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EXHIBIT 10.1

Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the Company if publicly disclosed.  Double asterisks denote omissions.

FY21 Executive Incentive Plan

1.Purpose: The FY21 Executive Incentive Plan (the “FY21 Plan”) is designed to reward key management for achieving certain financial and business objectives.

2.Plan Period: The FY21 Plan covers the Company’s fiscal year 2021 (i.e., October 3, 2020, through October 1, 2021). There will be two performance periods, the first consisting of the first half of the fiscal year (i.e., October 3, 2020, through April 2, 2021), and the second consisting of the second half of the fiscal year (i.e., April 3, 2021, through October 1, 2021).

3.Eligibility: This program applies to the Chief Executive Officer and his direct reporting senior executives. Other key employees may be added based upon the recommendation of the Chief Executive Officer and subsequent approval of the Compensation Committee. Those employees not covered by this FY21 Plan may be eligible for other programs established by Skyworks.

4.Incentive Targets: Participants are eligible to earn an incentive bonus equal to a percentage of their base salary based on the Company’s achievement of certain performance metrics as set forth below. Nominal, target and stretch incentive awards have been established as follows (shown as a percentage of the participant’s base salary): 

												
	Name	Incentive
At Nominal	Incentive
At Target	Incentive
At Stretch
	CEO	80%	160%	320%
	CFO	50%	100%	200%
	Other SVP/VPs 	40%	80%	160%

5.Metrics: The performance metrics for FY21 are as follows:

												
	Metric	Nominal	Target	Stretch
				
	1st Half Metrics ($M)
			
	Corporate EBITDA Dollars1
	**	**	**
	Corporate Revenue	**	**	**
	2nd Half Metrics ($M)2
		
	Corporate EBITDA Dollars1
	TBD	TBD	TBD
	Corporate Revenue	TBD	TBD	TBD

               1 Non-GAAP operating income plus depreciation and amortization
           2 2nd Half targets will be reassessed, and approved, in May 2021

Each performance metric above anticipates normal operations. Any changes or adjustments to the performance metrics (or metric weightings) to take account of extraordinary, unusual, or special items (e.g., restructurings, acquisitions and/or dispositions), or such other items as the Compensation Committee may determine in its sole discretion, will be made in the sole discretion 

of the Compensation Committee. Payments to be made with respect to the metrics will be weighted based on performance as follows, with percentages representing percentages of the participant’s target award: 
        
															
		1st Half EBITDA 
	2nd Half EBITDA 
	1st Half Revenue
	2nd Half Revenue

	All Participants	25%	25%	25%	25%

6.How the Plan Works: Upon completion of the applicable performance period, the Chief Executive Officer will provide the Compensation Committee with recommendations for incentive award payments to all named participants of the plan except himself. The Chief Executive Officer may recommend awards below a participant’s nominal incentive award or above a participant’s stretch incentive award. The Chief Executive Officer may also recommend modifications to incentive payments (including, but not limited to, the delivery of equity awards in lieu of cash) to ensure an equitable distribution of incentives. The Committee will review the recommendations and approve the actual amount (and form) of the payment to be made to each participant, including the Chief Executive Officer. All incentive award payments under the FY21 Plan, if earned, will be paid by March 15th of the calendar year following the end of the calendar year in which the performance period ends.

7.Administration: If actual performance achieved for the applicable performance period falls between the applicable Nominal and Target levels, or between the Target and Stretch levels, the achievement with respect to such metric shall be calculated based on a straight-line, mathematical interpolation between the applicable vesting percentages.

In order to fund the incentive plans and ensure the Company’s overall financial performance, the following terms apply:

•Payments with respect to the 1st Half metrics will be capped at 100% of the target level attributed to such metric, with any amounts over such level to be paid out after the end of the fiscal year provided that the Company meets its minimum operating income goal (in dollars) after accounting for any incentive award payments (“Minimum Operating Level of Performance”).  Similarly, no incentive payments will be made with respect to the 2nd Half metrics unless the Company meets the Minimum Operating Level of Performance.

•Any payment shall be conditioned upon the Participant’s employment by the Company on the date of payment; provided, however, that the Compensation Committee may make exceptions to this requirement, in its sole discretion, including, without limitation, in the case of a participant’s termination of employment, retirement, death or disability.

•Any payments made under this FY21 Plan will be subject to the provisions of the compensation clawback policy that Skyworks implements to comply with applicable law following the SEC’s adoption of final rules related to compensation clawback policies as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

8.    Taxes: All awards are subject to applicable taxes, including federal, state, local, and social security taxes. Payments under this FY21 Plan will not affect the participant’s base salary, which is used as the basis for Skyworks’ benefits program.Exhibit 10.1

 

EXECUTION VERSION

 

LOCK-UP AGREEMENT

 

THIS LOCK-UP AGREEMENT
(this “Agreement”) is made and entered into as of January __, 2021 by and between (i) Alussa Energy Acquisition
Corp., an exempted company incorporated under the laws of the Cayman Islands (together with its successors, the “Purchaser”),
(ii) FREYR Battery, a public limited liability company (société anonyme) under the laws of Luxembourg (“Pubco”),
(iii) Alussa Energy Sponsor LLC, a limited liability company formed under the laws of Delaware (the “Purchaser Representative”)
and (iv) the undersigned (the “Holder”). The Purchaser, Pubco, Purchaser Representative and the Holder are
sometimes referred to herein individually as a “Party” and, collectively, as the “Parties”.
Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Business Combination
Agreement (as defined below).

 

WHEREAS, as of
the date hereof, the Holder is a holder of ordinary shares of, and options and/or warrants which may be exercisable into ordinary
shares of, FREYR AS, a company organized under the laws of Norway (“FREYR”).

 

WHEREAS, the
Purchaser, Purchaser Representative, Pubco, Holder and FREYR, among others, entered into the business combination agreement, dated
on or around the date hereof (the “Business Combination Agreement”), pursuant to which the parties thereto
will consummate a series of transactions, including the exchange of ordinary shares, options and warrants of FREYR into ordinary
shares of Pubco (the “Ordinary Shares”), options of Pubco (the “Options”) and warrants of
Pubco (the “Warrants”).

 

WHEREAS, following
completion of the transactions contemplated by the Business Combination Agreement (the “Transactions”), the
Holder will hold Ordinary Shares, Options and/or Warrants.

 

WHEREAS, pursuant
to the Business Combination Agreement, and in view of the valuable consideration to be received by the Holder thereunder, the
Purchaser, Purchaser Representative, Pubco and the Holder desire to enter into this Agreement, pursuant to which the Ordinary
Shares, Options and/or Warrants to be received by the Holder pursuant to the Business Combination Agreement and Ordinary Shares
issued or issuable upon the exercise of Options and Warrants (including, for the avoidance of doubt, Escrow Shares) (together
with any securities paid as dividends or distributions with respect to such securities or into which such securities are exchanged
or converted, the “Restricted Securities”) shall become subject to limitations on disposition as set forth
herein.

 

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

 

1. Lock-Up Provisions.

 

(a) The Holder hereby
agrees not to Transfer any Ordinary Shares (including Ordinary Shares issued or issuable upon the exercise or conversion of the
Options or Warrants), Options and Warrants that are held by the Holder during the period commencing from the Second Closing and
ending on the earlier of (a) one (1) year after the Second Closing Date, (b) a date subsequent to the Second Closing Date, if
the last sale price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations,
rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after the Second Closing Date and (c) a date after the Second Closing Date on which Pubco
completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of Pubco’s
shareholders having the right to exchange their Ordinary Shares for cash, securities or other property (the “Lock-Up
Period”).

 

     

     

    

 

(b) Notwithstanding
the provisions set forth in Section 1(a), Transfers of the Ordinary Shares (including Ordinary Shares issued or issuable upon
the exercise or conversion of the Options or Warrants), Options and Warrants that are held by the Holder (that have complied
with this Section 1(b)), are permitted (i) to any affiliates of the Holder; (ii) in the case of an individual, transfers by
gift to a member of the individual’s immediate family, to a trust, the beneficiary of which is a member of the
individual’s immediate family or an affiliate of such person, or to a charitable organization; (iii) in the case of an
individual, transfers by virtue of laws of descent and distribution upon death of the individual; (iv) to the extent Holder
or Holder’s advisors reasonably believe are relevant to cover any direct or indirect tax obligations that may accrue to
the Holder or the Holder’s direct or indirect owners relating to the Transactions or the Shares (and, for the avoidance
of doubt, Holder shall be provided a reasonable amount of discretion in making this assessment and not be required to provide
any evidence of such reasonable belief prior to effecting any such Transfer in reliance on this subclause (iv) and, if the
other parties hereto challenge Holder’s reliance on this subclause (iv), such other parties will have to challenge the
Transfer within two weeks of becoming aware of the Transfer and must demonstrate that the Holder acted in bad faith in
determining that such Transfer is permitted by this subclause (iv)); and (v) in the case of an individual, transfers pursuant
to a qualified domestic relations order; provided, however, that these permitted transferees (other than transferees in
respect of Section 1(b)(iv)) must enter into a written agreement agreeing to be bound by the restrictions herein.

 

(c) The Holder
further acknowledges and agrees that it shall not be permitted to conduct any Transfer (including those Transfers permitted
under Section 1(b)) with respect to any Escrow Shares until both the Lock-Up Period has expired and such Escrow Shares have
been disbursed to such Holder from the Escrow Account in accordance with the terms and conditions of the Business Combination
Agreement and the Escrow Agreement.

 

(d) If any Transfer
is made or attempted contrary to the provisions of this Agreement, such Transfer shall be null and void ab initio, and Pubco
shall refuse to recognize any such transferee of the Restricted Securities as one of its equity holders for any purpose. In
order to enforce this Section 1, Pubco may impose stop-transfer instructions with respect to the Restricted
Securities of the Holder (and any permitted transferees and assigns thereof) until the end of the Lock-Up Period or the
release of the Escrow Shares, as applicable.

 

(e) During the
Lock-Up Period (and with respect to any Escrow Shares, if longer, during the period when such Escrow Shares are held in the
Escrow Account), each book entry evidencing any Restricted Securities shall include appropriate restrictions to reflect the
fact that the Restricted Securities are subject to the restrictions on Transfer set forth in this Agreement.

 

(f) For the
avoidance of any doubt, the Holder shall retain all of its rights as a shareholder of Pubco with respect to the Restricted
Securities during the Lock-Up Period and until the release of the Escrow Shares, as applicable, including the right to vote
any Restricted Securities.

 

(g) For the
purposes of this Section 1, “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell,
hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or
indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call
equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the U.S. Securities and Exchange Commission promulgated thereunder with respect to, any security, (b) entry
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or
otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).

 

2. Miscellaneous.

 

(a) Effective
Date. Section 1 of this Agreement shall become effective upon the Second Closing Date, subject to the consummation of the
transactions contemplated by the Business Combination Agreement on the Second Closing Date.

 

(b) Termination
of the Business Combination Agreement. Notwithstanding anything to the contrary contained herein, in the event that the
Business Combination Agreement is terminated in accordance with its terms prior to the Second Closing, this Agreement and all
rights and obligations of the Parties hereunder shall automatically terminate and be of no further force or effect.

 

(c) Binding
Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the
Parties hereto and their respective permitted successors and assigns. Except as otherwise provided in this Agreement, this
Agreement and all obligations of the Parties are personal to the Parties and may not be transferred or delegated by the
Parties at any time.

 

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(d) Third
Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection with
the transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any
person or entity that is not a Party hereto or thereto or a successor or permitted assign of such a Party.

 

(e) Governing
Law; Jurisdiction. This Agreement and any dispute or controversy arising out of or relating to this Agreement shall be
governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of law
principles thereof. All actions arising out of or relating to this Agreement shall be heard and determined exclusively in any
state or federal court located in New York, New York (or in any appellate courts thereof) (the “Specified
Courts”). Each Party hereto hereby (i) submits to the exclusive jurisdiction of any Specified Court for
the purpose of any action arising out of or relating to this Agreement brought by any party hereto and (ii) irrevocably
waives, and agrees not to assert by way of motion, defense or otherwise, in any such action, any claim that it is not subject
personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution,
that the action is brought in an inconvenient forum, that the venue of the action is improper, or that this Agreement or the
transactions contemplated hereby may not be enforced in or by any Specified Court. Each Party agrees that a final judgment in
any action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by Law. Each Party irrevocably consents to the service of the summons and complaint and any other process in any
other action or proceeding relating to the transactions contemplated by this Agreement, on behalf of itself, or its property,
by personal delivery of copies of such process to such Party at the applicable address set forth in Section 2(h).
Nothing in this Section 2(e) shall affect the right of any party to serve legal process in any other manner
permitted by applicable law.

 

(f) WAIVER OF
JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT
FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 2(f).

 

(g) Interpretation.
The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or
interpreting this Agreement. In this Agreement, unless the context otherwise requires: (i) 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; (ii) “including” (and with correlative meaning “include”) means
including without limiting the generality of any description preceding or succeeding such term and shall be deemed in each
case to be followed by the words “without limitation”; (iii) the words “herein,”
“hereto,” and “hereby” and other words of similar import in this Agreement shall be deemed in each
case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement; and (iv)
the term “or” means “and/or”. The Parties have participated jointly in the negotiation and drafting
of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement
shall be construed as if drafted jointly by the Parties hereto, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provision of this Agreement.

 

(h) Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly
given when delivered (i) in person, (ii) by e-mail, (iii) one (1) Business Day after being sent, if sent by reputable,
nationally recognized overnight courier service or (iv) three (3) Business Days after being mailed, if sent by registered or
certified mail, pre-paid and return receipt requested, in each case to the applicable Party at the following addresses (or at
such other address for a Party as shall be specified by like notice):

 

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        If to Purchaser (prior to the Second
        Closing), to:

         

        Alussa Energy Acquisition Corp.

        PO Box 500, 71 Fort Street

        Grand Cayman KY1-1106

        Attention: Daniel Barcelo

        Email: Daniel@alussaenergy.com

        

        
	 	
        

        With copies to (which shall not constitute
        notice):

         

        the Purchaser Representative

         

        and

         

        Skadden, Arps, Slate, Meagher
& Flom (UK) LLP

40 Bank Street

London, United Kingdom E14 5DS

	 	 	Attention:	Danny Tricot
	 	 	 	Denis Klimentchenko
	 	 	Email:	danny.tricot@skadden.com
	 	 	 	denis.klimentchenko@skadden.com
	 	 	 	 
	 	 	 
	
        If to Purchaser Representative,
to:

         

        Alussa Energy Sponsor LLC

        PO Box 500, 71 Fort Street

        Grand Cayman KY1-1106

        Attention: Daniel Barcelo

        Email: Daniel@alussaenergy.com
	 	
        

        With copies to (which shall
not constitute notice):

         

         

         

        and

         

        Skadden, Arps, Slate, Meagher & Flom
        (UK) LLP

        40 Bank Street

        London, United Kingdom E14 5DS

        

	 	 	Attention:	Danny Tricot
	 	 	 	Denis Klimentchenko
	 	 	Email:	danny.tricot@skadden.com
	 	 	 	denis.klimentchenko@skadden.com
	 	 	 	 
	 	 	 
	
        If to Pubco, to:

         

        FREYR Battery

        412 F, route d’Esch L-2086 Luxembourg

        Email: contract-notifications@freyrbattery.com
	 	
         

         

	 	 	 
	 	 	 
	
        If to the Holder, to: the
address set forth under the Holder’s name on the signature page hereto.

	 

  

(i) Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of
the Purchaser, Purchaser Representative, Pubco and the Holder. No failure or delay by a Party in exercising any right
hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision of this
Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such
term, condition, or provision.

 

(j) Authorization
on Behalf of the Purchaser. The Parties acknowledge and agree that notwithstanding anything to the contrary contained in
this Agreement, any and all determinations, actions or other authorizations under this Agreement on behalf of the Purchaser
after the Second Closing, including enforcing the Purchaser’s rights and remedies under this Agreement, or providing
any waivers with respect to the provisions hereof, shall solely be made, taken and authorized by the Purchaser
Representative.

 

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(k) Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision
shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal
and enforceable, and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be
affected or impaired thereby nor shall the validity, legality or enforceability of such provision be affected thereby in any
other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or incapable of being
enforced, the Parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision
that carries out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or
unenforceable provision.

 

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

 

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

 

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

 

(o) Counterparts;
Facsimile. This Agreement may also be executed and delivered by facsimile signature or by email in portable
document format in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

 

 

[Remainder of Page Intentionally Left
Blank; Signature Pages Follow]

 

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IN WITNESS WHEREOF,
the parties have executed this Lock-Up Agreement as of the date first written above.

 

	 	Purchaser:
	 	 	 
	 	ALUSSA ENERGY ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	Pubco:
	 	 	 
	 	FREYR BATTERY
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	Purchaser Representative:
	 	 	 
	 	ALUSSA ENERGY SPONSOR LLC
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

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IN WITNESS WHEREOF,
the parties have executed this Lock-Up Agreement as of the date first written above.

 

Holder:

  

	Name of Holder: 	 	 
	 	 	 	 
	By:	 	 	 

 

 

Address for Notice:

 

Address:

	 	 	 
	 	 	 
	 	 	 
	Facsimile No.: 	 	 
	Telephone No.: 	 	 
	Email: 	 	 

 

 

[Signature Page to Lock-Up Agreement]

 

    7

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