Document:

Exhibit 10.4

 

BOARD RIGHTS AGREEMENT

 

This BOARD RIGHTS AGREEMENT
(this “Agreement”), dated as of August 4, 2021, is entered into by and among Nuvve Holding Corp., a Delaware corporation
(the “Company”), and Stonepeak Rocket Holdings LP, a Delaware limited partnership (“Stonepeak,”
and together with its Affiliates that Beneficially Own Common Stock or the Preferred Units, the “Investors”).

 

RECITALS

 

WHEREAS, on May 17, 2021,
the Company entered into a letter agreement (the “Letter Agreement”) with Stonepeak and Evolve Transition Infrastructure
LP, a Delaware limited partnership (“Evolve”), pursuant to which the parties agreed to negotiate in good faith to enter
into definitive agreements relating to the proposed formation of a joint venture, Levo Mobility LLC (“Levo,” and such
joint venture and transactions contemplated thereby, the “Transactions”);

 

WHEREAS, concurrently with
the signing of the Letter Agreement, the Company issued to Stonepeak and Evolve those certain Series B Warrants, Series C Warrants, Series
D Warrants, Series E Warrants and Series F Warrants of the Company, in each case to purchase shares of the Company’s common stock,
par value $0.0001 (the “Common Stock”), up to 6,000,000 shares in the aggregate (allocated 90% to Stonepeak and 10%
to Evolve);

 

WHEREAS, concurrently with
the signing of the Letter Agreement, the Company also entered into that certain Securities Purchase Agreement (the “Securities
Purchase Agreement”) with Stonepeak and Evolve, pursuant to which, from time to time between November 13, 2021 and November
17, 2028, Stonepeak and Evolve may elect, in their sole discretion, to purchase up to an aggregate of $250 million in shares of Common
Stock at a purchase price of $50.00 per share (allocated 90% to Stonepeak and 10% to Evolve);

 

WHEREAS, concurrently with
the signing of this Agreement, the Company, Stonepeak and Evolve have consummated the Transactions and entered into that certain First
Amended and Restated Limited Liability Company Agreement of Levo, dated as of the date hereof (the “LLC Agreement”);

 

WHEREAS, pursuant to the LLC
Agreement and the transactions contemplated thereby, Stonepeak will provide capital to Levo in exchange for Class B Preferred Units of
Levo (the “Preferred Units”);

 

WHEREAS, in connection with,
and effective upon, the consummation of the Transactions, the Company and the Investors wish to set forth certain understandings between
such parties with respect to certain board designation rights.

 

     

     

    

 

NOW, THEREFORE, in consideration of the mutual covenants contained
herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby
agree as follows:

 

Article
I 

DEFINITIONS

 

Section 1.1
Certain Definitions. As used in this Agreement, the following terms shall have the following meanings:

 

“Affiliate”
of any Person means any other Person, directly or indirectly, Controlling, Controlled by or under common Control with such particular
Person.

 

“Agreement”
has the meaning set forth in the preamble to this Agreement.

 

“Beneficial Owner”
means, with respect to a security, any Person that directly or indirectly, through any agreement, arrangement, understanding or otherwise
has or shares (i) voting power which includes the power to vote, or to direct the voting of, such security, or (ii) investment power which
includes the power to dispose, or to direct the disposition of, such security; provided, however, that a Person shall not be deemed the
Beneficial Owner of, or to Beneficially Own (A) any security that is not issued and outstanding (including, for certainty, any security
that may be issued through the exercise of any option, warrant or right, or the conversion of any other security), or (B) any security
as a result of an agreement, arrangement or understanding to vote such security if such agreement, arrangement or understanding arises
solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to,
and in accordance with, the applicable rules and regulations under the Exchange Act. The terms “Beneficial Ownership,” “Beneficially
Owned” and “Beneficially Owns” shall have correlative meanings.

 

“Board”
means the Board of Directors of the Company.

 

“Board Observer”
has the meaning set forth in Section 2.1(a) of this Agreement.

 

“Business Days”
means any day except Saturday, Sunday and any day on which banking institutions in New York, New York generally are closed as a result
of federal, state or local holiday.

 

“Commission”
has the meaning set forth in Section 2.2(a) of this Agreement.

 

“Common Stock”
means the common stock, par value $0.0001 per share, of the Company.

 

“Company”
has the meaning set forth in the preamble to this Agreement.

 

“Company Competitor”
means any Person that directly engages in business activities similar to those business activities engaged in by the Company; provided,
that no private equity or similar investment fund shall be deemed to engage in business activities similar to those engaged in by the
Company by virtue of any such fund’s ownership or Control of portfolio companies or individual investments.

 

“Control”
means the possession, directly or indirectly, of the power to direct, or cause the direction of, the management and policies of a
Person, whether through the ownership of voting securities or other ownership interests, by contract or otherwise. The terms
“Controlled” and “Controlling” shall have correlative meanings.

 

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“Equity Threshold
Amount” has the meaning set forth in Section 2.1(a) of this Agreement.

 

“Evolve”
has the meaning set forth in the Recitals.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Investor Director”
has the meaning set forth in Section 2.2(a) of this Agreement.

 

“Investors”
has the meaning set forth in the preamble to this Agreement.

 

“Investor Representative”
means Stonepeak.

 

“Letter Agreement”
has the meaning set forth in the Recitals.

 

“Necessary Action”
means, with respect to a specified result, all actions (to the extent such actions are permitted by applicable law, rule or regulation
and, in the case of any action by the Company that requires a vote or other action on the part of the Board, to the extent such action
is consistent with the fiduciary duties that the Company’s directors may have in such capacity) necessary to cause such result,
including, to the extent applicable, (i) including the Investor Director in the Board’s slate of nominees to the stockholders
for each election of the class of directors in which the Investor Director is placed, (ii) including the Investor Director in the
proxy statement prepared by management of the Company in connection with soliciting proxies for every meeting of the stockholders of the
Company called with respect to the election of the class of directors in which the Investor Director is placed, and at every adjournment
or postponement thereof, and on every action or approval by written consent of the Board with respect to the election of the class of
directors in which the Investor Director is placed, (iii) not nominating any candidate for the slate of nominees for each election
of the class of directors in which the Investor Director is placed in opposition to the election of an Investor Director, (iv) seeking
the adoption of stockholders’ resolutions and amendments to the organizational documents of the Company if necessary, (v) executing
necessary agreements and instruments, and (vi) making or causing to be made, with governmental, administrative or regulatory authorities,
all filings, registrations or similar actions that are required to achieve such result.

 

“Nominating and Governance
Committee” has the meaning set forth in Section 2.2(a) of this Agreement.

 

“Observation Period”
has the meaning set forth Section 2.1(a) of this Agreement.

 

“Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization,
any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic
or foreign and any subdivision thereof or other entity, and also includes any managed investment account.

 

“Preferred Units”
has the meaning set forth in the Recitals.

 

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“Qualification Requirement”
has the meaning set forth in Section 2.2(a) of this Agreement.

 

“Resignation Notice”
has the meaning set forth in Section 2.2(c) of this Agreement.

 

“Securities Purchase
Agreement” has the meaning set forth in the Recitals.

 

“Transactions”
has the meaning set forth in the Recitals.

 

Section 1.2
Rules of Construction. Unless the context otherwise requires:

 

(a)
References in the singular or to “him,” “her,” “it,” “itself”
or other like references, and references in the plural or the feminine or masculine reference, as the case may be, shall also, when the
context so requires, be deemed to include the plural or singular, or the masculine or feminine reference, as the case may be;

 

(b)
References to Articles and Sections shall refer to articles and sections of this Agreement, unless otherwise specified;

 

(c)
The headings in this Agreement are for convenience and identification only and are not intended to describe, interpret, define or limit
the scope, extent or intent of this Agreement or any provision thereof;

 

(d)
This Agreement shall be construed without regard to any presumption or other rule requiring construction against the party that drafted
and caused this Agreement to be drafted; and

 

(e)
References to “including” in this Agreement shall mean “including, without limitation,” whether
or not so specified.

  

Article
II 

GOVERNANCE MATTERS

 

Section 2.1
Board Observation Rights.

 

(a)
For the periods (each, an “Observation Period”) beginning on the date hereof and continuing for so long as the Investors
Beneficially Own (i) any Preferred Units or (ii) at least 10% of the issued and outstanding Common Stock (collectively, the “Equity
Threshold Amount”), the Investor Representative, acting on behalf of the Investors, shall, subject to Section 2.2(e),
have the right to appoint, by written notice to the Company, two individual representatives to attend (but not record) all meetings of
the Board in a non-voting observer capacity and, except as set forth herein, receive all deliverables provided to the Board relating thereto
(each representative, a “Board Observer”). Notwithstanding anything herein to the contrary, an individual may not be
a Board Observer if such individual is an employee or director of a Company Competitor.

 

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(b) The Company shall give
each Board Observer copies of all notices, consents, minutes and other materials, financial or otherwise, which the Company provides
to the Board in connection with meetings of the Board to be held during such time frame; provided, that, (i) at least
three (3) days prior to furnishing such information to the Board Observer (or if such notice cannot be provided three (3) days in
advance, as soon as practicable), the Company shall notify the Board Observer if any material non-public information about the
Company is contained therein and the Board Observer may elect, solely in his or her discretion, whether to receive such material
non-public information; (ii) if a Board Observer does not, upon the request of the Company, before attending any meetings of the
Board or receiving any such materials, execute and deliver to the Company a confidentiality agreement reasonably acceptable to the
Company, such Board Observer may be excluded from access to any material or meeting or portion thereof if the Board determines in
good faith that such exclusion is reasonably necessary to protect confidential proprietary information of the Company or
confidential proprietary information of third parties that the Company is required to hold in confidence, to comply with law, rule
or regulation or for other similar reasons; (iii) a Board Observer may be excluded from access to any material or meeting or
portion thereof if the Board determines in good faith that (A) such exclusion is reasonably necessary to preserve the
attorney-client privilege between the Company or its subsidiaries and counsel, or any privilege under any common interest or joint
defense doctrine, or to comply with applicable law, rule or regulation or for other similar reasons, (B) such materials or
discussion relates to items in which the Investors, Investor Representative or their Affiliates have a conflict of interest or
otherwise relate to any potential transactions between or among the Company or its Affiliates and such Persons, or (C) such
exclusion is necessary to avoid disclosure that is restricted by any agreement to which the Company or its Affiliates is a party or
otherwise bound; and (iv) nothing herein shall prevent the Board from taking any action by written consent; provided, however,
that the Company shall provide written notice to Stonepeak and such Board Observer of (x) any meeting of the Board from which
such Board Observer is to be excluded at the same time as notice of such meeting is given to members of the Board, and (y) any
action to be taken by written consent of the Board at the same time as the form of such written consent is given to members of the
Board. For the avoidance of doubt, the Board Observer shall not constitute a member of the Board, shall not be taken into account or
required for purposes of establishing a quorum, and shall not be entitled to vote on, or consent to, any matters presented to the
Board.

 

(c)
Notwithstanding anything to the contrary herein, prior to disclosing any material non-public information to the Board Observer, whether
in writing, in a meeting of the Board, or otherwise, to the extent reasonably practicable, the Company shall notify the Board Observer
in advance that such information contains material non-public information and the Board Observer may elect, solely in his or her discretion,
whether to receive such information.

 

(d)
The Investor Representative, acting on behalf of the Investors, may remove or change either of the individuals serving as the Board Observers
for any reason, with or without cause. If for any reason, either of the individuals serving as the Board Observers are removed or otherwise
cease to serve as the Board Observer, the Investor Representative, acting on behalf of the Investors, may, by written notice to the Company
and in accordance with Section 2.1(a), appoint a replacement Board Observer during any Observation Period. For the avoidance
of doubt, the number of Board Observers under this Agreement at any given time shall never exceed two.

 

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Section 2.2
Board Nomination Rights.

 

(a) For so long as the
Investors collectively Beneficially Own at least 10% of the issued and outstanding Common Stock, the Company shall, upon written
request by the Investor Representative, take all Necessary Action to (i) increase the size of the Board by one Person, and
(ii) subject to the following provisos, cause one member of the Board to consist of the nominee designated in writing by the
Investor Representative, acting on behalf of the Investors, hereunder (the “Investor Director”) and to cause such
Investor Director to be appointed to one existing committee of the Board designated by the Investor Representative and any
committees of the Board established after the date hereof designated by the Investor Representative, subject to the Qualification
Requirements (as defined below); provided, that in making such nomination the Investor Representative shall consider, and
reasonably cooperate with the Company in satisfying, any diversity requirements applicable to the Board pursuant to applicable law
or applicable stock exchange rules; and provided, further, that (i) at any time the Investors collectively
Beneficially Own at least 15% of the issued and outstanding Common Stock, the Company shall, upon written request by the Investor
Representative, take all Necessary Action to cause the Investor Director to be appointed to two existing committees of the Board
designated by the Investor Representative and any committees of the Board established after the date hereof designated by the
Investor Representative, subject to the Qualification Requirements (as defined below), and (ii) at any time the Investors
collectively Beneficially Own at least 25% of the issued and outstanding Common Stock, the Company shall, upon written request by
the Investor Representative, take all Necessary Action to cause the Investor Director to be appointed to any committees of the Board
designated by the Investor Representative, subject to the Qualification Requirements (as defined below). Notwithstanding anything to
the contrary in this Section 2.2(a), the Nominating and Governance Committee of the Board (the “Nominating and
Governance Committee”) may choose not to nominate or appoint an Investor Director, as the case may be, if the election or
appointment of such candidate to the Board or committee of the Board would result in the Company failing to comply with any rule or
regulation of the U.S. Securities and Exchange Commission (the “Commission”) or any national securities exchange
on which the Company’s Common Stock is listed or admitted to trading or any other applicable law, rule or regulation, and if
the Nominating and Governance Committee so chooses not to nominate or appoint an Investor Director, then in the case of an
election of a candidate to the Board, the Investor Representative may designate in writing a replacement director nominee until an
Investor Director that is a suitable candidate, as determined by the Nominating and Governance Committee, is nominated. The
Nominating and Governance Committee shall take all Necessary Action to ensure that the Investor Representative is able to designate
a member to the Board and to each committee of the Board designated by the Investor Representative pursuant to this Section 2.2(a),
subject to the Qualification Requirements. A nominee shall not be eligible to serve as an Investor Director if such nominee
(A) does not have the requisite skill and experience to serve as a director of a public company as reasonably determined by the
Board in good faith, (B) is prohibited from serving as a director pursuant to any applicable law (including the Exchange Act and the
Clayton Antitrust Act of 1914, as amended) or rule or regulation of the Commission or any national securities exchange on which the
Company’s Common Stock is listed or admitted to trading, (C) is an employee or director of a Company Competitor, or
(D) does not irrevocably agree in writing, in a form reasonably acceptable to both the Investor Representative and the Company,
subject to applicable law, to immediately resign from the Board in the event that (1) the Investors collectively cease to
Beneficially Own at least 10% of the issued and outstanding Common Stock, or (2) the conditions specified in Section 2.2(c)
shall have occurred (the “Qualification Requirement”); provided, that (x) any such determination that such
nominee is ineligible to serve as a director pursuant to the foregoing clause (A) may only be made by unanimous approval of the
Board (excluding, for the avoidance of doubt, any Investor Director who is then a member of the Board) and (y) within two (2)
business days of any such determination pursuant to the foregoing clause (A), the Company shall notify Stonepeak of such
determination in writing and setting forth in reasonable detail the grounds for such determination.

 

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(b)
Subject to the other provisions of this Section 2.2, the Investor Director designated by the Investor Representative and elected
as a member of the Board shall serve as the Investor Director until the expiration of his or her term of office, and in such case the
Investor Representative, acting on behalf of the Investors, may designate a successor Investor Director in accordance with Section 2.2(a)
hereof upon prompt written notice to the Company at least 90 days prior to the first anniversary of the preceding year’s annual
meeting of the stockholders of the Company; provided, that the Investor Representative must provide the Company with a reasonable
opportunity for the Board and the Nominating and Governance Committee thereof to determine compliance with the provisions of Section 2.2(a)
hereof.

 

(c)
In the event that the Investor Director fails to satisfy the Qualification Requirement, the Investors agree promptly upon (and in any
event within five Business Days following) receipt of a written request from the Company (a “Resignation Notice”),
to cause the Investor Director who at any given time is disqualified from serving on the Board pursuant to this Section 2.2(c),
to resign from the Board (and any committee thereof) effective immediately or to cause such Investor Director to be removed from the Board
in accordance with Section 2.2(d).

 

(d)
In the event of the resignation, death or removal (for cause or otherwise) of any Investor Director from the Board, the Investor Representative,
acting on behalf of the Investors, shall have the right but not the obligation, such determination to be made in the sole discretion of
the Investor Representative and subject to the other provisions of this Section 2.2, to designate in writing a successor Investor
Director to the Board to fill the resulting vacancy on the Board (and any applicable committee thereof), subject to the Qualification
Requirement. In the event that the Investor Representative chooses not to designate in writing a director to fill the resulting vacancy
on the Board in accordance with the terms and conditions herein, the resulting vacancy shall remain until the Investor Representative
designates a successor Investor Director in accordance with this Section 2.2.

 

(e)
Notwithstanding anything to the contrary herein, at any time an Investor Director is serving on the Board, the number of Board Observers
that the Investors may designate pursuant to Section 2.1 hereof shall be reduced from two Board Observers to one Board Observer.

 

Section 2.3
Governance Obligations. The Investors shall cause each Investor Director to provide to the Company, prior to nomination and
appointment and on an on-going basis while serving as a member of the Board, such information and materials, including completed director
and officer questionnaires, as the Company routinely receives from other members of the Board or as is required to be disclosed in proxy
statements under applicable law, rule or regulation or as is otherwise reasonably requested by the Company from time to time from all
members of the Board in connection with the governance, legal, regulatory, auditor or national securities exchange requirements of the
Company.

 

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Section 2.4 Reimbursement
of Expenses. The Company shall reimburse each Investor Director or Board Observer for all reasonable and documented out-of-pocket
expenses incurred in connection with such Investor Director’s or Board Observer’s participation in the meetings of the Board
and, in the case of the Investor Director, any committee of the Board, including all reasonable and documented travel, lodging and meal
expenses, consistent with the Company’s expense reimbursement policies that apply to other non-executive directors serving on the
Board.

 

Section 2.5 D&O
Insurance. The Investor Director shall be covered by the Company’s directors and officers indemnity insurance coverage
on customary terms consistent with the coverage for other non-executive directors and shall be entitled to any cash or equity compensation
and/or indemnification (including by entry into any indemnification agreement) available to and accepted by the other non-executive directors
of the Board.

 

Article
III 

TERMINATION

 

Section 3.1
Termination. This Agreement shall terminate upon the earliest of (a) the date on which the Investors collectively
cease to hold the Equity Threshold Amount and (b) written agreement of the parties hereto to terminate this Agreement; provided,
however, that the termination of this Agreement shall not relieve any party hereto with respect to any liability for breach of
this Agreement prior to such termination.

 

Article
IV 

MISCELLANEOUS

 

Section 4.1
Notices. Any notice or other communication provided for or permitted to be given pursuant to this Agreement by a party hereto
to any other party hereto must be in writing and is duly given (a) one Business Day after being deposited with a nationally recognized
overnight delivery service company that tracks deliveries, addressed to such other party, with overnight service guaranteed, all charges
paid and proof of receipt requested, (b) when delivered in person to such other party or (c) when sent via email (utilizing the delivery
receipt, read receipt or similar function), on the date sent by e-mail if sent before 5:00 p.m., New York time, and on the next business
day if sent after such time. In each case the notice or communication should be addressed as follows:

 

		(a)	If to the Investor:

 

Stonepeak Partners LP

 

55 Hudson Yards

550 W. 34th Street, 48th Floor

New York, NY 10001

Attention: Trent Kososki, William Demas and Adrienne Saunders

Email: [***]

 

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

 

Kirkland & Ellis LLP

609 Main Street

Houston, Texas 77002

Attention: Julian J. Seiguer, P.C. and John D. Pitts, P.C.

Email: [***]

 

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		(b)	If to the Company:

 

Nuvve Holding Corp.

2468 Historic Decatur Road

San Diego, California 92106

Attention: Gregory Poilasne and Stephen Moran

Email: [***]

 

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

 

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

One Financial Center

Boston, Massachusetts 02110

Attention: Sahir Surmeli and Eric Macaux

Email: [***]

 

Section 4.2
Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed and enforced
in accordance with, the laws of the State of Delaware, without giving effect to any choice-of-law principles that would require the application
of the laws of any other jurisdiction. Each party hereto hereby irrevocably and unconditionally submits, for itself and its properties,
to the exclusive jurisdiction of the courts of the State of New York sitting in New York City in the borough of Manhattan or, if it has
or can acquire jurisdiction, in the United States District Court for the Southern District of New York located therein, as the appropriate,
sole and exclusive venue to for purposes of any suit, action or other proceeding under or arising out of, or matter of interpretation
of, this Agreement or the rights of the parties under this Agreement. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES,
TO THE MAXIMUM EXTENT IT MAY DO SO UNDER APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION, OR OTHER PROCEEDING UNDER OR
ARISING OUT OF, OR MATTER OF INTERPRETATION OF, THIS AGREEMENT OR THE RIGHTS OF THE PARTIES UNDER THIS AGREEMENT.

 

Section 4.3 Assignment;
Entire Agreement; Amendments; Waivers. No party hereto may assign any of its rights or obligations under this Agreement
without the prior written consent of the other parties hereto; provided, however, that an Investor may assign any of
its rights hereunder to any of its Affiliates. Any attempted assignment in violation of this Agreement shall be void ab
initio. This Agreement, the other Transaction Documents (as defined in the LLC Agreement), that certain Non-Disclosure
Agreement, by and between Stonepeak and Nuvve Corporation, a Delaware corporation (the “NDA”), and that certain joinder
to the NDA, by and between Stonepeak and Evolve, constitute the entire agreement between the parties hereto with respect to the
subject matter of this Agreement and supersede all prior understandings, whether written or oral, between the Company and the
Investors with respect to the contents hereof. This Agreement may not be amended or modified, in whole or in part, except by a
written instrument executed by the Company and the Investor Representative expressly so amending, or modifying this Agreement or any
part hereof. Any agreement on the part of any party hereto to any waiver shall be valid only if set forth in an instrument in
writing signed on behalf of such party hereto. No failure or delay on the part of any party hereto in the exercise of any right
hereunder shall impair such right or be construed as a waiver of, or acquiescence in, any breach of any agreement herein, nor shall
any single or partial exercise of any such right preclude other or further exercise thereof or of any other right.

 

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Section 4.4
Specific Performance. Each party hereto agrees that irreparable damage would occur if any provision of this Agreement were
not performed in accordance with the terms hereof and monetary damages, even if available, would not be an adequate remedy. It is accordingly
agreed that each party hereto shall be entitled to seek an injunction, specific performance and other equitable relief to prevent breaches
(or threatened breaches) of this Agreement and to enforce specifically the performance of the terms and provisions hereof, without the
necessity of proving irreparable harm or injury as a result of such breach or threatened breach and without the necessity to post any
bond or other security in connection with any such order or injunction, this being in addition to any other remedy to which any party
hereto is entitled to at law or in equity.

 

Section 4.5 Non-Recourse.
Each party hereto agrees that this Agreement may only be enforced against, and any action for breach of this Agreement may only be made
against, the parties hereto, and no claims of any nature whatsoever arising under or relating to this Agreement shall be asserted against
any individual, entity or other person other than the parties hereto, and no individual, entity or other person that is not a party hereto
shall have any liability arising out of or relating to this Agreement.

 

Section 4.6
Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and its successors
and permitted assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other individual, entity
or other person any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement; provided, that
any individual, entity or other person other than the parties hereto shall be an express third-party beneficiary of Section 4.5.

 

Section 4.7
Counterparts. This Agreement may be executed in any number of counterparts, each of which, when so executed, shall be deemed
to be an original and all of which, taken together, shall constitute one and the same agreement. Delivery of an executed counterpart of
this Agreement by e-mail or other electronic transmission (including “.pdf” or “.tif” format) shall be as effective
as delivery of an original executed counterpart of this Agreement.

 

Section 4.8 Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to
be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain
in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the
transactions contemplated by this Agreement is not affected in any manner materially adverse to any party hereto. Upon such a
determination, 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 a mutually acceptable manner in order that the transactions contemplated by this Agreement
be consummated as originally contemplated to the fullest extent possible.

 

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Section 4.9
Further Assurances. Each party shall execute, deliver, acknowledge and file such other documents and take such further actions
as may be reasonably requested from time to time by the other parties hereto to give effect to and carry out the transactions contemplated
herein.

 

Section 4.10 Liability of Investor Representative. The Investor Representative, solely in its capacity as the Investor Representative, shall
have no liability (whether in contract or in tort, in law or in equity, or granted by statute) to the Investors for any claims, causes
of action, obligations or liabilities arising under, out of, in connection with, or related in any manner to, this Agreement. The Company
shall be entitled to rely conclusively and without any inquiry on any and all instructions of, and decisions or actions taken or omitted
to be taken by, the Investor Representative under this Agreement without any liability to the Investors or obligation to inquire as to
such instructions, decisions, actions or omissions, including the authority or validity thereof, all of which instructions, decisions,
actions or omissions shall be legally binding on the Investors.

 

[Remainder of page intentionally
left blank]

 

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IN WITNESS WHEREOF, the parties
have caused this Agreement to be duly executed and delivered, all as of the date first set forth above.

 

	 	NUVVE HOLDING CORP.
	 	 
	 	/s/ Gregory Poilasne
	 	Name:  	Gregory Poilasne
	 	Title:	Chairman and Chief Executive Officer

 

(Signature Page to Board Rights Agreement)

 

     

     

    

 

	 	STONEPEAK ROCKET HOLDINGS LP
	 	 
	 	By: STONEPEAK ASSOCIATES IV LLC, 

       its general partner
	 	 	 
	 	By:	/s/ Jack Howell
	 	Name:  	Jack Howell
	 	Title:	Senior Managing Director

 

(Signature Page to Board Rights Agreement)Exhibit 10.5

 

	Certain identified information has been excluded from this exhibit because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed. Such information has been marked with a “[***]”.

 

INTELLECTUAL
PROPERTY LICENSE AND ESCROW AGREEMENT

 

This
INTELLECTUAL PROPERTY LICENSE AND ESCROW AGREEMENT (this “Agreement”), is entered into as of August 4, 2021
(the “Effective Date”), by and between Levo Mobility LLC, a Delaware limited liability company (the “Company”
or “Levo”), and Nuvve Holding Corp., a Delaware corporation (“Nuvve”). The Company and Nuvve are
referred to collectively as the “Parties” and each individually as a “Party”.

 

WHEREAS,
on the Effective Date, the Company entered into that certain Amended and Restated Limited Liability Company Agreement of the Company
(as may be amended or restated, the “Company LLC Agreement”), in order to engage in the Business;

 

WHEREAS,
on the Effective Date, the Company and Nuvve entered into that certain Development Services Agreement (as may be amended or restated,
the “Development Services Agreement” or “DSA”), in order for the Company to engage Nuvve to provide
the comprehensive services to the Company and all of its Subsidiaries (collectively, the “Company Group”) with respect
to the Business, including any assets that the Company Group may acquire and own after the Effective Date (collectively, the “Company
Group Assets”);

 

WHEREAS,
under certain circumstances further defined herein, the Escrow Material shall be released to the Company and the Company shall have the
right to use such Escrow Material pursuant to the terms hereof; and

 

WHEREAS,
Nuvve is willing to undertake such engagement.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

Section
1  Definitions.
As used in this Agreement, the following terms have the meanings indicated. Capitalized terms used and not otherwise defined herein shall
have the meanings set forth in the Company LLC Agreement or Development Services Agreement, as applicable.

 

“Bankruptcy
Event” means: (a) the filing by or against Nuvve (or any of its Affiliates that own or Control Escrow Materials) of any
voluntary or involuntary bankruptcy, reorganization, debt arrangement, or other petition, case, or proceeding under the United
States Bankruptcy Code or any other bankruptcy or insolvency related or similar law, which in the case of an involuntary filing has
not been dismissed or terminated within sixty (60) days of such filing in the case of an action in the United States Bankruptcy
Court or ninety (90) days of such filing in the case of an action arising in any other court; (b) Nuvve (or any of its
Affiliates that own or Control Escrow Materials) seeks, or a third party seeks with respect to Nuvve (or any of its Affiliates that
own or Control Escrow Materials), the appointment of a trustee, receiver, custodian or similar official to manage any aspect of
Nuvve’s business affairs or assets related to the Escrow Materials, or a meeting of its creditors is called, which in the case
of a third party filing has not been dismissed or terminated within sixty (60) days of service of such filing upon Nuvve in the case
of an action in the United States Bankruptcy Court or ninety (90) days of service of such filing upon Nuvve in the case of an action
arising in any other court; (c) Nuvve (or any of its Affiliates that own or Control Escrow Materials) seeks, or a third party
seeks with respect to Nuvve (or any of its Affiliates that own or Control Escrow Materials), an assignment for the benefit of
creditors or otherwise to wind up its business affairs, dissolve, or liquidate, which in the case of a third party filing has not
been dismissed or terminated within sixty (60) days of such filing in the case of an action in the United States Bankruptcy Court or
ninety (90) days of such filing in the case of an action arising in any other court; (d) Nuvve (or any of its Affiliates that
own or Control Escrow Materials) is dissolved or liquidated, its existence is terminated, it ceases operations of its present
business, or Nuvve (or any of its Affiliates that own or Control Escrow Materials) becomes, admits that it is, or is declared
insolvent or unable or unwilling to pay its debts as they come due; or (e) Nuvve (or any of its Affiliates that own or Control
Escrow Materials) takes any action authorizing, or in furtherance of, anything referenced in any of clauses (a) - (d).

 

    

     

    

 

“Calendar
Quarter” means each calendar quarter ending March 31, June 30, September 30 and December 31.

 

“Control”,
“Controls”, or “Controlled by” means the possession, directly or indirectly, by Nuvve (whether
by ownership, license, or otherwise) of (a) with respect to any data, information and materials, the legal authority or right to possession
of such items with the right to provide such items to the Company, and (b) with respect to Intellectual Property Rights, the legal authority
or right to grant a license, sublicense, access, or right to use (as applicable) to the Company under such Intellectual Property Rights
on the terms set forth herein, in each case ((a) and (b)), without breaching or otherwise violating the terms of any arrangement or agreement
existing as of the Effective Date with a third party or requiring consent from a third party; provided that Nuvve shall use commercially
reasonable efforts to negotiate for the right to provide, grant a license, sublicense, access, or right to use (as applicable) to the
Company for any data, information, materials, and Intellectual Property Rights. Notwithstanding anything to the contrary herein, Intellectual
Property Rights possessed, owned or controlled by a third party that becomes an Affiliate of Nuvve after the Effective Date shall not
be deemed to be Controlled by Nuvve unless such Intellectual Property Right is used by Nuvve to perform Services.

 

“Cover”
means, with respect to a Valid Claim, that such Valid Claim would be infringed, absent a license, by the making, using, offering for
sale, sale, use, or importation of a product, service or method.

 

“Escrow
Agent” means NCC Group Software Resilience (NA) LLC (“NCC Group”) and any successor third party providing
escrow services to the Parties.

 

“Escrow
Material” means technology (Software (including any Software developed in connection with the DSA), source code, data
(including all historical data of the Company), databases, data models, and algorithms), documentation related to the technology
(including technology stack diagrams, architecture assumptions, troubleshooting and support guides, training manuals, and peroration
guides), lists of relevant employees and contractors, copies of critical vendor contracts, all features, functionality, and content
of or relating to the technology, all updates, upgrades, improvements, replacements, and successors of the technology, and other
similar items, in all cases, used in the Business (including such items used by or useful to Service Provider to provide Services to
the Company or otherwise required to recreate the Software development and production environment).

 

“Intellectual
Property Rights” means any or all intellectual property or proprietary rights arising under the laws of the United States or
any other jurisdiction throughout the world, including: (a) patents and patent applications (and all reissues, divisions, re-examinations,
renewals, extensions, provisionals, continuations and continuations-in-part thereof), patent disclosures and inventions (whether patentable
or not or reduced to practice or not); (b) copyrights, works of authorship, and copyrightable works, and registrations and applications
of any of the foregoing and any renewals, modifications and extensions thereof; (c) semiconductor chip “mask” works,
and registrations and applications for registration thereof, (d) rights in Software; (e) trade secrets, know-how, algorithms,
designs, drawings, formulae, ideas, concepts, plans, processes, methods, specifications, layouts, compositions, industrial models, architectures,
techniques, tools, hardware, and other technology, and other confidential information; and (f) data, databases, and collections of data,
and rights therein.

 

    2

     

    

 

“Licensed
IP Rights” means all Intellectual Property Rights Controlled by Nuvve or any of its Affiliates existing on the Effective Date,
plus all Intellectual Property Rights Controlled by Nuvve or any of its Affiliates that are subsequently developed or acquired by Nuvve
or any of its Affiliates through the date of expiration or termination of this Agreement, in each case that are (i) used in or reasonably
useful to the Business, (ii) used to or useful to provide the Services, or (iii) otherwise required to recreate the software development
and production environment used or reasonably useful to the Business.

 

“Release
Condition” means the earliest to occur of: (a) the termination of the DSA (other than (i) by Service Provider pursuant to Section
6(a)(iii) of the DSA or (ii) by Levo pursuant to Section 6(a)(ii) of the DSA), (b) the date on which Nuvve or any of its subsidiaries
or Affiliates is unable to provide or fails to provide the Services in breach of the DSA, and where Nuvve does not cure such breach within
the cure period permitted in the DSA, or (c) Nuvve or any of its Affiliates that owns or Controls Escrow Materials experiences a
Bankruptcy Event; provided, that this clause (c) shall not be deemed a Release Condition if prior to such Bankruptcy Event, the
ownership and Control of such Escrow Materials are validly transferred to Nuvve or any of its Affiliates not subject to a Bankruptcy
Event such that the Escrow Agent’s and the Company’s rights to the Escrow Materials pursuant to this Agreement remain unchanged.

 

“Software”
means software and computer programs, whether in source code, object code, executable code, or other form, and including (a) software
implementations of algorithms, models, and methodologies, firmware, application programming interfaces, and (b) schematics, specifications,
documentation, manuals, training materials, records, and other work product used to design, plan, organize and develop any of the foregoing
and any other documentations or manuals related to the Software.

 

“Three
Party Escrow Agreement” means the agreement by and among Nuvve, the Company, and the Escrow Agent pursuant to which Nuvve agrees
to escrow the Escrow Materials for the benefit of the Company.

 

“Valid
Claim” means a claim of a patent within the Licensed IP Rights which (a) has not been rejected, revoked or held to be invalid
or unenforceable by a court or other authority of competent jurisdiction, from which decision no appeal can be further taken, or (b)
has not been finally abandoned, disclaimed or admitted to be invalid or unenforceable through reissue or disclaimer.

 

Section
2  Ownership. The Company acknowledges
that, as between the Parties, Nuvve has and shall have and retain ownership of all its Intellectual Property Rights in and to the Escrow
Materials and that no right, title or interest is granted in or to any of Nuvve’s or its Affiliates’ Intellectual Property
Rights, including by implication or estoppel, except as expressly granted to the Company herein.

 

    3

     

    

 

Section
3  Escrow Obligation.

 

(a)
Deposit of Escrow Materials. Within ten (10) days of the Effective Date, Nuvve shall, and shall cause its Affiliates to, deposit
with the Escrow Agent all Escrow Materials. Nuvve shall, and shall cause its Affiliates to, promptly, and within 90 days of the Effective
Date, deposit with the Escrow Agent any materials that are necessary to make the Escrow Materials readable and useable as determined
by the Escrow Agent in connection with the verification services. The Escrow Materials will be deemed to be held in trust for the benefit
of the Company.

 

(b)
Maintenance of Escrow Materials. Nuvve shall ensure that a minimum of one (1) current and comprehensive copy of the Escrow Materials
is deposited with the Escrow Agent at all times and that the Escrow Materials readable and useable in their then current form. Nuvve
shall, and shall cause its Affiliates to, deposit with the Escrow Agent any newly developed Escrow Material and any modified versions
of any Escrow Material following the Effective Date as promptly as reasonably practicable following development or modification. Nuvve
shall review the Escrow Materials deposited with the Escrow Agent at least once every six (6) months, and also upon release of any major
upgrade (as reasonably defined by Nuvve in good faith) and provide an updated current, complete, and comprehensive copy of the Escrow
Materials to the Escrow Agent (i) once every six (6) months, (ii) upon the release of any major upgrade, and (iii) immediately prior
to the release of Escrow Materials under Section 5. Between such updates, Nuvve will provide the Company with updated information
as to Escrow Materials as may be reasonably requested by the Company in writing from time to time. At the time of each deposit or update,
Nuvve shall provide to the Company and the Escrow Agent an accurate and complete description of all Escrow Material sent to the Escrow
Agent using the form attached as Exhibit B to the Three Party Escrow Agreement. Nuvve shall permit and take any actions reasonably
requested by the Company and the Escrow Agent to permit the Escrow Agent to verify the copy of the Escrow Materials are current, complete,
and functional. If any portion of such Escrow Materials are encrypted, Nuvve shall deposit with the Escrow Agent the necessary decryption
tools and keys to read any encrypted portion of the Escrow Materials. Nuvve or its Affiliates shall maintain Control over all Escrow
Materials and Licensed IP Rights.

 

(c) Successor
Escrow Agent. In the event that NCC Group ceases to provide the escrow services under the Three Party Escrow Agreement, or the
Three Party Escrow Agreement is terminated, the Parties shall work in good faith to establish a replacement escrow of the Escrow
Materials with a reputable third party escrow agent selected by the Company. Nuvve shall take all commercially reasonable actions
required to establish, maintain, and enforce an escrow with such successor escrow agent.

 

    4

     

    

 

Section
4  Three Party Escrow Agreement.

 

(a)
Payment and Reimbursement of Escrow Fees. Nuvve shall directly and promptly pay all amounts due to the Escrow Agent, including
(i) the Deposit Account Fee and the Setup Fee (as defined in the Three Party Escrow Agreement), (ii) annual maintenance fees,
(iii) the Beneficiary Fee (as defined in the Three Party Escrow Agreement); and (iv) the Services Fees (as defined in the Three
Party Escrow Agreement) payable in connection with verification Services Work Requests requested by the Company and conducted by the
Escrow Agent or its designee in relation to the Escrow Materials (so long as such verification Services Work Requests are in connection
with Nuvve’s obligation to deposit all Escrow Materials at or prior to the Effective Date or in connection with any major upgrade
(as reasonably defined by Nuvve in good faith) with respect to the Escrow Materials). In the event Nuvve fails to pay amounts it owes
to the Escrow Agent, including the Deposit Account Fee, the Setup Fee, the annual maintenance fees, the Beneficiary Fee or Service Fees,
the Company may elect in its sole discretion to pay any such amounts directly to the Escrow Agent and shall submit an invoice to Nuvve
for all such amounts, and Nuvve shall pay such invoices within 30 days of receipt.

 

Section
5  Release of Escrow Materials.

 

(a)
Notice of the Occurrence of a Release Condition. Nuvve shall promptly (but in no event later than three (3) calendar days following
the occurrence of a Release Condition) provide to the Company a written notice upon the occurrence of a Release Condition, and the Company
may provide notice to Nuvve if the Company believes a Release Condition has occurred (each such notice, a “Release Notice”).
In the event either Party disputes whether a Release Condition has occurred, such disputing Party shall notify the other Party of such
dispute (a “Dispute Notice”) within one (1) Business Day of the receipt of the Release Notice, and the dispute resolution
procedure of Section 5(c) shall apply. If a Dispute Notice is not timely delivered in accordance with the foregoing, such Release
Condition shall be deemed to have occurred for all purposes under this Agreement.

 

(b)
Release of Escrow Materials. Upon the occurrence of a Release Condition, the Parties shall promptly (but in no event later than
three (3) calendar days following the date such Party provided or received the Release Notice, or the date the dispute resolution procedure
in Section 5(c) has been completed, as applicable) submit a joint Work Request (as defined in the Three Party Escrow Agreement)
to the Escrow Agent directing the Escrow Agent to promptly release the Escrow Materials to the Company.

 

(c)
Disputes Related to the Occurrence of a Release Condition. Upon delivery of a Dispute Notice, the Parties shall cooperate and
negotiate in good faith and use reasonable efforts to resolve whether a Release Condition has occurred. If the Parties are unable to
resolve whether a Release Condition has occurred within two (2) Business Days after delivery of the written Dispute Notice, then either
Party may submit the dispute to their senior executives for resolution.

 

    5

     

    

 

If
such dispute is not resolved by the Parties’ senior executives within three (3) Business Days after the date the dispute is referred
to them, then either Party may submit the dispute to binding arbitration in accordance with the Commercial Rules of the American Arbitration
Association, by three arbitrators. Each Party shall appoint one arbitrator within one (1) Business Day of the submission and the third
shall be chosen by the other two arbitrators within one (1) Business Day. The decision of a majority of the arbitrators shall be final
and binding on the Parties and may be enforced before any court of competent jurisdiction and cannot be the subject of any appeal. The
place of arbitration shall be New York, New York. The arbitration and all related proceedings and discovery shall take place pursuant
to a protective order entered by the arbitrators that adequately protects the confidential nature of each Party’s Confidential
Information. Unless otherwise agreed by the Parties, the arbitration proceeding shall commence as soon as practicable following submission
of the dispute to the arbitrators (and not later than one Business Day following such submission), shall be completed as soon as reasonably
practicable (and not continue for longer than 10 days from commencement) and the arbitrators shall issue their decision within five days
after the conclusion of the proceeding. Each of the Company and Nuvve shall bear its own costs relating to such arbitration; provided,
that the arbitrators shall award the prevailing Party its reasonable and documented out of pocket expenses, including attorneys’
fees. In the event that the arbitration results in a decision in favor of the Company, a Release Condition shall be deemed to have occurred
and the Company may submit the joint Work Order and arbitration decision to the Escrow Agent as evidence of the occurrence of a Release
Condition.

 

The
validity and/or enforceability of patent rights shall not be subject to arbitration.

 

(d)
Further Assurances; Transition Services. Upon the occurrence of a Release Condition (including during the pendency of a dispute
over whether a Release Condition has occurred), Nuvve shall, and shall cause its Affiliates to, for a period of up to one year following
such Release Condition (or such shorter period as indicated in writing by the Company): (i) without limiting Section 6(b), use commercially
reasonable efforts to assist and cooperate with the Company to use and operate the Licensed IP Rights and Escrow Materials; and (ii) upon
the Company’s request, use commercially reasonable efforts to transition Nuvve’s duties under the DSA to the Company or one
or more successor managers designated by the Company. The Company shall compensate Nuvve and its Affiliates, on a time and materials
basis (without mark-up), for Nuvve’s and its Affiliates’ performance of such actions and transition services.

 

Section
6  License.

 

(a) IP
License. Nuvve (on behalf of itself and its Affiliates) hereby grants to the Company and its Subsidiaries, and its successors
and permitted assigns, a perpetual, royalty-free (subject, however, to royalties described in Section 7), fully paid-up, irrevocable
(but terminable pursuant to Section 9(b)), non-exclusive, sublicensable (only to a replacement service provider of the
Company or its Affiliates) right and license in and to the Licensed IP Rights and Escrow Materials (including to make, have made,
use, have used, sell, offer to sell, or import, and distribute, perform, use, display, make derivative works of, or reproduce such
Licensed IP Rights and Escrow Materials) for the purpose of performing the Services or operating the Business (the
“Licensed Purpose”). Notwithstanding anything to the contrary in this Agreement or the DSA, the foregoing license
shall include the right to reverse engineer, disassemble, decompile, and decode any Licensed IP Rights or Escrow Materials solely in
support of the Licensed Purpose. Notwithstanding anything to the contrary, the foregoing license is exercisable by Company solely
after the occurrence of a Release Condition (subject to the dispute resolution procedures if applicable, under Section
5).

 

    6

     

    

 

(b)
Company Covenant. The Company agrees and covenants that it shall not exercise its rights under Section 6(a) unless and
until after the occurrence of a Release Condition (subject to the dispute resolution procedures if applicable, under Section 5).

 

Section
7  Royalty.

 

(a)
If (i) a Release Condition has occurred, (ii) Stonepeak and Evolve have made Capital Contributions to the Company of at least $1 billion
in respect of Class B Preferred Units or the Commitment Period has expired, and (iii) Nuvve or its Permitted Transferees no longer own
any equity interests in the Company (the occurrence of clauses (i)-(iii), a “Royalty Event”), from and after the Royalty
Event, the Company shall pay Nuvve (or its successor) a royalty on all net revenue [***] generated by or on behalf of or otherwise attributable
to the Company and its Affiliates and sublicensees from the vehicle-to-grid portion of net revenues [***] generated on or provided in
connection with assets acquired or developed by the Company and its Affiliates and sublicensees (“Grid Revenues”)
[***] equal to [***] of such Grid Revenues; [***].

 

(b)
[***]

 

(c)
[***]

 

(d)
[***]

 

Section
8  Representations and Warranties.

 

(a)
Mutual Representations. Each of the Company and Nuvve hereby represents and warrants that, as of the Effective Date:

 

(i)
it is duly organized and validly existing under the Laws of the jurisdiction of its incorporation, has full corporate power and authority
to enter into this Agreement and to carry out the provisions hereof;

 

(ii)
it is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder, and the individual executing this
Agreement on its behalf has been duly authorized to do so by all requisite corporate action;

 

(iii)
this Agreement is legally binding upon it and enforceable in accordance with its terms and the execution, delivery and performance of
this Agreement by it have been duly authorized by all necessary corporate action and do not and will not: (A) conflict with, or
constitute a default or result in a breach under, any agreement, instrument or understanding, oral or written, to which it is a party
or by which it may be bound, or violate any applicable Law; or (B) require any consent or approval of its stockholders or similar;
and

 

    7

     

    

 

(iv)
it has all necessary rights to grant on behalf of its Affiliates all rights granted hereunder with respect to any Intellectual Property
Rights owned or Controlled by it or any of its Affiliates.

 

(b)
Nuvve Representations. Nuvve hereby represents and warrants that, as of the Effective Date:

 

(i)
Schedule 7(b) sets forth a true and complete list of all registered Intellectual Property Rights owned by Nuvve and its Affiliates
(i) that Cover any Escrow Materials, and (ii) that would be infringed by the Company’s operation of the Business or performance
of the Services under the DSA;

 

(ii)
Nuvve exclusively owns the Intellectual Property Rights set forth on Schedule 7(a) free and clear of all Encumbrances;

 

(iii)
Nuvve owns all right, title and interest in all Intellectual Property Rights owned or purported to be owned by Nuvve free and clear of
all Encumbrances or otherwise possesses sufficient rights to use all of Intellectual Property Rights necessary to provide the Services
or operate the Business as currently contemplated to be operated;

 

(iv)
The Escrow Materials are all of the intangible assets (A) necessary for Nuvve to provide the Services, (B) necessary for the Company
to operate the Business, and (C) other than Licensed IP Rights and Escrow Materials, there are not as of the Effective Date, any
Intellectual Property Rights licensed to Nuvve or any of its Affiliates that, if Controlled by Nuvve or any of its Affiliates, would
be Licensed IP Rights or Escrow Materials;

 

(v)
The Escrow Materials are readable and useable in their then current form, and if any portion of such Escrow Materials are encrypted,
the necessary decryption tools and keys to read such material have been deposited with the Escrow Agent; and

 

(vi)
To Nuvve’s knowledge, the conduct of Business as proposed to be conducted is not infringing, misappropriating, or otherwise violating
any Intellectual Property Rights of others, there is no pending suit or legal action against Nuvve in which Nuvve is alleged to have
infringed, misappropriated, or otherwise violated the Intellectual Property Rights of another Person in connection with the operation
of the Business or the provision of Services, and in the past three-year period, Nuvve has not received any written notices, requests
for indemnification or threats from any Person related to the foregoing; and

 

(vii)
Nuvve or its Affiliates have Control over all Licensed IP Rights and Escrow Materials.

 

Section
9  Term; Termination.

 

(a)
Term. The term of this Agreement shall commence on the Effective Date and shall continue until this Agreement is terminated pursuant
to this Section 9.

 

(b) Termination.
This Agreement may be terminated: (i) by the mutual written agreement of the Parties; (ii) by the Company, in whole or in
part, for convenience at any time upon 30 days’ written notice to Nuvve; (iii) by Nuvve or its Affiliates upon written
notice (“Breach Notice”) if the Company has materially breached this Agreement and has not cured such material
breach within thirty (30) days of receipt of written notice of such material breach provided, that in the case of termination
by Nuvve, the Company’s breach of this Agreement was not caused primarily by the actions or inactions of Nuvve (in its
capacity as the Service Provider), its employees or agents, in each case, in their capacity as a Dedicated Employee or Occasional
Employee, or (iv) by Nuvve upon written notice to the Company in the event that the Company or any of its Affiliates institutes
or voluntarily joins in a Challenge with respect to a patent or patent application controlled by Nuvve; provided, that such
Challenge was not instituted in response to claims by Nuvve, its Affiliates, or its or their licensees that the Company or its
Affiliates is infringing or has infringed a patent or patent application controlled by Nuvve.

 

    8

     

    

 

(c)
Disputed Breach. Upon the receipt of a Breach Notice, if the Company disputes in good faith whether such a material breach has
occurred or whether such breach is incurable or has been cured during the cure period, the Company shall submit written notice of such
dispute to Nuvve within five days after the receipt of such Breach Notice. Upon delivery of such dispute notice, the Parties shall cooperate
and negotiate in good faith and use reasonable efforts to resolve such dispute. If the Parties are unable to resolve such dispute within
10 days after delivery of the written dispute notice, by notice to Nuvve, Company may elect to, within three days following the end of
such 10-day period, submit the dispute to binding arbitration pursuant to the procedure set forth in Section 5(c), which shall
apply mutatis mutandis.

 

(d)
Effect of Termination. If the Parties mutually agree to the termination of the Agreement pursuant to Section 9(b)(i), such
termination of the Agreement shall become effective as of such agreed upon date. If the Company delivers written notice of termination
of the Agreement pursuant to Section 9(b)(ii), such termination of the Agreement shall become effective as of the effective date
of termination specified by the Company in such notice. If Nuvve delivers written notice of termination of the Agreement pursuant to
Section 9(b)(iii), such termination of the Agreement shall become effective upon (i) the expiration of the cure period set forth
in Section 9(b)(iii) or (ii) if the Company has commenced dispute resolution process described in Section 9(c), the date
such dispute is resolved pursuant to Section 9(c) or, if applicable, Section 5(c). If Nuvve delivers written notice of
termination of the Agreement pursuant to Section 9(b)(iv), such termination of the Agreement shall become effective upon the receipt
of notice following the Company’s refusal to dismiss the declaratory judgment action within 30 days of written notice from Nuvve.

 

(e)
Survival. Notwithstanding anything to the contrary herein, Section 1 (Definitions), Section 2 (Ownership), Section
5(d) (Further Assurances; Transition Services), Section 9(d) (Effect of Termination), Section 9(e) (Survival), Section
10 (Confidentiality), Section 11 (Company Rights in Bankruptcy), and Section 12 (Miscellaneous), and the Company’s
accrued payment obligations, shall survive termination of this Agreement. The termination of this Agreement shall not relieve any Party
from any expense, liability or other obligation or remedy therefor which has accrued or attached prior to the date of such termination.

 

Section
10 Confidentiality. Each Party agrees that all Confidential Information shall be kept confidential and shall not be
disclosed by either Party in any manner whatsoever. Notwithstanding the foregoing, Confidential Information may be disclosed to each
Party’s respective managers, directors, partners, employees, advisors, counsel, accountants, agents or any of its Affiliates
who need to know such information for the purpose of using the Escrow Materials in accordance with this Agreement or otherwise
complying with its obligations under this Agreement. In addition, after the occurrence of a Release Condition (subject to the
dispute resolution procedures if applicable, under Section 5), the Company may disclose Escrow Materials in confidence to
third parties to the extent necessary for the Licensed Purpose. In connection with any disclosure pursuant to the previous
sentences, Nuvve and the Company, as applicable, will: (i) inform such Persons of the confidential nature of such information; (ii)
direct and cause them to agree to treat such information in accordance with the terms of this Section 10; and (iii) be liable
for any breach of this Section 10 by any such Person. In addition, disclosure of Confidential Information may be made by the
either Party to the extent the other Party consents in writing. Either Party may also disclose Confidential Information to the
extent required by law or in response to legal process, applicable governmental regulations or governmental agency request, but only
that portion of such Confidential Information which, in the opinion of the Party’s counsel, is required or would be required
to be furnished to avoid liability. In the event of a disclosure made pursuant to the prior sentence, the disclosing Party shall:
(i) notify the other Party of its obligation to provide such Confidential Information prior to disclosure (unless notification is
prohibited by applicable law or court order); and (ii) cooperate to protect the confidentiality of such Confidential
Information.

 

    9

     

    

 

Section
11  Company Rights in Bankruptcy.

 

(a)
Acknowledgement. Nuvve acknowledges that for the purposes of Section 365(n) of the Bankruptcy Code this Agreement is a license
of “intellectual property” as defined under Section 101 of Title 11, U.S. Code (the “Bankruptcy Code”),
and the Escrow Materials are “embodiments” thereof, and that this Agreement (and any agreement supplementary hereto, including
the Three Party Escrow Agreement) shall be governed by Section 365(n) of the Bankruptcy Code and that the Company, as licensee of such
rights under this Agreement, shall be entitled to retain and may fully exercise all of its rights and elections with respect thereto
under the Bankruptcy Code and under any other applicable bankruptcy related or insolvency related or similar Law, subject to the Company’s
compliance with its obligations under Section 365(n) of the Bankruptcy Code and any other applicable bankruptcy law. Upon written request
by the Company to Nuvve or the bankruptcy trustee of the Company’s election to proceed under Section 365(n) of the Bankruptcy Code,
Nuvve and such bankruptcy trustee shall comply in all respects with such Section, including providing the Company with the Licensed IP
Rights and Escrow Materials licensed to the Company and not interfering with the Company’s rights as provided in this Agreement
to obtain access to such Licensed IP Rights and Escrow Materials from Nuvve or the bankruptcy trustee.

 

(b) Bankruptcy
Filing. Nuvve agrees that the filing of a petition in bankruptcy (x) by Nuvve or (y) against Nuvve following the entry of an
order for relief shall, notwithstanding any cure periods or other notice requirements of this Agreement, be treated as the tendering
by the Company of a written request for (i) continued performance by Nuvve, (ii) provision of Licensed IP Rights and Escrow
Materials, and embodiments thereof held by Nuvve or the bankruptcy trustee, and (iii) the trustee, if any, refraining from
interfering with the Company’s rights thereto, in each case, within the meaning of Section 365(n)(4) of the Bankruptcy Code or
under any applicable other bankruptcy related or insolvency related or similar Law. Such request shall not preclude the exercise by
the Company of any additional rights and remedies under Section 365(n) of the Bankruptcy Code pending approval for the rejection or
assumption of this Agreement by the bankruptcy court (in a final decision without a right of appeal) entered in a bankruptcy
proceeding in which Nuvve is a debtor.

 

(c)
Waiver. Nuvve waives the protections of the automatic stay in bankruptcy to the extent applicable to the written request made
pursuant to Section 11 of this Agreement, and the Parties further agree that nothing in Section 11 is intended to, or shall,
limit the protections and remedies available to the Company under Section 365(n) of the Bankruptcy Code, under any other applicable bankruptcy
related or insolvency related or similar Law, or under this Agreement.

 

Section
12  Miscellaneous.

 

(a)
Amendment and Waiver. This Agreement may be amended and any provision of this Agreement may be waived, in each case only in accordance
with this Section 12(a). Any amendment shall be binding only if such amendment is set forth in a writing executed by both of the
Parties. Any waiver shall be binding only if such waiver is set forth in a writing executed by the Party against which enforcement is
sought. No course of dealing between or among any Persons having any interest in this Agreement shall be deemed effective to modify,
amend or discharge any part of this Agreement or any rights or obligations of any Person under or by reason of this Agreement.

 

    10

     

    

 
(b)
Notices. Any notice or other communication provided for or permitted to be given pursuant to this Agreement by a Party to any
other Party must be in writing and is duly given (i) one Business Day after being deposited with a nationally recognized overnight delivery
service company that tracks deliveries, addressed to such other Party, with overnight service guaranteed, all charges paid and proof
of receipt requested, (ii) when delivered in person to such other Party or (iii) when sent via email (utilizing the delivery receipt,
read receipt or similar function), on the date sent by e-mail if sent before 5:00 p.m., New York time, and on the next business day if
sent after such time. In each case the notice or communication should be addressed as follows:

 

If
to Nuvve:

 

Nuvve
Holding Corp.

2468 Historic Decatur Road

San Diego, California 92106

Attention: Gregory Poilasne and Stephen Moran

Email: [***]

 

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

 

Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

One
Financial Center

Boston,
Massachusetts 02110

Attention: Sahir Surmeli and Eric Macaux

Email: [***]

 

If
to the Company:

 

Levo
Mobility LLC

2468
Historic Decatur Road

San
Diego, California 92106

Attention: Board of Managers; Gregory Poilasne and Stephen Moran; Trent Kososki, William Demas and Adrienne Saunders

Email: [***]

 

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

 

Stonepeak
Partners LP

55 Hudson Yards

550 W 34th Street, 48th Floor

New
York, NY 10001

Attention: Trent Kososki, William Demas and Adrienne Saunders

Email: [***]

 

and

 

Kirkland
& Ellis LLP

609 Main St.

Houston, Texas 77002

Attention: John D. Pitts, P.C.

Email: [***]

 

and

 

    11

     

    

 

Evolve
Transition Infrastructure LP

1360
Post Oak Blvd

Suite
2400

Houston,
TX 77056

Attention:
Charles Ward

Email:
[***]

 

and

 

Sidley
Austin LLP

1000
Louisiana Street

Suite
5900

Houston,
TX 77002

Attention:
Cliff Vrielink and George Vlahakos

Email:
[***]

 

(c) Assignment.
Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned (including by
operation of law) by either Party without the prior written consent of the other Party. Each Party may, without the prior written
consent of the other Party, (i) assign, sell or transfer (including by operation of law) this Agreement in its entirety to a
successor pursuant to a sale of all or substantially all of its assets of such Party to which this Agreement relates, and
(ii) pledge this Agreement as collateral security in connection with debt financing. Any attempted assignment or delegation in
contravention of this Agreement shall be null and void.

 

(d)
Force Majeure. Nuvve shall not be held liable to the Company nor be deemed to have defaulted under or breached this Agreement
for failure or delay in performing any obligation under this Agreement to the extent that (a) such failure or delay is caused by or results
from events or circumstances that could not have reasonably been prevented or avoided which may include epidemics, embargoes, war, acts
of war (whether war be declared or not), insurrections, riots, civil commotions, strikes, lockouts, fire, floods, or acts, omissions
or delays in acting by any Governmental Authority or the Company, (b) Nuvve uses commercially reasonable efforts to remedy such failure
or delay, and (c) Nuvve provides prompt written notice to the Company of such failure or delay.

 

(e)
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or
other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance
of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any Party. Upon such a determination,
the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated
to the fullest extent possible. It is the intention of the Parties that if any of the restrictions or covenants contained in this Agreement
is held to cover a geographic area or to be of a length of time that is not permitted by applicable law, or in any way construed to be
too broad or to any extent invalid, such provision will not be construed to be null, void and of no effect; instead, the Parties agree
that a court of competent jurisdiction will construe, interpret, reform or judicially modify this Agreement to provide for a covenant
having the maximum enforceable geographic area, time period and other provisions (not greater than those contained herein) as will be
valid and enforceable under such applicable law.

 

(f)
Third-Party Beneficiaries and Obligations. This Agreement shall inure to the benefit of and be binding upon the Parties and their
respective successors and permitted assigns. Except as set forth in Section 12(p), nothing in this Agreement, express or implied,
is intended to or shall confer upon any Person other than the Parties or their respective successors and permitted assigns, any rights,
remedies or liabilities under or by reason of this Agreement.

 

    12

     

    

 

(g)
Counterparts. This Agreement may be executed in any number of counterparts, each of which, when so executed, shall be deemed to
be an original and all of which, taken together, shall constitute one and the same agreement. Delivery of an executed counterpart of
this Agreement by e-mail or other electronic transmission (including “.pdf” or “.tif” format) shall be as effective
as delivery of an original executed counterpart of this Agreement.

 

(h)
No Strict Construction. Notwithstanding the fact that this Agreement has been drafted or prepared by one of the Parties, each
Party confirms that they and their respective counsel have reviewed, negotiated and adopted this Agreement as a joint agreement. As a
result, the understanding of the Parties and the language used in this Agreement shall be deemed to be the language chosen by the Parties
to express their mutual intent, and no rule of strict construction shall be applied against any Person.

 

(i)
Captions and Headings. The captions and headings used in this Agreement are for convenience of reference only and do not constitute
a part of this Agreement. Consequently, the captions and headings shall not be deemed to limit, characterize or in any way affect any
provision of this Agreement, and all provisions of this Agreement shall be enforced and construed as if no such caption or heading had
been used in this Agreement.

 

(j)
Governing Law. This Agreement and any action or proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without giving effect
to any choice-of-law principles that would require the application of the laws of any other jurisdiction.

 

(k)
Specific Performance. Each Party agrees that irreparable damage would occur if any provision of this Agreement were not performed
in accordance with the terms hereof and monetary damages, even if available, would not be an adequate remedy. It is accordingly agreed
that each Party shall be entitled to an injunction, specific performance and other equitable relief to prevent breaches (or threatened
breaches) of this Agreement and to enforce specifically the performance of the terms and provisions hereof, without the necessity of
proving irreparable harm or injury as a result of such breach or threatened breach and without the necessity to post any bond or other
security in connection with any such order or injunction, this being in addition to any other remedy to which any Party is entitled to
at law or in equity.

 

(l) CONSENT
TO JURISDICTION. EXCEPT FOR DISPUTES SUBJECT TO DISPUTE RESOLUTION PURSUANT TO SECTION 5(C) AND SECTION 9(C), Each
Party hereby irrevocably and unconditionally submits, for itself and its properties, to the exclusive jurisdiction of the courts of
the State of New York sitting in New York City in the borough of Manhattan or, if it has or can acquire jurisdiction, in the United
States District Court for the Southern District of New York located therein, as the appropriate, sole and exclusive venue to for
purposes of any suit, action or other proceeding under or arising out of, or matter of interpretation of, this Agreement or the
rights of the Parties under this Agreement. EACH PARTY: (i) CONSENTS TO SUBMIT ITSELF
TO THE PERSONAL JURISDICTION OF SUCH COURTS FOR SUCH ACTIONS OR PROCEEDINGS; (ii) AGREES THAT IT WILL NOT ATTEMPT TO
DENY OR DEFEAT SUCH PERSONAL JURISDICTION BY MOTION OR OTHER REQUEST FOR LEAVE FROM ANY SUCH COURT AND (iii) AGREES THAT IT WILL NOT
BRING ANY SUCH ACTION OR PROCEEDING IN ANY COURT OTHER THAN SUCH COURTS. EACH PARTY ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS
PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE AND IRREVOCABLE JURISDICTION AND VENUE OF THE COURTS DESCRIBED IN THIS Section
12(l). EACH PARTY WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY NON-APPEALABLE
JUDGMENT RENDERED IN CONNECTION WITH SUCH ACTIONS OR PROCEEDINGS. A COPY OF ANY SERVICE OF PROCESS SERVED UPON THE PARTIES SHALL BE
MAILED BY REGISTERED MAIL TO THE RESPECTIVE PARTY. NOTWITHSTANDING THE FOREGOING, UNLESS OTHERWISE PROVIDED BY APPLICABLE LAW, ANY
FAILURE TO MAIL SUCH COPY SHALL NOT AFFECT THE VALIDITY OF SERVICE OF PROCESS. IF ANY AGENT APPOINTED BY A PARTY REFUSES TO ACCEPT
SERVICE, EACH PARTY AGREES THAT SERVICE UPON THE APPROPRIATE PARTY BY REGISTERED MAIL SHALL CONSTITUTE SUFFICIENT SERVICE. NOTHING
HEREIN SHALL AFFECT THE RIGHT OF A PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

    13

     

    

 

(m)
WAIVER OF JURY TRIAL. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES TO THIS AGREEMENT WAIVES
ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN
THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT. EACH PARTY ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT,
BUT FOR THIS WAIVER, BE REQUIRED OF ANY OF THE OTHER PARTIES. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND
ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL
INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THAT
EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED
THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH
LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING. EACH PARTY FURTHER AGREES
THAT THE WAIVER SET FORTH IN THIS Section 12(m) SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE TRANSACTIONS CONTEMPLATED
HEREBY. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAYBE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

(n)
Payments Under Agreement. Each Party agrees that all amounts required to be paid under this Agreement shall be paid in United
States currency and, except as otherwise expressly set forth in this Agreement, without discount, rebate, reduction or withholding and
not subject counterclaim or offset, on the dates required pursuant to this Agreement (with time being of the essence).

 

(o)
Relationship of the Parties. This Agreement shall not be construed as one of partnership, agency, joint venture or employment
between Nuvve and the Company, and the rights, duties, obligations and liabilities of each of the Parties under this Agreement shall
be individual, not collective or joint. As between the Parties, (1) it is not the intention of the Parties to create, nor shall this
Agreement be deemed or construed to create, a partnership, joint venture, association or trust, and (2) Nuvve is not the actual or implied
agent for the Company, subject in each case, to the terms and conditions of the Company LLC Agreement. Without limiting the generality
of the foregoing, Nuvve agrees that it shall not hold itself out as an agent of the Company or make any elections or consent to any actions
under any Contracts on behalf of the Company, unless otherwise expressly authorized or agreed in writing by the Company.

 

    14

     

    

 

(p)
No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement or any Contract delivered contemporaneously
herewith, and notwithstanding the fact that any Party may be a partnership or limited liability company, each Party, by its acceptance
of the benefits of this Agreement, covenants, agrees and acknowledges that no Persons other than the Parties shall have any obligation
hereunder. Each Party to this Agreement further acknowledges and agrees that it has no rights of recovery, whether under this Agreement
or under any Contracts delivered contemporaneously herewith, in respect of any oral representations made or alleged to be made in connection
herewith or therewith. The prohibition against recovery set forth in this Section 12(p) shall have equal application to any and
all claims whether sounding in tort, contract or otherwise. The prohibition set forth in this Section 12(p) shall apply with equal
application to any former, current or future director, officer, agent, Affiliate, manager, assignee, incorporator, controlling Person,
fiduciary, representative or employee of any Party (or any of their successor or permitted assignees), against any former, current, or
future general or limited partner, manager, stockholder or member of any Party (or any of their successors or permitted assignees) or
any Affiliate thereof or against any former, current or future director, officer, agent, employee, Affiliate, manager, assignee, incorporator,
controlling Person, fiduciary, representative, general or limited partner, stockholder, manager or member of any of the foregoing, but
in each case not including the Parties. The prohibitions set forth in this Section 12(p) shall apply without regard to whether
the claim is asserted by means of attempting to pierce the corporate veil or through a claim by or on behalf of such Party against such
Persons, by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other
applicable law, or otherwise. The Parties to this Agreement further expressly agree and acknowledge that no personal liability whatsoever
shall attach to or otherwise be incurred by any of the Persons or entities referenced in this Section 12(p) for any obligations
of the applicable Party under this Agreement or the transactions contemplated hereby, under any documents or instruments delivered contemporaneously
herewith, in respect of any oral representations made or alleged to be made in connection herewith or therewith, or for any claim (whether
in tort, contract or otherwise) based on, in respect of, or by reason of, such obligations or their creation.

 

(q) Interpretation.
Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter
forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. Unless otherwise specified, all
references to days or months shall be deemed references to calendar days or months. All references to “$” shall be
deemed references to United States dollars. Unless the context otherwise requires, any reference to a “Section,”
“Annex,” “Exhibit” or “Schedule” shall be deemed to refer to a section of this Agreement,
exhibit to this Agreement or a schedule to this Agreement, as applicable. The words “hereof,” “herein” and
“hereunder” and words of similar import referring to this Agreement refer to this Agreement as a whole and not to any
particular provision of this Agreement. The word “including” shall mean “including, without limitation”.
Reference to any agreement, document or instrument means such agreement, document or instrument as amended or otherwise modified
from time to time in accordance with the terms thereof, and if applicable hereof. The use of the words “or,”
“either” and “any” shall not be exclusive.

 

[Signature
page follows]

 

    15

     

    

 

IN
WITNESS WHEREOF, the Parties execute this Agreement, effective as of the Effective Date.

 

	 	LEVO MOBILITY LLC
	 	 	 	 
	 	By:	/s/
    Gregory Poilasne
	 	 	Name:	Gregory Poilasne
	 	 	Title:	Authorized Signatory
	 	 	 	 
	 	Nuvve Holding
    Corp.
	 	 	 	 
	 	By:	/s/
    Gregory Poilasne
	 	 	Name: 	Gregory Poilasne
	 	 	Title:	Chairman and Chief Executive Officer

 

Signature
Page to

Intellectual Property License and Escrow Agreement

 

 

16

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