Document:

Document

[Exhibit 10.1]
CONSENT
CONSENT, dated as of November 15, 2022 (this “Consent”), is by and among Wells Fargo Bank, National Association, in its capacity as agent pursuant to the Credit Agreement (as hereinafter defined) acting for and on behalf of the parties thereto as lenders (in such capacity, “Agent”), the parties to the Credit Agreement as lenders (individually, each a “Lender” and collectively, “Lenders”), Hamilton Beach Brands, Inc., formerly known as Hamilton Beach/Proctor-Silex Inc., a Delaware corporation (“US Borrower”), and Hamilton Beach Brands Canada, Inc., formerly known as Proctor-Silex Canada Inc., an Ontario corporation (“Canadian Borrower”, and together with US Borrower, each individually a “Borrower” and collectively, “Borrowers”).
W I T N E S S E T H :
WHEREAS, Agent, Lenders and Borrowers have entered into financing arrangements pursuant to which Lenders (or Agent on behalf of Lenders) have made and may make loans and advances and provide other financial accommodations to Borrowers as set forth in the Amended and Restated Credit Agreement, dated as of May 31, 2012, by and among Agent, Lenders and Borrowers, as amended by Amendment No. 1 to Amended and Restated Credit Agreement, dated July 29, 2014, Amendment No. 2 to Amended and Restated Credit Agreement, dated November 20, 2014, Amendment No. 3 to Amended and Restated Credit Agreement, dated December 23, 2015, Amendment No. 4 to Amended and Restated Credit Agreement, dated as of June 30, 2016, Amendment No. 5 to Amended and Restated Credit Agreement, dated as of September 13, 2017, Amendment No. 6 to Amended and Restated Credit Agreement, dated as of May 14, 2018, Amendment No. 7 to Amended and Restated Credit Agreement and Waiver, dated as of May 20, 2020, Amendment No. 8 to Amended and Restated Credit Agreement and Joinder, dated as of November 23, 2020, Amendment No. 9 to Amended and Restated Credit Agreement, dated as of April 9, 2021, Amendment No. 10 to Amended and Restated Credit Agreement, dated as of September 17, 2021, Amendment No. 11 to Amended and Restated Credit Agreement, dated as of June 28, 2022 and Amendment No. 12 to Amended and Restated Credit Agreement, dated as of August 15, 2022 (as the same now exists and as supplemented pursuant hereto and as may hereafter be further amended, modified, supplemented, extended, renewed, restated or replaced, the “Credit Agreement”) and the other Loan Documents; 
WHEREAS, US Borrower has informed Agent and Lenders that it desires to make a one-time cash dividend payment to its sole shareholder Hamilton Beach, Inc. on or about December 15, 2022 in the amount of $1,500,000, which in turn will immediately make a one-time cash dividend payment in an identical amount to its sole shareholder Hamilton Beach Brands Holding Company (the “Specified Dividend Payment”), and has requested the consent of Agent and Lenders to such Specified Dividend Payment;
WHEREAS, Agent and Lenders are willing to consent to such Specified Dividend Payment and agree to certain other accommodations, subject to the terms and conditions contained herein;
WHEREAS, by this Consent, Agent, Lenders and Borrowers desire and intend to evidence such agreements;
NOW THEREFORE, in consideration of the foregoing and the mutual agreements and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.Interpretation.  For purposes of this Consent, all terms used herein which are not otherwise defined herein, including but not limited to, those terms used in the recitals hereto, shall have the respective meanings assigned thereto in the Credit Agreement.
2.Consent to Specified Dividend Payment.  Subject to the terms and conditions of this Consent, including those set forth in Section 5 hereof, and notwithstanding anything to the contrary contained in the Credit Agreement or the other Loan Documents, Agent and Lenders hereby consent to the Specified Dividend Payment; provided, that, (a) the Specified Dividend Payment shall occur by no later than December 16, 2022, (b) as of the date of the Specified Dividend Payment, and after giving effect thereto, no Default or Event of Default shall exist or have occurred and be continuing, and (c) as of the date of the Specified Dividend Payment, and after giving effect thereto, Excess Availability shall be not less than $15,000,000.
3.Cash Dominion Period.  Notwithstanding anything to the contrary contained in the Credit Agreement or the other Loan Documents, Agent and Lenders hereby agree that Suppressed Availability (as defined below) shall be included solely for purposes of the Excess Availability calculations set forth in the definition of Cash Dominion Period during the period from November 15, 2022 through and including December 30, 2022.  As used herein, “Suppressed Availability” means, as of any date of determination, the amount equal to the Total Borrowing Base as of such date (based upon the most recent Borrowing Base Certificate delivered by Administrative Borrower to Agent) minus the Maximum Revolver Amount (and, if such amount is below zero, the Suppressed Availability shall be deemed to be zero Dollars).
4.Consent Fee.  In consideration of the consents set forth herein, Borrowers shall pay to Agent, for the account of Lenders who have consented to and executed this Consent as of the close of business on the date hereof, or Agent, at its option, may charge the loan account of Borrowers maintained by Agent, a consent fee in the amount of $85,500 (the “Consent Fee”), which fee is fully earned and payable on the Consent Effective Date (as defined below) and shall constitute part of the Obligations.
5.Representations and Warranties.  Borrowers, jointly and severally, represent and warrant with and to Agent and Lenders as follows, which representations and warranties shall survive the execution and delivery hereof:
(a)no Default or Event of Default exists or has occurred and is continuing as of the date of this Consent;
(b)this Consent and each other agreement to be executed and delivered by Borrowers in connection herewith (together with this Consent, the “Consent Documents”) has been duly authorized, executed and delivered by all necessary corporate or organizational action on the part of each Borrower which is a party and is in full force and effect as of the date hereof, as the case may be, and the agreements and obligations of each of the Borrowers, as the case may be, contained herein and therein constitute legal, valid and binding obligations of each of the Borrowers, enforceable against them in accordance with their terms, except as enforceability is limited by equitable principals or by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights generally; 
(c)the execution, delivery and performance of this Consent and the other Consent Documents (i) are all within each Borrower’s corporate or other organizational powers and (ii) are not in contravention of law or the terms of any Borrower’s certificate of incorporation, bylaws, or other organizational documentation, or any material indenture, agreement or undertaking to which any Borrower is a party or by which any Borrower or its property are bound which such contravention could individually or in the aggregate reasonably be expected to have a Material Adverse Effect; and
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(d)all of the representations and warranties set forth in the Credit Agreement and the other Loan Documents, each as supplemented hereby, are true and correct in all material respects on and as of the date hereof, as if made on the date hereof, except to the extent any such representation or warranty is made as of a specified date, in which case such representation or warranty shall have been true and correct in all material respects as of such date.
6.Conditions Precedent.  This Consent and the consents and agreements contained herein shall only be effective upon the satisfaction of each of the following conditions precedent in a manner reasonably satisfactory to Agent or waived in writing by Agent (the date on which each of such conditions precedent are completed or waived, the “Consent Effective Date”):
(a)Agent shall have received counterparts of this Consent, duly authorized, executed and delivered by Borrowers and Required Lenders;
(b)    Agent shall have received the consent or authorization from such Lenders as are required for the agreements provided for herein to execute this Consent on behalf of the Lenders;
(c)Agent shall have received a true and correct copy of each consent, waiver or approval (if any) to or of this Consent, which any Borrower is required to obtain from any other Person, and such consent, approval or waiver (if any) shall be in form and substance reasonably satisfactory to Agent; 
(d)Agent shall have received in immediately available funds (or Agent shall have charged the loan account of Borrowers) the full amount of the Consent Fee; and
(e)no Default or Event of Default shall exist or have occurred and be continuing as of the date of this Consent and immediately after giving effect to this Consent.
7.Release.  In consideration of the Agent’s and the Lenders’ willingness to enter into this Consent, each Borrower hereby releases and forever discharges the Agent and the Lenders and each of their respective affiliates, predecessors, successors and assigns, and the officers, managers, directors, employees, agents, attorneys, advisors and representatives of the foregoing (hereinafter all of the above collectively referred to as “Releasees”), from (and agrees not to sue the Releasees for) any and all claims, counterclaims, demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever (whether arising in contract, tort, in law or in equity or otherwise) that such Borrower may have or claim to have against any of the Releasees on or prior to the Consent Effective Date, arising under or in connection with this Consent, the Credit Agreement, the Loan Documents, any documents or instruments delivered pursuant thereto, the transactions governed thereby or the dealings among each Borrower and its Affiliates with the Releasees with respect thereto, or in any way based on or related to any of the foregoing, including any transactions contemplated by or funded with the proceeds of the foregoing, in each case based on facts, circumstances, acts or omissions occurring or in existence on or prior to the date hereof.
8.Effect of this Consent.  Except as expressly set forth herein, no other consents, amendments, changes or modifications to the Loan Documents are intended or implied, and in all other respects the Loan Documents are hereby specifically ratified, restated and confirmed by all parties hereto as of the Consent Effective Date and Borrowers shall not be entitled to any other or further consent or amendment by virtue of the provisions of this Consent or with respect to the subject matter of this Consent. To the extent of conflict between the terms of this Consent and the other Loan Documents, the terms of this Consent shall control.  The Credit Agreement, the Guaranty and Security Agreement, the Canadian Security Agreement, and this Consent shall be read and construed as one agreement.
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9.Governing Law.  The validity, interpretation and enforcement of this Consent and any dispute arising out of the relationship between the parties hereto whether in contract, tort, equity or otherwise, shall be governed by the internal laws of the State of New York but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of New York.
10.Binding Effect.  This Consent shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.
11.Further Assurances. Borrowers shall execute and deliver such additional documents and take such additional action as may be reasonably requested by Agent to effectuate the provisions and purposes of this Consent.
12.Entire Agreement.  This Consent represents the entire agreement and understanding concerning the subject matter hereof among the parties hereto, and supersedes all other prior agreements, understandings, negotiations and discussions, representations, warranties, commitments, proposals, offers and contracts concerning the subject matter hereof, whether oral or written.
13.Headings.  The headings listed herein are for convenience only and do not constitute matters to be construed in interpreting this Consent.
14.Counterparts.  This Consent, any documents executed in connection herewith and any notices delivered under this Consent, may be executed by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, or any other relevant and applicable electronic signatures law; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature.  Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Agent reserves the right, in its sole discretion, to accept, deny, or condition acceptance of any electronic signature on this Consent or on any notice delivered to Agent under this Consent.  This Consent and any notices delivered under this Consent may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument.  Delivery of an executed counterpart of a signature page of this Consent and any notices as set forth herein will be as effective as delivery of a manually executed counterpart of the Consent or notice.
[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

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    IN WITNESS WHEREOF, the parties hereto have caused this Consent to be duly executed and delivered by their authorized officers as of the day and year first above written. 
						
		US BORROWER
HAMILTON BEACH BRANDS, INC.

By: /s/ Michelle O. Mosier

Title: Senior Vice President and Chief Financial Officer

CANADIAN BORROWER

HAMILTON BEACH BRANDS CANADA, INC.

By: /s/ Michelle O. Mosier

Title: Senior Vice President and Chief Financial Officer

[Signatures Continued on Following Page]

[Signature Page to Consent]

AGENT AND LENDERS
WELLS FARGO BANK, NATIONAL 
ASSOCIATION, as Agent and a Lender
By: /s/ Sang Kim
Title: Authorized Signatory 

WELLS FARGO CAPITAL FINANCE
CORPORATION CANADA, as a Lender
By: /s/ Trevor Tysick
Title: Vice President
[Signature Page to Consent]

BANK OF AMERICA, N.A., as a Lender
By: /s/ Michelle L. Pepera
Title: Vice President 

[Signature Page to Consent]Exhibit 10.1

 

	Dated	 	11 November	 	2022

 

 

 

	 	SUNHYDROGEN, INC 	(1)
	 	 	 
	 	AND	 
	 	 	 
	 	TECO 2030 ASA  	(2)

 

 

 

SUBSCRIPTION AGREEMENT

 

 

 

     

     

    

 

THIS SUBSCRIPTION
AGREEMENT is made on 11 November 2022 by and between:

 

	(1)	SUNHYDROGEN,
                                 INC., a public limited company incorporated in the United States (the “Investor”),
                                 and

 

	(2)	TECO
                                 2030 ASA, a public limited company incorporated in Norway, with company registration no.
                                 923 706 747 (the “Company”),

 

each referred to as a “Party”
and jointly as the “Parties”.

 

WHEREAS:

 

	(A)	The Company delivers technology that helps ships and other heavy-duty applications
to reduce their environmental and climate impacts, inter alia by developing hydrogen fuel cells that enable ships and other heavy-duty
applications to become emissions-free, and is listed on Euronext Growth Oslo. The Investor has developed a technology to produce renewable
hydrogen using sunlight and any source of water and its common shares are traded on the OTC market in the US.

 

	(B)	As of this date, the Company has a registered share capital of NOK 1,450,674.56,
consisting of 145,067,456 shares, each with a nominal value of NOK 0.01.

 

	(C)	For the purpose of enhancing the further development and the commercialisation of
the Company’s business, it has been considering a potential raise of new equity and convertible debt.

 

	(D)	Subject to the terms and conditions of this Agreement, the Company has agreed to
issue the Investor Shares and the Convertible Bonds, and the Investor has agreed to subscribe for and acquire the Investor Shares and
the Convertible Bonds.

 

IT IS AGREED
as follows:

 

	1	DEFINITIONS AND INTERPRETATION

 

	1.1	Unless explicitly stated otherwise, expressions used in this
Agreement, including its appendices or later amendments, starting with a capital letter shall have the following meaning:

 

	 	Agreement	this subscription agreement entered into between the Parties;
	 	 	 
	 	Applicable Laws	any legally binding law, treaty, regulation, rule, act, statute, restriction or requirement of, or any agreement with, any governmental authority (whether supra-national, federal, state or local);
	 	 	 
	 	Bank Account	a client account at Fearnley Securities AS, as notified to the Investor;
	 	 	 
	 	Board Meeting	
    the board meeting of the Company where the board of directors approve
the issuance of the Investor Shares and the issuance of the Convertible Bonds under the Convertible Loan;

 

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	 	Business Day	any day with the exception of Saturday, Sunday or any day on which banks are closed for general business in Oslo, Norway or New York, US;
	 	 	 
	 	Convertible Bonds	the bonds to be issued pursuant to the Convertible Loan;
	 	 	 
	 	Convertible Loan	the NOK 70.6 million secured convertible bond agreement dated 1 June 2022, pursuant to which the Investor shall subscribe for bonds for a NOK amount equal to USD 3 million based on a USD - Norwegian Kroner exchange rate of 10.4094, as published by the Norwegian Central Bank in Oslo, Norway on the last Business Day prior to this Agreement;
	 	 	 
	 	Investment	has the meaning given to it in clause 2.1
	 	 	 
	 	Investor Shares	the 13,443,875 new shares of the Company to be issued to the Investor for an investment of USD 7 million, based on a subscription price of NOK 5.42 per share, which is equal to the weighted average trading price of the shares at the Oslo Stock Exchange the last 20 days prior to, and including, the day of signing this Agreement and a USD - Norwegian Kroner exchange rate of 10.4094, as published by the Norwegian Central Bank in Oslo, Norway on the last Business Day prior to this Agreement;
	 	 	 
	 	Order	any legally binding resolution, order, injunction, judgment, decree, ruling or arbitration award or other decision of any governmental authority;
	 	 	 
	 	Representation Letter	the Representation Letter included in Appendix B to this Agreement; and
	 	 	 
	 	Subscription Form	the subscription form included in Appendix A to this Agreement.

 

	2	ACQUISITION OF INVESTOR SHARES AND THE CONVERTIBLE BONDS

 

	2.1	On the terms and conditions of this Agreement, and subject
to the Investor’s board approval occurring prior to the Board Meeting and no material change occurring to the Company’s financial
or commercial position between the date of this Agreement and the Board Meeting, the Investor hereby agrees to subscribe for:

 

		(a)	the Investor Shares and settle the subscription price by way of paying;

 

		(i)	USD 5 million to the Bank Account promptly after (and not prior to) the Board Meeting
and in any event no later than three (3) Business Days from the date of the Board Meeting, unless otherwise instructed by the Company
in writing; and

 

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		(ii)	USD 2 million to the Bank Account within fourteen (14) Business Days from the date of the Board Meeting,
unless otherwise instructed by the Company in writing; and

 

		(b)	the Convertible Bonds and settle the subscription price by way of paying USD 3
million to the Bank Account within fourteen (14) Business Days from the date of the Board Meeting, unless otherwise instructed by the
Company in writing (together with the payments for the Investor Shares, the “Investment”).

 

	3	CLOSING AND DELIVERY OF THE INVESTOR SHARES

 

	3.1	At signing of this Agreement, the Investor shall sign the
Subscription Form and the Representation Letter and deliver the duly signed documents to the Company.

 

	3.2	The Investment shall take place, by way of the Investor paying
a total amount of USD 10 million to the Bank Account as described in 2.1 a and b.

 

	3.3	The proceeds will be released to the Company upon delivery
of shares and convertible bonds to the Investors VPS account.

 

	3.4	As soon as possible following the Board Meeting, the Company
shall procure that the Investor Shares are issued to the Investor’s VPS account, as notified by the Investor.

 

	4	NOTICES

 

	4.1	All notices and communication related hereto shall be made
in English language, sent to the following Parties’ addresses (or to such other address as a Party may specify by a written notice given
to the other Party from time to time):

 

	 	TECO 2030 ASA
	 	Att: Tore Enger
	 	E-mail: tore.enger@teco2030.no
	 	 
	 	SunHydrogen, Inc.
	 	Att: Tim Young
	 	E-mail: tyoung@sunhydrogen.com

 

	4.2	Any communication to be made between Parties under or in
connection with this Agreement may be made by electronic mail or other electronic means.

 

	5	MISCELLANEOUS

 

	5.1	Without prejudice to the Convertible Loan, this Agreement
represents the entire understanding of the Parties related to the subject matter hereof and replaces any and all former correspondence
and negotiations, whether written or oral, which took place prior to the execution hereof.

 

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	5.2	The Parties each undertake to keep the existence of
                                            this Agreement, its content and Parties’ related covenants and negotiations, as well
                                            as of all information the Investor has become acquainted with in connection with this Agreement
                                            (hereinafter as the “Confidential
                                            Information”) in strict confidence and protect the Confidential Information
                                            from its disclosure, divulgation or provision to unauthorised persons, misuse or use for
                                            any purpose other than the performance of rights and obligations under this Agreement, provided
                                            that the Company will disclose the investment and the identity of the Investor following
                                            the Board Meeting in accordance with applicable laws and regulations.

 

	5.3	The Parties shall procure that the same level of confidentiality
in respect of Confidential Information shall be maintained by its employees, officers, professional advisors or other contractors, which
have become acquainted with the Confidential Information in connection with this Agreement.

 

	5.4	A Party shall be liable for any and all damages incurred
by the other Party as a direct consequence of breach of the other Party’s obligations under clause 5.2 and/or 5.3.

 

	5.5	The Investor confirms and accepts that it has sufficient
knowledge, sophistication and experience in financial and business matters to be capable of evaluating the merits and risks of an investment
decision in the Company, it has had access to such financial and other information concerning the Company as it deems necessary or desirable
in connection with the entering into of this Agreement, and has made such investigation with respect thereto as it deems necessary, it
has made its own assessment of the Company and it has not relied on representations, warranties, opinions, projections, financial or
other information or analysis, if any, supplied to it by any representative of the Company.

 

	5.6	Neither Party is entitled to assign any rights, obligations
or receivables arising hereunder to a third party without the prior written consent of the other Party.

 

	5.7	Any changes or amendments hereto may be made only on the
basis of the Parties’ agreement in the form of written amendments signed by both Parties. The same applies to any waiver of the mandatory
written form required hereunder.

 

	5.8	The Parties are obliged to inform each other of all circumstances,
which may affect proper and timely performance of the subject matter of this Agreement and provide each other with any co-operation required
for the achievement of the purpose of this Agreement and the envisaged legal consequences.

 

	5.9	This Agreement shall become valid and effective as of the
day of its execution by both Parties.

 

	5.10	Should any provision of this Agreement be or become invalid,
unenforceable and/or ineffective, the other provisions of this Agreement shall remain fully binding and enforceable. The Parties undertake
to replace any such invalid, unenforceable and/or ineffective provisions by a valid, enforceable and effective provisions with a meaning
as closely similar to the original replaced provisions as possible.

 

	5.11	This Agreement may be executed in any number of counterparts,
each of which when executed and delivered shall constitute a duplicate original, but all the counterparts together constitute one agreement.

 

	5.12	Each party shall bear its own costs and disbursements incurred
in connection with the provision, negotiation, execution of this Agreement.

 

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	5.13	The Investor intends to nominate a board member in the Company
at the extraordinary general meeting of the Company.

 

	6	GOVERNING LAW

 

This Agreement and all other issues
to which the Agreement relates shall be governed by and construed in all respects by the laws of Norway.

 

	7	DISPUTE RESOLUTION

 

Any dispute, controversy or claim
arising out of or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be finally settled by arbitration
in accordance with the rules of the Norwegian Act on Arbitration (Lov om voldgift, the “Rules”). An attempt to arrive at a
settlement shall be deemed to have failed as soon as one of the Parties so notifies the other Parties in a written notification. The seat
of arbitration shall be Oslo, Norway. The procedural law of this place shall apply where the Rules are silent. The language to be used
in the arbitration proceedings shall be English unless otherwise agreed between the conflicting Parties. The arbitral tribunal shall consist
of three arbitrators (the “Arbitration Panel”) who shall be nominated in accordance with the Rules. The Arbitration Panel
shall be entitled, if appropriate, to award any remedy in such proceedings, including monetary damages, specific performance and all other
forms of legal and equitable relief. Any award rendered by the Arbitration Panel shall be final, binding and un-appealable, and judgment
may be entered on any such award by any court having competent jurisdiction.

 

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IN WITNESS
of the above this Agreement has been duly executed on the date written at the head of this Agreement.

 

EXECUTION PAGE TO SUBSCRIPTION AGREEMENT

 

SIGNED
on behalf of the Company:

TECO 2030 ASA

 

	Signature: 	 /s/ Sigurd Lange	 

 

Name, position: Sigurd Lange, Chairman

Date: 11 November
2022

 

SIGNED
on behalf of the Investor:

SUNHYDROGEN, INC.

 

	Signature: 	 /s/ Tim Young	 

 

Name, position: Tim Young Date: 11 November 2022

 

Undertaking on behalf of TECO Group AS

 

TECO Group AS undertakes to support the nomination and election
of a board member appointed by the Investor, at the Company’s general meeting, and to ensure that such appointment can be made as
soon as reasonably practical following the Investment.

  

	Signature: 	 /s/ Sigurd Lange	 

 

Name, Position: Sigurd Lange, Board member

Date: 11
November 2022

 

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APPENDIX A

 

Subscription Form

 

Subscription of Shares

 

Dear Members of the Board of Directors,

 

SunHydrogen, Inc.

 

hereby irrevocably authorises Fearnley
Securities AS (or someone appointed by it), to, subject to our board’s approval and no material change occurring to the Company’s
financial or commercial position between the date hereof and such subscription, take all actions required to subscribe for:

 

		(i)	new shares with a par value of NOK 0.01 of the Company for a total of USD 7 million, with a subscription
price of NOK 5.42 per share;

 

		(ii)	bonds in the Company’s secured convertible bond agreement for a total NOK amount equal to USD 3 million,

 

and undertakes to pay the subscription
price of the new shares and the Convertible Bonds in accordance with clause 2.1 (a) and (b) of the subscription agreement between Teco
2030 ASA and SunHydrogen, Inc. dated 11 November 2022, unless otherwise instructed by the Company in writing.

 

The new shares shall be delivered
to our VPS account. Sincerely

 

	/s/ Tim Young	 
	Tim Young 	 
	CEO	 

 

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APPENDIX B

 

Representation Letter

 

The undersigned (a) acknowledges
that the issuance of the Investor Shares, the Convertible Bonds or the shares issuable upon conversion of the Convertible Bonds (the
“Conversion Shares”) has not been registered or qualified
under any federal or state securities laws of the United States, and the Investor Shares, Convertible Bonds and any Conversion Shares
are being offered and sold in reliance upon exemptions provided for in the federal and state securities laws of the United States for
transactions not involving any public offering and, therefore, cannot be sold, transferred, offered for sale, pledged, hypothecated or
otherwise disposed of unless they are subsequently registered and qualified under the federal securities laws of the United States and
applicable state laws or unless an exemption from such registration and qualification is available, and (b) is purchasing the Investor
Shares, Convertible Bonds and any Conversion Shares for investment purposes only for its own account and not with any view toward a distribution
thereof or with any intention of selling, distributing or otherwise disposing of such securities in a manner that would violate the registration
requirements of the federal securities of the United States.

 

The undersigned confirms to the
Company that it has such knowledge and experience in business matters and that the undersigned is capable of evaluating the merits and
risks of an investment in the Investor Shares, Convertible Bonds or the Conversion Shares and of making an informed investment decision
and understands that (x) this investment is suitable only for an investor which is able to bear the economic consequences of losing its
entire investment and (y) the purchase of the Investor Shares, Convertible bonds and the Conversion Shares by the undersigned is a speculative
investment which involves a high degree of risk of loss of the entire investment.

 

The undersigned irrevocably
authorizes the Company to produce this Representation Letter or a copy hereof to any interested party in any administrative or legal
proceeding or official inquiry with respect to the matters covered hereby.

 

SUNHYDROGEN, INC.

 

	/s/ Tim Young	 
	Name: 	 Tim Young 	 
	Title:	 CEO	 

 

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APPENDIX C

 

SIDE LETTER

 

This side letter (the “Side
Letter”) is entered into on 11 November 2022 by and between:

 

		(1)	TECO
                                            2030 ASA, a Norwegian public limited company with business registration number
                                            923 706 747 (the “Company”);
                                            and

 

		(2)	SunHydrogen,
                                            Inc., a US incorporated company (the “Investor”).

 

WHEREAS, on 11 November 2022,
the parties entered into subscription agreement for shares in the Company (the “Subscription
Agreement”).

 

WHEREAS the Parties wish to enter
into this side letter to further regulate their joint intention to pursue a potential business combination, as also discussed in the term
sheet entered into on 3 November 2022.

 

IT IS HEREBY AGREED as follows:

 

		1	POTENTIAL BUSINESS COMBINATION

 

The Parties agree that, following
completion of the Subscription Agreement, they shall continue to explore the potential business combination of the Parties.

 

The Parties acknowledge and agree
that the timing and structure of such business combination shall be subject to further discussions, but may potentially be completed by
way of a contribution in kind of the Company into the Investor, with consideration shares to be issued by the Investor to the shareholders
of the Company.

 

		2	LISTING IN THE US

 

The Parties further agree that,
upon completion of a business combination, the intention is that the Company shall be listed on a suitable US stock exchange.

 

If the combination is carried out
as envisaged in clause 2 above, such listing will be carried out through a potential uplisting of the Investor, but if the combination
is carried out otherwise, other entities, structures and listing venues may be relevant.

 

		3	GOVERNING LAW AND ARBITRATION

 

This Side Letter and all other issues to which the Side Letter
relates shall be governed by and construed in all respects in accordance with the laws of Norway.

 

* * *

 

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This Side Letter is duly executed by the Parties on 11 November
2022.

 

	TECO 2030 ASA	 	SunHydrogen, Inc.
	 	 	 
	/s/ Sigurd Lange	 	/s/ Tim Young
	Name: 	 Sigurd Lange	 	Name: 	 Tim Young
	Title:	 Chairman	 	Title:	 CEO

 

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Tap Issue Addendum 

2nd
Tranche

 

		1.	Pursuant to the convertible bond agreement (the “Bond
Terms”) related to the below Bonds, the Issuer and the Bond Trustee enter into this Tap Issue Addendum (the “Addendum”)
in connection with a Tap Issue under the Bond Terms:

 

	Issuer:	TECO 2030 ASA
	Security Agent:	Nordic Trustee AS
	Bondholders:	The investors listed in appendix 1 to the Bond Terms and the Tap Issue Bondholder (as defined below)
	ISIN:	NO 0012536376
	Maximum Issue Amount:	NOK 120,000,000
	Amount of Additional Bonds:	NOK 31,228,200
	Amount Outstanding Bonds after the increase:	NOK 101,843,827
	Date of Addendum:	11 November 2022
	Tap Issue Date:	14 Business Days from the date of the Board Meeting, unless otherwise instructed by the Company in writing

 

		2.	This Addendum is made between:

 

		a)	the Issuer; and

 

		b)	SunHydrogen, Inc., having its registered address at 10 E
Yanonali Street, Suite 36, Santa Barbara, CA 93101, United States as bondholder of the Additional Bonds issued pursuant to this Addendum
(the “Tap Issue Bondholder”).

 

		3.	Terms defined in the Bond Terms have, unless expressly defined
herein or otherwise required by the context, the same meaning in this Addendum. This Addendum is a Finance Document and after the date
hereof all references to the Bond Terms in the other Finance Documents shall be construed as references to the Bond Terms as amended
by this Addendum.

 

		4.	Pursuant to the Bond Terms the Issuer may issue Additional Bonds
until the aggregate Nominal Amount of the Initial Bonds and all Additional Bonds equals the Maximum Issue Amount and the provisions of
the Bond Terms will apply to all such Additional Bonds.

 

		5.	The Net Proceeds from the issue of the Additional Bonds issued
hereunder shall be used for the corporate purposes of the Group.

 

		6.	The Tap Issue Bondholder shall, subject to its board’s
consent occuring prior to the Board Meeting and no material adverse change occuring to the Issuer’s financial or commercial position
between the date of this Addendum and the Board Meeting, subscribe for a number of Additional Bonds equal to NOK 31,228,200 at an issue
price equal to the initial Nominal Amount for each subscribed Additional Bond.

 

		7.	Subject to paragraph 6 above and paragraph 8 below, the Tap
Issue Bondholder shall pay the subscription amount to a client’s account at Fearnley Securities AS no later than the Tap Issue Date,
details of which shall be provided by Fearnley Securities AS in writing to the Tap Issue Bondholder.

 

    12

     

    

 

		8.	The Tap Issue Bondholder may request to receive the following
documents in due time prior to the Tap Issue Date:

 

		a)	this Addendum duly executed by all parties hereto; and

 

		b)	copies of all necessary corporate resolutions (if any) to
issue the Additional Bonds and execute this Addendum.

 

		9.	The Issuer confirms that no Event of Default has occurred or
would occur as a result of the making of the Tap Issue;

 

		10.	This Addendum shall be governed by and construed in accordance
with Norwegian law and the provisions of Clause 13 (Governing law and jurisdiction) of the Bond Terms shall apply as if set out
in full herein (mutatis mutandis).

 

----000----

 

This Addendum has been executed in two originals, of
which the Issuer and the Bond Trustee shall retain one each.

 

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SIGNATURES:

 

	The Issuer:	 	The Tap Issue Bondholder:
	 	 	 
	TECO 2030 ASA	 	SUNHYDROGEN, INC
	 	 	 
	/s/ Sigurd Lange	 	/s/ Tim Young 
	By:	 Sigurd Lange	 	By:	Tim Young
	Title: 	 Chairman	 	Title:	CEO

  

 

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