Document:

Exhibit
10.2

 

AMENDMENT
TO THE ENGAGEMENT AGREEMENT

 

Pursuant
to the Engagement Agreement executed between FREYR AS, a Norwegian corporation with company registration number 920 388 620 (“Company”)
and EDGE Global LLC, a Pennsylvania limited liability company with registration number 82-3080542 (“EDGE”) that
became effective on March 1, 2019 (“Engagement Agreement”), Company and EDGE hereby agree to extend the Engagement Agreement
and modify certain terms as outlined in this amendment (the “Amendment”), which shall become effective as of July 1,
2020.

 

The
compensation, fee and incentive arrangements set out in this Amendment shall replace and supersede all other such agreements and
arrangements between the Company and EDGE. The Amendment shall be without prejudice to the Company’s right to amend or terminate
the Scope of Services or the engagement in whole or in part, but the Company may not deviate from the compensation arrangements
agreed below unless attributable to a breach of contract by EDGE.

 

Section
1: Services, Standards of Performance

 

		A.	The
                                         second sentence of Section 1 (b) of the Engagement Agreement shall be modified as follows:
                                         “Tom Einar Jensen shall dedicate 90% of his working time and Peter Matrai shall
                                         dedicate 60% of his working time to the Company in delivering the Services”.
	 	 	 

		B.	Exhibit
                                         A of the Engagement Agreement (Scope of Services) shall be replaced with Exhibit B of
                                         this Amendment.

 

Section
3: Fees for Services: 

 

		C.	The
                                         Monthly Cash Retainer in Section 3(a) shall be USD 40,000.
	 	 	 

		D.	Fees
                                         and compensation in Sections 3(b) 3(c) 3(d) and 3(e) shall be deemed fully paid up (including
                                         the one hundred thousand Euros (EUR 100,000) fee as specified under section 3(e)(i),
                                         which has already been paid by the Company to EDGE) and EDGE shall have no claims whatsoever
                                         under these sections.
	 	 	 

		E.	Further,
                                         Parties agree the following additional compensation for EDGE:
	 	 	 

		(i)	EDGE
                                         shall be entitled to a lump sum discretionary Annual Cash Bonus in 2020 up to 30% of
                                         the total amount of the Monthly Cash Retainer paid to EDGE in 2020. The Key Performance
                                         Indicators for EDGE in 2020 shall include a) Selection of battery cell technology (MoU,
                                         Term sheet or similar) and b) Securing battery cell customers (MoU, Term sheet or similar).
	 	 	 

		(ii)	In
                                         addition, EDGE shall receive options to acquire an additional 3,838,401 shares in the
                                         Company on terms described in Exhibit A of this Amendment.
	 	 	 

		(iii)	EDGE
                                         shall be entitled to 30% of FREYR’s targeted total management bonus pool of NOK Twenty
                                         Five Million (25,000,000 million Norwegian Kroner), which the Company intends to establish
                                         to reward management’s efforts if successful financial close of the Fast Track battery
cell production facility occurs before 30 June 2021 (“Financial Close”). The bonus shall be discretionary and may be
paid in cash or by way of stock options. The Parties agree that any option issued to EDGE under this bonus pool scheme shall have
the same exercise price and exercise duration window as in Exhibit A.

 

     

     

    

 

		(iv)	If
                                         Financial Close occurs later than June 30, 2021 and the Company still decides, in its
                                         sole discretion, to award a bonus pool during EDGE’s engagement, EDGE shall be part of
                                         such bonus pool. The total amount and composition of such bonus pool, and EDGE’s share
                                         of it shall be determined at the sole discretion of the Company.
	 	 	 

		(v)	If
                                         the Company’s business plan changes and/or successful value creation occurs even if Financial
                                         Close as contemplated above is not achieved, Parties agree to negotiate in good faith
                                         an appropriate bonus for EDGE.

 

Section
4: Term of Agreement:

 

		F.	The
                                         Initial Term shall be extended to December 31, 2021.
	 	 	 

		G.	The
                                         Initial Term as amended above may be extended by the Company with a ninety (90) day prior
                                         written notice by an additional six (6) months (“Second Extension)”. Upon such
                                         extension the following compensation arrangement shall apply:
	 	 	 

		(i)	EDGE
                                         shall be entitled to the same Monthly Cash Retainer as specified in Section C
                                         of this Amendment and to the same Annual Cash Bonus, on a pro-rated basis, as specified
                                         in Section E(i) of this Amendment.
	 	 	 

		(ii)	If
                                         a successful Financial Close has occurred prior to 31 December 2021, then EDGE shall,
                                         in addition, receive options to acquire additional shares in the Company, which equals
                                         one per cent (1.0%) of the total outstanding shares of the Company immediately after
                                         the completion of the Financial Close. The options shall vest immediately upon issue.
                                         The time limit to exercise these options shall be no earlier than 5 years after the issue
                                         date of the options, and the options may then be exercised during a period of one month.
                                         The exercise price for the options shall be the subscription price in the Financial Close.

 

The
parties acknowledge and agree that all other terms of the Engagement Agreement not modified by this Amendment remain valid.

 

IN
WITNESS WHEREOF, this Amendment has been executed by and on behalf of the Parties as of the year and date; 1st of September 2020.

 

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	FREYR AS	 	EDGE Global LLC
	 	 	 	 	 
	By:  	/s/ Torstein Dale Sjøtveit	 	By:	/s/ Peter Matrai
	Name:	Torstein Dale Sjøtveit	 	Name:	Peter Matrai
	Title:	Chairman	 	Title:	Co-Founder and Partner
	 	 	 	 	 
	By:  	/s/ Tore Ivar Slettemoen	 	By:  	/s/ Tom Einar Jensen
	Name:	Tore Ivar Slettemoen	 	Name:	Tom Einar Jensen
	Title:	Founder and Partner	 	Title:	Co-Founder and Partner

 

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EXHIBIT
A

 

EDGE
GLOBAL LLC (the ‘Participant’)

 

Stock
Options

 

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EXHIBIT
B

 

Scope
of Services for the extended Initial Term

 

 

5Exhibit 10.5

 

LETTER OF INTENT

 

This letter of intent (the “LOI”) is entered
into on _20_ November 2020 by and between:

 

		(1)	FREYR AS, Nytorget 1, company registration number 920 388 620, having its registered address at 8622 Mo i Rana, Norway (“FREYR”); and

 

		(2)	Mo Industripark AS, company registration number 914 780 152, having its registered address at Halvor Heyerdahls vei 48, 8626 Mo i Rana, Norway (“MIP”),

 

jointly referred to as the “Parties”.

 

WHEREAS:

 

		(A)	MIP is the owner of Mo Industripark which is a leading industrial development zone in Northern Norway;

 

		(B)	FREYR is planning a staged construction of lithium ion battery production plant which may be located in Mo Industripark (hereafter referred to as the “Project”);

 

		(C)	The first stage of the Project involves the construction of a pilot battery production plant to be constructed in an existing warehouse named “Kamstålbygget” situated on the dock of Mo Industripark;

 

		(D)	MIP hereby provides a binding offer to FREYR for the rental of “Kamstålbygget” on the terms set out herein;

 

		(E)	The Parties have a joint intention that also the subsequent stages of the battery production plants will be constructed on different areas in Mo Industripark leased from MIP; and

 

		(F)	MIP and FREYR agrees that FREYR should have a time limited and exclusive right to lease the different areas described in this LOI;

 

NOW THEREFORE, the Parties agree as follows:

 

		1	BINDING OFFER FOR THE RENTAL OF “KAMSTÅLBYGGET”

 

MIP hereby offers FREYR to rent approximately 12,966 square
metres of “Kamstålbygget” including offices in the building and outdoor areas adjacent to the building (lease of
offices and size of outdoor area to be decided by FREYR), with registered address Terminalveien 22, gnr. 20, bnr 538, in Rana municipality,
all as indicated in the drawings/maps included as Attachment 1. 

 

The area of building and offices rented will be specified in
the lease contract and based on BTA as defined by the Norwegian standard.

 

The offered lease price is a maximum price of NOK 475 per square
meter for the building and 40 NOK per square meter for the adjacent outdoor areas.

 

The offered lease period is 20+10 years subject to a mutually
agreed termination clause being included in the negotiated lease agreement.

 

The offer is binding on MIP until 30 June 2021.

 

Included in the lease prices of the building and land is :

 

	 	●	MIPs building insurance

 

	 	●	Property tax

 

	 	●	Land area under the building

 

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In the event that FREYR chooses to rent out only half of the
building and in case MIP decides to rent out the remaining part of the building, FREYR is responsible of sectioning the building
with a suitable wall, and responsible of sectioning the existing technical installations.

 

The Parties agree that the lease agreement shall be negotiated
in good faith on the basis that the building is provided “as is” to FREYR (“as is” being understood as the
condition the building is in as of 31 January 2021 after MIP has performed works agreed with FREYR in the building and adjacent
outdoor areas). MIP shall be responsible for making sufficient utilities (water, electricity etc) available for FREYR’s pilot battery
production plant based on separate agreements.

 

MIPs shall have the building, the outdoor lease areas and all
utilities ready for FREYR’s lease from 31 January 2021 or as soon as reasonably possible following the departure of the incumbent
tenant.

 

MIP shall provide reasonable assistance to FREYR in connection
with relevant applications to authorities (e.g. environmental permits etc).

 

		2	EXCLUSIVE RIGHT TO LEASE CERTAIN AREAS

 

		2.1	Right to lease

 

From the date of signing of this LOI until 30 June 2022 (the
“Exclusivity Period”), FREYR shall have the exclusive right to lease the areas indicated on the map included as
Attachment 2 (the “Exclusive Areas”).

 

If FREYR elects to lease any part of the Exclusive Areas, it
shall do so on commercial terms agreed between the Parties after having negotiated in good faith. The price for the lease of the
Exclusive Areas shall be 40 NOK per square metre from start of the lease. Without limiting Clause 2.2 (which inter alia deals with
allocation of costs related to preparation of the site), this price is based on assumption that the Exclusive Areas are fully ready
for FREYR’s construction works and utilities being provided to the boundary (No: tomtegrensen) of the Exclusive area adjacent
to the plant.

 

During the Exclusivity Period MIP has full right to lease the
Exclusive Areas to other companies, but shall (according to clause 2.2 below) ensure that the Exclusive Areas are available for
FREYR’s use within 6 months after FREYR gives notice to MIP that it has elected to lease the Exclusive Areas according to this
clause. Consequently, MIP shall ensure that is has the right to terminate any lease agreements with other companies by giving 6
months’ notice.

 

If MIP sells any part of the Exclusive Area in the Exclusivity
Period it shall ensure that FREYR’s rights under this LOI is transferred to any purchaser.

 

		2.2	Preparation of the Exclusive Areas

 

In order to ensure that the Exclusive Areas will be ready for
FREYR’s use as soon as possible after FREYR gives notice to MIP that
it has elected to lease the Exclusive Areas, the Parties have agreed to the following plan:

 

	 	●	Following the signing
    of this LOI, FREYR and MIP to deliver a joint pre-engineering scope for the ground works and infrastructure preparations for
    the Exclusive Areas to make them suitable for the battery production plants that FREYR intends to construct on the Exclusive
    Areas; and

 

	 	●	thereafter, FREYR and
    MIP shall develop and issue a joint tender for such works. In this tender, the Parties will distinguish between the scope
    of work which is MIP’s and FREYR’s responsibilities accordingly so that such portions of the scope of work can be quoted separately
    by the tendering contractors. The Parties shall jointly work together after the signing of this LOI to agree on the division
    of responsibilities for such works.

 

If
FREYR gives notice to MIP that it has elected to lease the Exclusive Areas, the Parties will separately engage the same
contractor (under two agreements) to carry out the works needed to prepare the Exclusive Areas for FREYR’s intended use of the
Exclusive Areas and shall cover their own costs under each agreement according to their responsibilities.

  

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		3	RIGHT OF FIRST REFUSAL WITH REGARDS TO CERTAIN AREAS

 

		3.1	Right of first refusal

 

From the date of signing of this LOI until 30 June 2022 (the
“Right of First Refusal Period”), FREYR shall have the right of first refusal to lease the areas indicated on
the map included as Attachment 2 (the “Right of First Refusal Areas”). The right of first refusal shall
give FREYR the option to lease the Right of First Refusal Areas on similar terms as a third party has offered to MIP to lease the
same areas in good faith (such offer to be in writing and binding on the third party). FREYR shall have 2 weeks to decide whether
it wants to utilise its right of first refusal after MIP has notified FREYR of the offer from a third party.

 

If FREYR elects to lease any part of the Right of First Refusal
Areas after executing the option described herein, the Parties shall negotiate a lease agreement in good faith based on the terms
offered by the third party to MIP.

 

During the Right of First Refusal Period, MIP has full right
to lease the Right of First Refusal Areas to other companies, but shall ensure that the Right of First Refusal Areas are available
for FREYR’s use within 6 months after FREYR gives notice to MIP that it has elected to lease the Right of First Refusal Areas according
to this clause. Consequently, MIP shall ensure that is has the right to terminate any lease agreements with other companies by
giving 6 months’ notice.

 

		3.2	Lease of Right of First Refusal Areas without an offer from a third party to MIP

 

If MIP has not received an offer from a third party as described
in the clause above, and FREYR decides to lease the Right of First Refusal Area (or parts thereof), it shall do so on commercial
terms agreed between the Parties after having negotiated in good faith. The price for the lease of the Right of First Refusal Areas
shall be no greater than 45 NOK per square metre.

 

		4	COMPENSATION

 

In compensation for holding the options in relation to article
1, 2 and 3, FREYR shall either pay MIP a lump sum of 300,000 NOK payable on the 1st of April 2021 or issue convertible
notes to MIP for a similar amount (on terms to be agreed between the parties).

 

All prices in this document is excluded VAT. VAT will be added
to the lease prices.

 

		5	CONFIDENTIALITY

 

The Parties shall keep the information in this Agreement confidential
until the end of the Exclusivity Period.

 

		6	GOVERNING LAW AND DISPUTE RESOLUTION

 

This Agreement shall be governed by and construed in all respects
in accordance with the laws of Norway.

 

Any dispute, controversy or claim arising out of or relating
to this Agreement, or the breach, termination or invalidity thereof, shall be resolved before the Norwegian courts.

 

* * *

 

	FREYR AS	 	Mo Industripark AS
	 	 	 
	
        /s/ Tom Einar Jensen
	 	
        /s/ Arve Ulriksen

	Name: Tom Einar Jensen	 	Name: Arve Ulriksen
	Title:   Chief Executive Officer	 	Title:   CEO
	 	 	 

 

 

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