Document:

Exhibit 10.2

 

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

 

DEVELOPMENT
SERVICES AGREEMENT

 

This
DEVELOPMENT SERVICES AGREEMENT (this “Agreement”), is entered into as of August 4, 2021 (the “Effective
Date”), by and between Levo Mobility LLC, a Delaware limited liability company (the “Company”), and Nuvve
Holding Corp., a Delaware corporation (together with any Affiliate providing Services hereunder pursuant to Section 1(d), the
“Service Provider”). The Company and the Service Provider are referred to herein collectively as the “Parties”
and individually as a “Party”. Capitalized terms used and not otherwise defined herein shall have the meanings assigned
to them in the Company LLC Agreement.

 

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

 

WHEREAS,
the Company desires to engage the Service Provider to provide the comprehensive services described in this Agreement to the Company and
all of its Subsidiaries (collectively, the “Company Group”) with respect to the Business, including any assets that
the Company Group may acquire and own after the Effective Date (collectively, the “Company Group Assets”); and

 

WHEREAS,
the Service Provider is willing to undertake such engagement, subject to the terms of this Agreement.

 

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

 

Section
1 Services.

 

(a) Generally.
From and after the Effective Date and until the termination of this Agreement in accordance with Section 6, the Service
Provider shall provide to the Company Group on the terms and conditions set forth in this Agreement: (i) the services set forth
on Schedule I attached to this Agreement; (ii) operational, commercial, research and development, engineering, business
development, legal, regulatory, accounting, treasury, finance, such other services as may be necessary for or useful to the Business
and the Company Group Assets and other services as may be mutually agreed in writing by the Parties; and (iii) such other
administrative or other activities as are reasonably necessary or useful in carrying out the duties and services set forth above, or
as are reasonably inferable from the foregoing or the terms of this Agreement (such services described in this Section 1(a),
collectively, the “Services”); provided, that the Company may remove any Service in its sole discretion by
delivery of notice to the Service Provider, and the Service Provider shall cease providing such Service as soon as reasonably
practicable after receipt of such notice. The Service Provider shall reasonably promptly advise and inform the Company of any event
that the Service Provider has actual knowledge, which does, or would reasonably be likely to, have a material adverse effect on the
Company Group, the Business or the Company Group Assets, taken as a whole.

 

     

     

    

 

(b)
Employees.

 

(i) The
Service Provider shall select, employ and pay compensation (including the payment of all social security taxes, unemployment taxes and
similar payments related thereto) as well as employee benefits and any applicable severance to all personnel and employees of the Service
Provider who are necessary for, and dedicated solely to, the performance of the Services, unless such personnel and employees are employed
by the Company (each such personnel and employee other than those employed by the Company, a “Dedicated Employee”).
Each Dedicated Employee (including, for the avoidance of doubt, any replacement thereof) shall be approved by the Company, with Company
Approval, prior to providing any Services as a Dedicated Employee; provided, that the Company may (x) revoke such Company Approval
with regard to any such Dedicated Employee at any time by providing notice to the Service Provider, and such Dedicated Employee shall
cease providing Services as a Dedicated Employee and shall no longer be considered a Dedicated Employee immediately upon the Service Provider’s
receipt of such notice and (y) make recommendations with respect to a replacement for such Dedicated Employee and the Service Provider
will use reasonable efforts to consider such recommendations in good faith; provided, that if the Service Provider does not employ
any such recommended replacement, the Company may recommend additional replacements for such Dedicated Employee. The Dedicated Employees
shall devote substantially all of their professional time to the performance of the Services, and the Service Provider shall supervise
and direct all Dedicated Employees (for the avoidance of doubt, the Dedicated Employees shall not be permitted to devote any time to any
Business Opportunities other than those pursued by the Company). Notwithstanding the foregoing, upon advance written notice, the Company,
in its sole discretion and acting with Company Approval, may elect to, as applicable, (x) cause the Service Provider to promptly terminate
a Dedicated Employee following such individual’s receipt of an offer of employment from the Company or its Subsidiaries for a comparable
position on comparable terms of employment and (y) cause the Service Provider to transfer any of its Affiliates (including, for the avoidance
of doubt, any such Affiliate contemplated by the following sentence) engaged primarily in employing Dedicated Employees to the Company
on customary terms and conditions (including a customary indemnity to the Company with respect to such Dedicated Employees and such Affiliate,
as applicable). For purposes of the foregoing, at such time as the Service Provider reasonably deems appropriate or useful based on the
number of Dedicated Employees, the Service Provider shall use commercially reasonable efforts to cause a newly formed Affiliate to employ
such Dedicated Employees (such Affiliate’s purpose being limited solely to such employment of the Dedicated Employees), subject
to Company Approval; provided, that the Service Provider shall consider the opinions and recommendations of the Company in good
faith when determining the appropriateness or usefulness of forming such new Affiliate. Notwithstanding anything to the contrary herein,
the Company, in its sole discretion and acting with Company Approval, may elect to employ any employee that would, but for the Company’s
election, become a Dedicated Employee in accordance with this Agreement. Following any such election and employment by the Company, (x)
during the Initial Development Period, the Service Provider shall make monthly payments (no later than five (5) Business Days following
the end of each calendar month) to the Company with respect to any such employee in an amount sufficient to cover the employment related
costs and expenses of such employee such that the Company would be in the same economic position if such employee was instead a Dedicated
Employee employed by Service Provider or its Affiliates, and (y) following the Initial Development Period, the Company shall partially
reimburse Service Provider with respect to each such employee as set forth in Section 3(a) such that Service Provider and Company
would each be in the same economic position as if such employee was instead a Dedicated Employee employed by Service Provider or its Affiliates.

 

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(ii)
The Service Provider shall select, employ and pay compensation (including the payment of all social security taxes, unemployment taxes
and similar payments related thereto) as well as employee benefits and any applicable severance to all other personnel and employees
of the Service Provider who are not Dedicated Employees but who are necessary for the performance of the Services, including, for the
avoidance of doubt, such personnel and employees dedicated in part to the performance of Services (each such personnel and employee,
an “Occasional Employee”). The Service Provider shall supervise and direct all such Occasional Employees.

 

(iii)
The Company may also employ its own personnel and employees for utilization by the Service Provider in its performance of the Services
(each, a “Company Employee”). The Company Employees shall, at all times during the term of this Agreement and while
such employees remain employed by the Company, be employees of the Company and shall not be employees of the Service Provider, and such
Company Employees will serve at the sole discretion and supervision of the Company. The Company shall pay all compensation and employee
benefits and any applicable severance for all Company Employees.

 

(iv)
During the term of this Agreement, in accordance with Section 1(b)(i) and Section 1(b)(ii), the Service Provider shall
provide a sufficient number, as reasonably determined by the Company, of personnel and employees to enable the Service Provider to perform
the Services in accordance with this Agreement.

 

(v)
The Service Provider shall hold all Dedicated Employees employed in accordance with Section 1(b)(i) and all Occasional Employees
employed in accordance with Section 1(b)(ii) to a standard at least as stringent in all material respects as that to which all
of the Service Provider’s employees are held pursuant to the rules, regulations and policies observed by the Service Provider in
the ordinary course of business. In no event, however, shall such standard fall below that set forth in Section 2(a) below.

 

(c)
Separateness. In performing the Services under this Agreement, the Service Provider shall not take any action, or cause any of
its Affiliates to take any action, that would cause any member of the Company Group to violate Section 5.14 of the Company LLC Agreement.

 

(d)
Delegation of the Services.

 

(i)
The Parties acknowledge and agree that the Service Provider shall cause its applicable Affiliates to provide the Services if necessary,
and employ the Dedicated Employees pursuant to Section 1(b)(i) or employ the Occasional Employees pursuant to Section 1(b)(ii),
as applicable, in each case, subject to Company Approval.

 

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(ii)
The Parties acknowledge and agree that the provision of certain of the Services may, with Company Approval, be supported by
third-party service providers, including those providers that have been used in the past in connection with the Business or
the Company Group Assets and such new independent contractors, independent accountants, outside legal counsel and consultants, in
each case, that are capable of performing the Services in accordance with the terms of this Agreement, including the standards set
forth in Section 2, as determined in the Service Provider’s good faith judgment and in accordance with Section
2(c) (“Third-Party Providers”). Without limiting the generality of the foregoing, the Company shall have the
right to enter into direct arrangements with Third-Party Providers to provide any of the Services. At the election of the Company,
the Service Provider shall coordinate with such Third-Party Providers to provide the applicable Service.

 

(iii)
Notwithstanding any delegation to Affiliates or Third-Party Providers pursuant to this Section 1(d), the Service Provider shall
remain liable for its obligations under this Agreement, whether or not delegated, including the provision of Services substantially in
the same manner as immediately prior to such delegation and in accordance with the standard of performance set forth in Section 2
and the other terms of this Agreement; provided, however, that the Service Provider shall not be responsible for any
Services provided by a Third-Party Provider pursuant to a direct written arrangement between the Company and such Third-Party Provider.

 

(e)
Suspension of Services. Upon the occurrence and during the continuation of any material breach by the Company of its payment or
other obligations (when due) set forth herein that is not cured within fifteen (15) days after the Company’s receipt of written
notice thereof, then without limitation of Service Provider’s other rights hereunder (including termination pursuant to Section
6), at law or in equity, Service Provider shall be entitled to suspend performance of the Services until such material breach by
the Company has been fully and finally cured; provided, that the Service Provider shall not be entitled to suspend performance
of the Services to the extent the Company’s breach of this Agreement was caused primarily by the actions or inactions of Service
Provider or any Dedicated Employee or Occasional Employee.

 

Section
2 Standard of Performance.

 

(a)
Generally. The Service Provider shall perform the Services: (i) in a good, workmanlike and efficient manner in accordance with
prudent industry standards and practices, and in accordance in all material respects with all applicable laws and the terms of applicable
Contracts, Permits, licenses and other agreements to which the Business or any of the Company Group Assets or the assets of the Service
Provider or any of its Subsidiaries are bound (in each case to the extent the Service Provider has access to or has received copies of
such Contracts, Permits, licenses and other agreements); (ii) as a reasonable and prudent owner and operator of the Business in the industry,
including as it applies to the preservation and protection of intellectual property; and (iii) with at least the same degree of diligence
and care that the Service Provider exercises with respect to the ownership and operation of its own assets and those of its Affiliates,
in each case, for the avoidance of doubt, consistent with the applicable size, scope and growth of the Business.

 

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(b)
Prohibited Activities.

 

(i)
In conducting the Services under this Agreement, the Service Provider shall not undertake any activity or fail to take any action that
would violate, in any material respect: (A) any applicable law; (B) any Contract or Permit to which a member of the Company Group, the
Business, any Company Group Asset or the Service Provider or any of its Affiliates is bound (in each case to the extent the Service Provider
has access to or has received copies of such Contracts, Permits, licenses and other agreements); or (C) any of the Transaction Documents.
The Service Provider shall provide prompt notice to the Company of any activity or action undertaken in performing the Services or in
connection with or pursuant to this Agreement that it reasonably believes would violate any applicable law, Contract, Permit or Transaction
Document in any material respect, and the Service Provider shall use commercially reasonable efforts to avoid any such violation and
to continue to provide the Services as set forth in this Agreement.

 

(ii)
To the extent within the Service Provider’s control, the Service Provider shall not, and shall cause its Affiliates not to, place
any Encumbrances on the Company Group Assets. To the extent within the Service Provider’s control, the Service Provider shall also
keep the Company Group Assets free from any Encumbrances arising under Contracts or Permits binding on the Company Group Assets or operation
of law, in each case, except for (A) Permitted Encumbrances, and (B) Encumbrances placed on the Company Group Assets by the Company Group,
or by the Service Provider at the direction of a member of the Company Group following Company Approval.

 

(c)
Annual Budget. With respect to the Service Provider’s activities under this Agreement, the Service Provider agrees to: (i)
operate in a manner that is consistent with the applicable Annual Budget then in effect for the Company, except (A) as otherwise
authorized by Company Approval, or (B) with respect to expenditures (1) strictly necessitated by an Emergency, or (2) not to exceed
[***] on a line-item basis (other than with respect to G&A Expenses which shall be [***]), and (ii) not to take any action that is
inconsistent with any written direction given by the Company to the Service Provider, except to the extent required by applicable law
or the terms of any Contract, Permit, license or other agreement to which the Business or any of the Company Group Assets or the assets
of the Service Provider or any of its Subsidiaries is bound. No later than sixty (60) days prior to the end of each Fiscal Year during
the term of this Agreement, the Service Provider shall prepare in good faith and deliver to the Company for its review a draft Annual
Budget for the Company’s operations in respect of the following Fiscal Year.

 

(d)
Continuous Improvement and Best Practices.

 

(i)
The Service Provider shall on a continuous basis (i) use commercially reasonable efforts to identify ways to improve the
Services from the perspective of the Company Group, and (ii) identify, seek Company Approval for, and after obtaining Company
Approval apply, proven techniques and tools from other installations and organizations that the Service Provider reasonably believes
would benefit the Company Group operationally or financially, on a cost-effective basis. The Service Provider shall, from time to
time, include updates with respect to such improvements, techniques and tools in the reports provided to the Company Group pursuant
to this Agreement. The Service Provider shall consider in good faith suggestions and proposals for such improvements, techniques and
tools by the Company Group. The Service Provider shall make available to the Company Group all enhancements or new features to the Services
that the Service Provider generally makes available to the Service Provider’s other customers on substantially the same terms.
The Service Provider shall utilize all of the best, most appropriate, and most current assets of Service Provider and its Affiliates
that are useful for the Business (including current and future technology and intellectual property, and any improvements thereof,
created by Service Provider and its Affiliates at the time of design of a particular project).

 

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(ii)
The Service Provider shall use reasonable best efforts to improve the Services by implementing and applying the improvements, techniques
and tools set forth on Schedule II attached to this Agreement by the applicable dates set forth on Schedule II with respect
to the assets (including technology and intellectual property) of the Service Provider and its Affiliates. The Service Provider shall
deliver monthly progress reports to the Company with respect to each item set forth on Schedule II.

 

Section
3 Payments and Invoices.

 

(a) Payment
Amounts. Notwithstanding anything to the contrary in this Agreement, other than as may be mutually agreed in writing by the Service
Provider and the Company in their sole discretion, this Section 3(a) sets forth the sole payment obligations of the Company with
respect to the Service Provider and the Services pursuant to this Agreement. During the Initial Development Period, the Service Provider
shall not be reimbursed or otherwise compensated for any costs and expenses. Following the end of the Initial Development Period, and
solely to the extent incurred in accordance with the applicable Annual Budget then in effect, the Service Provider will be reimbursed
by the Company without duplication (i) an amount equal to the sum of (A) forty-nine percent (49%) of each of (1) the aggregate Out-of-Pocket
Expenses incurred and actually paid by the Service Provider in carrying out the Services during the Initial Development Period, and (2)
the aggregate G&A Expenses allocable to providing the Services during the Initial Development Period, and (B) the Fixed G&A Fee
with respect to the Initial Development Period (such sum, the “Initial Development Period Reimbursement Amount”),
and (ii) for each Billing Period following the Initial Development Period, an amount equal to the sum of (A)(1) the Out-of-Pocket Expenses
incurred and actually paid by the Service Provider in carrying out the Services and (2) the G&A Expenses allocable to providing the
Services, in each case, during such Billing Period, and (B) the Fixed G&A Fee with respect to such Billing Period (such sum, the
“Reimbursement Amount”). To the extent that (x) the fees and expenses with respect to a Third-Party Provider are not
included in the applicable Annual Budget then in effect for the Company or (y) any individual Out-of-Pocket Expense (or series of related
Out-of-Pocket Expenses) is reasonably expected to exceed $25,000, the Service Provider shall obtain Company Approval before causing such
Third-Party Provider to provide Services or incurring such Out-of-Pocket Expense, as applicable.

 

(b) Expense
Statements. As promptly as practicable, but in no event later than fifteen (15) days following the end of each Billing Period,
the Service Provider shall deliver a statement to the Company for such Billing Period (each, an “Expense
Statement”) setting forth the Reimbursement Amount for such Billing Period (and, for the first Expense Statement delivered
pursuant to this Section 3(b), the Initial Development Period Reimbursement Amount), together with: (i) a reasonably detailed
breakdown of the Out-of-Pocket Expenses and G&A Expenses, as applicable, set forth in the Expense Statement, including a time
log per Dedicated Employee during such Billing Period and such Dedicated Employee’s hourly rate; (ii) such other supporting
documentation as may be reasonably necessary for the Company to verify the accuracy of such Expense Statement (which, for the
avoidance of doubt, shall include any employment agreements or other documentation with regard to such Dedicated Employee); and
(iii) the bank account into which the Company shall make payments required by the Expense Statement. No later than thirty (30) days
following its receipt of each Expense Statement delivered by the Service Provider, the Company shall pay the Service Provider an
amount equal to the undisputed Reimbursement Amount for such Billing Period (and, with regard to the first Expense Statement
delivered pursuant to this Section 3(b), the undisputed Initial Development Period Reimbursement Amount) as set forth in such
Expense Statement in immediately available funds to the bank account designated by the Service Provider in such Expense Statement.
Upon the reasonable request of the Company, the Service Provider shall deliver to the Company a reasonably detailed breakdown of the
Services provided by the Occasional Employees for any period subject to such request by the Company, including a time log per
Occasional Employee during such period and such Occasional Employee’s hourly rate.

 

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(c)
Fee Dispute. If the Company disputes in good faith any charges contained in an Expense Statement delivered pursuant to Section
3(b), the Company, shall submit written notice of such dispute to the Service Provider and may withhold from its payment of the relevant
Expense Statement any such disputed amounts, subject to Section 3(d). Upon delivery of such written dispute notice, the Parties
shall cooperate and negotiate in good faith and use reasonable efforts to resolve such disputed charges. If the Parties are unable to
resolve such disputed charges within thirty (30) days after delivery of the written dispute notice, by written notice to the Company,
the Service Provider may elect to submit the remaining disputed items to an independent accounting firm, mutually selected by the Parties
(the “Independent Accountant”). The Independent Accountant shall determine the correctness of the disputed charges
and shall be entitled to reasonably request and review all the supporting information of the Parties with respect to such dispute. The
Independent Accountant shall be instructed to use its reasonable efforts to perform its review and determination as promptly as practical,
but in no event later than thirty (30) days following its selection, unless a longer period is agreed upon in writing by the Parties
prior to the expiration of the thirty (30)-day period. The determination of the Independent Accountant shall be conclusive and binding
on the Parties absent manifest error. Any amounts that are finally determined to have been unpaid by the Company shall be paid to the
Service Provider no later than thirty (30) days following the final determination by the Independent Accountant. The Independent Accountant
shall allocate its fees and expenses between the Service Provider and the Company based upon the percentage of the disputed fees submitted
to the Independent Accountant that is ultimately awarded to the Company, on the one hand, and the Service Provider, on the other hand,
such that the Company bears a percentage of such fees and expenses equal to the percentage of the contested amount awarded to the Service
Provider and the Service Provider bears a percentage of such fees and expenses equal to the percentage of the contested amount awarded
to the Company.

 

(d)
Late Payments. If the Company fails to pay any charges reflected as due to the Service Provider in any Expense Statement rendered
when such amount is due, interest will accrue on the unpaid charges from, but excluding, the due date to, and including, the date payment
is actually made at the lesser of: (i) the Prime Rate, computed on an annualized basis and compounded monthly; and (ii) the maximum legal
rate of interest permitted by applicable law.

 

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(e)
Taxes. With the exception of income taxes of the Service Provider or any of its Affiliates and employment taxes for the Dedicated
Employees and Occasional Employees, the latter of which are addressed in Section 3(a), any taxes assessed on the provision of
the Services shall be paid either by (i) the member of the Company Group in receipt of the applicable Services, or (ii) the Company
on behalf of such other member of the Company Group.

 

(f)
 Fixed G&A Fee Adjustment. No later than thirty (30) days prior to each January 1st following the Effective Date, commencing
on January 1, 2022 (the “Redetermination Date”), each Party shall have the right to provide written notice to the
other Party that it desires to redetermine the Fixed G&A Fee to be paid by the Company for the twelve (12)-month period following
the Redetermination Date because the scope or character of the Services, the duties and obligations under this Agreement performed by
the Service Provider hereunder, or the general and administrative costs of the Service Provider have materially changed, or is reasonably
expected to materially change in the following twelve (12)-month period, from those performed during the prior twelve (12)-month period.
Upon receipt of such written notice, the Parties shall negotiate in good faith with respect to a revised Fixed G&A Fee that reflects
reasonable and appropriate compensation to the Service Provider to perform the Services and its duties and obligations hereunder in the
following twelve (12)-month period, taking into account all relevant factors, including the Fixed G&A Fee then in effect relative
to the actual or expected changes to the scope or character of the Services, the projected changes in general and administrative expenses
and any other relevant developments with respect to the Business and the Company. If the Company and the Service Provider agree upon
a revised Fixed G&A Fee, then the revised Fixed G&A Fee shall become effective as of the Redetermination Date. If the Company
and the Service Provider fail to agree upon a revised Fixed G&A Fee, then the Fixed G&A Fee shall remain unchanged.

 

Section
4 Revenues and Disbursements.

 

(a)
Company Revenues. Only to the extent authorized by a member of the Company Group, the Service Provider shall have the authority
to collect, on behalf of the Company Group, all proceeds and cash attributable to the Business and Company Group Assets (the “Company
Revenues”) into one or more bank accounts maintained in the name of the Company (the “Company Bank Accounts”).
In performing such collections, if so authorized, the Service Provider shall use its reasonable best efforts to cause, on behalf of the
Company Group, all amounts due and owing to the Company Group in respect of the Company Revenues to be paid on a timely basis. The Service
Provider shall keep a complete and accurate account of all Company Revenues received on behalf of the Company Group. All Company Revenues
received by the Service Provider shall promptly be deposited in the Company Bank Accounts and shall only be disbursed therefrom in accordance
with this Agreement. Notwithstanding the foregoing, to the extent the Service Provider or any of its Affiliates receives any Company
Revenues in a bank account maintained in the name of the Service Provider or any such Affiliate, the Service Provider shall, or shall
cause its Affiliate to, promptly deposit such Company Revenues in the Company Bank Accounts, regardless of whether such deposit is authorized
by a member of the Company Group. This Section 4(a) shall not limit the provisions of Section 1(c).

 

(b) Disbursements
of Company Revenues. To the extent requested by a member of the Company Group (but at least at the end of every fiscal quarter
or in accordance with the Company LLC Agreement), the Service Provider shall, on behalf of the Company Group, make
disbursements of the Company Revenues (i) from time to time as necessary to timely discharge all costs and expenses and other
amounts due and owing by the Company Group and attributable to ownership of the Business or the Company Group Assets and other
related business activities, including payment of royalties, applicable sales, use, excise, value added and other similar taxes
assessed or imposed on the Business, the Company Group Assets or the Company Group and Distributions in accordance with the Company
LLC Agreement, and (ii) as and when directed by the Company. This Section 4(b) shall not limit the provisions of Section
1(c).

 

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Section
5 Cooperation; Books and Records and Audit Rights.

 

(a)
Cooperation. During the term of this Agreement, the Parties shall use commercially reasonable efforts to cooperate with each other
in all matters relating to the provision and receipt of the Services. Such reasonable cooperation shall include: (i) exchanging information;
(ii) providing electronic access to systems used in connection with the Services; and (iii) using commercially reasonable efforts in
obtaining all consents, licenses, sublicenses or approvals necessary to permit each Party to perform its obligations under this Agreement.
The Parties acknowledge that some Services to be provided under this Agreement may require instructions, information or authorization
from the member of the Company Group receiving such Services, which the Company agrees to provide, or cause to be provided, to the Service
Provider in reasonable time for the Service Provider to provide or procure such Services. On behalf of itself and each member of the
Company Group, the Company authorizes the Service Provider as agent of the applicable member of the Company Group to perform the Services
and take the actions that the Service Provider is required to take under this Agreement on behalf of the applicable member of the Company
Group.

 

(b)
Audit Rights. At its option and sole expense, the Company, or its designee, shall have the right, during regular business hours
and upon reasonable advance notice to the Service Provider, to review and copy the books and records regarding the performance of the
Services and any books, records and accounts of operations, revenues and expenditures of the Company Group in respect of the Company
Group Assets maintained by the Service Provider (the “Records”) to verify and evaluate the performance by the Service
Provider of its obligations under this Agreement and to audit and examine such Records.

 

Section
6 Term; Termination.

 

(a)
Term; Termination. The term of this Agreement and the obligation of the Service Provider with respect to the provision of the
Services under this Agreement shall commence on the Effective Date and shall continue until this Agreement is terminated pursuant to
this Section 6. For the avoidance of doubt, this Agreement shall not terminate solely as a result of the Commitment Amount having
been funded in full, the end of the Commitment Period or a Monetization Event. Subject to the provision of transition services pursuant
to Section 6(e), this Agreement may be terminated:

 

(i)
by the mutual written agreement of the Parties;

 

(ii)
by the Company for convenience at any time upon thirty (30) days’ written notice to the Service Provider;

 

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(iii)
subject to compliance with Section 6(b), by either Party upon written notice to the other Party (a “Breach Notice”),
in the event such other Party materially breaches this Agreement and such breach is incurable or such other Party fails to cure such
breach to the reasonable satisfaction of the non-breaching Party (A) with respect to breaches of a Party’s payment obligations
(when due), within five (5) Business Days after receipt of such written notice, or (B) with respect to all other breaches, within fifteen
(15) days following receipt of such written notice (or if such breach is not reasonably curable within such fifteen (15)-day period,
within such longer period as may be agreed by the non-breaching Party in its sole discretion) (as applicable, the “Cure Period”);
provided, that in the case of termination by Service Provider, the Company’s breach of this Agreement was not caused primarily
by the actions or inactions of Service Provider or any Dedicated Employee or Occasional Employee;

 

(iv)  
by the Service Provider upon written notice to the Company in the event that the Company or any of its Affiliates institutes or voluntarily
joins in a Challenge with respect to a patent or patent application controlled by Nuvve; provided, that such Challenge was not
instituted in response to claims by Nuvve, its Affiliates, or its or their licensees that the Company or its Affiliates is infringing
or has infringed a patent or patent application controlled by Nuvve;

 

(v)
by the Service Provider at any time upon ninety (90) days’ written notice to the Company following the Commitment Period if at
the time such notice is delivered, the Company has not approved any Business Opportunities that would utilize vehicle-to-grid technology
primarily due to the failure to obtain Special Approval; or

 

(vi)  
by either Party upon thirty (30) days’ written notice to the other Party following the earliest to occur of (A) the date that is
the third (3rd) anniversary of the consummation of an initial public offering of the Company, (B) the date that is the third (3rd) anniversary
of the date that Nuvve or its Permitted Transferees no longer own any equity interests in the Company and (C) the date that is the fifth
(5th) anniversary of the date on which Nuvve Parent does not, directly or indirectly, have the right to designate a majority of the Board.

 

(b) Disputed
Breach. Upon the receipt of a Breach Notice pursuant to Section 6(a)(iii), if such Party alleged to be in material breach
of this Agreement disputes in good faith whether such a material breach has occurred or whether such breach is incurable or has been
cured during the Cure Period, such Party shall submit written notice of such dispute to the non-breaching Party within five (5) days
after the receipt of such Breach Notice. Upon delivery of such written dispute notice, the Parties shall cooperate and negotiate in
good faith and use reasonable efforts to resolve such dispute. If the Parties are unable to resolve such dispute within ten (10)
days after delivery of the written dispute notice, by written notice to the non-breaching Party, the Party alleged to be in material
breach of this Agreement may elect to, within three (3) days following the end of such ten (10)-day period, submit the dispute to
binding arbitration in accordance with the Commercial Rules of the American Arbitration Association, by three arbitrators, of whom
each Party shall appoint one and the third shall be chosen by the other two arbitrators. The decision of a majority of the
arbitrators shall be final and binding on the Parties and may be enforced before any court of competent jurisdiction and cannot be
the subject of any appeal. The place of arbitration shall be New York, New York. The arbitration and all related proceedings and
discovery shall take place pursuant to a protective order entered by the arbitrators that adequately protects the confidential
nature of each Party’s Confidential Information. Unless otherwise agreed by the Parties, the arbitration proceeding shall
commence as soon as practicable following such submission (and not later than three (3) days following such submission), shall be
completed as soon as reasonably practicable (and not continue for longer than ten (10) days from commencement) and the arbitrators
shall issue their decision within five (5) days after the conclusion of the proceeding. Each of the Company and the Service Provider
shall bear its own costs relating to such arbitration; provided, that (x) if such arbitration results in a decision in favor
of the Company, the Service Provider shall reimburse the Company for all of its reasonable and documented out-of-pocket expenses
incurred with respect to such arbitration (including all costs of such arbitration), and (y) if such arbitration results in a
decision in favor of the Service Provider, the Company shall reimburse the Service Provider for all of its reasonable and documented
out-of-pocket expenses incurred with respect to such arbitration (including all costs of such arbitration).

 

    10

     

    

 

(c)
Effect of Termination. If the Parties mutually agree to the termination of this Agreement pursuant to Section 6(a)(i),
such termination of this Agreement shall become effective as of such agreed upon date. If the Company delivers written notice of termination
of this Agreement pursuant to Section 6(a)(ii), such termination of this Agreement shall become effective as of the effective
date of termination specified by the Company in such notice. If the Service Provider delivers written notice of termination of this Agreement
pursuant to Section 6(a)(iv) or Section 6(a)(v), such termination of this Agreement shall become effective as of the effective
date of termination specified by the Service Provider in such notice. If a Party delivers a Breach Notice pursuant to Section 6(a)(iii),
the termination of this Agreement will be effective upon (i) the expiration of the Cure Period or (ii) if such Party alleged to be in
material breach delivers a timely written notice in accordance with Section 6(b) and the arbitration results in a decision that
such Party is in material breach, five (5) days after the conclusion of the procedures set forth in Section 6(b) if such Party
does not cure such material breach to the reasonable satisfaction of the non-breaching Party; provided, that if the Company is
the Party alleging breach and such arbitration results in a decision in favor of (x) the Company, such termination shall be deemed to
be made pursuant to Section 6(a)(iii), or (y) the Service Provider, such termination shall be deemed to be made pursuant to Section
6(a)(ii). Upon termination of this Agreement for any reason, the Company shall pay the Service Provider for all Services performed
up to the effective date of termination in accordance with this Agreement.

 

(d)
Survival. Notwithstanding anything to the contrary herein, Section 5(b) (Audit Rights), Section 6(c) (Effect of
Termination), Section 6(d) (Survival), Section 6(e) (Transition Services), Section 7 (Confidentiality), Section
8 (Data Matters), Section 9 (Indemnification), Section 11 (Non-Solicit) and Section 16 (Miscellaneous) shall
survive termination of this Agreement. The termination of this Agreement shall not relieve any Party from any expense, liability or other
obligation or remedy therefor which has accrued or attached prior to the effective date of such termination.

 

(e) Transition
Services. Upon termination of this Agreement for any reason, the Service Provider shall, for a period of up to six (6) months
following such termination (or such shorter period as indicated in writing by the Company): (i) provide the Company Group all
assistance to fully transition the Service Provider’s duties under this Agreement to one or more successor managers designated
by the Company, including all services that may be reasonably required in connection with the Company effecting a
Monetization Event and terminating this Agreement for convenience in its sole discretion pursuant to Section 6(a)(ii); and
(ii) continue to provide such Services as the Company (or its successor(s)) may request in order to maintain the Business and the
Company Group Assets until the transition of such Services to the successor manager has been completed. In consideration for
transition services rendered by the Service Provider to the Company during a Billing Period, the Company (or its successor(s)) shall
pay to the Service Provider the Reimbursement Amount in accordance with Section 3, prorated for the amount of time during
which the Service Provider actually renders transition services to the Company during such Billing Period. The other terms of this
Agreement shall continue to apply with respect to the provision of such transition services.

 

    11

     

    

 

Section
7 Confidentiality. Each Party agrees that all Confidential Information shall be kept confidential and shall not be disclosed by
either Party in any manner whatsoever. Notwithstanding the foregoing, Confidential Information may be disclosed by the Service
Provider or the Company solely to its respective managers, directors, partners, employees, advisors, counsel, accountants, agents or
any of its Affiliates who need to know such information for the purpose of providing the Services, in the case of the Service
Provider, or receiving the Services, in the case of the Company, pursuant to this Agreement or otherwise complying with its
obligations under this Agreement. In connection with any disclosure pursuant to the previous sentence, the Service Provider and the
Company, as applicable, will: (i) inform such Persons of the confidential nature of such information; (ii) direct and cause them to
agree to treat such information in accordance with the terms of this Section 7; and (iii) be liable for any breach of this Section
7 by any such Person. In addition, disclosure of Confidential Information may be made by the either Party to the extent the
other Party consents in writing. Either Party may also disclose Confidential Information to the extent required by law, including
the rules of any securities exchange, or in response to legal process, applicable governmental regulations or governmental agency
request, but only that portion of such Confidential Information which, in the opinion of the Party’s counsel, is required or
would be required to be furnished to avoid liability. In the event of a disclosure made pursuant to the prior sentence, the
disclosing Party shall: (A) notify the other Party of its obligation to provide such Confidential Information prior to disclosure
(unless notification is prohibited by applicable law or court order); and (B) cooperate to protect the confidentiality of such
Confidential Information. For purposes of this Agreement, “Confidential Information” means all confidential and
proprietary information (irrespective of the form of communication or whether or not such information is marked as confidential or
proprietary) obtained or received by or on behalf of either Party about or concerning the other Party or any of its Affiliates or
any of their respective businesses, assets or companies or otherwise in connection with this Agreement, including the terms and
existence of this Agreement and the activities pertaining thereto. Confidential Information shall not include, however, information
which (1) was or becomes generally available to the public other than as a result of a breach of this Agreement (or any Person for
which the Party would be liable pursuant to this Section 7), (2) was or becomes available to the Party from a source other
than the other Party; provided that, such source is not bound by a duty of confidentiality with respect to such information;
or (3) was independently developed by the Party without use of or reference to Confidential Information.

 

    12

     

    

 

Section
8 Data Matters.

 

(a)
Ownership of Company Data. The Company Group shall own all Company Data. To the extent ownership of any Company Data does not
automatically vest in the Company Group by operation of law, the Service Provider shall assign, and hereby assigns, all right, title,
and interest in and to the Company Data (including any intellectual property rights associated with such data) to the Company Group.
The Company Group will grant, and hereby grants, to the Service Provider a non-exclusive, perpetual, royalty-free, non-sublicense license
to the Company Data for the Service Provider’s internal business purposes. The Service Provider shall not sell, license, or publicly
disclose the Company Data; provided, that the Service Provider may publicly disclose the Company Data for a bona fide business
purpose (x) with the prior written consent of the Company (not to be unreasonably withheld, conditioned or delayed) or (y) through reports,
charts, infographics or other work product to the extent based upon aggregated de-identified Company Data.

 

(b)
Ownership of Service Provider Data. The Service Provider shall own the Service Provider Data. To the extent ownership of any Service
Provider Data does not automatically vest in the Service Provider by operation of law, the Company Group shall assign, and hereby assigns,
all right, title, and interest in and to the Service Provider Data (including any intellectual property rights associated with such data)
to the Service Provider. The Service Provider will grant, and hereby grants, to the Company Group a non-exclusive, perpetual, royalty-free,
non-sublicense license to the Service Provider data for the Company Group’s internal business purposes. Upon the reasonable request
of the Company, the Service Provider shall provide access to the Company to the Service Provider Data through the platform that the Service
Provider utilizes to access such data, and in the event that such platform is unable to provide the Company with the Service Provider
Data, the Service Provider shall then provide a copy of the Service Provider Data in a format specified by the Company Group. The Company
Group shall not sell, license, or publicly disclose the Service Provider Data; provided, that the Company Group may publicly disclose
the Service Provider Data for a bona fide business purpose (x) with the prior written consent of the Service Provider (not to
be unreasonably withheld, conditioned or delayed) or (y) through reports, charts, infographics or other work product to the extent based
upon aggregated de-identified Service Provider Data.

 

(c)
Data Protection. The Service Provider shall develop, test and implement business continuity and disaster recovery plans with respect
to the provision of Services and the operation of the Business. The Service Provider will limit access to the Company Group’s data
and systems only to those personnel of the Service Provider with a bona fide need to have such access in connection with provision of
the Services or operation of the Business. The Service Provider shall (i) maintain commercially reasonable technical and organizational
measures to prevent any unauthorized access to any of the Company Group’s data or systems, (ii) not tamper with, compromise, or
circumvent any security or audit measures employed by the Company Group, and (iii) not erase or overwrite any of the Company Group’s
data or information on storage media that is a part of the Company Group’s systems. Promptly upon discovery of any breach of security
with respect the Company Group’s systems, or any authorized access to or loss of any Company Group data, the Service Provider shall
(A) reasonably promptly notify the Company, explaining the nature and scope of the incident and assist and cooperate in any forensic
investigation, and (B) reasonably support the Company Group with respect to any breach notification, breach remediation, and identity
protection services that the Company Group reasonably determines need to be furnished as a result of the incident.

 

    13

     

    

 

Section
9 Indemnification.

 

(a)
Except in the case of gross negligence, fraud, bad faith or willful misconduct in its performance of (or failure to perform) the duties
and functions of the Service Provider or material breach of this Agreement by the Service Provider or its Affiliates or any Third-Party
Provider (other than any Third-Party Provider engaged directly by the Company), as applicable, with respect to this Agreement, neither
the Service Provider nor any of its Affiliates nor their respective directors, officers, employees, managers, members, partners, controlling
Persons, equityholders, agents and representatives (collectively, the “Indemnified Service Provider Persons”) shall
bear (except in connection with the Service Provider’s or its Affiliate’s equity interest in the Company as a member) any
losses, damages, claims, costs and expenses (including legal expenses) (“Liabilities”) resulting from performing (or
failing to perform) the Services. Except in the case of gross negligence, fraud, bad faith or willful misconduct in its performance of
(or failure to perform) the duties and functions of the Service Provider or material breach of this Agreement by the Service Provider
or its Affiliates or any Third-Party Provider (other than any Third-Party Provider engaged directly by the Company), as applicable, with
respect to this Agreement, the Company shall defend, indemnify, and hold harmless the Indemnified Service Provider Persons in respect
of any Liability suffered, incurred or sustained by any Indemnified Service Provider Person or to which it becomes subject, however so
arising whether under tort, contract, negligence, strict liability or otherwise, resulting from, arising out of, or relating to or in
connection with, the performance of (or failure to perform) this Agreement.

 

(b)
Notwithstanding Section 9(a), the Service Provider shall defend, indemnify, and hold harmless the Company Group and its Affiliates
and their respective directors, officers, employees, managers, members, partners, controlling Persons, equityholders, agents and representatives
from any Liabilities resulting from, arising out of, or relating to (i) the Service Provider’s or its Affiliate’s or any
Third-Party Provider’s (other than any Third-Party Provider engaged directly by the Company) gross negligence, fraud, bad faith
or willful misconduct in its performance of (or failure to perform) the duties and functions of the Service Provider or material breach
of this Agreement by the Service Provider or its Affiliates or any Third-Party Provider (other than any Third-Party Provider engaged
directly by the Company), as applicable, with respect to this Agreement, and (ii) any claims, demands, actions, suits or proceedings
alleging that the Company Group is infringing or has infringed the intellectual property rights of a third party.

 

(c)
In no event shall either Party, its Affiliates or their respective directors, officers, employees, managers, members, partners, controlling
Persons, equityholders, agents and representatives have any Liability under any provision of this Agreement for any punitive or special
damages, damages that are not reasonably foreseeable, or damages for loss of future revenue or income, loss of business reputation or
opportunity relating to the breach or alleged breach of this Agreement, or diminution of value or any damages based on any type of multiple,
whether based on statute, contract, tort or otherwise, and whether or not arising from the other party’s sole, joint, or concurrent
negligence, strict liability, criminal liability or other fault, except (i) to the extent an indemnitee under this Agreement is required
to pay such damages to a third party, or (ii) in the case of a breach of Section 7.

 

Section
10 Insurance. The Service Provider shall obtain and maintain insurance policies in respect of the Business and the
Company Group Assets and properties of the Company Group with a minimum amount in coverage that is customary for the Business in
accordance with prudent industry standards and practices, including any insurance required by any applicable law.

 

    14

     

    

 

Section
11 Non-Solicit. For the term of this Agreement and for [***]
following the termination of this Agreement, the Service Provider shall not, and shall cause its Affiliates not to, solicit for hire
or hire any Company Employees (or any former Company Employee until [***] after such Company Employee’s employment has ended or
such shorter period as may be reasonably requested by the Service Provider and with the prior written consent of the Company (not to
be unreasonably withheld, conditioned or delayed)); provided, however, that the Service Provider shall not be prohibited
from soliciting or employing any such person (x) through any recruiting firm or general solicitation process that has not been directed
to target the Company Employees or (y) that has been terminated by the Company with Special Approval.

 

Section
12 Force Majeure. The Service
Provider shall not be held liable to the Company Group nor be deemed to have defaulted under or breached this Agreement for any failure
or delay in performing any obligation under this Agreement to the extent that (a) such failure or delay is caused by or primarily results
from events or circumstances that could not have reasonably been prevented or avoided, which may include epidemics, pandemics, embargoes,
war, acts of war (whether declared or not), terrorism, rebellions, insurrections, riots, civil commotions, strikes, slowdowns, lockouts,
fires, explosions, floods, earthquakes, hurricanes, tornadoes, lightning, ice storms, acts, omissions or delays in acting by any Governmental
Entity or Company Group member, (b) the Service Provider uses commercially reasonable efforts to remedy such failure or delay, and (c)
the Service Provider provides prompt written notice to the Company of such failure or delay.

 

Section
13 IP Enforcement. In the event that either Party becomes
aware of any infringement by a third party of any issued patent owned by the Service Provider and covering the technology used to provide
the Services to the Company Group (an “Infringement”), it will notify the other Party in writing to that effect. The
Service Provider shall use commercially reasonable efforts to seek to obtain a discontinuance of such Infringement or bring and prosecute
an action against any such third party infringer. The Company Group shall have the right to participate in any such action, at its own
expense using counsel of its choice.

 

Section
14 IT Matters.

 

(a)
The Service Provider represents and warrants that (i) it has taken commercially reasonable security measures to protect the integrity
of its computer systems, including measures designed to protect against unauthorized disclosure, to protect the secrecy, confidentiality,
and value of its trade secrets and other technical information, including by implementing commercially reasonable procedures designed
to prevent unauthorized access and the introduction of any virus, worm, Trojan horse or similar disabling code or program, and (ii) Service
Provider’s computer systems (A) are sufficient for the immediate and currently anticipated future needs of the Company, including
as to capacity, scalability and ability to process current and anticipated peak volumes in a timely manner, and (B) are in sufficiently
good working condition to effectively perform all information technology operations and include a sufficient number of licenses as necessary
for the operation of the Business and the provision of the Services.

 

    15

     

    

 

(b)
The Service Provider shall (i) take commercially reasonable security measures to protect the integrity of its computer systems, including
measures designed to protect against unauthorized disclosure, to protect the secrecy, confidentiality, and value of its trade secrets
and other technical information, including by implementing commercially reasonable procedures designed to prevent unauthorized access
and the introduction of any virus, worm, Trojan horse or similar disabling code or program, and (ii) maintain computer systems that (A)
are sufficient for the immediate and currently anticipated future needs of the Company, including as to capacity, scalability and ability
to process current and anticipated peak volumes in a timely manner, and (B) are in sufficiently good working condition to effectively
perform all information technology operations and include a sufficient number of licenses as necessary for the operation of the Business
and the provision of the Services.

 

Section
15 Definitions. As used in this Agreement, the following
terms have the meanings set forth or referred to below:

 

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

 

“Billing
Period” means each calendar month after the Initial Development Period during the term of this Agreement or each month during
which the Service Provider provides transition services pursuant to Section 6(e); provided, that the first Billing Period
shall include any partial calendar month prior to the first full calendar month after the Initial Development Period.

 

“Breach
Notice” has the meaning set forth in Section 6(a)(iii).

 

“Challenge”
means any challenge to the validity or enforceability of a patent claim, including by (a) filing a declaratory judgment action in which
the claim is alleged to be invalid or unenforceable, (b) citing prior art pursuant to 35 U.S.C. §301, filing a request for re-examination
of the claim, or provoking or becoming party to an interference with the claim pursuant to 35 U.S.C. §135 or (c) filing or commencing
any re-examination, opposition, cancellation, nullity or similar proceedings against the claim, or petitioning for any form of administrative
or judicial (or arbitration) review of the claim, including post-grant review, inter partes review, or opposition proceedings.

 

“Company”
has the meaning set forth in the preamble.

 

“Company
Approval” means the approval of the Company pursuant to the requirements set forth in Section 5.7 and Section 5.8 of the Company
LLC Agreement.

 

“Company
Bank Accounts” has the meaning set forth in Section 4(a).

 

“Company
Data” means all data (including all vehicle related data) generated by the operation of the Business, including the operation
of electric buses, vehicles, transportation assets, and related charging infrastructure and ancillary assets acquired, owned, sold, leased,
developed or managed by the Company, and related equity, debt, or other financing (e.g., battery charge level, battery discharge rates,
charge time, usage statistics, average speed, distance traveled, electricity consumption, vehicle routing data, vehicle maximum range,
battery performance health (and degradation) and maintenance data). For clarity, Company Data does not include Service Provider Data.

 

    16

     

    

 

“Company
Employee” has the meaning set forth in Section 1(b)(iii).

 

“Company
Group” has the meaning set forth in the recitals.

 

“Company
Group Assets” has the meaning set forth in the recitals.

 

“Company
LLC Agreement” has the meaning set forth in the recitals.

 

“Company
Revenues” has the meaning set forth in Section 4(a).

 

“Confidential
Information” has the meaning set forth in Section 7.

 

“Contract”
means any contract, agreement, indenture, note, bond, mortgage, deed of trust, loan, instrument, lease, license, commitment or other
arrangement, understanding, undertaking, commitment or obligation, whether written or oral.

 

“Cure
Period” has the meaning set forth in Section 6(a)(iii).

 

“Dedicated
Employee” has the meaning set forth in Section 1(b)(i).

 

“Emergency”
means, as determined in the reasonable good faith discretion of the Service Provider, any event that causes or is reasonably likely to
risk causing (a) substantial damage to any of the Company’s assets or the property of any other Person, (b) death of or injury
to any natural person, or (c) damage or substantial risk of damage to natural resources (including wildlife) or the environment.

 

“Encumbrance”
means any pledges, restrictions on transfer, proxies and voting or other agreements, liens (statutory or otherwise), conditional sale,
trust receipt, consignment or bailment, preference or priority, assessment, deed of trust, easement, servitude, claims, charges, mortgages,
security agreements or interests or other legal or equitable encumbrances, limitations or restrictions of any nature whatsoever with
respect to any property of any kind.

 

“Expense
Statement” has the meaning set forth in Section 3(b).

 

“Fixed
G&A Fee” means (a) with respect to the Initial Development Period, an aggregate amount equal to $13,333.33 (or such amount
set forth in the applicable Annual Budget) for each calendar month during the Initial Development Period (prorated for partial calendar
months during the Initial Development Period), and (b) after the Initial Development Period, with respect to each Billing Period, an
amount equal to $13,333.33 (or such amount set forth in the applicable Annual Budget) (prorated for any partial calendar month during
such Billing Period), in each case, as may be redetermined pursuant to Section 3(f).

 

“G&A
Expenses” means employee wages, bonuses, severance payments, employment taxes (including social security taxes and unemployment
taxes), and benefits (including employee contributions) incurred by the Service Provider or its Affiliates for Dedicated Employees. For
the avoidance of doubt, G&A Expenses shall not include any costs of equity awards for Dedicated Employees.

 

    17

     

    

 

“Indemnified
Service Provider Persons” has the meaning set forth in Section 9(a).

 

“Independent
Accountant” has the meaning set forth in Section 3(c).

 

“Infringement”
has the meaning set forth in Section 13.

 

“Initial
Development Period” means the period of time commencing on the Effective Date and ending on the date the Company has entered
into Qualifying Contracts with third parties to spend at least $25,000,000, in the aggregate, of capital expenditures.

 

“Initial
Development Period Reimbursement Amount” has the meaning set forth in Section 3(a).

 

“Liabilities”
has the meaning set forth in Section 9(a).

 

“Occasional
Employee” has the meaning set forth in Section 1(b)(ii).

 

“Out-of-Pocket
Expenses” means the out-of-pocket costs and expenses reasonably incurred by the Service Provider in connection with providing
the Services under this Agreement (but excluding for the avoidance of doubt any G&A Expenses), including any (a) fees of Third-Party
Providers utilized in the provision or support of the provision of the Services, (b) technology costs, licensing fees, and the fees and
expenses of audit, tax, accounting, legal and other advisors attributable to or otherwise allocated to the provision of the Services,
and (c) the costs of insurance maintained by the Service Provider or its Affiliates on behalf of the Company Group pursuant to this Agreement
(but only the portion of such costs associated with the cost of insurance maintained for assets solely used for the benefit of the Company
Group). For the avoidance of doubt, Out-of-Pocket Expenses shall not include any costs or expenses for Occasional Employees.

 

“Party”
or “Parties” has the meaning set forth in the preamble.

 

“Permits”
means any approvals, authorizations, consents, licenses, permits, variances, waivers, grants, franchises, concessions, exemptions, orders,
registrations or certificates of a Governmental Entity.

 

“Permitted
Encumbrance” means (a) any Encumbrance for taxes that is not yet due and payable or is being contested in good faith by
appropriate proceedings, (b) any Encumbrance in favor of vendors, carriers, warehousemen, repairmen, mechanics, workmen, materialmen,
construction or similar Encumbrance arising by operation of law or in the ordinary course of business that does not, individually or
in the aggregate, materially impair the current use and enjoyment of any material Company Group Asset, (c) any zoning, building code,
land use, planning, entitlement or similar restriction, limitation, law or regulation imposed by any Governmental Entity that does not,
individually or in the aggregate, materially impair the current use and enjoyment of any material Company Group Asset, and (d) any Encumbrance
created with Company Approval.

 

“Qualifying
Contracts” means contracts or agreements relating to Business Opportunities that are Qualifying Opportunities and have been
approved by Special Approval.

 

    18

     

    

 

“Records”
has the meaning set forth in Section 5(b).

 

“Redetermination
Date” has the meaning set forth in Section 3(f).

 

“Reimbursement
Amount” has the meaning set forth in Section 3(a).

 

“Service
Provider” has the meaning set forth in the preamble.

 

“Service
Provider Data” means the data outputs created by the Service Provider in connection with the Services under this Agreement,
including all data created by the software platform used by the Service Provider to deliver the Services hereunder. For clarity, Service
Provider Data does not include Company Data.

 

“Services”
has the meaning set forth in Section 1(a).

 

“Third-Party
Providers” has the meaning set forth in Section 1(d)(ii).

 

Section
16   Miscellaneous.

 

(a)
Entire Agreement; Amendments; Waivers. This Agreement and the other Transaction Documents constitute the entire agreement between
the Parties with respect to the subject matter of this Agreement and supersede all prior understandings, whether written or oral, between
the Parties with respect to the contents hereof. This Agreement may be amended, and any provision of this Agreement may be waived, in
each case only in accordance with this Section 16(a). Any amendment shall be binding only if such amendment is set forth in a
writing executed by both of the Parties; provided, that the Company may amend Schedule I to remove any Service in its sole
discretion by delivery of notice to the Service Provider, and the Service Provider shall cease providing, such Service as soon as reasonably
practicable after receipt of such notice. Any waiver shall be binding only if such waiver is set forth in a writing executed by the Party
against which enforcement is sought. No course of dealing between or among any Persons having any interest in this Agreement shall be
deemed effective to modify, amend or discharge any part of this Agreement or any rights or obligations of any Person under or by reason
of this Agreement.

 

    19

     

    

 
(b)
Notices. Any notice or other communication provided for or permitted to be given pursuant to this Agreement by a Party to any
other Party must be in writing and is duly given (i) one (1) Business Day after being deposited with a nationally recognized overnight
delivery service company that tracks deliveries, addressed to such other Party, with overnight service guaranteed, all charges paid and
proof of receipt requested, (ii) when delivered in person to such other Party or (iii) when sent via email (utilizing the delivery receipt,
read receipt or similar function), on the date sent by e-mail if sent before 5:00 p.m., New York time, and on the next business day if
sent after such time. In each case, the notice or communication should be addressed as follows, or to such other address as a Party may
specify by notice given in accordance with this Section 16(b):

 

If
to the Service Provider:

 

Nuvve
Holding Corp.

2468 Historic Decatur Road
San Diego, California 92106

Attention: Gregory Poilasne and Stephen Moran

Email: [***]

 

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

 

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

One
Financial Center

Boston,
Massachusetts 02110

Attention: Sahir Surmeli and Eric Macaux

Email: [***]

 

If
to the Company:

 

Levo
Mobility LLC

2468
Historic Decatur Road

San
Diego, California 92106

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

Email: [***]

 

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

 

Stonepeak
Partners LP

55 Hudson Yards

550 W 34th Street, 48th Floor

New
York, NY 10001

Attention: Trent Kososki, William Demas and Adrienne Saunders

Email: [***]

 

and

 

Kirkland
& Ellis LLP

609 Main St.

Houston, Texas 77002

Attention: John D. Pitts, P.C.

Email: [***]

 

and

 

Evolve
Transition Infrastructure LP

1360
Post Oak Blvd

Suite
2400

Houston,
TX 77056

Attention:
Charles Ward

Email:
[***]

 

and

 

Sidley
Austin LLP

1000
Louisiana Street

Suite
5900

Houston,
TX 77002

Attention:
Cliff Vrielink and George Vlahakos

Email:
[***]

 

    20

     

    

 

(c)
Assignment. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned (including
by operation of law) by either Party without the prior written consent of the other Party; provided, that (i) the Service Provider
may assign its rights and obligations under this Agreement to any of its Affiliates so long as (x) the Service Provider shall remain
liable for its obligations under this Agreement, whether or not assigned, (y) such Affiliate has the ability to provide, and does provide,
such Services substantially in the same manner as immediately prior to such assignment and in accordance with the standard of performance
set forth in Section 2 and the other terms of this Agreement and (z) such Affiliate is a wholly-owned or controlled subsidiary
of Nuvve Holding Corp., a Delaware corporation, and (ii) the Company may (x) assign, sell or transfer (including by operation of law)
this Agreement in its entirety to a successor pursuant to a sale of all or substantially all of its assets of the Company, and (y) pledge
this Agreement as collateral security in connection with debt financing. Any attempted assignment or delegation in contravention of this
Agreement shall be null and void.

 

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

 

(e)
Parties in Interest; No Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the Parties
and their respective successors and permitted assigns. Except as set forth in Section 9 and Section 16(o), nothing in this
Agreement, express or implied, is intended to or shall confer upon any Person other than the Parties or their respective successors and
permitted assigns, any rights, remedies or liabilities under or by reason of this Agreement.

 

    21

     

    

 

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

 

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

 

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

 

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

 

(j) CONSENT
TO JURISDICTION. Each Party hereby irrevocably and unconditionally submits, for itself
and its properties, to the exclusive jurisdiction of the courts of the State of New York sitting in New York City in the borough of
Manhattan or, if it has or can acquire jurisdiction, in the United States District Court for the Southern District of New York
located therein, as the appropriate, sole and exclusive venue to for purposes of any suit, action or other proceeding under or
arising out of, or matter of interpretation of, this Agreement or the rights of the Parties under this Agreement. EACH PARTY: (i)
CONSENTS TO SUBMIT ITSELF TO THE PERSONAL JURISDICTION OF SUCH COURTS FOR SUCH ACTIONS OR PROCEEDINGS; (II) AGREES THAT
IT WILL NOT ATTEMPT TO DENY OR DEFEAT SUCH PERSONAL JURISDICTION BY MOTION OR OTHER REQUEST FOR LEAVE FROM ANY SUCH COURT AND (III)
AGREES THAT IT WILL NOT BRING ANY SUCH ACTION OR PROCEEDING IN ANY COURT OTHER THAN SUCH COURTS. EACH PARTY ACCEPTS FOR ITSELF AND
IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE AND IRREVOCABLE JURISDICTION AND VENUE OF THE COURTS
DESCRIBED IN THIS SECTION 16(j). EACH PARTY WAIVES ANY DEFENSE OF FORUM NON
CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY NON-APPEALABLE JUDGMENT RENDERED IN CONNECTION WITH SUCH ACTIONS OR
PROCEEDINGS. A COPY OF ANY SERVICE OF PROCESS SERVED UPON THE PARTIES SHALL BE MAILED BY REGISTERED MAIL TO THE RESPECTIVE
PARTY. NOTWITHSTANDING THE FOREGOING, UNLESS OTHERWISE PROVIDED BY APPLICABLE LAW, ANY FAILURE TO MAIL SUCH COPY SHALL NOT AFFECT
THE VALIDITY OF SERVICE OF PROCESS. IF ANY AGENT APPOINTED BY A PARTY REFUSES TO ACCEPT SERVICE, EACH PARTY AGREES THAT SERVICE UPON
THE APPROPRIATE PARTY BY REGISTERED MAIL SHALL CONSTITUTE SUFFICIENT SERVICE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF A PARTY TO
SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

    22

     

    

 

(k)
WAIVER OF JURY TRIAL. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES TO THIS AGREEMENT WAIVES ITS RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING
TO THE SUBJECT MATTER OF THIS AGREEMENT. EACH PARTY ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR THIS
WAIVER, BE REQUIRED OF ANY OF THE OTHER PARTIES. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES
THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH
OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER
INTO THIS AGREEMENT, THE OTHER PARTY HAS RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THE OTHER PARTY WILL CONTINUE TO
RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS UNDER THIS AGREEMENT. EACH PARTY FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED
THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH
LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING. EACH PARTY FURTHER AGREES
THAT THE WAIVER SET FORTH IN THIS section 16(k) SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE TRANSACTION CONTEMPLATED
HEREBY. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

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

 

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

 

    23

     

    

 

(n)
Relationship of the Parties.

 

(i)
So long as the Service Provider is in compliance with the standards set forth in Section 2(a) above, it is the express intent
of the Parties that the Service Provider is to provide the Services in the manner it deems appropriate, independent of the Company, and
neither the Service Provider nor the persons (including Third-Party Providers) it utilizes in connection with its provision of the Services
shall be agents or employees of the Company solely as a result of this Agreement or the Service Provider’s provision of the Services.
This Agreement shall not be construed as one of partnership, agency, joint venture or employment between the Service Provider and the
Company, and the rights, duties, obligations and liabilities of each of the Parties under this Agreement shall be individual, not collective
or joint. As between the Parties, (A) it is not the intention of the Parties to create, nor shall this Agreement be deemed or construed
to create, a partnership, joint venture, association or trust, (B) the Service Provider is not the actual or implied agent for the Company,
and (C) the Service Provider has the exclusive authority to control and direct the specific means, method and manner of performance of
the details of the Services to be provided under this Agreement, subject in each case, to the terms and conditions of this Agreement
and the Company LLC Agreement.

 

(ii)
Without limiting the generality of the foregoing, except as expressly provided in this Agreement or as required for the provision of
the Services, the Service Provider agrees that neither it nor any of the persons (including Third-Party Providers) it utilizes in connection
with its provision of the Services shall hold itself out as an agent of the Company or make any elections or consent to any actions under
any Contracts on behalf of the Company, unless otherwise expressly authorized or agreed in writing by the Company.

 

(o) No
Recourse. Notwithstanding anything that may be expressed or implied in this Agreement or any Contract delivered
contemporaneously herewith, and notwithstanding the fact that any Party may be a partnership or limited liability company, each
Party, by its acceptance of the benefits of this Agreement, covenants, agrees and acknowledges that no Persons other than the
Parties shall have any obligation hereunder. Each Party to this Agreement further acknowledges and agrees that it has no rights of
recovery, whether under this Agreement or under any Contracts delivered contemporaneously herewith, in respect of any oral
representations made or alleged to be made in connection herewith or therewith. The prohibition against recovery set forth in this Section
16(o) shall have equal application to any and all claims whether sounding in tort, contract or otherwise. The prohibition set
forth in this Section 16(o) shall apply with equal application to any former, current or future director, officer, agent,
Affiliate, manager, assignee, incorporator, controlling Person, fiduciary, representative or employee of any Party (or any of their
successor or permitted assignees), against any former, current, or future general or limited partner, manager, stockholder or member
of any Party (or any of their successors or permitted assignees) or any Affiliate thereof or against any former, current or future
director, officer, agent, employee, Affiliate, manager, assignee, incorporator, controlling Person, fiduciary, representative,
general or limited partner, stockholder, manager or member of any of the foregoing, but in each case not including the
Parties. The prohibitions set forth in this Section 16(o) shall apply without regard to whether the claim is asserted by
means of attempting to pierce the corporate veil or through a claim by or on behalf of such Party against such Persons, by the
enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable
law, or otherwise. The Parties to this Agreement further expressly agree and acknowledge that no personal liability whatsoever shall
attach to or otherwise be incurred by any of the Persons or entities referenced in this Section 16(o) for any obligations of
the applicable Party under this Agreement or the transactions contemplated hereby, under any documents or instruments delivered
contemporaneously herewith, in respect of any oral representations made or alleged to be made in connection herewith or therewith,
or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, such obligations or their
creation.

 

    24

     

    

 

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

 

[Signature
page follows]

 

    25

     

    

 

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

 

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

 

Signature
Page to

Development Services Agreement

 

 

26Exhibit
10.3

 

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

 

 

	August 4, 2021	Gregory
                           Poilasne 

    Chairman
    and Chief Executive Officer 

    2488
    Historic Decatur Road, Suite 200 

    San
    Diego, California, USA 92106 

 

Stonepeak
Rocket Holdings LP 

Attention:
Jack Howell, Trent Kososki, William Demas and Adrienne Saunders 

55
Hudson Yards 

550
W 34th Street, 48th Floor 

New
York, NY 10001

 

Evolve
Transition Infrastructure LP 

Attention:
Charles Ward 

1360
Post Oak Blvd, Suite 2400 

Houston,
Texas 77056

 

Levo
Mobility LLC

Attention:
Board of Managers 

2468
Historic Decatur Road 

San
Diego, California 92106

 

	Re:	Project
    Rocket Parent Letter Agreement

 

Dear
Ladies and Gentlemen:

 

This
letter agreement (this “Agreement”) is entered into by and among Nuvve Holding Corp., a Delaware corporation (“Nuvve
Parent”), Stonepeak Rocket Holdings LP, a Delaware limited partnership (“Stonepeak”), Evolve Transition
Infrastructure LP, a Delaware limited partnership (“Evolve”), and Levo Mobility LLC, a Delaware limited liability
company (the “Company” and together with Nuvve Parent, Stonepeak and Evolve, each a “Party” and
collectively, the “Parties”), to set forth certain agreements with respect to the Company and its Business. Capitalized
terms used but not defined herein shall have the meanings assigned to them in the Amended and Restated Limited Liability Company Agreement
of the Company, dated as of the date hereof (the “LLCA”).

 

     

     

    

 

In
consideration of the premises and the mutual covenants set forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties covenant and agree as follows:

 

Section
1 Business Opportunities.

 

(a)
During the Non-Compete Period, Nuvve Parent shall, and shall cause each of its Affiliates to, present to the Company all investment or
business opportunities that Nuvve Parent or such Affiliate, as applicable, becomes aware of and desires to pursue, to the extent such
investment or business opportunity are within the scope of, primarily relate to or compete with, the Business (such investments or business
opportunities, “Business Opportunities”); provided, that, for the avoidance of doubt, nothing set forth in
this Agreement shall prohibit Nuvve Parent or its Affiliates from undertaking investment or business opportunities that are not Business
Opportunities, including, for the avoidance of doubt, (i) acquiring, owning, selling, leasing, developing and managing electric buses,
vehicles, transportation assets, and related charging infrastructure and ancillary assets that are provided to third parties that are
not utilizing financing, leasing or other similar arrangements in respect of such assets (or provided to third parties that are utilizing
financing, leasing or other similar arrangements with respect of such assets, so long as such investment or business opportunity does
not include participating in or otherwise providing equity, debt or other financing to any entity or other person engaged in the businesses
described in clause (a) of the definition of the “Business” as defined in the LLCA), (ii) Nuvve Parent providing services
(including providing grid services and receiving revenues therefrom) to such third parties that are not utilizing financing, leasing
or other similar arrangements in respect of such assets (or provided to third parties that are utilizing financing, leasing or other
similar arrangements with respect of such assets, so long as such investment or business opportunity does not include Nuvve Parent or
its Affiliates participating in or otherwise providing equity, debt or other financing to any entity or other person engaged in the businesses
described in clause (a) of the definition of the “Business” as defined in the LLCA) (such investment or business opportunities
described in clauses (i) and (ii), collectively, the “Exempted Business Opportunities”) or (iii) Nuvve
Parent providing services to the Company pursuant to the DSA.

 

(b)
Nuvve Parent shall, and shall cause each of its Affiliates to, use reasonable best efforts to source and structure each Business Opportunity
so that it will constitute a Qualified Opportunity. Each such Business Opportunity will be presented to the Company and the Class B Representative
[***]. [***] Any Business Opportunity that the Company so elects to pursue will hereinafter be referred to as an “Accepted Opportunity.”
[***]

 

(c)
Nuvve Parent shall not, and shall cause its Affiliates not to, directly or indirectly (other than as a direct or indirect equityholder
of the Company), individually or on behalf of any Person, company, enterprise, or entity, or as a sole proprietor, partner, equityholder,
licensor, director, officer, principal, agent, employee or executive, or in any other capacity or relationship, pursue or participate
in any manner (i)(A) in any Accepted Opportunity, or (B) from the date hereof until the earliest to occur of (1) the date that the aggregate
Commitment Amount has been funded in full, (2) the end of the Commitment Period, and (3) a Monetization Event (such period in clause
(B), the “Non-Compete Period”), in any Business Opportunity other than [***], (ii) [***], or (iii) [***].

 

(d)
If the Company elects not to participate in any Business Opportunity that was determined to be a Qualified Opportunity as determined
by the Board in good faith with Special Approval, primarily due to a failure to obtain Special Approval (a “Rejected Opportunity”),
then Nuvve Parent or its Affiliates may pursue such Rejected Opportunity for its or their own account without any further involvement
of the Company, and in such event the Company shall not have any right or interest in such Rejected Opportunity nor any responsibility
for any cost, expense or obligation associated with the further review, pursuit or acquisition by Nuvve Parent or its Affiliates of such
Rejected Opportunity. [***]

 

    2

     

    

 

(e)
The qualifying criteria set forth on Exhibit A may only be waived or amended, supplemented or modified by Stonepeak in its reasonable
sole discretion, unless such amendment, supplement or modification would reasonably be expected to be adverse to Nuvve Parent as determined
by the Board in good faith with Special Approval, which shall also require Nuvve Parent’s prior written consent (not to be unreasonably
withheld, conditioned or delayed). Nuvve Parent may propose, amendments, supplements or modifications to such qualifying criteria in
good faith for Stonepeak’s review; provided, that Stonepeak shall have no obligation to consent to any such proposals.

 

Section
2 Future Financing Transactions. If, [***], Nuvve Parent or any of its Affiliates, directly or indirectly, desires to enter into
any material financing transaction, the primary use of proceeds from which will be used with respect to the Business or any business
substantially similar to or competitive with the Business (a “Financing Transaction”), Nuvve Parent shall first give
Stonepeak written notice (the “Stonepeak ROFO Notice”) of its desire to do so and provide Stonepeak with the proposed
terms of the Financing Transaction. [***]

 

Section
3 [***]

 

Section
4 Reasonableness of Restrictions. Nuvve Parent expressly acknowledges and agrees that (a) the covenants contained in this Agreement
are integral to Stonepeak’s and Evolve’s investment in the Company and each of Stonepeak and Evolve would not have entered
into the LLCA and the Transaction Documents (including this Agreement) or consummated the transactions contemplated thereby or hereby
without the obligations and restrictions contained in this Agreement, (b) each and every one of the obligations and restrictions contained
in this Agreement is reasonable in all respects (including with respect to subject matter, time period and geographical area) and such
obligations and restrictions are necessary to protect each of Stonepeak’s and Evolve’s interest in, and value of, the Company
and the Company’s business (including the goodwill inherent therein), and (c) Nuvve Parent and its Affiliates were significantly
responsible for the creation of such value. Nuvve Parent and its Affiliates further covenants that Nuvve Parent and its Affiliates will
not challenge the reasonableness or enforceability of any of the covenants set forth in this Agreement and agrees not to, and to cause
its employees and Affiliates to not, take any action which would have the effect of circumventing or diminishing Stonepeak’s and
Evolve’s rights hereunder (and the benefit of this Agreement to Stonepeak and Evolve). In any action to enforce the provisions
of this Agreement, the prevailing Party’s reasonable costs (including reasonable attorneys’ fees) incurred in connection
with such action will be reimbursed by the non-prevailing Party.

 

Section
5 Tolling; Survival. In the event of any violation of Section 2 or Section 3, Nuvve Parent acknowledges and agrees
that the restrictions and time periods contained in Section 2 or Section 3 shall be extended by a period of time equal
to the period of such violation, it being the intention of the Parties that the running of the applicable restriction period shall be
tolled during any period and time periods, as applicable, of such violation.

 

Section
6 Representations and Warranties.

 

(a)
Each of the Parties hereby represents and warrants as follows:

 

(i)
such Party is duly organized, incorporated or formed, as applicable, validly existing and in good standing (or the equivalent thereof,
if applicable, in each case, with respect to the jurisdictions that recognize the concept of good standing or any equivalent thereof)
under the laws of its jurisdiction of organization, incorporation or formation, as applicable, and has all necessary power and authority
to execute, deliver and perform its obligations under this Agreement and the transactions contemplated hereby;

 

    3

     

    

 

(ii)
the execution, delivery and performance of this Agreement and the transactions contemplated hereby have been duly authorized by all necessary
action and do not conflict with, contravene, or result in any default, breach, violation or infringement (with or without notice or lapse
of time or both) of: (A) any provision of such Party’s charter, partnership agreement, operating agreement or similar organizational
documents; or (B) any law, regulation, rule, decree, order, judgment or contractual restriction binding on such Party or its assets;

 

(iii)
all consents, approvals, authorizations, permits of, filings with and notifications to, any governmental authority necessary for the
due execution, delivery and performance of this Agreement and the transactions contemplated hereby by such Party have been obtained or
made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any Governmental
Entity is required in connection with the execution, delivery or performance of this Agreement and the transactions contemplated hereby
by such Party; and

 

(iv)
this Agreement and the transactions contemplated hereby constitute a legal, valid and binding obligation of such Party enforceable against
such Party in accordance with its terms, subject to (A) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other similar laws affecting creditors’ rights generally, and (B) general equitable principles (whether considered
in a proceeding in equity or at law).

 

(b)
Nuvve Parent represents and warrants that as of the date hereof (i) the Company has no assets or liabilities, and (ii) the Company is
a special purpose, non-guarantor, unrestricted Subsidiary of Nuvve Parent.

 

Section
7 Reports. Nuvve Parent shall provide to Stonepeak, at Stonepeak’s election, (a) reasonable advance notice (if possible, otherwise
prompt notice) of any events or actions related to Nuvve Parent that would reasonably be expected to have a material effect on Nuvve
Parent’s financial condition, business or operations and (b) promptly upon completion thereof, but in any event within 15 days
after the end of each month, monthly operating, financial reports and projection information relating to Nuvve Parent and its Subsidiaries
(other than the Company) prepared by or on behalf of Nuvve Parent. Notwithstanding the foregoing, Nuvve Parent shall (x) be deemed to
have satisfied its obligations with respect to clause (a) above to the extent Nuvve Parent promptly discloses (within four (4)
Business Days) information with respect to any such event or action related to Nuvve Parent in any form, report, schedule, statement
or other document (including all amendments thereto) filed with, or furnished to, the Commission, in each case, that is publicly available,
(y) only be obligated to provide operating reports pursuant to the foregoing clause (b) beginning with the first full calendar month
following the six-month anniversary of the date hereof, and (z) no longer be obligated to comply with this Section 7 following
the conversion of the Company to a corporation and the consummation of an initial public offering of the Company.

 

    4

     

    

 

Section
8 Confidentiality. Each Party recognizes and acknowledges that it has received and may in the future receive certain confidential
and proprietary information and trade secrets of the Company and its Subsidiaries and the Parties (including their respective predecessors
and Affiliates) (such information, and including this Agreement, the LLCA and the other Transaction Documents, the “Confidential
Information”). Except as otherwise consented to by the disclosing Party in writing, each Party agrees that it will not, during
or after the term of this Agreement, whether directly or indirectly through an Affiliate or otherwise, use any Confidential Information
for any purposes other than in connection with its investment in the Company or Nuvve, as applicable, or disclose any Confidential Information
for any reason or purpose whatsoever, except for disclosures: (a) to authorized directors, managers, officers, representatives, agents
and employees of such Party or its Affiliates, the Company or its Subsidiaries and as otherwise may be proper in the course of performing
such Party’s obligations, or enforcing such Party’s rights, under this Agreement, the LLCA and the agreements expressly contemplated
hereby and thereby; provided, that each such Person is informed of the confidential nature of such Confidential Information, agrees
to hold such Confidential Information confidential and that the disclosing Party remains liable for any breach of this provision by such
Persons; (b) made by Stonepeak or Evolve to its limited partners, owners, co-investors, general partners and prospective investors; provided
that if such limited partners, owners, co-investors, general partners and prospective investors are receiving Confidential Information
(other than with respect to high-level summary information regarding the Company’s, or Nuvve Parent’s, as applicable, operations),
such receiving Person shall be subject to confidentiality provisions at least as restrictive as the confidentiality obligations contained
in this Agreement; (c) to any bona fide prospective purchaser of the equity or assets of the Company, Nuvee Parent, or its Affiliates
or the Units or securities of Nuvve Parent held by such Party or its Affiliates, to prospective financing sources, or a prospective merger
partner of such Party, Nuvve Parent, the Company or any of their respective Affiliates; provided, that such purchaser, financing
sources, or merger partner agrees in writing to be bound by the provisions of this Section 8 or other confidentiality agreement
that includes confidentiality and use provisions at least as restrictive as the provisions in this Agreement; (d) to attorneys, accountants
and other professionals of such Party or its Affiliates who need to know such Confidential Information in order to perform services for
such Party or Affiliate; (e) as is required to be disclosed by order of a court of competent jurisdiction, administrative body or governmental
body, or by subpoena, summons or legal process, or by law, rule or regulation; and (f) as required to be disclosed in accordance with
any securities law or other legal requirement. In the event of a disclosure required by the foregoing clause (e), the applicable
Party shall provide to the Company (or in the case of Confidential Information of a Party, such Party) prompt notice of any such requirement
to enable the Company or such Party to seek an appropriate protective order or confidential treatment and shall disclose only that portion
of such Confidential Information so required to be disclosed. Notwithstanding the prior sentence, no such opportunity shall be afforded
in the case of a routine audit or examination by, or a blanket document request from, a governmental or regulatory entity that does not
reference the Company, any other Party or this Agreement or the LLCA or if notifying the Company or such Party in advance of such disclosure
is prohibited by applicable law. For purposes of this Section 8, the term “Confidential Information” shall
not include any information which (x) a Person learns from a source other than Nuvve Parent, the Company or its Subsidiaries, or any
of their respective representatives, employees, agents or other service providers, (y) is disclosed to the public or is available in
the public domain, or (z) was in a Person’s possession prior to disclosure hereunder; provided such information is not known by
such Person to be subject to an obligation of confidentiality owed to the other Parties.

 

    5

     

    

 

Section
9 Fees and Expenses. On the earlier of (x) the date that is ten (10) calendar days following the date hereof, and (y) the date Stonepeak
and Evolve fund their respective initial Capital Contributions to the Company pursuant to the LLCA, Nuvve Parent shall reimburse (a)
Stonepeak [***] reasonable out-of-pocket expenses (including legal and accounting fees) incurred after February 11, 2021 and through
the date hereof in connection with the due diligence, documentation and negotiation of the Transaction Documents, and (b) Evolve [***].

 

Section
10 Representation by Counsel. Each Party agrees that (a) it has been represented by, or had the opportunity to be represented by,
independent counsel of its own choosing, (b) it has had the full right and opportunity to consult with its respective attorney(s), and
to the extent, if any, that it desired, it has availed itself of this right and opportunity, (c) it or its authorized officers (as the
case may be) have carefully read and fully understand this Agreement in its entirety and have had it fully explained to them by such
Party’s respective counsel, (d) it is fully aware of the contents hereof and its meaning, intent and legal effect, and (e) its
authorized officer is competent to execute this Agreement and has executed this Agreement free from coercion, duress or undue influence.

 

Section
11 Damages Limitation. No Party will be liable to the other Parties for, or entitled to seek or recover, special or punitive damages
or damages that are not reasonably foreseeable from such other Party in connection with any claim for, relating to, or otherwise arising
out of, the breach of this Agreement.

 

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

 

if
to Nuvve Parent:

 

Nuvve
Holding Corp.

2468 Historic Decatur Road

San Diego, California 92106

Attention: Gregory Poilasne and Stephen Moran

Email: [***]

 

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

 

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

One
Financial Center

Boston,
Massachusetts 02110

Attention: Sahir Surmeli and Eric Macaux

Email: [***]

 

    6

     

    

 

if
to the Company:

 

Levo
Mobility LLC

2468 Historic Decatur Road

San
Diego, California 92106

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

Email: [***]

 

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

 

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

One
Financial Center

Boston,
Massachusetts 02110

Attention: Sahir Surmeli and Eric Macaux

Email: [***]

 

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

 

Kirkland
& Ellis LLP

609 Main St.

Houston, Texas 77002

Attention: John D. Pitts, P.C.

Email: [***]

 

if
to Stonepeak:

 

Stonepeak
Partners LP

55 Hudson Yards

550 W 34th Street, 48th Floor

New
York, NY 10001

Attention: Trent Kososki, William Demas and Adrienne Saunders

Email: [***]

 

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

 

Kirkland
& Ellis LLP

609 Main St.

Houston, Texas 77002

Attention: John D. Pitts, P.C.

Email: [***]

 

    7

     

    

 

if
to Evolve:

 

Evolve
Transition Infrastructure LP

1360 Post Oak Blvd, Suite 2400

Houston,
Texas 77056

Attention: Charles Ward

Email: [***]

 

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

 

Sidley
Austin LLP

1000 Louisiana Street, Suite 5900

Houston, Texas 77002

Attention: Cliff Vrielink and George Vlahakos

Email: [***]

 

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

 

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

 

    8

     

    

 

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

 

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

 

Section
17 Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of each Party and its successors and
permitted assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other individual, entity
or other person any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement; provided, that
any individual, entity or other person other than the Parties shall be an express third-party beneficiary of Section 16.

 

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

 

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

 

[Remainder
of page intentionally left blank]

 

    9

     

    

 

Each
of the Parties have executed this Agreement through such Party’s duly authorized representative as of the day first above written.

 

	 	Sincerely,	 
	 	 	 
	 	Nuvve Holding
    Corp.
	 	 	 
	 	By:	/s/
    Gregory Poilasne
	 	Name:	Gregory Poilasne
	 	Title:	Chairman and Chief Executive Officer

 

[Signature
Page to Letter Agreement

 

     

     

    

 

 

	Acknowledged and Agreed:
	 	 	 
	Stonepeak Rocket Holdings LP
	 	 	 
	By:	STONEPEAK ASSOCIATES IV LLC,
		its general partner
	 	 	 
	By:	/s/ Jack Howell	 
	Name:  	Jack Howell	 
	Title:	Senior Managing Director	 

 

[Signature
Page to Letter Agreement]

 

     

     

    

 

 

	Acknowledged and Agreed:
	 	 	 
	EVOLVE TRANSITION INFRASTRUCTURE LP
	 	 	 
	By:	EVOLVE TRANSITION INFRASTRUCTURE GP LLC,
		its general partner
	 	 	 
	By:	/s/ Gerald
    F. Willinger	 
	Name:  	Gerald F. Willinger	 
	Title:	Chief Executive Officer	 

 

[Signature
Page to Letter Agreement]

 

     

     

    

 

 

	LEVO MOBILITY LLC
	 	 	 
	By:	/s/ Gregory
    Poilasne	 
	Name:  	Gregory Poilasne	 
	Title:	Authorized Signatory	 

 

[Signature
Page to Letter Agreement]

 

 

 

13

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