), and (y) having service of process made upon such Rights
holder in any such enforcement action by service upon such Rights holder’s counsel in the foreign action as agent for such Rights
holder.

 

7.4            Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person, corporation or other entity other than the parties
hereto and the Registered Holders of the Rights and any right, remedy, or claim under or by reason of this Agreement or of any covenant,
condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in
this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered
Holders of the Rights.

 

    	 	6	 

     

    

 

7.5            Examination
of the Right Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Rights Agent in
the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Right. The Rights Agent may require
any such holder to submit his, her or its Right for inspection by it.

 

7.6           Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

7.7           Effect
of Headings. The Section headings herein are for convenience only and are not part of this Agreement and shall not affect the
interpretation thereof.

 

7.8           Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of (i) curing any
ambiguity, or correcting any mistake, including conforming the provision hereof to the description of the rights and this Agreement,
set forth in the Prospectus, or defective provision contained herein, (ii) or adding or changing any provisions with respect to
matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not
adversely affect the rights of the Registered Holders under this Agreement in any material respect, or (iii) making any amendments
that are necessary in the good faith determination of the Board (taking into account then existing market precedents for initial public
offerings of special purpose acquisition companies underwritten by bulge bracket investment banks) to allow for the rights to be or continue
to be, as applicable, classified as equity in the Company’s financial statements; provided that no such amendment pursuant to clause
(iii) will, in the aggregate, materially affect the legal rights of Registered Holders of the then outstanding rights under this
Agreement. All other modifications or amendments shall require the written consent or vote of the Registered Holders of a majority of
the then outstanding Rights.

 

7.9             Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature Page Follows]

 

    	 	7	 

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	SPRING VALLEY ACQUISITION CORP. II
	 	 
	 	 
	 	By: 	 	                                
	 	 	Name:
	 	 	Title:
	 	 
	 	CONTINENTAL STOCK TRANSFER &
    TRUST COMPANY
	 	 
	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Rights Agreement]

 

     

     

    

 

EXHIBIT A

 

	NUMBER	RIGHTS

 

SPRING VALLEY ACQUISITION CORP. II

 

A CAYMAN ISLANDS EXEMPTED COMPANY

 

Form of

 

RIGHTS CERTIFICATE

 

SEE REVERSE FOR

CERTAIN DEFINITIONS

CUSIP _______

 

This
Rights Certificate certifies that, for value received, ______________________, or registered assigns, is the registered
holder of a right or rights (each, a “Right”) to automatically receive one-tenth of one Class A ordinary
share, par value $0.0001 per share (“Ordinary Share”), of SPRING VALLEY ACQUISITION CORP. II (the “Company”)
for each Right evidenced by this Rights Certificate on the Company’s completion of an initial business combination (as defined
in the final prospectus relating to the Company’s initial public offering (“Prospectus”) upon surrender
of this Rights Certificate pursuant to the Rights Agreement between the Company and Continental Stock Transfer & Trust Company,
as Rights Agent (the “Rights Agent”). In no event will the Company be required to net cash settle any Right
or issue a fractional Ordinary Share.

 

Upon liquidation of the Company in the event
an initial business combination is not consummated during the required period as identified in the Company’s Amended and Restated
Memorandum and Articles of Association, the Rights shall expire and be worthless. As more fully described in the Company’s final
prospectus dated [●], 2022, the holder of a Right shall have no right or interest of any kind in the Company’s trust account
established in connection with the Company’s initial public offering.

 

Upon due presentment for registration of transfer
of the Right Certificate at the office or agency of Continental Stock Transfer & Trust Company, the Rights Agent, a new Right
Certificate or Right Certificates of like tenor and evidencing in the aggregate a like number of Rights shall be issued to the transferee
in exchange for this Right Certificate, without charge except for any applicable tax or other governmental charge. The Company shall
not issue fractional shares upon exchange of Rights. The Company reserves the right to deal with any fractional entitlement at the relevant
time in any manner (as provided in the Rights Agreement).

 

The Company and the Rights Agent may deem and
treat the registered holder as the absolute owner of this Right Certificate (notwithstanding any notation of ownership or other writing
hereon made by anyone), for the purpose of any conversion hereof, of any distribution to the registered holder, and for all other purposes,
and neither the Company nor the Rights Agent shall be affected by any notice to the contrary.

 

This Right does not entitle the registered holder
to any of the rights of a shareholder of the Company. This Right shall be governed by and construed in accordance with the internal laws
of the State of New York, without regard to conflicts of laws principles thereof.

 

    	 	A - 1	 

     

    

 

Dated:

 

	 	SPRING VALLEY ACQUISITION CORP. II
	 	 
	 	 
	 	By: 	 	                                
	 	 	Name:
	 	 	Title:
	 	 
	 	CONTINENTAL STOCK TRANSFER &
    TRUST COMPANY, as Right Agent
	 	 
	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to
applicable laws or regulations:

 

	TEN
    COM – as tenants in common	UNIF
    GIFT MIN Custodian ACT - under U.S. Uniform Gifts to Minor Act
	TEN
    ENT – as tenants by the entireties	(Cust)             (Minor)
	JT
    TEN – as joint tenants with right of survivorship and not as tenants in common	 

 

Additional Abbreviations may also be used though
not in the above list.

 

    	 	A - 2	 

     

    

 

SPRING VALLEY ACQUISITION CORP. II

 

The Company will furnish
without charge to each security holder who so requests the powers, designations, preferences and relative, participating, optional or
other special rights of each class of equity securities or series thereof of the Company and the qualifications, limitations, or restrictions
of such preferences and/or rights. This certificate and the rights represented thereby are issued and shall be held subject to all the
provisions of the Rights Agreement, the Company’s Amended and Restated Memorandum and Articles of Association and all amendments
thereto and resolutions of the Board of Directors providing for the issuance of securities (copies of which may be obtained from the
secretary of the Company), to all of which the holder of this certificate by acceptance hereof assents.

 

For value received, _________________________
hereby sell(s), assign(s) and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE

 

	 

 

(PLEASE PRINT OR TYPEWRITE
NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE(S)) Rights represented by the within Certificate, and do hereby irrevocably
constitute and appoint ______________________________________________ Attorney to transfer the said rights on the books of the within
named Company will full power of substitution in the premises.

 

Dated

 

NOTICE:     THE
SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION
OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 

	 	 

Signature(s) Guaranteed:

 

THE SIGNATURE(S) MUST BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE
GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED).

 

As more fully described in the Company’s
final prospectus dated [●], 2022, the holder of this certificate shall have no right or interest of any kind in or to the funds
held in the Company’s trust account established in connection with the Company’s initial public offering.

 

    	 	A - 3Exhibit 10.1

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement
(this “Agreement”) is made effective as of [●], 2022 by and between Spring Valley Acquisition Corp.
II, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust
Company, a New York limited purpose trust company (the “Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, File No. 333-253156 (the “Registration Statement”) and prospectus (the
 “Prospectus”) for the initial public offering of the Company’s units (the
 “Units”), each of which consists of one of the Company’s Class A ordinary shares, par value
$0.0001 per share (the “Ordinary Shares”), one right to receive one-tenth of one Ordinary Share, and
one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Ordinary Share (such
initial public offering hereinafter referred to as the “Public Offering”), has been declared effective as
of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS, the Company has entered into an
Underwriting Agreement (the “Underwriting Agreement”) with Citigroup Global Markets Inc. and Guggenheim Securities, LLC, as representatives (the “Representatives”) to the several underwriters (the “Underwriters”)
named therein; and

 

WHEREAS, simultaneously with the Public
Offering, the Company’s sponsor (the “Sponsor”) will be purchasing 10,000,000 warrants (“Private
Placement Warrants”) from the Company for an aggregate purchase price of $10,000,000 up to 11,050,000 Private Placement
Warrants for an aggregate purchase price of up to $11,050,000 if the underwriters’ over-allotment option is exercised in full);

 

WHEREAS, as described in the Prospectus,
$203,000,000 of the gross proceeds of the Public Offering and sale of the Private Placement Warrants (as defined in the Underwriting
Agreement) (or $233,450,000 if the Underwriters’ option to purchase additional units is exercised in full) will be delivered
to the Trustee to be deposited and held in a segregated trust account located at all times in the United States (the “Trust
Account”) for the benefit of the Company and the holders of the Ordinary Shares included in the Units issued in the
Public Offering as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon)
is referred to herein as the “Property,” the shareholders for whose benefit the Trustee shall hold the
Property will be referred to as the “Public Shareholders,” and the Public Shareholders and the Company
will be referred to together as the “Beneficiaries”); and

 

WHEREAS, pursuant to the Underwriting Agreement,
a portion of the Property equal to $7,000,000, or $8,050,000 if the Underwriters’ option to purchase additional units is
exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the
Underwriters upon the consummation of the Business Combination (as defined below) (the “Deferred Discount”);
and

 

WHEREAS, the Company and the Trustee desire
to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

     

     

    

 

NOW THEREFORE, IT IS AGREED:

 

1.            
Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)              
Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account
established by the Trustee in the United States at J.P. Morgan Chase Bank N.A., (or at another U.S. chartered commercial bank with
consolidated assets of $100 billion or more) in the United States, maintained by Trustee and at a brokerage institution selected
by the Trustee that is reasonably satisfactory to the Company;

 

(b)              
Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)              
In a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States
government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity
of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7
promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government
treasury obligations, as determined by the Company; the Trustee may not invest in any other securities or assets, it being understood
that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder
and the Trustee may earn bank credits or other consideration;

 

(d)              
Collect and receive, when due, all principal, interest or other income arising from the Property, which shall become
part of the “Property,” as such term is used herein;

 

(e)              
Promptly notify the Company and the Representatives of all communications received by the Trustee with respect to
any Property requiring action by the Company;

 

(f)               
Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection
with the Company’s preparation of the tax returns relating to assets held in the Trust Account;

 

(g)              
Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property
if, as and when instructed by the Company to do so;

 

(h)              
Render to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting
all receipts and disbursements of the Trust Account;

 

(i)                Commence
liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a
letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as
either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief
Financial Officer or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the
Property in the Trust Account, including interest and other income earned on the funds held in the Trust Account and not previously
released to the Company to pay its income taxes (less up to $100,000 of interest to pay dissolution expenses) only as directed in
the Termination Letter and the other documents referred to therein, or (y) upon the date which is the later of (1) 15 months
after the closing of the Public Offering (or up to 21 months if we extend the period of time to consummate a business combination)
and (2) such later date as may be approved by the Company’s shareholders in accordance with the Company’s amended and
restated memorandum and articles of association, if a Termination Letter has not been received by the Trustee prior to such date, in
which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit
B and the Property in the Trust Account, including interest and other income earned on the funds held in the Trust Account and
not previously released to the Company to pay its income taxes (less up to $100,000 of interest to pay dissolution expenses), shall
be distributed to the Public Shareholders of record as of such date. It is acknowledged and agreed that there should be no reduction
in the principal amount per share initially deposited in the Trust Account;

 

    2

     

    

 

(j)               
Upon written request from the Company, which may be given from time to time in a form substantially similar to that
attached hereto as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the
Trust Account and distribute to the Company the amount of interest and other income earned on the Property requested by the Company
to cover any tax obligation owed by the Company as a result of assets of the Company or interest or other income earned on the
Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment,
and the Company shall forward such payment to the relevant taxing authority, so long as there is no reduction in the principal
amount per share initially deposited in the Trust Account; provided, however, that to the extent there is not sufficient
cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall
be designated by the Company in writing to make such distribution (it being acknowledged and agreed that any such amount in excess
of interest income earned on the Property shall not be payable from the Trust Account). The written request of the Company referenced
above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility
to look beyond said request;

 

(k)              
Upon written request from the Company, which may be given from time to time in a form substantially similar to that
attached hereto as Exhibit D (a “Shareholder Redemption Withdrawal Instruction”), the Trustee
shall distribute to the remitting brokers on behalf of Public Shareholders redeeming Ordinary Shares the amount required to pay
redeemed Ordinary Shares from Public Shareholders pursuant to the Company’s amended and restated memorandum and articles
of association; and

 

(l)               
Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i),
(j) or (k) above.

 

2.            
Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)               Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chief Executive Officer, Chief Financial
Officer or other authorized officer of the Company. In addition, except with respect to its duties under Sections 1(i), (j)
or (k) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or
telephonic advice or instruction which it, in good faith and with reasonable care, believes to be given by any one of the
persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in
writing;

 

    3

     

    

 

(b)              
Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any
and all expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any
action taken by it hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving
any claim, or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services
of the Trustee hereunder, or the Property or any interest and other income earned on the Property, except for expenses and losses
resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of
notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek
indemnification under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred
to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against
such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect to the selection
of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without
the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate in
such action with its own counsel;

 

(c)              
Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration
fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly
understood that the Property shall not be used to pay such fees unless and until it is distributed to the Company pursuant to Sections 1(i)
through 1(k) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee
at the consummation of the Public Offering. The Trustee shall refund to the Company the annual administration fee (on a pro rata
basis) with respect to any period after the liquidation of the Trust Account. The Company shall not be responsible for any other
fees or charges of the Trustee except as set forth in this Section 2(c) and as may be provided in Section 2(b)
hereof;

 

(d)              
In connection with any vote of the Company’s shareholders regarding a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business
Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the shareholder
meeting verifying the vote of such shareholders regarding such Business Combination;

 

(e)              
Provide the Representatives with a copy of any Termination Letter(s) and/or any other correspondence that is sent
to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)                Unless
otherwise agreed between the Company and the Representatives, ensure that any Instruction Letter (as defined in Exhibit
A) delivered in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred
Discount is paid directly to the account or accounts directed by the Representatives on behalf of the Underwriters prior to
any transfer of the funds held in the Trust Account to the Company or any other person;

 

    4

     

    

 

(g)              
Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing
the Trustee to make any distributions that are not permitted under this Agreement;

 

(h)               If
the Company seeks to amend any provisions of its amended and restated memorandum and articles of association (A) to modify the
substance or timing of the Company’s obligation to allow redemption in connection with its Business Combination or to redeem
100% of the Company’s Ordinary Shares if it has not completed a Business Combination within 15 months (or 21 months if we
extend the period of time to consummate a business combination). from the closing date of the Public Offering or (B) with
respect to any other provision relating to the rights of holders of the Ordinary Shares (in each case, an
 “Amendment”), the Company will provide the Trustee with an amendment notification letter in the form
of Exhibit D providing instructions for the distribution of funds to Public Shareholders who exercise their
redemption option in connection with such Amendment; and

 

(i)               
Within five (5) business days after the Underwriters exercise their option to purchase additional units (or
any unexercised portion thereof) or such option to purchase additional units expires, provide the Trustee with a notice in writing
of the total amount of the Deferred Discount.

 

3.            
Limitations of Liability. The Trustee shall have no responsibility or liability to:

 

(a)              
Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document
other than this Agreement and that which is expressly set forth herein;

 

(b)              
Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee
shall have no liability to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful
misconduct;

 

(c)              
Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or
defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received written instructions
from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to
pay any expenses incident thereto;

 

(d)              
Change the investment of any Property, other than in compliance with Section 1 hereof;

 

(e)              
Refund any depreciation in principal of any Property;

 

(f)               
Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing
unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority
to the Trustee;

 

    5

     

    

 

(g)             
 The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to
be taken or omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud
or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement,
instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions,
but also as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and
with reasonable care, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound
by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless
evidenced by a written instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights
of the Trustee are affected, unless it shall give its prior written consent thereto;

 

(h)              
Verify the accuracy of the information contained in the Registration Statement;

 

(i)               
Provide any assurance that any Business Combination entered into by the Company or any other action taken by the
Company is as contemplated by the Registration Statement;

 

(j)               
File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide
periodic written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income
earned on the Property;

 

(k)              
Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated
by, and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company,
including, but not limited to, income tax obligations, except pursuant to Section 1(j) hereof; or

 

(l)               
Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant
to Sections 1(i), 1(j) or 1(k) hereof.

 

4.            
Trust Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely
against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

5.            
Termination. This Agreement shall terminate as follows:

 

(a)               If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its
reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this
Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and
has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account
to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the
Trust Account, whereupon this Agreement shall terminate; provided, however, that in the event that the Company
does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the
Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United
States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any
liability whatsoever; or

 

    6

     

    

 

(b)              
At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance
with the provisions of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination
Letter, this Agreement shall terminate except with respect to Section 2(b).

 

6.            
Miscellaneous.

 

(a)              
The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below
with respect to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential
information relating to such security procedures to authorized persons. Each party must notify the other party immediately if it
has reason to believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized
personnel. In executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including,
account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary
bank. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall
not be liable for any loss, liability or expense resulting from any error in the information or transmission of the funds.

 

(b)              
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York,
without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
This Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and
together shall constitute but one instrument. Signatures to this Agreement transmitted via facsimile or e-mail shall be valid and
effective to bind the party so signing (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform
Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com).

 

(c)               This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof.
Except for Section 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or
deleted without the affirmative vote of at least fifty percent (50%) of the then outstanding Ordinary Shares and Class B
ordinary shares, par value $0.0001 per share, of the Company, voting together as a single class; provided that no such
amendment will affect any Public Shareholder who has properly elected to redeem his or her Ordinary Shares in connection with
a shareholder vote to amend this Agreement (A) to modify the substance or timing of the Company’s obligation to provide
for the redemption of the Ordinary Shares in connection with an initial Business Combination or an Amendment or to redeem
100% of its Ordinary Shares if the Company does not complete its initial Business Combination within the time frame specified
in the Company’s amended and restated memorandum and articles of association or (B) with respect to any other
provision relating to the rights of holders of the Ordinary Shares), this Agreement or any provision hereof may only be
changed, amended or modified (other than to correct a typographical error) by a writing signed by each of the parties
hereto.

 

    7

     

    

 

(d)              
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New
York, State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY
WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

(e)              
Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall
be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery or by electronic mail:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn:       Francis Wolf & Celeste Gonzalez

Email:    fwolf@continentalstock.com 

               cgonzalez@continentalstock.com

 

if to the Company, to:

 

Spring Valley Acquisition Corp. II

2100 McKinney Ave, Suite 1675

Dallas, TX 75201

Attn:       Jeffrey Schramm

Email:     jeff.schramm@sv-ac.com

 

in each case, with copies to:

 

Kirkland & Ellis LLP

609 Main Street

Houston, Texas 77002

Attn:      Matthew Pacey

               Christian O. Nagler

E-mail:  matt.pacey@kirkland.com

               cnagler@kirkland.com

 

    8

     

    

 

and

 

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

Attn:     General Counsel

Fax:      (646) 291-1469

and

 

Guggenheim Securities, LLC
330 Madison Avenue

   New York, New York 10017

Attention: James Schaefer

Copy to:   General Counsel

 

and

 

Shearman & Sterling LLP

599 Lexington Avenue

New York, New York 10022

Attn.:     Ilir Mujalovic

              William
B. Nelson
 

(f)               
Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized
to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and
agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled
to any funds in the Trust Account under any circumstance.

 

(g)              
This Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to
the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

(h)              
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but
all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement
by facsimile or electronic transmission shall constitute valid and sufficient delivery thereof.

 

(i)               
Each of the Company and the Trustee hereby acknowledges and agrees that the Representatives on behalf of the Underwriters
are third-party beneficiaries of this Agreement.

 

(j)               
Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder
to any other person or entity.

 

[Signature Page Follows]

 

    9

     

    

 

IN WITNESS WHEREOF, the parties have
duly executed this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 
		By:	
		Name:  	Francis Wolf
		Title:	Vice President

 

	 	SPRING VALLEY ACQUISITION CORP. II
	 	 	 
		By:	
		Name:  	Christopher Sorrells
		Title:	Chief Executive Officer

 

     

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Sections 1(i),(j), and (k)	 	Billed by Trustee to Company under Section 1	 	$	250.00	 
	Managing the deposits of additional Property into the Trust Account following the initial extension 15 months after closing of the offering pursuant to Section 1(i)	 	Billed to Company monthly upon delivery of service pursuant to Section 1(i) 	 	$	400.00	 
	Paying Agent services as required pursuant to Section 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Section 1 	 	 	Prevailing rates  	 

 

     

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

		Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between Spring Valley Acquisition Corp. II (the “Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of [●], 2022 (the
 “Trust Agreement”), this is to advise you that the Company has entered into an agreement with                     
(the “Target Business”) to consummate a business combination with Target Business (the “Business
Combination”) on or about [insert date]. The Company shall notify you at least seventy-two (72) hours
in advance of the actual date (or such shorter time period as you may agree) of the consummation of the Business Combination (the
 “Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth
in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account, and to transfer the proceeds
into the trust operating account at JPMorgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the funds held
in the Trust Account will be immediately available for transfer to the account or accounts that the Representatives (with respect
to the Deferred Discount) and the Company shall direct on the Consummation Date. It is acknowledged and agreed that while the funds
are on deposit in said trust operating account at JPMorgan Chase Bank, N.A. awaiting distribution, neither the Company nor the
Representatives will earn any interest or dividends.

 

On the Consummation Date
(i) counsel for the Company shall deliver to you written notification that the Business Combination has been
consummated, or will be consummated substantially concurrently with your transfer of funds to the accounts as directed by the
Company (the “Notification”), and (ii) the Company shall deliver to you (a) a certificate
by the Chief Executive Officer, Chief Financial Officer or other authorized officer of the Company, which verifies that the
Business Combination has been approved by a vote of the Company’s shareholders, if a vote is held and (b) joint
written instruction signed by the Company and the Representatives with respect to the transfer of the funds held in the Trust
Account, including payment of the Deferred Discount from the Trust Account (the “Instruction
Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately
upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction Letter. In
the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you
will notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the
Trust Account and be distributed after the Consummation Date to the Company. Upon the distribution of all the funds, net of
any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under
the Trust Agreement shall be terminated.

 

     

     

    

 

In the event that the Business Combination
is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original
Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds
held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately
following the Consummation Date as set forth in such notice as soon thereafter as possible.

 

	 	Very truly yours,
	 	 
	 	Spring Valley Acquisition Corp. II
	 	 
		By:	
		Name:  	
		Title:	

 

cc:     Citigroup Global Markets Inc. and Guggenheim Securities,
LLC

 

    13

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

		Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between Spring Valley Acquisition Corp. II (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2022
(the “Trust Agreement”), this is to advise you that the Company has been unable to effect a business
combination with a target business (the “Business Combination”) within the time frame specified in the
Company’s Amended and Restated Memorandum and Articles of Association, as described in the Company’s Prospectus relating
to the Public Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds into
the trust operating account at J.P. Morgan Chase Bank N.A. to await distribution to the Public Shareholders. The Company has selected
                    
as the effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the
liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation proceeds while on deposit
in the trust operating account. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree
to distribute said funds directly to the Company’s Public Shareholders in accordance with the terms of the Trust Agreement
and the Amended and Restated Memorandum and Articles of Association of the Company. Upon the distribution of all the funds, net
of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under
the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	Spring Valley Acquisition Corp. II
	 	 
		By:	
		Name:  	
		Title:	

 

cc:     Citigroup Global Markets Inc. and Guggenheim Securities,
LLC

 

    15

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

		Re:	Trust Account - Tax Payment Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(j) of
the Investment Management Trust Agreement between Spring Valley Acquisition Corp. II (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2022
(the “Trust Agreement”), the Company hereby requests that you deliver to the Company $                    
of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the
meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay for
the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to
the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours, 
	 	 
	 	Spring Valley Acquisition Corp. II 
	 	 
		By:	
		Name:  	
		Title:	

 

cc:     Citigroup Global Markets Inc. and Guggenheim Securities,
LLC

 

     

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

		Re:	Trust Account - Shareholder Redemption Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(k) of
the Investment Management Trust Agreement between Spring Valley Acquisition Corp. II (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2022
(the “Trust Agreement”), the Company hereby requests that you deliver to the Company’s shareholders
$                    
of the principal and interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein
shall have the meanings set forth in the Trust Agreement.

 

Pursuant to Section 1(k) of the Trust
Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer $[●] of the proceeds
of the Trust Account to the trust operating account at [●] for distribution to the shareholders that have requested redemption
of their shares in connection with such Amendment.

 

	 	Very truly yours, 
	 	 
	 	Spring Valley Acquisition Corp. II 
	 	 
		By:	
		Name:  	
		Title:	

 

cc:     Citigroup Global Markets Inc. and Guggenheim Securities,
LLC

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