Document:

Document

Execution Version
AMENDMENT NO. 8 TO CREDIT AGREEMENT
AMENDMENT NO. 8 TO CREDIT AGREEMENT, dated as of November 1, 2021 (this “Amendment”), among Vail Holdco Sub LLC, a Delaware limited liability company (“Holdings”), Avantor FUNDING, Inc., a Delaware corporation (the “Borrower”), each of the Guarantors party hereto, GOLDMAN SACHS BANK USA, as administrative agent and collateral agent (in such capacity and including any permitted successor or assign, the “Administrative Agent”) for the Lenders (as defined in the Credit Agreement referred to below) and GOLDMAN SACHS BANK USA, as the 2021 Incremental B-5 Dollar Term Lender (in such capacity, the “2021 Incremental B-5 Dollar Term Lender”). 
W I T N E S S E T H:
WHEREAS, Holdings, the Borrower, the Lenders, the Administrative Agent and certain other parties entered into a Credit Agreement dated as of November 21, 2017 (as amended by Amendment No. 1 to Credit Agreement, dated as of November 27, 2018, as amended by Amendment No. 2 to Credit Agreement, dated as of June 18, 2019, as amended by Amendment No. 3 to Credit Agreement, dated as of January 24, 2020, as amended by Amendment No. 4 to Credit Agreement, dated as of July 14, 2020, as amended by Amendment No. 5 to Credit Agreement, dated as of November 6, 2020, as amended by Amendment No. 6 to Credit Agreement, dated as of June 10, 2021, as amended by Amendment No. 7 to Credit Agreement, dated as of July 7, 2021, and as further amended, restated, amended and restated, supplemented or otherwise modified through the date hereof, the “Credit Agreement”; capitalized terms used herein but not otherwise defined herein shall have the meanings given such terms in the Credit Agreement (as amended by this Amendment));
WHEREAS, Holdings and the Borrower have requested an amendment to the Credit Agreement pursuant to which certain provisions of the Credit Agreement will be amended as set forth herein;
WHEREAS, Section 2.14 of the Credit Agreement permits the Borrower to obtain one or more Incremental Term Commitments from any Lender or Additional Lender pursuant to an Incremental Amendment among the Borrower, each Lender and/or Additional Lender agreeing to provide such Incremental Term Commitments and the Administrative Agent;
WHEREAS, the Borrower will acquire (the “Curie Acquisition”), directly or indirectly through Pisces Merger Sub, LLC, a limited liability company organized under the laws of Delaware (“Curie Merger Sub”) and a wholly-owned indirect subsidiary of VWR International, LLC, a limited liability company incorporated under the laws of the state of Delaware and a wholly-owned direct or indirect subsidiary of the Borrower (collectively, “Curie Buyer”), the capital stock and other equity interests of Curie Holdings, LLC, a limited liability company organized under the laws of Delaware (the “Curie Target”), from the existing equity holders of such entity (the “Curie Sellers”).  The Curie Acquisition will be consummated pursuant to that certain Stock Purchase Agreement and Plan of Merger, dated as of September 7, 2021 (together with all exhibits, schedules and other disclosure letters thereto, collectively, as modified, amended, supplemented, consented to or waived, the “Curie Acquisition Agreement”) by and among the Curie Buyer, the Curie Merger Sub, the Curie Target, the Curie Sellers, the representative of the Curie Sellers named therein and the other parties thereto, pursuant to which the Curie Merger Sub will merge with and into the Curie Target, with the Curie Target surviving and the Curie Sellers will receive cash in exchange for all of their shares/interests in the Curie Target (collectively, the “Curie Acquisition Consideration”) and the Curie Target will become a wholly-owned direct or indirect subsidiary of the Borrower;

WHEREAS, in connection with the Curie Acquisition, on the Amendment No. 8 Effective Date (as defined below), the Borrower desires to obtain Incremental Term Commitments (the “2021 Incremental B-5 Dollar Term Commitments”) pursuant to Section 2.14 of the Credit Agreement in an aggregate principal amount of $900,000,000 (the “2021 Incremental B-5 Dollar Term Loans”), which will be in the form of a Term Loan Increase of the existing Incremental B-5 Dollar Term Loans.  Immediately after giving effect to the Curie Acquisition, the principal, accrued and unpaid interest, fees, premium, if any, and other amounts under (i) the First Lien Credit Agreement, dated as of November 4, 2019, among CPI Holdco, LLC, Masterflex, LLC, Curie Holdings, LLC, the lenders party thereto from time to time and Jefferies Finance LLC, as administrative agent and collateral agent thereunder (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Curie First Lien Credit Agreement”) and (ii) the Second Lien Credit Agreement, dated as of November 4, 2019, among CPI Holdco, LLC, Masterflex, LLC, Curie Holdings, LLC, the lenders party thereto from time to time and Cortland Capital Market Services LLC, as administrative agent and collateral agent thereunder, (the “Curie Second Lien Credit Agreement”), in each case, will be repaid in full in connection with the other Curie Transactions (as defined below) and all commitments to extend credit under the Curie First Lien Credit Agreement and the Curie Second Lien Credit Agreement will be terminated and any security interests and guarantees in connection therewith shall be terminated and/or released (the “Curie Refinancing”).  The proceeds of the Incremental B-5 Dollar Term Loans, together with cash on hand (including the net proceeds from certain issuances of equity and Indebtedness), shall be applied (i) to pay the Curie Acquisition Consideration, (ii) to finance the Curie Refinancing and (iii) to pay the fees and expenses incurred in connection with the Curie Transactions (as defined below) (such fees and expenses, the “Curie Transaction Costs”) (the amounts set forth in clauses (i) through (iii) above, collectively, the “Curie Acquisition Funds”).  The transactions described in this recital (including the entry into this Amendment, the borrowing of the 2021 Incremental B-5 Dollar Term Loans, the Curie Refinancing and the payment of Curie Transaction Costs) are collectively referred to herein as the “Curie Transactions”;
WHEREAS, (i) Goldman Sachs Bank USA, Citibank, N.A., BofA Securities, Inc., Barclays Bank PLC and PNC Capital Markets LLC are joint lead arrangers and joint bookrunners with respect to the 2021 Incremental B-5 Dollar Term Loans and this Amendment and (ii) Wells Fargo Securities, LLC and HSBC Securities (USA) Inc. are co-managers with respect to the 2021 Incremental B-5 Dollar Term Loans and this Amendment (collectively, the “Amendment No. 8 Arrangers”);
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
ARTICLE I  
Amendments
Subject to the occurrence of the Amendment No. 8 Effective Date, the Credit Agreement is hereby amended as follows: 
(i)    The following definitions are hereby added in the appropriate alphabetical order to Section 1.01 of the Credit Agreement:
“2021 Incremental B-5 Dollar Term Commitment” has the meaning assigned thereto in Amendment No. 8. 
“2021 Incremental B-5 Dollar Term Lender” has the meaning assigned thereto in Amendment No. 8.
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“2021 Incremental B-5 Dollar Term Loan” has the meaning assigned thereto in Amendment No. 8. 
“Amendment No. 8” means Amendment No. 8 to this Agreement dated as of November 1, 2021. 
“Amendment No. 8 Effective Date” means November 1, 2021.
“Curie Transactions” has the meaning assigned thereto in Amendment No. 8.
(ii)    The definition of “Class” set forth in Section 1.01 of the Credit Agreement is hereby amended to include the following text at the end thereof:
“Notwithstanding anything herein to the contrary, the 2021 Incremental B-5 Dollar Term Loans shall be deemed to be of the same Class as the Incremental B-5 Dollar Term Loans.”
(iii)    The definition of “Commitment” set forth in Section 1.01 of the Credit Agreement is hereby amended by adding the text “2021 Incremental B-5 Dollar Term Commitment,” after the text “Incremental B-5 Dollar Term Commitment,” appearing in such definition.
(iv)    The definition of “Incremental B-5 Dollar Term Loans” set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
““Incremental B-5 Dollar Term Loans” means (i) the Dollar-denominated term loans made by the Lenders pursuant to their Incremental B-5 Dollar Term Commitments on the Amendment No. 7 Effective Date to the Borrower pursuant to Section 2.01(a)(vii) and (ii) the Dollar-denominated term loans made by the 2021 Incremental B-5 Term Lender pursuant to its 2021 Incremental B-5 Dollar Term Commitments on the Amendment No. 8 Effective Date to the Borrower pursuant to Amendment No. 8. The aggregate amount of Incremental B-5 Dollar Term Loans as of the Amendment No. 8 Effective Date is $2,069,125,000.”
(v)    The definition of “Loan Documents” set forth in Section 1.01 of the Credit Agreement is hereby amended by adding the text “(ix) Amendment No. 8,” after the text “(viii) Amendment No. 7,” appearing in such definition and updating the numbering appearing thereafter.
(vi)    The definition of “Term Loan” set forth in Section 1.01 of the Credit Agreement is hereby amended by adding the text “2021 Incremental B-5 Dollar Term Loan,” after the text “Incremental B-5 Dollar Term Loan,” appearing in such definition.
(vii)    Section 2.01(a) of the Credit Agreement is hereby amended to include the following text at the end thereof:
“Subject to the terms and conditions set forth herein and in Amendment No. 8, each Term Lender with a 2021 Incremental B-5 Dollar Term Commitment severally agrees to make term loans denominated in Dollars to the Borrower on the Amendment No. 8 Effective Date in an aggregate amount not to exceed the amount of such Term Lender’s 2021 Incremental B-5 Dollar Term Commitment.  The 2021 Incremental B-5 Dollar Term Loans shall have the same terms, rights and obligations as the Incremental B-5 Dollar 
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Term Loans as set forth in this Agreement and the other Loan Documents, except as modified by Amendment No. 8.”
(viii)    Section 2.05(a)(iii) of the Credit Agreement is hereby amended to include the following text at the end thereof:
(ix)    “(C) Notwithstanding anything to the contrary contained in this Agreement, at the time of the consummation or occurrence of any Repricing Event of the Incremental B-5 Dollar Term Loans, in each case, that occurs on or prior to the six-month anniversary of the Amendment No. 8 Effective Date, the Borrower agrees to pay to the Administrative Agent, for the ratable account of each applicable Term Lender, a prepayment premium in an amount equal to 1.00% of the aggregate principal amount of the Incremental B-5 Dollar Term Loans so prepaid or repaid and, in connection with any amendment, amendment and restatement or other modification of this Agreement resulting in a Repricing Event of the Incremental B-5 Dollar Term Loans, such Term Lender (and not any Person who replaces such Term Lender pursuant to Section 3.07(a)) shall receive its pro rata portion (as determined immediately prior to it being so replaced) of the prepayment premium or fee described herein.  Such fees shall be due and payable upon the date of the applicable prepayment, repayment or Repricing Event of the Incremental B-5 Dollar Term Loans, as applicable.  For the avoidance of doubt, after the six-month anniversary of the Amendment No. 8 Effective Date, no fee shall be payable pursuant to this Section 2.05(a)(iii)(C).”
(x)    Section 2.06(b) of the Credit Agreement is hereby amended to include the following text at the end thereof:
“The 2021 Incremental B-5 Dollar Term Commitments of each Term Lender shall be automatically and permanently reduced to $0 upon the funding of the 2021 Incremental B-5 Dollar Term Loans to be made by such Term Lender on the Amendment No. 8 Effective Date.”
(xi)    Section 2.07(a)(A)(iii) of the Credit Agreement is hereby amended and restated in its entirety as follows:
“(iii) on the last Business Day of each March, June, September and December, commencing with the last Business Day of the first fiscal quarter ending after the Amendment No. 8 Effective Date, an aggregate principal amount equal to (i) the aggregate principal amount of all Incremental B-5 Dollar Term Loans outstanding on the Amendment No. 8 Effective Date, multiplied by (2) an amount equal to (x) the aggregate outstanding principal amount of the Incremental B-5 Dollar Term Loans on the Amendment No. 7 Effective Date, divided by, (y) the aggregate outstanding principal amount of the Incremental B-5 Dollar Term Loans immediately prior to the Amendment No. 8 Effective Date, multiplied by, (3) 0.25% (which payments shall (x) be reduced as a result of the application of prepayments made in accordance with the order of priority set forth in Section 2.05 (excluding prepayments under Section 2.05(a)(vi)) and (y) shall not be made with respect to Incremental B-5 Dollar Term Loans that were prepaid pursuant to Section 2.05(a)(vi)),”
(xii)    Section 5.11(a) of the Credit Agreement is hereby amended by adding the following text at the end thereof:
“The proceeds of the 2021 Incremental B-5 Dollar Term Loans, together with cash on hand, will be used to finance the Curie Transactions.”
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ARTICLE II 
Section 2.1.    2021 Incremental B-5 Dollar Term Loans
(a)    Pursuant to Section 2.14 of the Credit Agreement, on the Amendment No. 8 Effective Date, the 2021 Incremental B-5 Dollar Term Lender agrees (i) that it shall be considered a Lender, an Incremental B-5 Dollar Term Lender and a Term Lender for all purposes under the Loan Documents and agrees to be bound by the terms thereof and (ii) to fund 2021 Incremental B-5 Dollar Term Loans in an aggregate principal amount not to exceed the amount set forth opposite the 2021 Incremental B-5 Dollar Term Lender’s name on Annex A hereto.
(b)    The terms and provisions of the 2021 Incremental B-5 Dollar Term Loans for all purposes under the Credit Agreement and each other Loan Document, shall have terms identical to the Incremental B-5 Dollar Term Loans outstanding under the Credit Agreement immediately prior to the date hereof (but giving effect to any amendments hereunder).  The 2021 Incremental B-5 Dollar Term Loans shall constitute a Term Loan Increase of the Incremental B-5 Dollar Term Loans and the Incremental B-5 Dollar Term Loans and the 2021 Incremental B-5 Dollar Term Loans shall collectively comprise a single Class of Loans.  The aggregate amount of the 2021 Incremental B-5 Dollar Term Loans funded pursuant to this Amendment shall be $900,000,000.  The Borrower shall use the net proceeds of the 2021 Incremental B-5 Dollar Term Loans as set forth in the recitals to this Amendment.  The funding of the 2021 Incremental B-5 Dollar Term Loans will occur in one drawing on the date hereof pursuant to the Borrower’s request (even if, with respect to the 2021 Incremental B-5 Dollar Term Loans pursuant to this Amendment only and not any other Borrowing, the deadlines for notices of Borrowing in Section 2.02 of the Credit Agreement are not strictly observed).
(c)    Subject to the terms and conditions set forth herein, pursuant to Section 2.14 of the Credit Agreement, effective as of the Amendment No. 8 Effective Date, for all purposes of the Loan Documents, (i) the 2021 Incremental B-5 Dollar Term Loans shall constitute “Incremental Term Loans”, “Term Loans”, “Dollar Term Loans” and “Incremental B-5 Dollar Term Loans” and (ii) the 2021 Incremental B-5 Dollar Term Lender shall constitute an “Incremental B-5 Dollar Term Lender”, a “Term Lender” and a “Lender”.  Upon execution and delivery of this Amendment, the Administrative Agent will record the 2021 Incremental B-5 Dollar Term Loans as being of the same Class as the Incremental B-5 Dollar Term Loans.
(d)    The 2021 Incremental B-5 Dollar Term Lender, by delivering its signature page to this Amendment, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document (including this Amendment) and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or any Class of Lenders on the Amendment No. 8 Effective Date.

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ARTICLE III 
Conditions to Effectiveness
Section 3.1.    This Amendment shall become effective on the date (the “Amendment No. 8 Effective Date”) on which:
(a)The Administrative Agent (or its counsel) shall have received from (i) the Administrative Agent, (ii) the 2021 Incremental B-5 Dollar Term Lender and (iii) each Loan Party, (x) a counterpart of this Amendment signed on behalf of such party or (y) written evidence satisfactory to the Administrative Agent (which may include a telecopy or other electronic transmission of a signed signature page of this Amendment) that such party has signed a counterpart of this Amendment.
(b)The Administrative Agent shall have received a customary written opinion (addressed to the Administrative Agent and the Lenders and dated the Amendment No. 8 Effective Date) of Simpson Thacher & Bartlett LLP, New York counsel for the Loan Parties.  Each of the Borrower, Holdings and the Administrative Agent hereby instruct such counsel to deliver such legal opinion.
(c)The Administrative Agent shall have received such certificates of good standing (to the extent such concept exists) from the applicable secretary of state of the state of organization of each Loan Party, certificates of resolutions or other action, incumbency certificates (or a representation that such Responsible Officers are the same as those whose signature and incumbency certificates were delivered to the Administrative Agent on the Closing Date), certificates of incorporation (or a representation that such certificates have not been amended since the Closing Date) and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment and the other Loan Documents to which such Loan Party is a party or is to be a party on the Amendment No. 8 Effective Date.
(d)The Borrower shall have paid to the Administrative Agent all fees, if applicable, and expenses due to the Administrative Agent and the Amendment No. 8 Arrangers, as separately agreed in writing, on the Amendment No. 8 Effective Date, to the extent such fees and/or expenses are invoiced at least one business day prior to the Closing Date.  All reasonable costs and expenses (including, without limitation, the reasonable fees, charges and disbursements of counsel for the Administrative Agent) of the Administrative Agent and the Amendment No. 8 Arrangers in connection with this Amendment and the transactions contemplated hereby shall have been paid as separately agreed in writing, to the extent invoiced at least one business day prior to the Closing Date.   
(e)The Amendment No. 8 Specified Representations shall be true and correct. “Amendment No. 8 Specified Representations” means the representations and warranties set forth in Sections 5.01(a), 5.01(b) (as to the execution, delivery and performance of the Loan Documents), 5.01(c), 5.02(a), 5.02(b)(i), 5.02(b)(iii), 5.04, 5.12, 5.16, 5.17 (solely with respect to the use of the proceeds of the 2021 Incremental B-5 Dollar Term Loans funded on the Amendment No. 8 Effective Date not violating Section 5.17 of the Credit Agreement), 5.17(a)(iii) and 5.18 of the Credit Agreement.
(f)The Amendment No. 8 Specified Curie Acquisition Agreement Representations shall be true and correct.  “Amendment No. 8 Specified Curie Acquisition Agreement Representations” means the representations made by, or with respect to, the Curie Target and its subsidiaries in the Curie Acquisition Agreement as are material to the interests of 
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the Lenders, but only to the extent that the Borrower or its Affiliates have the right to terminate its (and/or its Affiliates’) obligations under the Curie Acquisition Agreement or decline to consummate the Curie Acquisition pursuant to Section 3.06 of the Curie Acquisition Agreement as a result of a breach of such representations in the Curie Acquisition Agreement.
(g)The Administrative Agent shall have received a certificate, dated the Amendment No. 8 Effective Date and signed by a Responsible Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (e), (f) and (l) of this Section 3.1.
(h)The Administrative Agent shall have received a Committed Loan Notice with respect to the 2021 Incremental B-5 Dollar Term Loans to be made on the Amendment No. 8 Effective Date at the Administrative Agent’s Office at least three (3) Business Days prior to the Amendment No. 8 Effective Date (or in each case, such shorter notice as is approved by the Administrative Agent in its reasonable discretion), and such Committed Loan Notice shall otherwise meet the requirements set forth in Section 2.02 of the Credit Agreement.
(i)The Administrative Agent and the 2021 Incremental B-5 Dollar Term Lender shall have received, no later than three (3) Business Days in advance of the Amendment No. 8 Effective Date, (i) all documentation and other information about the Loan Parties and the principals thereof (including background checks on the Borrower and the Guarantors and on the principals thereof) that shall have been reasonably requested by the Administrative Agent or the 2021 Incremental B-5 Dollar Term Lender in writing at least ten (10) days prior to the Amendment No. 8 Effective Date and that the Administrative Agent and the 2021 Incremental B-5 Dollar Term Lender reasonably determine that is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the Patriot Act, the results of which shall be satisfactory to the Administrative Agent and the 2021 Incremental B-5 Dollar Term Lender and (ii) to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Borrower shall deliver a Beneficial Ownership Certification in relation to the Borrower to the Administrative Agent or the 2021 Incremental B-5 Dollar Term Lender that has requested such Beneficial Ownership Certification at least five (5) Business Days prior to the Amendment No. 8 Effective Date (provided that, upon the execution and delivery by such 2021 Incremental B-5 Dollar Term Lender of its signature page to this Amendment, the condition set forth in this clause (i) shall be deemed to be satisfied).
(j)The Administrative Agent shall have received the results of a recent Lien search in each of the jurisdictions in which Uniform Commercial Code financing statements, or other filings or recordations should be made to evidence or perfect security interests in the Collateral, and such search shall reveal no Liens on any of the Collateral, except for Liens permitted by Section 7.01 of the Credit Agreement or discharged on or prior to the Amendment No. 8 Effective Date pursuant to documentation reasonably satisfactory to the Administrative Agent.
(k)The Curie Acquisition shall have been consummated, or substantially simultaneously with the initial borrowing of the 2021 Incremental B-5 Dollar Term Loans, shall be consummated, in accordance with the terms of the Curie Acquisition Agreement, after giving effect to any modifications, amendments, consents or waivers by Curie Buyer thereto, other than those modifications, amendments, consents or waivers that are materially adverse to the interests of the 2021 Incremental B-5 Dollar Term Lender, unless consented to in advance in writing by the 2021 Incremental B-5 Dollar Term Lender (such consent not to be unreasonably withheld, delayed or conditioned); provided that (i) any reduction in the purchase price shall not be deemed to be materially adverse to the interests of the 2021 Incremental B-5 Dollar Term Lender so long as the full amount of such decrease is allocated to reduce the 2021 Incremental B-5 Dollar Term 
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Loans on the Amendment No. 8 Effective Date and (ii) any increase in the purchase price shall not be materially adverse to the 2021 Incremental B-5 Dollar Term Lender so long as such increase is not funded with the proceeds of debt.
(l)Since the date of the Curie Acquisition Agreement, no Material Adverse Effect (as defined in the Curie Acquisition Agreement as in effect on September 7, 2021) shall have occurred and is continuing as of the Amendment No. 8 Effective Date.
(m)Substantially simultaneously with the initial borrowing under the 2021 Incremental B-5 Term Loan Loans, the Curie Refinancing shall be consummated and all commitments, guarantees and security interests relating to the debt subject to the Curie Refinancing shall be terminated and/or released.
ARTICLE IV
Representations and Warranties.
Section 4.1.    To induce the 2021 Incremental B-5 Dollar Term Lender to enter into this Amendment, each Loan Party represents and warrants that:
(a)Organization; Power.  Each Loan Party (i) is duly organized or incorporated, validly existing and, to the extent such concept is applicable in the corresponding jurisdiction, in good standing under the laws of the jurisdiction of its organization or incorporation and (ii) has all requisite organizational or constitutional power and authority to execute and deliver this Amendment and perform its obligations under the Credit Agreement as amended by this Amendment, and the other Loan Documents to which it is a party, except, in the case of clause (i) (other than with respect to Holdings and the Borrower), where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.
(b)Authorization; Enforceability.  This Amendment has been duly authorized by all necessary corporate, shareholder or other organizational action by each Loan Party and constitutes a legal, valid and binding obligation of such Loan Party, as applicable, enforceable in accordance with its terms, except as such enforceability may be limited by the Enforcement Qualifications.
(c)Representations.  The Amendment No. 8 Specified Representations and the Amendment No. 8 Specified Curie Acquisition Agreement Representations shall be true and correct.
ARTICLE V
Miscellaneous
Section 5.1.    Effect of Amendment
(a)On and after the date hereof, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement,” “thereunder,” “thereof” or words of like import referring to the Credit Agreement, mean and are a reference to the Credit Agreement as modified by this Amendment.  This Amendment is a Loan Document executed pursuant to the Credit Agreement and shall be construed, administered and applied in accordance with the terms and provisions thereof.
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(b)The Credit Agreement, as specifically amended by this Amendment, and each of the other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  Without limiting the generality of the foregoing, the Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment of all of the respective Obligations of Holdings, the Borrower and the other Loan Parties under the Loan Documents, in each case as the Credit Agreement is amended by this Amendment.
(c)The execution, delivery and effectiveness of this Amendment does not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents nor constitute a waiver of any provision of any of the Loan Documents.  This Amendment shall not constitute a novation of the Credit Agreement or any other Loan Document.
Section 5.2.    Counterparts. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Amendment constitutes the entire contract among the parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and to the other Loan Documents and their respective successors and assigns.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or electronic transmission shall be effective as delivery of an original executed counterpart of this Amendment.  The words “execution”, “signed”, “signature” and words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Requirements of Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.
Section 5.3.    GOVERNING LAW, etc.    THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUCTED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.  The provisions of Sections 10.15(b) and 10.16 of the Credit Agreement are incorporated herein and apply to this Amendment mutatis mutandis. 
Section 5.4.    Headings. Article and Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or be taken into consideration in interpreting, this Amendment.
Section 5.5.    Reaffirmation. Each Loan Party hereby expressly acknowledges the terms of this Amendment and reaffirms, as of the date hereof, (i) the covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Amendment and the transactions contemplated hereby and (ii) its prior guarantee of the Obligations under each Guaranty, as applicable, and its prior grant of Liens on the Collateral to secure the applicable Obligations pursuant to the Collateral Documents.
[signature pages follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their respective duly authorized officers as of the date first above written.
																		
				AVANTOR FUNDING, INC.,

				as Borrower
						
				By:	/s/ Martin A. Goldman

					Name:	Martin A. Goldman

					Title:	Senior Vice President – Global Taxation
						
				VAIL HOLDCO SUB LLC,

						
				as Holdings
				By:	/s/ Martin A. Goldman

					Name:	Martin A. Goldman

					Title:	Vice President
						
				VWR CHEMICALS, LLC
				EPL PATHOLOGY ARCHIVES, LLC
				AVANTOR FLUID HANDLING, LLC
				THERAPAK, LLC
				VWR GLOBAL HOLDINGS, INC.
				NUSIL ACQUISITION CORP.
				NUSIL TECHNOLOGY LLC
				NUSIL INVESTMENTS LLC
				APPLIED SILICONE COMPANY LLC
				MOREHOUSE-COWLES LLC
				SITECH NUSIL, LLC
				PURITAN PRODUCTS, INC.
				AVANTOR PERFORMANCE MATERIALS
				INTERNATIONAL, LLC
				AVANTOR PERFORMANCE MATERIALS, LLC
				VWR CORPORATION
				VWR FUNDING, INC.
				VWR INTERNATIONAL, LLC
				VWR MANAGEMENT SERVICES LLC
				VWR INTERNATIONAL HOLDINGS, INC.
				RELIABLE BIOPHARMACEUTICAL, LLC,
				each as a Guarantor
						
				By:	/s/ Martin A. Goldman

					Name:	Martin A. Goldman

					Title:	Vice President

[Signature Page to Amendment No. 8]

																		
				Accepted and Acknowledged:
						
				GOLDMAN SACHS BANK USA, as Administrative

				Agent
						
				By:	/s/ Robert Ehudin

					Name:	Robert Ehudin

					Title:	Authorized Signatory

[Signature Page to Amendment No. 8]

																		
				GOLDMAN SACHS BANK USA, as 2021

				Incremental B-5 Dollar Term Lender

						
				By:	/s/ Robert Ehudin

					Name:	Robert Ehudin

					Title:	Authorized Signatory

[Signature Page to Amendment No. 8]

ANNEX A
						
	Lender
	2021 Incremental B-5 Dollar Term Commitment

	Goldman Sachs Bank USA
	$900,000,000

	Total
	$900,000,000EX-10.16

 Exhibit 10.16 

Execution Copy 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF
PUBLICLY DISCLOSED. [ * * * ] INDICATES THAT INFORMATION HAS BEEN REDACTED. 
 JOINT DEVELOPMENT AGREEMENT 

This JOINT DEVELOPMENT AGREEMENT (together with the exhibits attached hereto, this “Agreement”) is entered into
effective as of October 28, 2021 (the “Effective Date”) and is between Solid Power, Inc., a Colorado corporation and having its registered office at 486 S. Pierce Ave., Suite E, Louisville, Colorado 80027 USA
(“Solid Power”), and SK Innovation Co., Ltd., a Company incorporated under the laws of Republic of Korea and having its registered office at 26 Jongro, Jongno-gu, Seoul 03188 Republic
of Korea (“SKI,” and together with Solid Power, the “Parties”). 
 RECITALS 

A.    Solid Power is developing and/or acquiring technology relating to
all-solid-state (“ASSB”) battery cells having a sulfide-based solid electrolyte (the “Material). 

B.    SKI is developing and securing technology in the field of lithium-ion
battery including electrode powders, electrode coatings, electrolyte compositions, battery assembly, battery formation, and battery cycling and sells batteries to third-parties, including original equipment manufacturers in the automotive market
(Auto OEMs). 
 C.    SKI and Solid Power desire to cooperate on ASSB cell development, validation, and production in
order to accelerate activities toward a “tier-1” battery supplier engagement to enable transition of ASSB qualification samples to SKI for target automotive original equipment manufacturers in 2024
(the “Project”). 
 AGREEMENT 

NOW, THEREFORE, in consideration of the premises and the mutual promises contained herein, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 
 ARTICLE I 

DEFINITIONS 

1.01    Definitions. 

(a)    “Affiliate” of a specified person means a person who, directly or indirectly through one or
more intermediaries, Controls, is Controlled by, or is under common Control with, such specified person. 

(b)    “Agreement” has the meaning set forth in the introductory paragraph. 

(c)    “ASSB” has the meaning set forth in the recitals. 

(d)    “Background IP” means Intellectual Property conceived, created, developed, or reduced to
practice by a Party or an Affiliate of a Party prior to the Effective Date or outside of the scope of the Scope of Work; provided, however, Background IP may also include Intellectual Property developed outside of the scope of the
Project but subsequently incorporated as part of or discussed in conjunction with the Project methodology or Project deliverables. 

 (e)    “Business Day” means a day other than
Saturday, Sunday, or any day on which the Federal Reserve Bank of New York is closed. 
 (f)    “Confidential
Information” has the meaning set forth in Section 6.01. 

(g)    “Control” (including the terms “Controlled by” and
“under common Control with”) means the possession, directly or indirectly, or as a trustee or executor, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership
of voting securities, as trustee or executor, by contract, or otherwise. 
 (h)    “DCRC” has
the meaning set forth in Section 6.05. 
 (i)    “Disclosing Party”
has the meaning set forth in Section 6.01. 
 (j)    “Effective Date”
has the meaning set forth in the introductory paragraph. 
 (k)    “Foreground IP” means
Intellectual Property first conceived, created, or developed by one of the Parties during the Term and solely within the Scope of Work, but in all cases excluding Background IP. 

(l)    “Intellectual Property” means all or any of the following throughout the world:
(i) patents, patent applications (including originals, divisions, continuations, continuations-in-part, extensions, reexaminations, and reissues thereof), patent
disclosures, inventions, and invention disclosures (whether or not patentable), (ii) trademarks, service marks, trade dress, trade names, corporate names, logos, and slogans (and all translations, transliterations, adaptations, derivations, and
combinations of the foregoing) and Internet domain names, and franchises, together with all goodwill associated with each of the foregoing, (iii) copyrights and copyrightable works, (iv) registrations and applications for any of the
foregoing, (v) trade secrets, customer lists, data and customer records, reports, software development methodologies, source code, technical information, proprietary business information, process technology, plans, drawings, blue prints, know-how and inventions (whether patentable or unpatentable and whether or not reduced to practice (those items in subclause (v) collectively, “Trade Secrets”), (vi) all rights of
publicity, including the right to use the name, voice, likeness, signature, and biographies of real persons, together with all goodwill related thereto, and (vii) all other intellectual or proprietary rights. 

(m)    “Inventions” has the meaning set forth in Section 3.04. 

(n)    “IP Recipient” has the meaning set forth in Section 3.05(a). 

(o)    “Joint IP” means Intellectual Property developed jointly by the Parties under this
Agreement and pursuant to the Scope of Work. 
 (p)    “Material” has the meaning set forth in
the recitals. 
 (q)    “Merger” has the meaning set forth in
Section 6.05. 
 (r)    “MergerSub” has the meaning set forth in
Section 6.05. 

  
 2 

 (s)    “MOU” has the meaning set forth in
Section 2.06. 
 (t)    “New Solid Power” has the meaning set forth in
Section 6.05. 
 (u)    “Project” has the meaning set forth in the
recitals. 
 (v)    “Receiving Party” has the meaning set forth in
Section 6.01. 
 (w)    “Representatives” has the meaning set forth in
Section 6.03(b). 
 (x)    “Scope of Work” has the meaning set forth in
Section 2.01. 
 (y)    “SKI” has the meaning set forth in the
introductory paragraph. 
 (z)    “Solid Power” has the meaning set forth in the introductory
paragraph. 
 (aa)    “Term” has the meaning set forth in
Section 4.01. 
 1.02    Interpretation. The words “include” and
“including” and other words of similar import when used herein shall not be deemed to be terms of limitation but rather shall be deemed to be followed in each case by the words “without limitation,” whether or not they are in
fact followed by those words or words of like import. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms. 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. Any capitalized term used in any Exhibit but not otherwise defined therein will have the
meaning given to such term in this Agreement. Any reference to “days” means calendar days unless Business Days are expressly specified. If any action under this Agreement is required to be done or taken on a day that is not a Business Day,
then such action shall be required to be done or taken not on such day but on the first succeeding Business Day thereafter. The words “herein,” “hereto,” “hereunder” 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 Article, Section or other subdivision of this Agreement. When a reference is made in this Agreement to an Article, Section, or
Exhibit, such reference is to an Article or Section of, or an Exhibit to, this Agreement unless otherwise indicated. Any reference herein to “dollars” or “$” shall mean United States dollars. The term “or” is not
exclusive. 
 ARTICLE II 

SCOPE OF WORK; PROJECT MANAGEMENT; MATERIAL SUPPLY 

2.01    Scope of Work. The Parties have jointly developed a statement of work, attached hereto as
Exhibit A (the “Scope of Work”), which sets forth the expected work to be performed by each Party during the Term to support the Project. The Scope of Work may be amended through a writing executed
and delivered by both Parties. 
 2.02    Performance. Each Party shall use commercially reasonable efforts and
to complete its responsibilities under the Scope of Work in accordance with the timelines and milestones set forth therein. Solid Power shall use commercially reasonable efforts to facilitate SKI’s access to third party materials necessary for
SKI’s performance of the Scope of Work (e.g., cathode active materials, binders, etc.). 

  
 3 

 2.03    Fees and Expenses. Except as otherwise set forth in the
Scope of Work, each Party shall bear all of its own fees, expenses, and costs of any kind in performing its obligations under the Scope of Work. If SKI desires Solid Power to perform activities outside of the Scope of Work, the Parties shall
negotiate in good faith the personnel, time, costs, expenses, materials, and other matters necessary to complete such activities. 

2.04    Project Management. Each Party shall designate a project manager for the Project. Solid Power’s
initial project manager is [ * * * ] and SKI’s initial project manager is [ * * * ]. In addition, the Parties shall establish a steering committee comprised of at least three members of management from each of the Parties, which steering
committee will meet at least quarterly to assess progress, review go/no-go milestones, pricing, and commercial readiness. 

2.05    Material Supply. For the duration of the Term, Solid Power shall, or shall cause a third party to,
manufacture and supply Material to SKI for use in furthering the Scope of Work and the Project. The Material shall be sold to SKI pursuant to a Material Transfer Agreement, the form of which is attached hereto as Exhibit B.
The price for Material shall be as set forth in the Scope of Work. 
 2.06    MOU. In connection with the
execution and delivery of this Agreement, the Parties have entered into a memorandum of understanding, a copy of which is attached hereto as Exhibit C (the “MOU”). 

ARTICLE III 

INTELLECTUAL PROPERTY 

3.01    Background IP. Each Party shall retain all right, title, and interest in and to all of such Party’s,
or such Party’s Affiliate’s, Background IP, and, except as otherwise expressly set forth in Section 3.04, the other Party shall obtain no, nor shall it be deemed to have been granted any, license, right, title, or
interest in or to any of the other Party’s Background IP. 
 3.02    Foreground IP. Each Party shall retain
all right, title, and interest in and to all of such Party’s, or such Party’s Affiliate’s, Foreground IP and, except as otherwise expressly set forth in Section 3.04, the other Party shall obtain no, nor
shall it be deemed to have been granted any, license, right, title, or interest in or to any of the other Party’s Foreground IP. 

3.03    Joint IP. The Parties shall jointly own all Joint IP. Either Party is free to use and exploit Joint IP,
including the right to make, have made, use, sell, have sold, import, and export products or services, without payment to the other Party or obligation to account to the other Party; provided, however, neither Party shall be permitted
to, without the consent of the other Party, grant a license under such Joint IP. Each Party shall solely own all modifications and derivative works to the Joint IP that it creates after the Term, without any disclosure, financial, or cross-license
obligation to the other Party. 
 3.04    Material; Inventions. Notwithstanding
Section 3.03, Solid Power will exclusively own all right, title, and interest, including all Intellectual Property rights, in and to any improvements or enhancements to the Material conceived, developed, or reduced to
practice by or on behalf of the Parties (whether or not authorized under this Agreement) (“Inventions”). For the avoidance of doubt and for the purpose of this section, incorporation of a Party’s background Intellectual
Property into the “Material” (including adding materials such as a binder to the Material or processing the Material to make an interfacial layer) shall not be considered as “any improvements or enhancements to the Material”.
Accordingly, SKI hereby assigns to Solid Power all right, title, and interest, including all Intellectual Property rights, in and to any Inventions. SKI will, no later than five days after becoming aware of an Invention, disclose to Solid Power such
Invention and provide to Solid Power copies of all Invention 

  
 4 

 
disclosures and other documents that disclose such Invention. Such Invention disclosure and other documents will contain sufficient detail to enable Solid Power to determine whether: (i) the
respect Invention contains patentable subject matter, and (ii) to file for patent protection of the Invention. 

3.05    Limited Grant of License; Restrictions. 

(a)    For the duration of the Term, each Party hereby grants to the other Party and its Affiliates (“IP
Recipient”) a non-exclusive, royalty-free, non-transferrable, non-sublicensable license to the granting Party’s
Background IP and Foreground IP solely to the extent necessary, and for the limited purpose, to fulfill the receiving Party’s obligations under the Scope of Work. For the sake of clarity, in no event shall either Party be entitled to share the
other Party’s Background IP or Foreground IP without the prior written consent of the Party who owns such Background IP or Foreground IP. Following the expiration of the Term or earlier termination of this Agreement the foregoing license shall
automatically terminate; provided, however, subject to the Parties entering into a Commercialization Agreement (as defined in the MOU), each Party agrees to negotiate in good faith a royalty-bearing license to such Party’s
Background IP and Foreground IP to the extent necessary to fulfill each Party’s obligations under the Commercialization Agreement. 

(b)    IP Recipient will not and will not attempt to, and will cause its Affiliates not to and not to attempt to, directly
or indirectly, lease, loan, or otherwise commercialize, disclose, or share with any third party, any of granting Party’s Background IP or Foreground IP, or any Trade Secrets embodied in any of granting Party’s Background IP or Foreground
IP. 
 (c)    SKI will not and will not attempt to, and will cause its Affiliates not to and not to attempt to, directly
or indirectly, lease, loan, or otherwise commercialize, disclose, or share with any third party, modify, analyze, reverse engineer (or otherwise attempt to learn the ingredients or chemical structure of), or otherwise seek to identify or uncover any
Trade Secrets embodied in any Material. 
 3.06    Third Party Intellectual Property. To the extent one of the
Parties has rights to a third party’s Intellectual Property, and to the extent such Intellectual Property is required to be practiced or otherwise required to complete the Scope of Work, such Party shall use commercially reasonable efforts to
procure all necessary approvals to use such third party’s Intellectual Property. 
 ARTICLE IV 

TERM; TERMINATION 

4.01    Term. This Agreement shall be effective commencing on the Effective Date and will continue until
March 31, 2025, unless earlier terminated pursuant to Section 4.02 (the “Term”). 

4.02    Termination. This Agreement shall terminate upon the earlier of: 

(a)    expiration of the Term; 

(b)    entry by the Parties (or their respective Affiliates) into the Commercialization Agreement; 

(c)    upon 30 days’ prior written notice by either Party if such Party elects not to proceed with the
Commercialization Agreement; or 
 (d)    the date on which the Business Combination Agreement and Plan of
Reorganization among DCRC, MergerSub, and Solid Power, dated June 15, 2021, is terminated. 

  
 5 

 4.03    Survival. Upon termination of this Agreement pursuant to
Section 4.02 all obligations and rights of the Parties shall also terminate, except for Article III, this Section 4.03, Article VI,
Article VII, and Article VIII, and all defined terms required to interpret those Articles and Sections. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

Each Party hereby represents and warrants to the other Party as follows: 

5.01    Power and Authority. This Agreement and the documents referred to herein to have been duly executed and
delivered by such Party and are legal, valid, and binding obligations of such Party, enforceable against such Party in accordance with their terms. 

5.02    No Conflict. Such Party does not have any agreement with any third party or other commitment or obligation
that materially conflicts with such Party’s obligations under this Agreement. During the Term, such Party will not enter into any agreement, commitment, or obligation that materially conflicts with its obligations under this Agreement. 

5.03    Disclaimer. Except as set forth in Section 5.01 and
Section 5.02, such Party does not make any warranties in connection with this Agreement, whether express, implied, statutory, or otherwise and such Party specifically disclaims all implied warranties, including those of
merchantability, title, noninfringement, and fitness for a particular purpose. 
 ARTICLE VI 

CONFIDENTIALITY 

6.01    Definition. A Party (“Disclosing Party”) may directly or indirectly disclose or
make available Confidential Information to the other Party (“Receiving Party”) in connection with this Agreement. “Confidential Information” means information in any
form or medium (whether oral, written, electronic, or other) that is marked as confidential or proprietary to Disclosing Party or that otherwise should reasonably be considered confidential to Disclosing Party given the nature of the information and
circumstances of disclosure, including information consisting of or relating to Disclosing Party’s technology, Intellectual Property, know-how, business operations, plans, strategies, customers, and
pricing, and information with respect to which Disclosing Party has contractual or other confidentiality obligations. 

6.02    Exclusions. Confidential Information does not include information that Receiving Party can demonstrate by
written or other documentary records: (a) was rightfully known to Receiving Party without restriction on use or disclosure prior to such information being disclosed or made available to Receiving Party in connection with this Agreement;
(b) was or becomes generally known by the public other than by Receiving Party’s noncompliance with this Agreement; (c) was or is received by Receiving Party on a non-confidential basis from a
third party that, to Receiving Party’s knowledge, was not or is not, at the time of such receipt, under any obligation to maintain its confidentiality; or (d) was or is independently developed by Receiving Party without reference to or use
of any Confidential Information. Notwithstanding the foregoing in this Section 6.02 and without otherwise limiting the definition of Confidential Information set forth in Section 6.01, the
Material, Inventions and the terms and existence of this Agreement are Confidential Information. 

  
 6 

 6.03    Protection of Confidential Information. Receiving Party
will: 
 (a)    not access or use Confidential Information other than as necessary to exercise its rights or perform its
obligations under and in accordance with this Agreement; 
 (b)    not disclose or permit access to Confidential
Information other than: (i) in accordance with Section 6.04; or (i) to its employees, officers, directors, consultants, Affiliates, and agents (collectively, “Representatives”) who:
(1) need to know such Confidential Information for the Project and/or Receiving Party’s exercise of its rights or performance of its obligations under and in accordance with this Agreement; (2) have been informed of the confidential
nature of the Confidential Information and Receiving Party’s obligations under this Article VI; and (ii) are bound by written confidentiality and restricted use obligations at least as protective of the
Confidential Information as the terms set forth in this Article VI; 
 (c)    safeguard the
Confidential Information from unauthorized use, access or disclosure using at least the degree of care it uses to protect its own sensitive information and in no event less than a reasonable degree of care; and 

(d)    ensure that its Representatives comply with, and be responsible and liable for any noncompliance with, the terms of
this Article VI. 
 6.04    Compelled Disclosures. If Receiving Party or any of its
Representatives is compelled by applicable law or regulation to disclose any Confidential Information then, to the extent permitted by the applicable law or regulation, Receiving Party will: (a) promptly, and prior to such disclosure, notify
Disclosing Party in writing of such requirement so that Receiving Party can seek a protective order or other remedy, or waive its rights under Section 6.03; and (b) provide reasonable assistance to Disclosing Party, at
Disclosing Party’s cost and expense, in opposing such disclosure or seeking a protective order or other limitations on disclosure. If Disclosing Party waives compliance or, after providing the notice and assistance required under this
Section 6.04, Receiving Party remains required by applicable law or regulation to disclose any Confidential Information, Receiving Party will disclose only that portion of the Confidential Information that, on the advice of
Receiving Party’s legal counsel, Receiving Party is legally required to disclose and, upon Disclosing Party’s request, will use commercially reasonable efforts, at Disclosing Party’s cost and expense, to obtain assurances from the
applicable court or other presiding authority that such Confidential Information will be afforded confidential treatment. 

6.05    Securities Laws Compliance. As has been publicly disclosed, Solid Power has entered into an agreement with
Decarbonization Plus Acquisition Corporation III (“DCRC”) and DCRC Merger Sub Inc. (“Merger Sub”), pursuant to which Merger Sub will merge with and into Solid Power, with Solid Power surviving and
becoming a wholly owned subsidiary of DCRC (the “Merger”). Following completion of the Merger, DCRC will rename itself Solid Power, Inc., a Delaware corporation and will be a publicly traded company (“New Solid
Power”). SKI hereby acknowledges that it understands that: (a) the Confidential Information, the existence or contents of this Agreement, and the fact that investigations, discussions, or negotiations are taking or have taken place
concerning the Project, including the status thereof, may contain or constitute material non-public information concerning Solid Power, DCRC, or New Solid Power; and (b) trading in the securities of DCRC,
Solid Power, or New Solid Power, as applicable, while in possession of material nonpublic information or communicating that information to any other person who trades in such securities could subject the party receiving such information to liability
under the U.S. federal and state securities laws, and the rules and regulations promulgated thereunder, including Section 10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5
promulgated thereunder. SKI agrees that it will not trade in the securities of DCRC, Solid Power, or New Solid Power, as applicable, while in possession of material nonpublic information or at all until SKI can do so in compliance with all
applicable laws and without breach of this Agreement. 

  
 7 

 ARTICLE VII 

INDEMNIFICATION; REMEDIES 

7.01    Indemnification. Each Party will defend, indemnify, and hold harmless the other Party, its Affiliates, and
their respective officers, directors, employees, agents, licensors, successors, and assigns, from and against any and all losses or liabilities (including reasonable attorneys’ fees) arising out of or resulting from the indemnifying
Party’s breach of this Agreement. 
 7.02    Remedies. Notwithstanding anything herein to the contrary, the
Parties hereby agree that, in the event any Party violates any provisions of this Agreement, the remedies at law available to the non-breaching Party may be inadequate. In such event, the non-breaching Party shall have the right, in addition to all other rights and remedies it may have, to seek specific performance or other equitable relief (including rights of rescission) at any time to enforce or
prevent any breaches by the breaching Party. 
 ARTICLE VIII 

MISCELLANEOUS 

8.01    Notices. Any notice required or permitted to be given under this Agreement shall be sufficient if made in
writing and shall be deemed to be given (a) when personally delivered, (b) upon actual delivery when sent by electronic mail, or (c) on the next business day following dispatch when sent by overnight courier service, costs prepaid, to
the addresses specified below: 
 If to Solid Power: 

Solid Power, Inc. 
 486 S. Pierce
Ave., Suite E 
 Louisville, CO 80027 

Attention: Legal Department 

Email: [ * * * ] 
 With copy to
(which copy shall not constitute notice): [ * * * ] 
 If to SKI: 

SK Innovation Co., Ltd. 
 26
Jongro, Jongro-gu, Seoul 03188, 
 Republic of Korea Attention: [ * * * ] 

Email: [ * * * ] 

8.02    Assignment. The rights and obligations of a Party under this Agreement shall not be assigned, including by
operation of law or otherwise, by a Party without the prior written consent of the other Party; provided, however, Solid Power shall be entitled to assign this Agreement to any future parent company, including New Solid Power
following, and subject to, the consummation of the Merger. 
 8.03    Binding Nature of Agreement; No Third Party
Beneficiaries. All the terms and provisions of this Agreement will be binding upon and will inure to the benefit of the Parties and their respective successors, permitted assigns, heirs, and personal representatives. It is not the intention of
the Parties to confer third party beneficiary rights upon any other third party. 

  
 8 

 8.04    Entire Agreement. This Agreement, together with the
attached Exhibits, constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes any prior understandings, agreements, or representations by or between the Parties, written or oral, that may have
related in any way to the subject matter hereof. 
 8.05    No Exclusive Agreement. This is not an exclusive
agreement. Each Party has and will continue to perform battery cell development internally and with other partners, including other battery manufacturers, automotive manufacturers, universities, research entities, and other non-profit, for-profit, or governmental organizations. 

8.06    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 

8.07    Arbitration. All disputes arising out of or in connection with this Agreement shall be submitted to
confidential arbitration before the International Court of Arbitration of the International Chamber of Commerce and shall be finally and confidentially settled under the Rules of Arbitration of the International Chamber of Commerce (the
“Rules”) by three arbitrators appointed in accordance with the Rules. The language of the arbitration will be English. The place of the arbitration will be London, England. Judgment upon any award rendered by
the arbitrator may be entered in any court having jurisdiction. Notwithstanding the foregoing, a Party may institute and sustain an action for equitable relief to prevent an actual or threatened breach of this Agreement, or to stop a continuing
breach of this Agreement, in any court having jurisdiction. 
 8.08    Headings. The headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

8.09    Incorporation of Exhibits. The Exhibits identified in this Agreement are incorporated herein by reference
and made a part hereof. 
 8.10    Severability. If any provision of this Agreement is held to be illegal,
invalid, or unenforceable under any present or future law, and if the rights or obligations of any Party under this Agreement will not be materially and adversely affected thereby, (a) such provision will be fully severable, (b) this
Agreement will be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a part hereof, (c) the remaining provisions of this Agreement will remain in full force and effect and will not be affected by
the illegal, invalid, or unenforceable provision or by its severance therefrom, and (d) in lieu of such illegal, invalid, or unenforceable provision, there will be added automatically as a part of this Agreement a legal, valid and enforceable
provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible. 

8.11    Rules of Construction. The Parties agree that they have been represented by counsel (or have had the
opportunity to retain counsel and knowingly forego such opportunity) during the negotiation, preparation, and execution of this Agreement and therefore waive the application of any law, rule, regulation, holding, or rule of construction providing
that ambiguities in an agreement or other document will be construed against the Party drafting such agreement or document. 

8.12    Amendment; Waiver. This Agreement may not be amended except by an instrument in writing signed by each of
the Parties. Any agreement on the part of a Party to the waiver of any provision of this Agreement shall be valid only if set forth in an instrument in writing signed on behalf of such Party. 

  
 9 

 8.13    Public Announcements. Solid Power shall be entitled to
issue a press release announcing the execution of this Agreement and the transactions contemplated hereby. Subsequently, each Party agrees to consult with the other before issuing any press release or otherwise making any public statement with
respect to this Agreement or the transactions contemplated hereby and not issue any such press release or make any such public statement prior to such consultation and review and the receipt of the prior consent of the other; provided,
however, that if such press release or public statement is required by applicable law, the Party required to make such press release or public statement shall advise the other Party of such obligation and the Parties shall attempt to cause a
mutually agreeable press release or public statement to be issued. The foregoing shall not restrict Solid Power from providing any information required by a securities exchange or to comply with its disclosure obligations under the Securities Act of
1933, as amended, the Securities Exchange Act of 1934, as amended, or any rules promulgated by the Securities and Exchange Commission thereunder. 

8.14    Counterparts; Electronic Signatures. This Agreement may be executed and delivered by each Party in separate
counterparts, each of which when so executed and delivered shall be deemed an original and all of which taken together shall constitute one and the same Agreement. This Agreement, and any amendments hereto or thereto, to the extent signed and
delivered by means of a facsimile machine, PDF, or other electronic transmission, shall be treated in all manner and respects as an original contract and shall be considered to have the same binding legal effects as if it were the original signed
version thereof delivered in person. Any such signature page shall be effective as a counterpart signature page hereto without regard to page, document, or version numbers or other identifying information thereon, which are for convenience of
reference only. At the request of a Party, the other Party shall re-execute original forms thereof and deliver them to the other Party. 

[Signature Page Follows] 

  
 10 

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

			
	
	SOLID POWER:
	
	Solid Power, Inc.
		
	By:	 	 /s/ Douglas Campbell

	 Name:
	 	Douglas Campbell
	 Title:
	 	Chief Executive Officer
	
	SKI:
	
	SK Innovation Co., Ltd.
		
	By:	 	 /s/ Seongjun Lee

	Name:	 	Seongjun Lee
	Title:	 	Head of Institute of Environmental
		 	Science & Technology

  
 SIGNATURE
PAGE TO JOINT DEVELOPMENT AGREEMENT 

 EXHIBIT A 

SCOPE OF WORK 
 (see
attached) 

 [ * * * ] 

  
 13 

 EXHIBIT B 

MATERIALS TRANSFER AGREEMENT 

(see attached) 

 MATERIALS TRANSFER AGREEMENT 

THIS MATERIALS TRANSFER AGREEMENT (this “Agreement”), effective
28th of October, 2021 (“Effective Date”), is between SK Innovation Co., Ltd., a Company incorporated under the laws of Republic of Korea
(“Transferee”), and Solid Power, Inc., a Colorado corporation (“Transferor,” and together with Transferee, the “Parties”). 

1.    Material. “Material” means samples, including solid electrolyte materials,
solid-state cells, and other related solid-state battery materials, produced by Transferor and provided to Transferee under this Agreement for the purpose of enabling Transferee to evaluate its interest in further collaboration with Transferor. 

2.    No Analysis. Transferee shall not analyze chemically or conduct any reverse engineering on the Material in
any manner. However, it is understood that Transferee may have to conduct certain physical testing in order to determine the suitability of the Material for having the desired properties in its finished product. Any such physical testing shall be
limited to the test plan set forth in Exhibit A and incorporated herein by reference (the “Test Plan”). At Transferor’s request, any work performed pursuant to the Test Plan shall be done in the presence of one or
more of Transferor’s engineers. The results of any testing pursuant to the Test Plan will be treated as Confidential Information (as defined below). Any changes or additions to the Test Plan must be approved by both Parties in writing. 

3.    Consideration. In consideration of Transferor providing Transferee the Materials for the purpose set forth in
Section 1, Transferee will pay Transferor compensation in the amount, and payable at the times and in the manner, set forth in Exhibit B. [Exhibit B is to be discussed and filled in] 

4.    No Sale. Nothing in this Agreement shall be construed as selling, assigning, transferring title to, or
otherwise conveying Transferor’s Material, Confidential Information, intellectual property, know-how, trade secrets, or other tangible or intangible materials to Transferee, all of which shall remain the
property of Transferor. 
 5.    Transfer to Third Parties. Transferee shall not assign, sell, convey, lease,
loan, or otherwise transfer the Material to any third party without the prior written consent from Transferor. 

6.    Nondisclosure and Confidentiality. Transferor considers all Material transferred, any knowledge conveyed
under this Agreement with respect to the Material, and all information relating to the Material, including any test results, to be confidential information of Transferor (“Confidential Information”). Transferee shall hold in
the strictest of confidence all Confidential Information. Without prior written consent of Transferor, Transferee shall not disclose Confidential Information, nor permit such Confidential Information to be disclosed, to any other person or entity
other than those employees of Transferee who have a bona fide need to know the Confidential Information. Transferee will not use or permit the use of Confidential Information for any purpose other than as set forth in
Section 1 without the prior written consent of Transferor. Notwithstanding the foregoing, Confidential Information does not include information that: (a) is already in Transferee’s possession at the time of
disclosure by Transferor without restriction on use or obligation of confidentiality, as established by relevant documentary evidence; (b) is or later becomes, through no wrongful act or omission on the part of Transferee, generally available
to the public; (c) is furnished to Transferee by a third party that does not have an obligation of confidentiality, direct or indirect, to Transferor; or (d) is independently developed by Transferor without reliance on or use of the
Confidential Information, as established by relevant documentary evidence. Transferee may disclose Confidential Information if required by law or government regulation; provided, however, Transferee shall first (i) provide Transferor prompt
notice of such required disclosure, (ii) assist Transferor in obtaining a protective order with respect to such Confidential Information, and (iii) only 

 
disclose such Confidential Information as is required under applicable law or government regulation on the advice of counsel. Transferee acknowledges that monetary remedies may be inadequate to
protect the confidentiality of the Confidential Information and that injunctive relief may be appropriate for Transferor to protect its rights hereunder. Transferee acknowledges that Transferor may be irreparably damaged to the extent that any of
the terms of this Agreement are violated and agrees that Transferor may seek (I) issuance of an injunction restraining the unauthorized copying, duplication, use, dissemination or disclosure of any Confidential Information, or (II) any
other legal or equitable remedies, which shall be cumulative with and not exclusive of any other remedy or remedies. Upon expiration of the Term or earlier termination of this Agreement, Transferee shall return or destroy any Material or
Confidential Information in its possession, including tested samples and certify such return or destruction to Transferor. This Section 6 shall survive the expiration or earlier termination of this Agreement. 

7.    Term and Termination. The term of this Agreement shall commence on the Effective Date (the
“Term”) and shall expire on March 31, 2025. Either Party may terminate this Agreement at any time upon 30 days’ prior written notice to the other Party. Upon any expiration or earlier termination of this Agreement,
any and all rights and obligations of the Parties under this Agreement will terminate, provided that all rights, obligations or liabilities accrued under this Agreement prior to expiration or earlier termination of this Agreement, and any other
right, obligation or liability which by its nature or express duration extends beyond the termination of this Agreement, will survive termination and continue in effect indefinitely or for the duration expressed in the applicable section or article.
The provisions of this Agreement that do not survive termination of this Agreement will nonetheless be controlling on, and will be used in construing and interpreting the rights and obligations of the Parties with regard to any dispute, controversy,
or claim which may arise under, out of, in connection with, or relating to this Agreement. 

8.    Representations. Transferor represents that it owns the Material, that it has the right to enter into this
Agreement, and that it is under no obligation inconsistent with the terms and conditions of this Agreement. 

9.    Test Summaries. Transferee, at its sole cost and expense, shall provide Transferor written test results
associated with the use or testing of any Material, including pursuant to the Test Plan. 
 10.    Disclaimer of
Warranty. Transferee acknowledges and agrees that the Material is experimental in nature and may have hazardous properties. Transferor makes no representations, and extends no warranties of any kind, either express or implied, under law or in
equity, with respect to the Material, and specifically disclaims any implied warranties of merchantability or fitness for a particular purpose, or that use of the Material will not infringe any patent or other intellectual or proprietary rights of a
third party. 
 11.    Indemnification. Transferee assumes all liability, and shall indemnify, defend, and hold
harmless Transferor, its officers, directors, stockholders, insurers, lenders, agents, and other representatives, from and against all losses, claims, demands, actions, suits, causes of action, damages, and expenses (including any legal expenses)
(collectively, “Actions”), which may arise out of or result from the actual possession, use, storage, or disposal of any Material, including any products liability or environmental Actions, provided such Actions are not
caused by Transferor’s gross negligence or intentional misconduct. 
 12.    Governing Law; Jurisdiction;
Venue. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Colorado or any other
jurisdiction). All disputes arising out of or in connection with this Agreement shall be finally settled under the Rules of Arbitration 

  
 2 

 
of the International Chamber of Commerce (the “Rules”) by three arbitrators appointed in accordance with the said Rules. The language of the arbitration will be English.
The place of the arbitration will be London, England. Judgment upon any award rendered by the arbitrators may be entered in any court having jurisdiction. Notwithstanding the foregoing, a Party may institute and sustain an action for equitable
relief to prevent an actual or threatened breach of this Agreement, or to stop a continuing breach of this Agreement, in any court having jurisdiction. 

13.    Compliance with Laws. A Party receiving Confidential Information or Material shall adhere to all applicable
laws, regulations, rules, and orders, including all U.S. Export Administration Laws and Regulations. 

14.    Binding Nature of Agreement; No Third Party Beneficiaries. All the terms and provisions of this Agreement
will be binding upon and will inure to the benefit of the Parties and their respective successors, permitted assigns, heirs, and personal representatives. Except as expressly provided in Section 11, it is not the intention
of the Parties to confer third party beneficiary rights upon any other third party. 
 15.    No Exclusive
Agreement. This is not an exclusive agreement. Transferor is free to engage others to provide Materials the same as or similar to the Materials provided to Transferee. 

16.    Assignment. Neither Party may assign, delegate, or transfer to any third party any of its rights or
obligations hereunder, or subcontract its performance hereunder, without the prior written consent of the other Party. 

17.    Notices. Any notice required or permitted to be given under this Agreement shall be sufficient if in writing
and personally delivered, sent by electronic mail, or sent by overnight courier service to the addresses specified below. A notice shall be deemed to have been received if given in writing and addressed as provided below, and if either
(a) actually delivered in fully legible form to such address (evidenced in the case of electronic mail by confirmation of receipt by the intended recipient) or (b) on the first business day following the date of dispatch, if delivered by a
recognized next-day courier service, costs prepaid, in each case if sent to such Party at its address or email address set forth below: 

If to Transferor: 
 Solid Power,
Inc. 
 486 S. Pierce Ave., Suite E 

Louisville, Colorado 80027 

Attention: [ * * * ] 
 Email: [ *
* * ] 
 With copy to (which copy shall not constitute notice): 

Solid Power, Inc. 
 486 S. Pierce
Ave., Suite E 
 Louisville, Colorado 80027 

Attention: Legal Department 

Email: [ * * * ] 

  
 3 

 If to Transferee: 

SK Innovation Co., Ltd. 
 26
Jongro, Jongro-gu, Seoul 03188, 
 Republic of Korea 

Attention: [ * * * ] 
 Email: [ *
* * ] 
 To the address set forth on the signature page to this Agreement 

Any Party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving
the other Parties notice in the manner herein set forth. 
 18.    Entire Agreement. This Agreement, including
the exhibits and other attachments hereto referenced herein, if any, contains the entire agreement among the Parties with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements and understandings, inducements
or conditions, express or implied, oral or written. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. 

19.    Amendment. Except as otherwise provided herein, this Agreement may not be modified or amended other than by
an agreement in writing signed by duly authorized representatives of each of the Parties. 
 20.    Relationship.
Each party hereto shall be considered as an independent contractor responsible for its own expenses and financial obligations incurred in the performance of this Agreement. 

21.    No Waiver. No failure or delay by any Party in exercising any right, power, or privilege hereunder will
operate as a waiver of any right, power, or privilege hereunder. No waiver of any default on any one occasion will constitute a waiver of any subsequent or other default. No single or partial exercise of any right, power, or privilege will preclude
the further or full exercise thereof. 
 22.    Severability. If any provision of this Agreement is held by a
court of competent jurisdiction to be illegal or unenforceable, the remaining provisions of this Agreement shall remain in full force and effect. 

23.    Remedies. The rights and remedies of the Parties with respect to failure of a Party to comply with the terms
of this Agreement are not exclusive, the exercise thereof will not constitute an election of remedies and the aggrieved Party will in all events be entitled to seek whatever additional remedies may be available in law or in equity. 

24.    Headings. Headings in this Agreement are for reference only and shall not affect the meaning of the
provisions. 
 25.    No Further Commitment. This Agreement imposes no purchase or supply obligation on
either Party or any obligation to enter into any other agreement. 
 26.    Publicity. Transferee will not use
any Transferor trademark, name, or logo in any publicity release, advertising, or other promotional activity without the prior written consent of Transferor. 

  
 4 

 27.    Counterparts; Electronic and Facsimile Signatures. This
Agreement may be signed by manual, electronic or facsimile signature in counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. 

28.    Construction. The Parties have participated jointly in the negotiation and drafting of this Agreement. In
the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the
authorship of any of the provisions of this Agreement. The Parties intend that each representation, warranty, covenant, and agreement contained in this Agreement shall have independent significance. If any Party has breached any such representation,
warranty, covenant, or agreement, then the fact that such Party has not breached another representation, warranty, covenant, or agreement relating to the same subject matter (regardless of the relative levels of specificity) shall not, in any way,
detract from or mitigate the breach. Any reference to any federal, state, local, or non-U.S. statute or law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context
requires otherwise. Whenever the words “include,” “includes,” or “including” are used in this Agreement, they shall be deemed to be followed by the words, “without limitation.” The words “hereof,”
“herein,” and “hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement. Any reference in this Agreement to gender shall include
all genders, including the neuter, and words imparting the singular number only shall include the plural and vice versa. References to sections, exhibits, or schedules refer to the section of, or exhibits or schedules to, this Agreement, unless
otherwise expressly indicated. References to “$” or to “dollars” shall mean the lawful currency of the United States of America. 

30.    Incorporation of Exhibits. The exhibits identified in this Agreement are incorporated herein by reference
and made a part hereof. 
 [Signature Page Follows] 

  
 5 

 IN WITNESS WHEREOF, the Parties have entered into this Agreement effective as of the
Effective Date. 
  

									
	TRANSFEREE:	  		 	TRANSFEROR:
			
	SK Innovation	  		 	Solid Power, Inc.
					
	By:	 	 /s/ Seongjun Lee
	  		 	By:	  	 /s/ Douglas Campbell

	Name: Seongjun Lee	  		 	Name: Douglas Campbell
	Title: Head of Institute of Environmental	  		 	Title: Chief Executive Officer
	Science and Technology	  		 		  	

			
		
	Address:	 	  

	  

	Attention	 	  

	Email:	 	  

  
 SIGNATURE
PAGE TO MATERIALS TRANSFER AGREEMENT 

 [ * * * ] 

 EXHIBIT C 

MEMORANDUM OF UNDERSTANDING 

(see attached) 

 Execution Copy 

MEMORANDUM OF UNDERSTANDING (MOU) 

THIS MEMORANDUM OF UNDERSTANDING (this “MOU”) is made on this 28th day of October, 2021 (the “Effective Date”). 

BY AND BETWEEN: 
 SK Innovation Co., Ltd, a Company
incorporated under the laws of Republic of Korea and having its registered office at 26 Jongro, Jongno-gu, Seoul 03188 Republic of Korea (hereinafter referred to as “SKI”) of the FIRST
PART; 
 AND 
 Solid Power, Inc., a Company
incorporated under the laws of State of Colorado having its registered office at 486 S. Pierce Ave., Unit E, Louisville, CO 80027 USA (hereinafter referred to as “Solid Power”) of the SECOND PART; 

SKI and Solid Power hereinafter individually referred to as a “Party” and collectively referred to as the “Parties”. 

 

	1.	 RECITALS: 

WHEREAS: 
  

	 	A.	 SK Innovation is a leader of lithium ion battery development, manufacturing, and supply whom owns expertise in
cell design and assembly technology which includes anode, cathode, electrolyte, protection layer, and any other element that requires in building a cell, and cell manufacturing technology which includes preparation of raw materials, build each
components and parts for cell, and production of cell, and etc. 

  

	 	B.	 Solid Power is a producer of both sulfide solid-state electrolyte (SSE) materials and All solid state batteries
(ASSBs), while other constituent materials are obtained from development partners (e.g. cathode active materials, lithium metal anodes, etc.). 

  

	 	C.	 Parties after having initial discussions with each other wish to explore whether there is a mutually beneficial
business relationship between the Parties related to production scale-up of sulfide all solid-state batteries (ASSB) that includes (a) Solid Power sharing information regarding its technology with SKI
after entry into a Commercialization Agreement (as defined below) and (b) the requirement to negotiate a Commercialization Agreement. 

  

	 	D.	 Now therefore, the Parties, accordingly, record their understanding and define the steps to be taken in
pursuance thereof. 

  

	2.	 PURPOSE 

The purpose of this MOU is to establish greater detail on the general task structure between the Parties. The activities described in
Section 3 are intended to determine whether the Parties desire to establish a longer-term business relationship pertaining to the outlined scope (the “Project”). If successful, the Parties may execute a follow-on a formal binding agreement setting forth the commercial terms between Solid Power and SKI (the “Commercialization Agreement”). 

 In connection with the execution and delivery of this MOU, the Parties have entered into a
Joint Development Agreement, effective as of October 28, 2021 (the “JDA”), setting forth the Parties’ rights and obligations with respect to furthering the Parties’ respective technologies. 

 

	3.	 SCOPE OF WORK 

During the Term (as defined below), Solid Power and SKI will initiate collaboration as set forth in the JDA and in parallel use commercially
reasonable efforts to negotiate in good faith the Commercialization Agreement. The Commercialization Agreement may contain provisions customary for its type, including with respect to representations, warranties, covenants, ownership of intellectual
property, confidentiality scope of work, licensing rights, and indemnification, as well as commercial terms relating to materials purchasing, royalties, and technology transfer fees. In the event that a Commercialization Agreement is not concluded
by the Parties during the Term, and either Party is unwilling to extend this MOU, neither Party will have any obligation or liability to the other except as specified in this MOU. 

Upon execution and delivery of one or more Commercialization Agreements, Solid Power intends to share with SKI the information in the
categories set forth on Annex 1 attached hereto and in accordance with a mutually agreed-upon timeline. 
  

	4.	 NON-BINDING NATURE OF THIS MOU 

This MOU does not create any legally binding obligation to proceed with the Project and, as such, is not intended to constitute any obligation
to execute agreements as envisaged hereinabove or to enter into business relationships with each other. The failure by either Party to proceed with or complete all or any part of the Project described in this MOU, or to enter into agreements for
implementation of the Project, including the Commercialization Agreement, shall not be used by any Party as a ground to claim any compensation or indemnification for whatsoever including loss of business, or profit or employment from the other
Party. 
 Notwithstanding the foregoing, the Parties agree and acknowledge that Sections 4
(Non-binding Nature of this MOU), 6 (Confidentiality), 8 (Term & Termination) and 10 (Governing Law; Arbitration) hereof are binding upon the Parties and shall survive expiration of the Term or
earlier termination of this MOU. 
  

	5.	 NO REPRESENTATIONS AND WARRANTIES 

No Party has given any warranty nor made any representation, either express or implied, to the other in this MOU. The information and
assumptions indicated in this MOU cannot give rise to any claim by any Party, based on its alleged reliance thereupon, or for any other title. 

  
 2 

	6.	 CONFIDENTIALITY 

The confidentiality provisions set forth in Article VI of the JDA are incorporated into this MOU mutatis mutandis. 

 

	7.	 FUNDING 

No exchange of funding is planned under this MOU. Each Party shall bear their own costs in performance of the efforts described herein. 

 

	8.	 TERM & TERMINATION 

This MOU shall be effective commencing on the Effective Date and will continue until March 31, 2023, unless earlier terminated pursuant to
the terms of this MOU (the “Term”). 
 This MOU shall terminate on the earliest of the following events: 

 

	 	a)	 expiration of the Term; 

 

	 	b)	 entry by the Parties (or their respective affiliates) into the Commercialization Agreement;

  

	 	c)	 upon 30 days’ prior written notice by either Party if such Party elects not to proceed with the
Commercialization Agreement; or 

  

	 	d)	 the date on which the Business Combination Agreement and Plan of Reorganization among Decarbonization Plus
Acquisition Corporation III, DCRC Merger Sub, Inc., and Solid Power, dated June 15, 2021, is terminated. 

  

	9.	 NOTICES 

Section 8.01 of the JDA is incorporated herein mutatis mutandis. 

 

	10.	 GOVERNING LAW; ARBITRATION: 

Sections 8.06 and 8.07 of the JDA are incorporated herein mutatis mutandis. 

 

	11.	 AUTHORIZATION:  

The persons whose signatures appear below certify that they are authorized to enter this MOU on behalf of the Party for whom they sign. 

  
 3 

 IN WITNESS WHEREOF the Parties hereto have duly executed this MOU in manner binding upon them
effective as of the Effective Date. 
  

			
	SIGNED on behalf of Solid Power, Inc.:	  	SIGNED on behalf of SK Innovation Co., Ltd:
		
	/s/ Douglas Campbell	  	/s/ Seongjun Lee
		
	Douglas Campbell	  	Seongjun Lee
		
	CEO	  	Head of Institute of Environmental Science & Technology

  
 4 

 [ * * * ]

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