Document:

EXHIBIT 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made as of November 1, 2021 by and among Fluence Energy, Inc., a
Delaware corporation (the “Corporation”), and each Person identified on the Schedule of Holders attached hereto
as of the date hereof (such Persons, collectively, the “Original Equity Owners”).

 

RECITALS

 

WHEREAS, the Corporation
is contemplating an offer and sale of its shares of Class A common stock, par value $0.00001 per share (the “Class A
Common Stock” and, such shares, the “Shares”), to the public in an underwritten initial public
offering (the “IPO”);

 

WHEREAS, the Corporation
desires to use a portion of the net proceeds from the IPO to purchase LLC Interests (as defined below) of Fluence Energy, LLC, a Delaware
limited liability company (the “Company”), and the Company desires to issue its LLC Interests to the Corporation
in exchange for such portion of the net proceeds from the IPO;

 

WHEREAS, immediately prior
to or simultaneous with the purchase by the Corporation of the LLC Interests, the Corporation, the Company and the Original Equity Owners
will enter into that certain Third Amended and Restated Limited Liability Company Agreement of the Company (such agreement, as it may
be amended, restated, amended and restated, supplemented or otherwise modified form time to time, the “LLC Agreement”);

 

WHEREAS, in connection with
the closing of the IPO, (i) the Corporation will become the sole managing member of the Company, (ii) under the LLC Agreement,
the equity interests in the Company held by the Original Equity Owners prior to such time will be converted into common units (the “LLC
Interests”) of the Company, (iii) each Person identified on the Schedule of Holders attached hereto as a “Former
LLC Equity Owner” (such Persons, collectively, the “Former LLC Equity Owners”) will, through merger or
otherwise, exchange their direct and indirect interests in the LLC Interests for shares of Class A Common Stock, (iv) each
Person identified on the Schedule of Holders attached hereto as a “Continuing Equity Owner” (such Persons, collectively,
the “Continuing Equity Owners”) will become non-managing members of the Company, but otherwise continue to
hold LLC Interests in the Company and will receive newly issued shares of Class B-1 common stock of the Corporation, and (v) in
consideration of the Corporation acquiring the LLC Interests and becoming the managing member of the Company and for other good consideration,
the Company has provided the Continuing Equity Owners with a redemption right pursuant to which the Continuing Equity Owners can have
their LLC interests redeemed for, at the Corporation’s option, shares of Class A Common Stock or cash with the proceeds of
a new issuance of Class A Common Stock on the terms set forth in the LLC Agreement; and

 

WHEREAS, in connection with
the IPO and the transactions described above, the Corporation has agreed to grant to the Holders (as defined below) certain rights with
respect to the registration of the Registrable Securities (as defined below) on the terms and conditions set forth herein.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties to this Agreement hereby agree as follows:

 

Section 1.          Definitions.
For purposes of this Agreement, the following terms shall have the meanings specified in this Section 1:

 

“Adverse Disclosure”
means public disclosure of material, non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer
or the Chief Financial Officer of the Corporation, after consultation with external counsel to the Corporation, (i) would be required
to be made in any Registration Statement or prospectus filed with the SEC by the Corporation so that such Registration Statement or prospectus
would not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained
therein (in the case of any prospectus and any preliminary prospectus, in light of the circumstances under which they were made) not
misleading and would not be required to be made at such time but for the filing of such Registration Statement, prospectus or preliminary
prospectus; and (ii) the Corporation has a bona fide business purpose for not disclosing such information publicly.

 

“Affiliate”
of any Person means any other Person controlled by, controlling or under common control with such Person; provided that
the Corporation and its Subsidiaries shall not be deemed to be Affiliates of any Holder. As used in this definition, “control”
(including, with its correlative meanings, “controlling,” “controlled by” and “under common control with”)
shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership
of securities, by contract or otherwise).

 

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

 

“Business
Day” means any day of the year on which national banking institutions in New York are open to the public for conducting
business and are not required or authorized to close. With respect to any circumstances where actions are required by Qatar Holding LLC
or any Affiliate of Qatar Holding LLC under this Agreement, “Business Day” shall not include Friday, Saturday,
Sunday or any other day on which commercial banks in New York, New York or Doha, Qatar are authorized or required by law to close.

 

“Capital
Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents
in capital stock of such corporation (whether voting or nonvoting and whether common or preferred), (ii) with respect to any Person
that is not a corporation, individual or governmental entity, any and all partnership, membership, limited liability company or other
equity interests of such Person that confer on the holder thereof the right to receive a share of the profits and losses of, or the distribution
of assets of the issuing Person, and (iii) any and all warrants, rights (including conversion and exchange rights) and options to
purchase any security described in the clause (i) or (ii) above.

 

“Class A
Common Stock” has the meaning set forth in the recitals.

 

“Class B
Common Stock” means the Corporation’s Class B-1 and/or B-2 common stock, par value $0.00001 per share.

 

    2 

     

    

 

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

 

“Continuing
Equity Owners” has the meaning set forth in the recitals, and shall be deemed to include their respective Affiliates,
immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder.

 

“Corporation”
has the meaning set forth in the recitals.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended from time to time, or any successor federal law
then in force, together with all rules and regulations promulgated thereunder.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Former
LLC Equity Owners” has the meaning set forth in the recitals, and shall be deemed to include their respective Affiliates,
immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder.

 

“Form S-3”
means such form under the Securities Act as in effect on the date hereof or any successor form under the Securities Act that permits
significant incorporation by reference of the Corporation’s subsequent public filings under the Exchange Act

 

“Free
Writing Prospectus” means a free-writing prospectus, as defined in Rule 405.

 

“Holder”
means any Person that is a party to this Agreement from time to time, as set forth on the signature pages hereto (or pursuant
to a Joinder hereto), so long as such Person continues to hold Registrable Securities.

 

“Initiating Holder”
has the meaning set forth in subsection 2(b).

 

“IPO”
has the meaning set forth in the recitals.

 

“Joinder”
has the meaning set forth in Section 15.

 

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

 

“LLC Interests”
has the meaning set forth in the recitals.

 

“MNPI”
means material non-public information within the meaning of Regulation FD promulgated under the Exchange Act.

 

“Opt-Out Request”
has the meaning set forth in Section 16(b).

 

“Original
Equity Owners” has the meaning set forth in the recitals, and shall be deemed to include their respective Affiliates,
immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder.

 

    3 

     

    

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

“Policies”
has the meaning set forth in Section 16.

 

“Public
Offering” means any sale or distribution to the public of Capital Stock of the Corporation pursuant to an offering
registered under the Securities Act, whether by the Corporation, by Holders and/or by any other holders of the Corporation’s Capital
Stock.

 

“register,”
 “registered,” and “registration” refer to a registration effected by preparing and
filing a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness
of such registration statement or document.

 

“Registrable
Securities” means (i) any Class A Common Stock (A) issued by the Corporation in connection with the
IPO in exchange for the LLC Interests of the Former LLC Equity Owners, (B) issued by the Corporation in a Share Settlement in connection
with (x) the redemption by the Company of LLC Interests owned by any Continuing Equity Owners or (y) at the election of the
Corporation, in a direct exchange for LLC Interests owned by any Continuing Equity Owners, in each case in accordance with the terms
of the LLC Agreement, (ii) any Capital Stock of the Corporation or of any Subsidiary of the Corporation issued or issuable with
respect to the securities referred to in clause (i) above by way of dividend, distribution, split or combination of securities,
or any recapitalization, merger, consolidation or other reorganization, and (iii) any other Shares owned, directly or indirectly,
by Holders from time to time. As to any particular Registrable Securities owned by any Person, such securities shall cease to be Registrable
Securities on the date such securities (a) have been sold or distributed pursuant to a Public Offering, (b) have been sold
in compliance with Rule 144 following the consummation of the IPO so that all transfer restrictions, and restrictive legends with
respect thereto, if any, are removed upon the consummation of such sale, (c) have been repurchased by the Corporation or a Subsidiary
of the Corporation, or (d) have been sold or transferred sold by a person in a transaction in which his or her rights under this
Agreements are not assigned. For purposes of this Agreement, a Person shall be deemed to be a Holder, and the Registrable Securities
shall be deemed to be in existence, whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities
(upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations
upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise
the rights of a holder of Registrable Securities hereunder; provided a holder of Registrable Securities may only request that
Registrable Securities in the form of Capital Stock of the Corporation that is registered or to be registered as a class under Section 12
of the Exchange Act be registered pursuant to this Agreement. For the avoidance of doubt, while LLC Interests and shares of Class B
Common Stock may constitute Registrable Securities, under no circumstances shall the Corporation be obligated to register LLC Interests
or shares of Class B Common Stock, and only Shares issuable upon redemption, exchange or conversion of LLC Interests will be registered.

 

“Registrable
Securities then outstanding” shall be determined by the number of shares of Class A Common Stock then outstanding
(assuming the exchange of all membership interests of the Company (other than membership interests held by the Corporation) for a corresponding
number of shares of Class A Common Stock in accordance with the LLC Agreement), and including all shares of Class A Common
Stock issuable upon such exchange, which are Registrable Securities.

 

    4 

     

    

 

“Rule 144,”
 “Rule 158,” “Rule 405” and “Rule 415” mean,
in each case, such rule promulgated under the Securities Act (or any successor provision) by the Securities and Exchange Commission,
as the same shall be amended from time to time, or any successor rule then in force.

 

“SEC”
means the Securities and Exchange Commission

 

“Schedule
of Holders” means the schedule attached to this Agreement entitled “Schedule of Holders,” which shall
reflect each Holder from time to time party to this Agreement.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended from time to time, or any successor federal law then in force,
together with all rules and regulations promulgated thereunder.

 

“Share
Settlement” means “Share Settlement” as defined in the LLC Agreement.

 

“Shares”
has the meaning set forth in the recitals.

 

“Shelf
Registration” has the meaning set forth in Section 2(a).

 

“Shelf
Registration Statement” means a registration statement of the Corporation filed with the SEC on Form S-3 (or
any other appropriate form under the Securities Act) for an offering to be made on a continuous basis pursuant to Rule 415 (or any
successor provision) under the Securities Act covering all or any portion of the Registrable Securities, as applicable. To the extent
that the Corporation is a WKSI, a “Shelf Registration Statement” shall be deemed to refer to an “automatic shelf registration
statement,” as such term is defined in Rule 405 (or any successor or similar rule) of the Securities Act.

 

“Subsidiary”
means, with respect to the Corporation, any corporation, limited liability company, partnership, association or other business
entity of which (i) if a corporation, a majority of the total voting power of Capital Stock of such Person entitled (without regard
to the occurrence of any contingency) to vote in the election of directors is at the time owned or controlled, directly or indirectly,
by the Corporation, or (ii) if a limited liability company, partnership, association or other business entity, either (x) a
majority of the Capital Stock of such Person entitled (without regard to the occurrence of any contingency) to vote in the election of
managers, general partners or other oversight board vested with the authority to direct management of such Person is at the time owned
or controlled, directly or indirectly, by the Corporation or (y) the Corporation or one of its Subsidiaries is the sole manager
or general partner of such Person.

 

“Suspension
Event” has the meaning set forth in Section 2(c).

 

“Violation”
has the meaning set forth in Section 10(a).

 

“WKSI”
means a “well-known seasoned issuer” as defined under Rule 405.

 

    5 

     

    

 

Section 2.          Request
for Registration.

 

(a)             Subject
to the terms and conditions of this Agreement, if the Corporation shall receive at any time following one hundred eighty (180) days after
the effective date of the registration of the IPO, a written request from the Holders of at least ten percent (10%) of the Registrable
Securities then outstanding that the Corporation file a registration statement under the Securities Act covering the registration of
at least ten percent (10%) of the Registrable Securities then outstanding, then the Corporation shall, within 10 days of the receipt
thereof, give written notice of such request to all Holders and shall, subject to the limitations of subsection 2(b), use its
reasonable best efforts to effect, as soon as practicable following the receipt of, and in any event within sixty (60) days of the receipt
of, such request, such registration (including, without limitation, filing post-effective amendments, appropriate qualifications under
applicable blue sky or other state securities laws, and appropriate compliance with the Securities Act) as would permit or facilitate
the sale and distribution of all Registrable Securities which the Holders request to be registered within 20 days of the mailing of such
notice by the Corporation; provided, however, that the Corporation shall not be obligated to effect any such registration, qualification
or compliance pursuant to this Section 2 in any particular jurisdiction in which the Corporation would be required to qualify
to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance, unless
the Corporation is already subject to service in such jurisdiction and except as may be required by the Securities Act.

 

(b)            If
the Holders initiating the registration request under subsection 2(a) (each, an “Initiating Holder”)
intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Corporation
as a part of their request made pursuant to this Section 2 and the Corporation shall include such information in the written
notice referred to in subsection 2(a). The underwriter will be selected by the Corporation and shall be reasonably acceptable
to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include his Registrable Securities in
such registration shall be conditioned upon such Holder’s participation in such underwriting (unless otherwise mutually agreed
by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute
their securities through such underwriting shall (together with the Corporation as provided in subsection 5(f)) enter into an
underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other
provision of this Section 2, if the underwriter advises the Corporation in writing that marketing factors require a limitation
of the number of equity interests to be underwritten, then the Corporation shall so advise all Holders of Registrable Securities which
would otherwise be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall
be allocated among all participating Holders thereof, including the Initiating Holders, in proportion (as nearly as practicable) to the
amount of Registrable Securities of the Corporation owned by each participating Holder; provided, however, that the number
of Registrable Securities to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded
from the underwriting.

 

    6 

     

    

 

(c)            Notwithstanding
the foregoing, if the Corporation shall furnish to the Initiating Holders a certificate signed by the Chief Executive Officer of the
Corporation stating that in the good faith judgment of the Board of Directors of the Corporation, it would be materially detrimental
to the Corporation and its Members for such registration statement contemplated by subsection 2(a) to be filed and it is
therefore essential to defer the filing of such registration statement, because such action would require the Corporation to make an
Adverse Disclosure (such event, a “Suspension Event”), upon giving prompt written notice to the Members, the
Corporation shall have the right to defer such filing for a period of time determined in good faith by the Board to be necessary for
such purpose and in no event longer than ninety (90) days after receipt of the request of the Initiating Holders, as applicable, and
any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly; provided, however, that
the Corporation may not utilize this right more than once in any twelve-month period. In the event that the Corporation exercises its
right under the preceding sentence, the Corporation shall promptly give the Holders written notice thereof and shall use its reasonable
best efforts to cause such registration statement to become effective or to amend or supplement such registration statement on a post-effective
basis or to take such action as is necessary to permit resumed use of such registration statement or filing thereof as soon as reasonably
practicable following the conclusion of the applicable Suspension Event and its effect. The Corporation shall promptly give the Holders
written notice of the conclusion of any Suspension Event and its effect.

 

(d)            In
addition, the Corporation shall not be obligated to effect, or to take any action to effect, any registration pursuant to this Section 2:

 

(i)         After
the Corporation has effected three (3) registrations on behalf of the Initiating Holders pursuant to this Section 2
and such registrations have been declared or ordered effective; provided, however, that a registration pursuant to this Section 2
shall only count for the purposes of this clause (i) if at least seventy five percent (75%) of the Registrable Securities which
Holders request to be sold are sold in such requested registration;

 

(ii)       Prior
to 180 days after the effective date of the IPO registration statement; or

 

(iii)      If
the Initiating Holders propose to dispose of Registrable Securities that may be immediately registered on Form S-3 pursuant to a
request made pursuant to Section 4.

 

Section 3.          Corporation
Registration. If (but without any obligation to do so) the Corporation proposes to register (including for this purpose a registration
effected by the Corporation for persons other than the Holders) any of its equity interests under the Securities Act in connection with
the public offering of such securities solely for cash (other than (i) a registration statement on Form S-4 or any successor
form thereto, (ii) a registration in which the only equity interests being registered are equity interests issuable upon conversion
of debt securities which are also being registered, (iii) a registration on Form S-8 or (iv) a registration related to
a dividend reinvestment plan (each, a “Special Registration Statement”)), the Corporation shall, at such time, promptly
give each Holder written notice of such registration. Upon the written request of each Holder given within 20 days after mailing of such
notice by the Corporation, the Corporation shall, subject to the provisions of Section 8, cause to be registered under the Securities
Act all of the Registrable Securities that each such Holder has requested to be registered. If a Holder decides not to include all of
its Registrable Securities in any registration statement thereafter filed by the Corporation, such Holder shall nevertheless continue
to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be
filed by the Corporation with respect to offerings of its securities, all upon the terms and conditions set forth herein.

 

    7 

     

    

 

Section 4.          Shelf
Registration.

 

(a)            After
the IPO, at any time when the Corporation qualifies to use a Form S-3, the Holders of at least ten percent (10%) of the Registrable
Securities then outstanding of the Corporation may make a written request (a “Shelf Notice”) to the Corporation to
file with the SEC a Shelf Registration Statement, which Shelf Notice shall specify the aggregate amount of Registrable Securities of
such Holder to be registered therein and the intended methods of distribution thereof (any such requested Shelf Registration Statement,
a “Shelf Registration”). Following the delivery of a Shelf Notice, the Corporation (i) shall file promptly (and,
in any event, within thirty (30) days following delivery of such Shelf Notice) with the SEC such Shelf Registration Statement (which
shall be an automatic Shelf Registration Statement if the Corporation qualifies at such time to file such a Shelf Registration Statement)
relating to the offer and sale of all Registrable Securities by the applicable Holder from time to time in accordance with the methods
of distribution elected by such Holder and set forth in the Shelf Registration Statement and (ii) shall use its reasonable best
efforts to cause such Shelf Registration Statement promptly to become effective under the Securities Act. Registrations effected pursuant
to subsection 4(a) shall not be counted as demands for registration or registrations effected pursuant to Sections 2
or 3, respectively.

 

(b)            The
Corporation shall not be obligated to effect any such registration pursuant to subsection 4(a): (i) if Form S-3 is not
available for such offering by the Holders; (ii) if the Corporation shall furnish to the Holders a certificate signed by the Chief
Executive Officer of the Corporation stating that in the good faith judgment of the Board of Directors of the Corporation, it would be
materially detrimental to the Corporation and its Members for such Shelf Registration to be effected at such time, or to delay or suspend
the effectiveness thereof, because of an applicable Suspension Event, in which event the Corporation shall have the right to defer the
filing of such Shelf Registration statement for a period of time determined in good faith by the Board to be necessary for such purpose
and in no event longer than 90 days after receipt of the request of the Holder or Holders under subsection 4(a); provided,
however, that the Corporation shall not utilize this right more than once in any 12-month period; (iii) in any particular
jurisdiction in which the Corporation would be required to qualify to do business or to execute a general consent to service of process
in effecting such registration, qualification or compliance, unless the Corporation is already subject to service in such jurisdiction
and except as may be required by the Securities Act; (iv) during the applicable lock-up period ending after the effective date of
a registration statement subject to Section 3 (v) if the Corporation has, within the twelve-month period preceding the
date of such request, already effected two (2) registrations on Form S-3 for the Holders, or (vi) if the aggregate price
to the public (net of any underwriters’ discounts or commissions) is less than $5,000,000. In the event that the Corporation exercises
its suspension right under this subsection 4(b), the Corporation shall promptly give the Holders written notice thereof and shall
use its reasonable best efforts to cause such registration statement to become effective or to amend or supplement such registration
statement on a post-effective basis or to take such action as is necessary to permit resumed use of such registration statement or filing
thereof as soon as reasonably practicable following the conclusion of the applicable Suspension Event and its effect. The Corporation
shall promptly give the Holders written notice of the conclusion of any Suspension Event and its effect.

 

    8 

     

    

 

(c)            The
Corporation shall use its reasonable best efforts to keep a Shelf Registration Statement continuously effective under the Securities
Act in order to permit a prospectus forming a part thereof to be usable in connection with any Shelf Take- Down until the earliest of
(i) the date as of which all Registrable Securities held by the selling Holder have been sold pursuant to the Shelf Registration
Statement or another registration statement filed under the Securities Act (but in no event prior to the applicable period referred to
in Section 4(a)(3) of the Securities Act and Rule 174 thereunder) or otherwise cease to be Registrable Securities; (ii) the
termination of this Agreement; and (iii) such shorter period as the applicable Holder shall agree in writing (such period of effectiveness,
the “Shelf Period”) and to re-file such Shelf Registration Statement upon its expiration. The Corporation shall not
be deemed to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf Period if the
Corporation voluntarily takes any action (or omits to take any action), without the consent of the applicable Holder, that would result
in such Holder not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf
Period, unless such action (or omission) is (x) reasonably necessary for the Corporation to avoid being required to make an Adverse
Disclosure or (y) required by applicable law, rule or regulation.

 

(d)            Promptly
upon delivery of any Shelf Notice pursuant to subsection 4(a) (but in no event more than five (5) Business Days after
delivery of the Shelf Notice), the Corporation shall deliver a written notice of such Shelf Notice to all Members other than the selling
Holder that delivered the Shelf Notice, and the Corporation shall include in such Shelf Registration all such Registrable Securities
of such Holders which the Corporation has received written requests for inclusion therein within five (5) Business Days after such
written notice is delivered to such Holders (each such Holder delivering such a request, together with such selling Holder, a “Shelf
Holder”).

 

(e)            Shelf
Take-Downs.

 

		(i)	Subject to subsection 4(b), an offering or
                                            sale of Registrable Securities pursuant to a Shelf Registration Statement (each, a “Shelf
                                            Take-Down”) may be initiated at any time by any selling Holder.

 

(ii)            If
such selling Holder elects by written request to the Corporation, a Shelf Take-Down shall be in the form of an underwritten offering
(such written request, an “Underwritten Shelf Take-Down Notice”) and the Corporation shall amend or supplement the
Shelf Registration Statement for such purpose as soon as practicable. The Corporation shall have the right to select the managing underwriter
or underwriters to administer such offering; provided that such managing underwriter or underwriters shall be reasonably acceptable
to such Selling Holder.

 

    9 

     

    

 

(iii)            Promptly
upon delivery of such Underwritten Shelf Take-Down Notice (but in no event more than two (2) Business Days thereafter), the Corporation
shall promptly deliver a written notice (a “Underwritten Shelf Take-Down Corporation Notice”) of such Shelf Take-Down
to all Shelf Holders (other than the selling Holder that delivered the Underwritten Shelf Take-Down Notice), and the Corporation shall
include in such Shelf Take-Down all such Registrable Securities of such Shelf Holders that are Registered on such Shelf Registration
Statement for which the Corporation has received written requests, which requests must specify the aggregate amount of such Registrable
Securities of such Holders to be offered and sold pursuant to such Shelf Take-Down, for inclusion therein within two (2) Business
Days after the date that such Underwritten Shelf Take-Down Notice has been delivered.

 

(iv)            If
the managing underwriter or underwriters of any proposed underwritten offering of Registrable Securities included in a Shelf Take-Down
informs the Members or the Corporation in writing that, in its or their opinion, the number of securities requested to be included in
such Shelf Take-Down exceeds the number that can be sold in such offering without being likely to have a significant adverse effect on
the price, timing or distribution of the securities offered or the market for the securities offered, the securities to be included in
such Shelf Take-Down shall be allocated (i) first, pro rata among the Shelf Holders that have requested to participate in
such Shelf Take-Down based on the relative number of Registrable Securities then held by each such Shelf Holder; provided that
any securities thereby allocated to a Shelf Holder that exceed such Shelf Holder’s request shall be reallocated among the remaining
requesting Shelf Holders in like manner; (ii) second, and only if all the Registrable Securities referred to in clause (i) have
been included in such Shelf Take-Down, to the Corporation up to the number of securities that the Corporation proposes to include in
such Shelf Take-Down that, in the opinion of the managing underwriter or underwriters, can be sold without having such adverse effect;
and (iii) third, and only if all of the securities referred to in clause (ii) have been included in such Shelf Take-Down, to
those Persons holding any other securities eligible for inclusion in such Shelf Take- Down, up to the number of securities that in the
opinion of the managing underwriter or underwriters, can be sold without having such adverse effect. For purposes of this subsection
4(e)(iv) concerning apportionment, for any Shelf Holder that is a partnership, limited liability Corporation, or corporation,
the partners, members, retired partners, retired members, stockholders, and Affiliates of such Shelf Holder shall be deemed to be a single
 “selling Shelf Holder,” and any pro rata reduction with respect to such selling Shelf Holder shall be based upon the aggregate
number of Registrable Securities owned by all Persons included in such “selling Shelf Holder,” as defined in this sentence.

 

Section 5.          Obligations
of the Corporation. Whenever required under this Agreement to effect the registration of any Registrable Securities, the Corporation
shall, as expeditiously as reasonably possible:

 

(a)            Prepare
and file with the SEC a registration statement with respect to such Registrable Securities and use its reasonable best efforts to cause
such registration statement to become effective and keep such registration statement effective for (i) up to 120 days or until the
distribution described in such registration statement is completed, if earlier or (ii) in the case of any registration under Section 4,
until all the Registrable Securities are sold; provided, however, that, the Corporation shall provide each participating Holder
and its counsel reasonable opportunity to participate in the preparation of such registration statement.

 

    10 

     

    

 

(b)           Prepare
and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such
registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement for (i) up to 120 days or until the distribution described in such registration
statement is completed, if earlier, or (ii) in the case of any registration under Section 4, until all the Registrable
Securities are sold and, in connection with any registration on Form S-3 pursuant to Section 4, timely file all reports
required under the Exchange Act in order to maintain the right to continue to use such Form and to maintain such registration in
effect; provided, however, that, the Corporation shall provide each Holder and its counsel reasonable opportunity to participate in the
preparation of such amendments, supplements and prospectus.

 

(c)           Before filing
any Free Writing Prospectus relating to an offer of Registrable Securities or any amendments or supplements thereto, furnish to the underwriters,
if any, and the Holders, if any, copies of such documents, which documents shall be subject to the review of such underwriters and any
Holders and their respective counsel.

 

(d)            Furnish
to the Holders, without charge, such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements
of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable
Securities owned by them.

 

(e)            Use
its reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities
or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Corporation shall not
be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process
in any such states or jurisdictions, unless the Corporation is already subject to service in such jurisdiction and except as may be required
by the Securities Act.

 

(f)            In
the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and
perform its obligations under such an agreement.

 

(g)            Promptly
make available for inspection by the Holder, any managing underwriter(s) participating in any disposition pursuant to such registration
statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the Holders, all information
reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify
the accuracy of the information in such registration statement and to conduct customary due diligence in connection therewith.

 

    11 

     

    

 

(B)            Promptly
notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the existence of any fact of which the Corporation is aware or the happening of
any event which has resulted in (A) the registration statement, as then in effect, containing an untrue statement of a material
fact or omitting to state a material fact required to be stated therein or necessary to make any statements therein not misleading or
(B) containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary
to make any statements therein, in the light of the circumstances under which they were made, not misleading.

 

(i)            Promptly
notify each selling Holder covered by such registration statement at any time when a prospectus relating thereto is required to be delivered
under the Securities Act, (A) of the issuance by the SEC of any stop order suspending the effectiveness of the registration statement
or the initiation or threat of any proceedings for that purpose, or any request by the SEC for any amendment or supplement to, or additional
information in connection with, any registration statement, prospectus or prospectus supplement related to any of them, (B) of any
delisting or pending delisting of equity securities of the Corporation by any national securities exchange or market on which such equity
securities are then listed or quoted or (C) of the receipt by the Corporation of any notification with respect to the suspension
of the qualification of any Registrable Securities under the securities or blue sky laws of any jurisdiction or the initiation of any
proceeding for such purpose.

 

(j)            Use
its reasonable best efforts to prevent the issuance of any order suspending the effectiveness of registration statement covering any
Registrable Securities, and, if any order suspending the effectiveness of any such registration statement is issued, shall promptly use
its reasonable best efforts to obtain the withdrawal of such order.

 

(k)            In
the event of any event or occurrence giving rise to an obligation of the Corporation to send to the selling Members any notice pursuant
to subsection 5(j), promptly, and in no event later than twenty (20) days after the date of such event or occurrence, prepare
and file with the SEC, and furnish to the selling Members a reasonable number of copies of, a supplement or post-effective amendment
to such registration statement or related prospectus or any document incorporated therein by reference or file any other required document,
and shall use its reasonable best efforts to have such supplement or amendment declared effective, if required, as soon as possible after
filing, so that (i) such registration statement shall not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading and (ii) as thereafter delivered to
the purchasers of the Registrable Securities being sold thereunder, such prospectus shall not include an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

 

    12 

     

    

 

(l)            Promptly
notify each selling Holder, promptly after the Corporation receives notice thereof, of the time when such registration statement has
been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed.

 

(a)            After
such registration statement becomes effective, promptly notify each selling Holder of any request by the SEC that the Corporation amend
or supplement such registration statement or prospectus.

 

(b)            Cause
all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities issued
by the Corporation are then listed.

 

(o)            Provide
a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable
Securities, in each case not later than the effective date of such registration.

 

(p)            Furnish,
at the request of any Holder requesting registration of Registrable Securities pursuant to Agreement, on the date that such Registrable
Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Agreement, if such securities
are being sold through underwriters, (i) an opinion, dated such date, of the counsel representing the Corporation for the purposes
of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, including without
limitation any letter or opinion as to the absence of material misstatements or omissions in the registration statement or prospectus,
addressed to the underwriters and (ii) a letter dated such date (and another letter dated the date the underwriting agreement is
signed), from the independent certified public accountants of the Corporation, in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters.

 

(q) [RESERVED];

 

(r)            Cooperate
with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable Securities
and their respective counsel in connection with any filings required to be made with FINRA.

 

(s)            Have
appropriate officers of the Corporation prepare and make presentations at a reasonable number of “road shows” and before
analysts and rating agencies, as the case may be, and other information meetings reasonably organized by the underwriters and otherwise
use its reasonable best efforts to cooperate as reasonably requested by the Holders and the underwriters in the offering, marketing or
selling of the Registrable Securities.

 

    13 

     

    

 

Section 6.          Furnish
Information. The Corporation may require that any selling Holder shall furnish to the Corporation such information regarding itself,
the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect
the registration of such Holder’s Registrable Securities. The Corporation shall have no obligation with respect to any registration
requested pursuant to Section 2 or Section 4 if, as a result of the application of the preceding sentence, the number of equity
interests, or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal
or exceed the number of equity interests or the anticipated aggregate offering price required to originally trigger the Corporation’s
obligation to initiate such registration as specified in subsection 4(a).

 

Section 7.          Expenses
of Registration.

 

(a)            Demand
Registration. All expenses (other than underwriting discounts and commissions) incurred in connection with a registration requested
under Section 2 (which right may be assigned as provided in Section 1), filings or qualifications pursuant to
Section 2, including (without limitation) all registration, filing and qualification fees, printers’ and accounting
fees, fees and disbursements of counsel for the Corporation, and the reasonable fees and disbursements of one counsel for the selling
Holders selected by Holders of a majority of the Registrable Securities to be registered, shall be borne by the Corporation; provided,
however, that the Corporation shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2
if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to
be registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities
that were to be included in the withdrawn registration); provided further, however, that if at the time of such withdrawal, the
selling Holders have (i) learned of a material adverse change in the condition, business, or prospects of the Corporation from that
known to the selling Holders at the time of their request or have been advised by the underwriter that the registration should be withdrawn
(either a “Withdrawal Event”) and (ii) have withdrawn the request with reasonable promptness following the occurrence
of such Withdrawal Event, then the selling Holders shall not be required to pay any of such expenses and shall retain their rights pursuant
to Section 2. If the Holders are required to pay any expenses, such expenses shall be borne by the holders of the securities
(including Registrable Securities) requesting such registration in proportion to the number of securities for which registration was
requested. If the Corporation is required to pay the expenses due to a Withdrawal Event, then the Holders shall not forfeit their rights
to a demand registration.

 

(b)            Corporation
Registration. All expenses (other than underwriting discounts and commissions) incurred in connection with registrations, filings
or qualifications of Registrable Securities pursuant to Section 3 for each Holder (which right may be assigned as provided
in Section 15), including (without limitation) all registration, filing, and qualification fees, printers’ and accounting
fees, fees and disbursements of counsel for the Corporation and the reasonable fees and disbursements of one counsel for the selling
Holder or Holders selected by Holders of a majority of the Registrable Securities to be registered shall be borne by the Corporation.

 

    14 

     

    

 

(c)            Shelf
Registration. All expenses (other than underwriting discounts and commissions) incurred in connection with registrations, filings
or qualifications of Registrable Securities pursuant to Section 4 for each Holder (which right may be assigned as provided
in Section 15), including (without limitation) all registration, filing, and qualification fees, printers’ and accounting
fees, fees and disbursements of counsel for the Corporation and the reasonable fees and disbursements of one counsel for the selling
Holder or Holders selected by Holders of a majority of the Registrable Securities to be included in a registration or Shelf Takedown
pursuant to Section 4 shall be borne by the Corporation.

 

Section 8.          Underwriting
Requirements.

 

(i)         In
connection with any offering involving an underwriting of equity interests of the Corporation described in Section 3, the
Corporation shall not be required under Section 3 to include any of the Holders’ securities in such underwriting unless
they accept the terms of the underwriting as agreed upon between the Corporation and the underwriters selected by it (or by other persons
entitled to select the underwriters), and then only in such quantity as the underwriters determine in their sole discretion will not
jeopardize the success of the offering by the Corporation. If the total amount of securities, including Registrable Securities, requested
by Members to be included in such offering exceeds the amount of securities sold other than by the Corporation that the underwriters
determine in their sole discretion is compatible with the success of the offering, then the Corporation shall be required to include
in the offering only that number of such securities, including Registrable Securities, which the underwriters determine in their sole
discretion will not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling Holders
pro rata among them based on the relative number of Registrable Securities then held by each such participating Holder or in such
other proportions as shall mutually be agreed to by such selling Holders) but in no event shall (i) the amount of securities of
the selling Holders included in the offering be reduced below twenty-five percent (25%) of the total amount of securities included in
such offering or (ii) any securities held by a person who is not a Holder of Registrable Securities be included if any securities
held by any selling Holder are excluded. For purposes of the preceding parenthetical concerning apportionment, for any selling Holder
which is a holder of Registrable Securities and which is a partnership or corporation, the partners, retired partners and equity owners
of such holder shall be deemed to be a single “selling Holder,” and any pro-rata reduction with respect to such “selling
Holder” shall be based upon the aggregate amount of equity interests carrying registration rights owned by all entities and
individuals included in such “selling Holder,” as defined in this sentence.

 

Section 9.          Delay
of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration
as the result of any controversy that might arise with respect to the interpretation or implementation of this Agreement.

 

    15 

     

    

 

Section 10.        Indemnification
and Contribution.

 

(a)            The
Corporation will indemnify and hold harmless each Holder, any underwriter (as defined in the Securities Act) for such Holder and each
person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, and each partner,
director, officer, member, manager, employee and agent of any of the foregoing, against any losses, claims, damages, or liabilities (or
actions in respect thereof) to which they may become subject under the Securities Act, the Exchange Act or other federal, state or common
law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the
following statements, alleged statements, omissions, alleged omissions or violations or alleged violations (collectively a “Violation”):
(i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any
preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, or in any Free Writing Prospectus
that the Corporation has filed, or is required to file, under Rule 433(d) under the Securities Act, or any amendment or supplement
thereof (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make
the statements therein not misleading (in the case of any prospectus or amendment or supplement thereto, in light of the circumstances
under which they are made), or (iii) any violation or alleged violation by the Corporation of the Securities Act, the Exchange Act,
any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities
law; and the Corporation will pay to each such Holder, underwriter or controlling person and each other person entitled to indemnification
pursuant to this subsection 10(a), as incurred, any legal or other expenses reasonably incurred by them in connection with investigating
or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained
in this subsection 10(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action
if such settlement is effected without the consent of the Corporation (which consent shall not be unreasonably withheld, conditioned
or delayed), nor shall the Corporation be liable to any Holder, underwriter or controlling person for any such loss, claim, damage, liability,
or action to the extent that it arises out of or is based upon a Violation which occurs as a result of, in reliance upon and in conformity
with written information furnished expressly for use in such registration statement by any such Holder, underwriter or controlling person.

 

(b)            To the
fullest extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Corporation, each
of its directors, each of its officers who has signed the registration statement, each Person, if any, who controls the Corporation within
the meaning of the Securities Act, any underwriter, any other Holder selling securities in such registration statement, and any controlling
Person of any such other Holder against any losses, claims, damages, or liabilities to which any of the foregoing persons may become
subject, under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities
(or actions in respect thereto) arise out of or are based upon any Violation, that occurs as a result of, in reliance upon and in conformity
with written information furnished by or on behalf of such Holder expressly for use in such registration statement; and each such Holder
will pay, as incurred, any legal or other expenses reasonably incurred by any person intended to be indemnified pursuant to this subsection
10(b), in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however,
that the indemnity agreement contained in this subsection 10(b) shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be
unreasonably withheld, conditioned or delayed; provided, that in no event shall the aggregate amounts payable by any Holder by
way of indemnity under this subsection 10(b) exceed the net proceeds from the offering received by such Holder.

 

    16 

     

    

 

(c)            Promptly
after receipt by an indemnified party under this Section 10 of notice of the commencement of any action (including any governmental
action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is
to be made against any indemnifying party under this Section 10, deliver to the indemnifying party a written notice of the
commencement thereof and the indemnifying party shall have the right to participate in such action, and, to the extent the indemnifying
party so desires, participate jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel
mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties which
may be represented without conflict by one (1) counsel) shall have the right to retain one (1) separate counsel, with the reasonable
fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying
party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented
by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement
of any such action, but only if materially prejudicial to its ability to defend such action, shall relieve such indemnifying party of
any liability to the indemnified party under this Section 10, but the omission so to deliver written notice to the indemnifying
party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 10.
No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent
to entry of any judgment or enter into any settlement that (x) does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release, in form and substance reasonably satisfactory to the indemnified party,
from all liability in respect to such claim or litigation, (y) includes a statement about or an admission of fault, culpability
or a failure to act by or on behalf of the indemnified party or (z) involves the imposition of equitable remedies or the imposition
of any obligations on the indemnified party or adversely affects the indemnified party other than as a result of financial obligations
for which such indemnified party would be entitled to indemnification hereunder.

 

(d)            If
the indemnification provided for in this Section 10 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying party, in
lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a
result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying
party, on the one hand, and of the indemnified party, on the other, in connection with the statements or omissions that resulted in such
loss, liability, claim, damage or expense as well as any other relevant equitable considerations; provided, that in no event shall, (x) any
contribution by a Holder under this subsection 10(d) exceed the net proceeds from the offering received by such Holder, except
in the case of willful fraud by such Holder and (y) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The relative
fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied
by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity
to correct or prevent such statement or omission.

 

    17

    

    

 

(e)            Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered
into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control; provided, however, that that to the extent the underwriting agreement does not address a matter addressed
by this Agreement, the failure to address such matter shall not be deemed a conflict between the provisions of this Agreement and the
underwriting agreement.

 

(f)             Unless
otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of
the Corporation and Holders under this Section 10 shall survive the completion of any offering of Registrable Securities
in a registration statement under this Agreement, and otherwise shall survive the termination of this Agreement.

 

Section 11.     Reports
Under the Exchange Act. With a view to making available to the Holders the benefits of Rule 144 promulgated under the Securities
Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Corporation to the
public without registration or pursuant to a registration on Form S-3, the Corporation shall, following the consummation of the
IPO:

 

(a)            make
and keep public information available, as those terms are understood and defined in SEC Rule 144, at all times after the effective
date of the registration statement filed by the Corporation for the IPO;

 

(b)            take
such action, including the voluntary registration of its equity interests under Section 12 of the Exchange Act, as is necessary
to enable the Holders to utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable
after the end of the fiscal year in which the first registration statement filed by the Corporation for the offering of its securities
to the general public is declared effective;

 

    18

    

    

 

(c)            file
with the SEC in a timely manner all reports and other documents required of the Corporation under the Securities Act and the Exchange
Act; and

 

(d)            furnish
to any Holder upon request, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement
by the Corporation that it has complied with the reporting requirements of SEC Rule 144, the Securities Act and the Exchange Act
(at any time after ninety (90) days after the effective date of the registration statement filed by the Corporation for the IPO), or
that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a
copy of the most recent annual or quarterly report of the Corporation and such other reports and documents so filed by the Corporation,
and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC
which permits the selling of any such securities without registration or pursuant to such form (at any time after the Corporation has
become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Corporation
so qualifies to use such form).

 

Section 12.     Limitations
on Subsequent Registration Rights. The Corporation shall not, without the prior written consent of the Holders of a majority of the
outstanding Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Corporation
which would (a) allow such holder or prospective holder to include such securities in any registration filed under Section 2
or Section 3, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such
registration only to the extent that the inclusion of his securities will not reduce the amount of the Registrable Securities of the
Holders which is included,(b) allow such holder or prospective holder to make a demand registration which could result in such registration
statement being declared effective within 120 days of the effective date of any registration effected pursuant to Section 2 or (c) otherwise
conflict with the rights of Holders under this Agreement; provided, however, except as set forth in clause (c) above, this
Section 12 shall not limit the rights of the Corporation with respect to Special Registration Statements.

 

Section 13.     Lock-Up
Agreements.

 

(a)            In
connection with the IPO, each Holder (each a “Lock-Up Party”) has entered into a customary lock-up agreement with
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC, as representatives (the “Representatives”) of the
several underwriters, pursuant to which each Lock-Up Party has agreed to certain restrictions relating to the shares of Capital Stock
and certain other securities held by them (collectively, the “Lock-Up Restrictions”). The Corporation may impose stop-transfer
instructions with respect to the shares of Capital Stock and other securities subject to the Lock-Up Restrictions.

 

    19

    

    

 

(b)            In
connection with (i) any offering involving an underwriting of equity interests of the Corporation described in Section 3
or (ii) any other underwritten offering in which Holders have an opportunity to participate under this Agreement and upon request
of the underwriters managing such offering, each Holder agrees not to sell, make any short sale of, loan, grant any option for the purchase
of, or otherwise dispose of any securities of the Corporation, however or whenever acquired (other than those included in the registration)
or engage in any swap or derivative transactions involving the Corporation’s securities (the “Lock-Up Restrictions”),
in each case as provided in an agreement with such managing underwriters, without the prior written consent of such managing underwriters,
for such period of time as may be requested by such managing underwriters (commencing as of the effective date of such registration or
pricing date of such offering as the case may be and ending no later than 90 days thereafter or the lesser of such period and any shorter
period agreed to by the managing underwriters) and to execute an agreement reflecting the foregoing as may be requested by the managing
underwriters at the time of such offering; provided that (i) no Holder will be required to agree to any Lock-Up Restrictions which
do not apply to each other Holder and (ii) any waiver of a Lock-Up Restriction by the underwriter for the benefit of one Holder
shall apply to all other Holders.

 

(c)            The
obligations described in subsection 13(b) shall apply only if all officers and directors of the Corporation, and all holders
of Registrable Securities holding at least five percent (5%) of the Corporation’s voting securities, enter into similar agreements,
and shall not apply to a registration relating solely to participants in the Corporation’s equity plans or a transaction covered
by Rule 145 under the Securities Act.

 

(d)            In
order to enforce the foregoing covenants, the Corporation may impose stop-transfer instructions with respect to the securities of each
Holder (and the securities of every other person subject to the restrictions in subsection 13(a) and subsection 13(b)).

 

Section 14.     Subsidiary
Public Offering. If, after an initial public offering of the Capital Stock of one of its Subsidiaries (including the Company), the
Corporation distributes securities of such Subsidiary to its equityholders, then the rights and obligations of the Corporation pursuant
to this Agreement shall apply, mutatis mutandis, to such Subsidiary, and the Corporation shall cause such Subsidiary to comply with such
Subsidiary’s obligations under this Agreement.

 

Section 15.     Transfer
of Registrable Securities. Notwithstanding anything to the contrary contained herein, except in the case of (i) a transfer to
the Corporation, (ii) a transfer by any Original Equity Owner to any of its Affiliates or to their respective equityholders, (iii) a
Public Offering, (iv) a sale pursuant to Rule 144 after the completion of the IPO or (v) a transfer in connection with
a sale of the Corporation, prior to transferring any Registrable Securities to any Person (including, without limitation, by operation
of law), the transferring Holder shall cause the prospective transferee to execute and deliver to the Corporation a joinder agreement
in the form attached as Exhibit A hereto (a “Joinder”) agreeing to be bound by the terms of this Agreement
whereupon such transferee shall be a “Holder” for purposes of this Agreement. The Corporation agrees to countersign any Joinder
executed by Affiliate of an Original Equity Owner to whom Registrable Securities have been transferred. Any transfer or attempted transfer
of any Registrable Securities in violation of any provision of this Agreement shall be void, and the Corporation shall not record such
transfer on its books or treat any purported transferee of such Registrable Securities as the owner thereof for any purpose.

 

    20

    

    

 

Section 16.     MNPI
Provisions.

 

(a)            Each
Holder acknowledges that the provisions of this Agreement that require communications by the Corporation or other Holders to such Holder
may result in such Holder and its directors, officers, employees, agents, attorneys, affiliates and financial and other advisors acquiring
MNPI (which may include, solely by way of illustration, the fact that an offering of the Corporation’s securities is pending or
the number of Corporation securities or the identity of the selling Holders).

 

(b)            Each
Holder shall have the right, at any time and from time to time (including after receiving information regarding any potential Public
Offering), to elect to not receive any notice that the Corporation or any other Holders otherwise are required to deliver pursuant to
this Agreement by delivering to the Corporation a written statement signed by such Holder that it does not want to receive any notices
hereunder (an “Opt-Out Request”); in which case and notwithstanding anything to the contrary in this Agreement
the Corporation and other Holders shall not be required to, and shall not, deliver any notice or other information required to be provided
to Holders hereunder to the extent that the Corporation or such other Holders reasonably expect would result in a Holder acquiring MNPI.
An Opt-Out Request may state a date on which it expires or, if no such date is specified, shall remain in effect indefinitely. A Holder
who previously has given the Corporation an Opt-Out Request may revoke such request at any time, and there shall be no limit on the ability
of a Holder to issue and revoke subsequent Opt-Out Requests; provided that each Holder shall use commercially reasonable efforts
to minimize the administrative burden on the Corporation arising in connection with any such Opt-Out Requests.

 

(c)            Each
Holder agrees that it will maintain the confidentiality of such MNPI and, to the extent such Holder is not a natural person, such confidential
treatment shall be in accordance with procedures adopted by it in good faith to protect confidential information of third parties delivered
to such Holder (“Policies”); provided that a holder may deliver or disclose MNPI to (i) its directors,
officers, employees, agents, attorneys, affiliates and financial and other advisors, but solely to the extent such disclosure reasonably
relates to its evaluation of exercise of its rights under this Agreement and the sale of any Registrable Securities in connection with
the subject of the notice, (ii) any federal or state regulatory authority having jurisdiction over such Holder, (iii) any Person
if necessary to effect compliance with any law, rule, regulation or order applicable to such Holder, (iv) in response to any subpoena
or other legal process, or (v) in connection with any litigation to which such Holder is a party; provided further, that in the
case of clause (i), the recipients of such MNPI are subject to the Policies or agree to hold confidential the MNPI in a manner substantially
consistent with the terms of this Section 16 and that in the case of clauses (ii) through (v), such disclosure is required
by law and such Holder shall promptly notify the Corporation of such disclosure to the extent such Holder is legally permitted to give
such notice.

 

    21

    

    

 

Section 17.     General
Provisions.

 

(a)            Amendments
and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified, terminated or waived only
with the prior written consent of the Corporation and each affected Holder. The failure or delay of any Person to enforce any of the
provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such Person
thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach
or default by any Person in the performance by that Person of his, her or its obligations under this Agreement shall not be deemed to
be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of
that Person under this Agreement.

 

(b)            Remedies.
The parties to this Agreement shall be entitled to enforce their rights under this Agreement specifically (without posting a bond or
other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights
existing in their favor. The parties hereto agree and acknowledge that a breach of this Agreement would cause irreparable harm and money
damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder,
any party shall be entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction
(without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement.

 

(c)            Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect under any applicable
law or regulation in any jurisdiction, such prohibition, invalidity, illegality or unenforceability shall not affect the validity, legality
or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement shall
be reformed, construed and enforced in such jurisdiction as if such prohibited, invalid, illegal or unenforceable provision had never
been contained herein.

 

(d)            Entire
Agreement. Except as otherwise provided herein, this Agreement contains the complete agreement and understanding among the parties hereto
with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among
the parties hereto, written or oral, which may have related to the subject matter hereof in any way.

 

(e)            Successors
and Assigns. This Agreement shall bind and inure to the benefit and be enforceable by the Corporation and its successors and assigns
and the Holders and their respective successors and assigns (whether so expressed or not). In addition, whether or not any express assignment
has been made, the provisions of this Agreement which are for the benefit Holders are also for the benefit of, and enforceable by, any
subsequent or successor Holder.

 

    22

    

    

 

(f)             Notices.
Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement shall be in writing and
shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail
f sent during normal business hours of the recipient but, if not, then on the next Business Day, (iii) one Business Day after it
is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three Business Days after it is mailed
to the recipient by first class mail, return receipt requested. Such notices, demands and other communications shall be sent to the Corporation
at the address specified below and to any Original Equity Owner or to any other party subject to this Agreement at such address as indicated
on the Schedule of Holders, or at such address or to the attention of such other Person as the recipient party has specified by prior
written notice to the sending party. Any party may change such party’s address for receipt of notice by providing prior written
notice of the change to the sending party as provided herein. The Corporation’s address is:

 

Fluence Energy, Inc.

4601 Fairfax Drive, Suite 600

Arlington, Virginia 22203

Attn: General Counsel

Email: frank.fuselier@fluenceenergy.com

 

With a copy to:

 

Fluence Energy, Inc.

4601 Fairfax Drive, Suite 600

Arlington, Virginia 22203

Attn: Chief Financial Officer

 

Email: dennis.fehr@fluenceenergy.com

 

With a copy to (which shall not serve
as notice):

Latham & Watkins LLP

1271 Avenue of the Americas

New York, New York 10020

Attn: Senet S. Bischoff, Esq.

Facsimile: (212) 751-4864

 

or to such other address or to the
attention of such other Person as the recipient party has specified by prior written notice to the sending party.

 

(g)            Business
Days. If any time period for giving notice or taking action hereunder expires on a day that is not a Business Day, the time period shall
automatically be extended to the immediately following Business Day.

 

(h)            Governing
Law. The corporate law of the State of Delaware shall govern all issues and questions concerning the relative rights of the Corporation
and its stockholders. All other issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement
and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of New York, without
giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of New York.

 

(i)             MUTUAL
WAIVER OF JURY TRIAL. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING
THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING
RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

 

    23

    

    

 

(j)             CONSENT
TO JURISDICTION AND SERVICE OF PROCESS. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS
OF THE UNITED STATES OF AMERICA LOCATED IN THE CITY AND COUNTY OF NEW YORK BOROUGH OF MANHATTAN, FOR THE PURPOSES OF ANY SUIT, ACTION
OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE
PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S
RESPECTIVE ADDRESS SET FORTH ABOVE SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS
TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION
TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY
WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN
BROUGHT IN AN INCONVENIENT FORUM.

 

(k)            No
Recourse. Notwithstanding anything to the contrary in this Agreement, the Corporation and each Holder agrees and acknowledges that no
recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, shall be had against any current
or future director, officer, employee, general or limited partner or member of any Holder or of any Affiliate or assignee thereof, whether
by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable
law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be
incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any current
or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such for any obligation
of any Holder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on,
in respect of or by reason of such obligations or their creation.

 

(l)             Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of
this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation.

 

(m)           No
Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their
mutual intent, and no rule of strict construction shall be applied against any party.

 

    24

    

    

 

(n)            Counterparts.
This Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than one party, but
all such counterparts taken together shall constitute one and the same agreement.

 

(o)            Electronic
Delivery. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith
or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of
a photographic, photostatic, or similar reproduction of such signed writing using electronic mail shall be treated in all manner and
respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original
signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party
hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement
or instrument shall raise the use of electronic mail to deliver a signature or the fact that any signature or agreement or instrument
was transmitted or communicated through the use of electronic mail as a defense to the formation or enforceability of a contract and
each such party forever waives any such defense.

 

(p)            Further
Assurances. In connection with this Agreement and the transactions contemplated hereby, each Holder shall execute and deliver any additional
documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions
of this Agreement and the transactions contemplated hereby.

 

(q)            No
Inconsistent Agreements. The Corporation shall not hereafter enter into any agreement with respect to its securities which is inconsistent
with or violates the rights granted to the Holders in this Agreement.

 

(r)             Termination.
Qatar Holding LLC shall have the option to terminate, at their sole discretion and solely with respect to Qatar Holding LLC and any of
its Affiliates or assignees who have delivered (or have the right to deliver) a Joinder or who otherwise have rights or obligations under
this Agreement, this Agreement and their rights and obligations hereunder (other than rights and obligations under Sections 10, 16 and
17 of this Agreement) if at any time (A) the Board no longer has a QIA Director and (B) the QIA Related Parties beneficially
own, directly or indirectly, in the aggregate less than ten percent (10%) of all issued and outstanding shares of Class A Common
Stock (including for this purpose the Underlying Class A Shares). Defined terms included in this subsection (r), other than “Affiliates”,
 “Agreement” and “Joinder” shall have the meanings set forth in the Stockholders Agreement of Fluence Energy, Inc.
dated as of October 27, 2021.

 

* * * * *

 

    25

    

    

 

IN WITNESS WHEREOF, the parties
have executed this Registration Rights Agreement as of the date first written above.

 

	 	FLUENCE ENERGY, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Manuel Perez Dubuc
	 	Name:	Manuel Perez Dubuc
	 	Title:	Chief Executive Officer
	 	 	 
	 	 	 
	 	By:	/s/ Dennis Fehr
	 	Name:	Dennis Fehr
	 	Title:	Chief Financial Officer

 

[Signature Page to Registration Rights
Agreement]

 

    

    

    

 

	 	AES Grid Stability, LLC
	 	 	 
	 	By:	/s/ Chris Shelton
	 	Name:	Chris Shelton
	 	Title:	President

 

[Signature Page to Registration Rights
Agreement]

 

    

    

    

 

	 	SIEMENS INDUSTRY, INC.
	 	 	 
	 	By:	/s/ Ruth Gratzke
	 	Name:	Ruth Gratzke
	 	Title:	Chief Executive Officer
	 	 	 
	 	 	 
	 	By:	/s/ Marsha Smith
	 	Name:	Marsha Smith
	 	Title:	Chief Financial Officer

 

[Signature Page to Registration Rights
Agreement]

 

    

    

    

 

	 	QATAR HOLDING LLC
	 	 	 
	 	By:	/s/ Mansoor Bin Ebrahim Al Mahmoud
	 	Name:	Mansoor Bin Ebrahim Al Mahmoud
	 	Title:	Chairman and Chief Executive Officer

 

[Signature Page to Registration Rights
Agreement]

 

    

    

    

 

SCHEDULE OF HOLDERS

 

	Holder	 	Continuing Equity Owner/
 Former LLC Equity Owner
	AES Grid Stability, LLC	 	Continuing Equity Owner
	Siemens Industry, Inc.	 	Continuing Equity Owner
	Qatar Holding LLC	 	Former LLC Equity Owner

 

    30

    

    

 

EXHIBIT A

 

REGISTRATION RIGHTS AGREEMENT JOINDER

 

The
undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of October [ ● ],
2021 (as the same may hereafter be amended, the “Registration Rights Agreement”), among Fluence Energy, Inc.,
a Delaware corporation (the “Corporation”), and the other person named as parties therein.

 

By executing and delivering this Joinder to the
Corporation, and upon acceptance hereof by the Corporation upon the execution of a counterpart hereof, the undersigned hereby agrees
to become a party to, to be bound by, and to comply with the provisions of the Registration Rights Agreement as a Holder of Registrable
Securities in the same manner as if the undersigned were an original signatory to the Registration Rights Agreement, and the undersigned’s
shares of Class A Common Stock shall be included as Registrable Securities under the Registration Rights Agreement to the extent
provided therein. The Corporation is directed to add the address below the undersigned’s signature on this Joinder to the Schedule
of Holders attached to the Registration Rights Agreement.

 

Accordingly, the undersigned has executed and
delivered this Joinder as of the day of _______________, 20__.

 

	 	Signature of Stockholder
	 	 
	 	 
	 	 
	 	Print Name of Stockholder
	 	Its:
	 	 
	 	Address:

 

Agreed and Accepted as of _______________, 20__

 

	Fluence Energy, Inc.	 
	 	 	 
	 	 	 
	By:	            	 
	Name:	 	 
	Its:	 	 

 

    31Exhibit 10.4 

 

STOCKHOLDERS AGREEMENT OF

FLUENCE ENERGY, INC.

 

This
STOCKHOLDERS AGREEMENT (as the same may be amended from time to time in accordance with its terms, the “Agreement”)
is entered into as of October 27, 2021, by and among (i) Fluence Energy, Inc., a Delaware corporation (the “Corporation”);
(ii) AES Grid Stability, LLC (“AES”), a limited liability company duly organized and validly existing under the
laws of Delaware; (iii) Siemens Industry, Inc. (“Siemens”), a corporation duly organized and validly existing
under the laws of Delaware, (iv) Qatar Holding LLC, a Qatar Financial Centre entity (“QIA”), and (v) any
other Person who becomes a party hereto pursuant to Section 11 (each a “Stockholder” and, collectively,
the “Stockholders”). Certain terms used in this Agreement are defined in Section 7.

 

RECITALS

 

WHEREAS,
each of Fluence Energy, Inc., AES and Siemens owns, directly or indirectly, outstanding membership interests in Fluence Energy, LLC,
a Delaware limited liability company (“Fluence LLC”), which membership interests constitute and are defined as “Common
Units” pursuant to the Third Amended and Restated Limited Liability Company Agreement of Fluence LLC, dated as of October 27,
2021, as such agreement may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time (the
 “LLC Agreement” and such membership interests, the “Common Units”);

 

WHEREAS,
the Corporation is contemplating an offering and sale of the shares of Class A common stock, par value $0.00001 per share, of the
Corporation (the “Class A Common Stock”) in an underwritten initial public offering (the “IPO”)
and using a portion of the net proceeds received from the IPO to purchase Common Units;

 

WHEREAS,
pursuant to that certain Common Unit Subscription Agreement by and between the Corporation and Fluence LLC, dated as of October 27,
2021 (the “Common Unit Subscription Agreement”), the Corporation will hold Common Units;

 

WHEREAS,
upon consummation of the transactions contemplated by the Common Unit Subscription Agreement, it is contemplated that the Corporation
will be admitted as a member, and appointed as the sole managing member, of Fluence LLC;

 

WHEREAS,
in connection with, and prior to, the issuance of Class A Common Stock of the Corporation to the underwriters in its initial public
offering, it is anticipated that (a) AES, Siemens and the Corporation will enter into a series of related transactions pursuant to
which AES and Siemens will become holders of the Corporation’s Class B-1 Common Stock, par value $0.00001 per share (together
with any Class B-2 Common Stock, the “Class B Stock”) and (b) QIA shall, through the recapitalization
of Fluence LLC contemplated by the LLC Agreement and certain related transactions, become a holder of shares of Class A Common Stock;

 

WHEREAS,
immediately following the issuance of Class A Common Stock of the Corporation to the underwriters in its initial public offering,
AES (together with its Permitted Transferees, in such capacity, the “AES Related Parties”) will be the record holder
of shares of Class B Stock;

 

WHEREAS,
immediately following the issuance of Class A Common Stock of the Corporation to the underwriters in its initial public offering,
Siemens (and together with its Permitted Transferees, in such capacity, the “Siemens Related Parties”) will be the
record holders of shares of Class B Stock;

 

    

     

    

 

WHEREAS,
immediately following the issuance of Class A Common Stock of the Corporation to the underwriters in its initial public
offering, QIA (and together with its Permitted Transferees, in such capacity, the “QIA Related Parties”) will be the
record holders of shares of Class A Common Stock; and

 

WHEREAS,
in order to induce AES and Siemens (x) to approve the sale and issuance of Common Units by Fluence LLC to the Corporation and the
appointment of the Corporation as the sole managing member of Fluence LLC in connection with the IPO and (y) to take certain other
actions as shall be necessary to effectuate the transactions contemplated by the IPO, the parties hereto desire to set forth their agreement
with respect to the matters set forth herein in connection with their respective investments in the Corporation.

 

NOW,
THEREFORE, in consideration of the covenants and agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Corporation, AES, Siemens and QIA agree as follows:

 

AGREEMENT

 

Section 1.               Election
of the Board of Directors.

 

(a)            Subject
to this Section 1(a), the AES Related Parties shall be entitled to designate for nomination by the Board up to three (3) Directors
from time to time (any Director designated by the AES Related Parties, a “AES Director”). The right of the AES Related
Parties to designate for nomination the AES Directors as set forth in this Section 1(a) shall be subject to the following:
(i) if at any time the AES Related Parties Beneficially Own, directly or indirectly, in the aggregate twenty percent (20%) or more
of all issued and outstanding shares of Class A Common Stock (including for this purpose the Underlying Class A Shares), the
AES Related Parties shall be entitled to designate for nomination three (3) AES Directors, (ii) if at any time the AES Related
Parties Beneficially Own, directly or indirectly, in the aggregate less than twenty percent (20%) but at least ten percent (10%) or more
of all issued and outstanding shares of Class A Common Stock (including for this purpose the Underlying Class A Shares), the
AES Related Parties shall only be entitled to designate for nomination two (2) AES Directors, and (iii) if at any time the AES
Related Parties Beneficially Own, directly or indirectly, in the aggregate less than ten percent (10%) but at least five percent (5%)
or more of all issued and outstanding shares of Class A Common Stock (including for this purpose the Underlying Class A Shares),
the AES Related Parties shall only be entitled to designate for nomination one (1) AES Director. The AES Related Parties shall not
be entitled to designate for nomination any AES Directors in accordance with this Section 1(a) if at any time the AES
Related Parties Beneficially Own, directly or indirectly, in the aggregate less than five percent (5%) of all issued and outstanding shares
of Class A Common Stock (including for this purpose the Underlying Class A Shares).

 

    2

     

    

 

(b)            Subject
to this Section 1(b), the Siemens Related Parties shall be entitled to designate for nomination by the Board up to three (3) Directors
from time to time (any Director designated by the Siemens Related Parties, a “Siemens Director”). The right of the
Siemens Related Parties to designate for nomination the Siemens Directors as set forth in this Section 1(b) shall be
subject to the following: (i) if at any time the Siemens Related Parties Beneficially Own, directly or indirectly, in the aggregate
twenty percent (20%) or more of all issued and outstanding shares of Class A Common Stock (including for this purpose the Underlying
Class A Shares), the Siemens Related Parties shall be entitled to designate for nomination three (3) Siemens Directors, (ii) if
at any time the Siemens Related Parties Beneficially Own, directly or indirectly, in the aggregate less than twenty percent (20%) but
at least ten percent (10%) or more of all issued and outstanding shares of Class A Common Stock (including for this purpose the Underlying
Class A Shares), the Siemens Related Parties shall only be entitled to designate for nomination two (2) Siemens Directors and
(iii) if at any time the Siemens Related Parties Beneficially Own, directly or indirectly, in the aggregate less than ten percent
(10%) but at least five percent (5%) or more of all issued and outstanding shares of Class A Common Stock (including for this purpose
the Underlying Class A Shares), the Siemens Related Parties shall only be entitled to designate for nomination one (1) Siemens
Director. The Siemens Related Parties shall not be entitled to designate for nomination any Siemens Directors in accordance with this
Section 1(b) if at any time the Siemens Related Parties Beneficially Own, directly or indirectly, in the aggregate less
than five percent (5%) of all issued and outstanding shares of Class A Common Stock (including for this purpose the Underlying Class A
Shares).

 

(c)            Subject
to this Section 1(c), the QIA Related Parties shall be entitled to designate for nomination by the Board one (1) Director
from time to time (any Director designated by the QIA Related Parties, a “QIA Director”) if at any time the QIA Related
Parties Beneficially Own, directly or indirectly, in the aggregate five percent (5%) or more of all issued and outstanding shares of Class A
Common Stock (including for this purpose the Underlying Class A Shares). The QIA Related Parties shall not be entitled to designate
for nomination a QIA Director in accordance with this Section 1(c) if at any time the QIA Related Parties Beneficially
Own, directly or indirectly, in the aggregate less than five percent (5%) of all issued and outstanding shares of Class A Common
Stock (including for this purpose the Underlying Class A Shares).

 

(d)            Subject
to Section 1(a), Section 1(b) and Section 1(c), as of the date hereof, each of AES, Siemens and
QIA hereby agree to vote, or cause to be voted, all outstanding shares of Class A Common Stock and Class B Stock, as applicable,
held by the AES Related Parties, Siemens Related Parties and QIA Related Parties as of the date hereof, at any annual or special meeting
of stockholders of the Corporation at which Directors of the Corporation are to be elected or removed, or to take all Necessary Action
to cause the election or removal of the AES Directors, Siemens Directors and QIA Director as a Director, as provided herein and to implement
and enforce the provisions set forth in Section 3.

 

(e)            So
long as the Corporation qualifies as a “controlled company” for purposes of Stock Exchange rules, the Corporation may elect
to be a “controlled company” for purposes of Stock Exchange rules, and will disclose in its annual meeting proxy statement
that it is a “controlled company” and the basis for that determination. If the Corporation ceases to qualify as a “controlled
company” for purposes of Stock Exchange rules, each Stockholder and the Corporation will take whatever Necessary Action may be reasonably
necessary in relation to such party, if any, to cause the Corporation to comply with Stock Exchange rules as then in effect within
the timeframe for compliance available under such rules.

 

    3

     

    

 

Section 2.               Vacancies
and Replacements.

 

(a)            If
the number of Directors that the AES Related Parties, Siemens Related Parties or the QIA Related Parties have the right to designate for
nomination to the Board is decreased pursuant to Section 1(a), Section 1(b) or Section 1(c) (each
such occurrence, a “Decrease in Designation Rights”), then:

 

(i)            unless
a majority of Directors (with the affected party’s Board designees abstaining) agree in writing that a Director or Directors shall
not resign as a result of a Decrease in Designation Rights, each of the AES Related Parties, Siemens Related Parties or the QIA Related
Parties, as applicable, shall use its reasonable best efforts to cause each of (x) the appropriate number of AES Directors that the
AES Related Parties cease to have the right to designate for nomination to serve as a AES Director, (y) the appropriate number of
Siemens Directors that the Siemens Related Parties cease to have the right to designate for nomination to serve as a Siemens Director
or (y) the QIA Director that the QIA Related Parties cease to have the right to designate for nomination to serve as the QIA Director,
respectively, to offer to tender his, her or their resignation(s), and each of such AES Directors, Siemens Directors or QIA Director so
tendering a resignation, as applicable, shall resign within thirty (30) days from the date that the AES Related Parties, Siemens Related
Parties and/or the QIA Related Parties, as applicable, incurs a Decrease in Designation Rights. In the event any such AES Director, Siemens
Director or QIA Director, as applicable, does not resign as a Director by such time as is required by the foregoing, the AES Related Parties,
Siemens Related Parties and the QIA Related Parties, as holders of Class A Common Stock and Class B Stock, the Corporation and
the Board, to the fullest extent permitted by law and, with respect to the Board, subject to its fiduciary duties, shall thereafter take
all Necessary Action, including voting in accordance with Section 1(d), to cause the removal of such individual as a Director;
and

 

(ii)           the
vacancy or vacancies created by such resignation(s) and/or removal(s) shall be filled with one or more Directors, as applicable,
designated by the Board upon the recommendation of the Nominating and Corporate Governance Committee (with the affected party’s
Board designees abstaining), so long as it is established; provided, that the Board, upon the recommendation of the Nominating
and Corporate Governance Committee (with the affected party’s Board designees abstaining), may decline to fill such vacancy or vacancies
and elect instead to reduce the total number of Directors constituting the full Board correspondingly; provided in no event shall
the total number of Directors constituting the full Board be fewer than nine (9).

 

    4

     

    

 

(b)            Each
of the AES Related Parties, Siemens Related Parties and the QIA Related Parties shall have the sole right to request that one or more
of their respective designated Directors, as applicable, tender their resignations as Directors of the Board (each, a “Removal
Right”), in each case, with or without cause at any time, by sending a written notice to such Director and the Corporation’s
Secretary stating the name of the Director or Directors whose resignation from the Board is requested (the “Removal Notice”).
If the Director subject to such Removal Notice does not resign within thirty (30) days from receipt thereof by such Director, the AES
Related Parties, Siemens Related Parties and the QIA Related Parties, as holders of Class A Common Stock and Class B Stock,
the Corporation and the Board, to the fullest extent permitted by law and, with respect to the Board, subject to its fiduciary duties
to the Corporation’s stockholders, shall thereafter take all Necessary Action, including voting in accordance with Section 1(d) to
cause the removal of such Director from the Board (and such Director shall only be removed by the parties to this Agreement in such manner
as provided herein).

 

(c)            Except
with respect to a Decrease in Designation Rights subject to Section 2(a), each of the AES Related Parties, Siemens Related
Parties and the QIA Related Parties, as applicable, shall have the exclusive right to designate for nomination a replacement Director
for nomination or election by the Board to fill vacancies created as a result of not designating their respective Directors initially
or by death, disability, retirement, resignation, removal (with or without cause) of their respective Directors, or otherwise by designating
a successor for nomination or election by the Board to fill the vacancy of their respective Directors created thereby on the terms and
subject to the conditions of Section 1 whereupon the Corporation and the Board, to the fullest extent permitted by law and,
with respect to the Board, subject to its fiduciary duties, shall take all Necessary Action to cause such designee to be elected or appointed
by the Board to fill such vacancy.

 

Section 3.                Initial
Directors and Corporate Governance.

 

(a)            Initial
Directors. The initial AES Directors pursuant to Section 1(a) shall initially be Julian Nebreda, Lisa Krueger and
John Shelton. The initial Siemens Directors pursuant to Section 1(b) shall initially be Axel Meier, Barbara Humpton and
Emma Falck. The initial QIA Director pursuant to Section 1(c) shall initially be Simon James Smith. Herman Bulls shall
serve as the initial Chairperson of the Board (as defined in the Bylaws) for the initial term, in accordance with this Agreement and the
Bylaws, after which the Chairperson of the Board shall be determined in accordance with this Agreement and the Bylaws.

 

(b)            Nominating
Committee. For so long as the AES Related Parties have the ability pursuant to Section 1(a) to designate for nomination
at least one (1) Director, the AES Related Parties shall have, to the fullest extent permitted by applicable law, subject to the
Stock Exchange rules and in compliance with other applicable laws, rules and regulations, and subject to the requirements of
the charter for the Nominating and Corporate Governance Committee, the right, but not the obligation, to designate one (1) member
of the Nominating and Corporate Governance Committee. For so long as the Siemens Related Parties have the ability pursuant to Section 1(b) to
designate for nomination at least one (1) Director, the Siemens Related Parties shall have, to the fullest extent permitted by applicable
law, subject to the Stock Exchange rules and in compliance with other applicable laws, rules and regulations, and subject to
the requirements of the charter for the Nominating and Corporate Governance Committee, the right, but not the obligation, to designate
one (1) member of the Nominating and Corporate Governance Committee.

 

    5

     

    

 

(c)            Chief
Executive Officer. Immediately following the consummation of the IPO, the Chief Executive Officer of the Corporation shall be Manuel
Perez Dubuc.

 

(d)            Other
Rights of AES Directors, Siemens Directors and QIA Directors.

 

(i)            Each
AES Director, Siemens Director and QIA Director serving on the Board shall be entitled to the same rights and privileges applicable to
all other members of the Board generally or to which all such members of the Board are entitled. In furtherance of the foregoing, the
Corporation shall indemnify, exculpate, and reimburse fees and expenses of each AES Director, Siemens Director and QIA Director (including
by entering into an indemnification agreement in a form substantially similar to the Corporation’s form director indemnification
agreement) and provide each AES Director, Siemens Director and QIA Director with director and officer insurance to the same extent it
indemnifies, exculpates, reimburses and provides insurance for the other members of the Board pursuant to the certificate of incorporation
or bylaws of the Corporation, applicable law or otherwise.

 

(ii)           The
AES Directors and Siemens Directors shall, each respectively, have the right to review and to approve the Corporation’s annual business
plan and annual capital expenditure and operating budget (collectively, the “Budget”) prior to the implementation by
the Corporation of the Budget. In the event that the Board of Directors fails to approve a Budget for any Fiscal Year prior to the first
day of such Fiscal Year, (i) any items of the proposed Budget that have been approved will become operative, and (ii) the approved
Budget for the immediately preceding Fiscal Year shall continue in effect after giving effect to any dispositions or other material changes
to the business, subject to a fifteen percent (15%) year-over-year increase with respect to overhead and fixed costs.

 

Section 4.               Rights
of the AES, Siemens and QIA Stockholders.

 

(a)            In
addition to any voting requirements contained in the organizational documents of the Corporation or any of its Subsidiaries, the Corporation
shall not take, and shall cause Fluence LLC and its Subsidiaries not to take, any of the following actions (whether by merger, consolidation
or otherwise) without the prior written approval of (i) the AES Related Parties as long as they Beneficially Own, directly or indirectly,
in the aggregate ten percent (10%) or more of all issued and outstanding shares of Class A Common Stock (including for these purposes
the Underlying Class A Shares) and (ii) the Siemens Related Parties for as long as they Beneficially Own, directly or indirectly,
in the aggregate ten percent (10%) or more of all issued and outstanding shares of Class A Common Stock (including for these purposes
the Underlying Class A Shares):

 

(i)            any
buyback, purchase, repurchase, redemption or other acquisition by the Corporation or Fluence LLC of any of the securities of the Corporation,
Fluence LLC or any of their respective Subsidiaries, other than repurchases made pursuant to any incentive plan adopted by the Board and
stockholders of the Corporation, or in connection with any redemption or exchange of Common Units as set forth in the LLC Agreement, or
other than in connection with buybacks, purchases, repurchases, redemptions or other acquisitions by the Corporation or Fluence LLC of
any of the securities of the Corporation, Fluence LLC or any of their respective Subsidiaries that are available to all equity holders
of such entity pro rata to their then-existing equity holdings in such entity;

 

    6

     

    

 

(ii)           the
creation of a new class or series of capital stock or equity securities of the Corporation, Fluence LLC or any of their respective Subsidiaries;
provided that this clause shall not prohibit Fluence LLC from causing any of its direct or indirect wholly-owned Subsidiaries from
revising the capitalization of such direct or indirect wholly-owned Subsidiaries in the ordinary course of business and that such new
class or series of equity securities is held by Fluence LLC or its wholly-owned Subsidiaries; or

 

(iii)          any
issuance of additional shares of Class A Common Stock, Class B Stock, or other equity securities of the Corporation, Fluence
LLC or any of their respective Subsidiaries after the date hereof, other than (1) any issuance of additional shares of Class A
Common Stock or other equity securities of the Corporation or its Subsidiaries (i) under any stock option or other equity compensation
plan of the Corporation or any of its Subsidiaries approved by the Board or the compensation committee of the Board or (ii) in connection
with any redemption of Common Units as set forth in the LLC Agreement; or (2) any issuance of equity securities by the direct or
indirect wholly-owned Subsidiaries of Fluence LLC to Fluence LLC or to other wholly-owned Subsidiaries of Fluence LLC.

 

Notwithstanding anything in
the organizational documents of the Corporation to the contrary, each of (i) the Siemens Related Parties for as long as the Siemens
Related Parties Beneficially Own, directly or indirectly, in the aggregate ten percent (10%) or more of all issued and outstanding shares
of Class A Common Stock (including for these purposes the Underlying Class A Shares) and (ii) the AES Related Parties for
as long as the AES Related Parties Beneficially Own, directly or indirectly, in the aggregate ten percent (10%) or more of all issued
and outstanding shares of Class A Common Stock (including for these purposes the Underlying Class A Shares), shall have the
right to call a special meeting of stockholders of the Corporation for any purpose.

 

(b)           In
addition to any voting requirements contained in the organizational documents of the Corporation or any of its Subsidiaries, the Corporation
shall not take, and shall cause Fluence LLC and its Subsidiaries not to take, any of the following actions (whether by merger, consolidation
or otherwise) without the prior written approval of (i) the AES Related Parties as long as they Beneficially Own, directly or indirectly,
in the aggregate five percent (5%) or more of all issued and outstanding shares of Class A Common Stock (including for these purposes
the Underlying Class A Shares) and (ii) the Siemens Related Parties for as long as they Beneficially Own, directly or indirectly,
in the aggregate of five percent (5%) or more of all issued and outstanding shares of Class A Common Stock (including for these purposes
the Underlying Class A Shares):

 

(i)             the
appointment of the Company Representative under (and as defined in) the LLC Agreement, the making of any tax election outside the ordinary
course of business, or any change or revocation of any material tax election, or any election to classify Fluence LLC or any Subsidiary
thereof as a corporation for federal income tax purposes; or

 

    7

     

    

 

(ii)           the
(x) resignation, replacement or removal of the Corporation as the sole manager of Fluence LLC or (y) appointment of any additional
Person as a manager of Fluence LLC.

 

(c)            In
addition to any voting requirements contained in the organizational documents of the Corporation or any of its Subsidiaries, the Corporation
shall not take, and shall cause Fluence LLC and its Subsidiaries not to take, any of the following actions (whether by merger, consolidation
or otherwise) without the prior written approval of (i) the AES Related Parties as long as they Beneficially Own, directly or indirectly,
in the aggregate five percent (5%) or more of all issued and outstanding shares of Class A Common Stock (including for these purposes
the Underlying Class A Shares), (ii) the Siemens Related Parties for as long as they Beneficially Own, directly or indirectly,
in the aggregate of five percent (5%) or more of all issued and outstanding shares of Class A Common Stock (including for these purposes
the Underlying Class A Shares) and (iii) the QIA Related Parties for as long as they Beneficially Own, directly or indirectly,
in the aggregate five percent (5%) or more of all issued and outstanding shares of Class A Common Stock (including for this purpose
the Underlying Class A Shares):

 

(i)            any
increase or decrease of the size of the Board;

 

(ii)           the
reorganization, recapitalization, voluntary bankruptcy, liquidation, dissolution or winding-up of the Corporation, Fluence LLC or any
of their respective Subsidiaries; or

 

(iii)          any
amendment or modification of this Agreement or the organizational documents of the Corporation, Fluence LLC or any Subsidiary that would
adversely modify the rights, preferences or privileges of any of AES, Siemens or QIA in a materially disproportionate manner to the non-affected
stockholders among AES, Siemens or QIA.

 

(d)            Tag-Along
Rights. If during the three (3) year period commencing on the date of this Agreement:

 

(i)            either
the AES Related Parties or the Siemens Related Parties (each in such capacity, an “Initiating Stockholder”) (x) desires
to Transfer (as defined in the LLC Agreement) to any Person (other than their respective Affiliates or to the Corporation) (a “Third
Party”) one hundred percent (100%) of its shares of Class A Common Stock, if any, and Common Units (in the case of Common
Units, together with the applicable shares of Class B Stock) and (y) such shares of Class A Common Stock and Common Units
being sold to such Third Party (the “Subject Securities”) represent less than twenty percent (20%) of the aggregate
issued and outstanding shares of Class A Common Stock (including for this purpose the Underlying Class A Shares), then (A) the
Initiating Stockholder may sell such Subject Securities to the Third Party, (B) the Initiating Stockholder is not permitted to assign
or transfer any of its rights under this Agreement to such Third Party and (C) the QIA Related Parties shall not have any right to
participate in such sale to such Third Party pursuant to this Section 4(d)(i);

 

    8

     

    

 

(ii)           either
Initiating Stockholder desires to Transfer (as defined in the LLC Agreement) to a Third Party, one hundred percent (100%) of its Subject
Securities and such Subject Securities represent twenty percent (20%) or more of the aggregate issued and outstanding shares of Class A
Common Stock (including for this purpose the Underlying Class A Shares), then the Initiating Stockholder may, in its sole discretion,
(1) elect to (x) Transfer its Subject Securities and (y) transfer or assign its rights under this Agreement to such Third
Party, provided that in connection with such Transfer, such Initiating Stockholders shall provide the QIA Related Parties with the right
to participate in the sale of such Subject Securities and sell one hundred percent (100%) of their shares of Class A Common Stock
pursuant to Sections 4(d)(v), (vi) and (vii) (the rights of the QIA Related Parties to participate in
any Transfer of Subject Securities under this Section 4(d) shall be referred to as the “Tag Along Rights”)
or (2) Transfer the Subject Securities to the Third Party without transferring or assigning its rights under this Agreement, in
which case the QIA Related Parties will not have any Tag Along Rights. In respect of clause (1) herein, the applicable Initiating
Stockholder shall use its reasonable best efforts to cause the Third Party purchaser to acquire the applicable shares of Class A
Common Stock of the QIA Related Parties pursuant to the terms of this Section 4(d); provided that, if such Third Party elects
not to acquire such shares of Class A Common Stock of the QIA Related Parties, (A) the applicable Initiating Stockholder shall
not be permitted to transfer or assign its rights under this Agreement to such Third Party and (B) the QIA Related Parties will
not have any Tag Along Rights;

 

(iii)          both
Initiating Stockholders desire collectively to Transfer (as defined in the LLC Agreement) to a Third Party a number of their Subject Securities
representing (x) less than one hundred percent (100%) of such Initiating Stockholder’s Subject Securities and (y) thirty
percent (30%) or greater of the aggregate issued and outstanding shares of Class A Common Stock (including for this purpose the Underlying
Class A Shares), then (1) the Initiating Stockholders shall not be permitted to assign their rights under this Agreement to
the Third Party, and (2) the QIA Related Parties shall have the Tag Along Rights with respect to a sale of a pro rata portion of
their Class A Common in the sale of such Subject Securities pursuant to the terms of this Section 4(d);

 

(iv)          both
Initiating Stockholders desire collectively to Transfer (as defined in the LLC Agreement) to a Third Party one hundred percent (100%)
of their Subject Securities and such Subject Securities represent thirty percent (30%) or greater of the aggregate issued and outstanding
shares of Class A Common Stock (including for this purpose the Underlying Class A Shares), then the Initiating Stockholders
(x) may Transfer their collective Subject Securities to the Third Party and (y) may assign their respective rights under this
Agreement to such Third Party and (z) shall provide the QIA Related Parties with the Tag Along Rights and the ability to participate
in the sale of such Subject Securities and sell one hundred percent (100%) of their shares of Class A Common Stock pursuant to the
terms of this Section 4(d);

 

(v)           Prior
to any proposed sale of the Subject Securities by the Initiating Stockholders to a Third Party to which Tag Along Rights apply as set
forth in Section 4(d)(ii) through Section 4(d)(iv), the applicable Initiating Stockholder shall provide the
QIA Related Parties with a written notice (the “Tag Along Notice”), which shall include (i) the identity of the
prospective purchaser (the “Prospective Purchaser”), (ii) the number of the Subject Securities proposed to be
sold by the Initiating Stockholders, (iii) the per share consideration and the material terms and conditions upon which the proposed
sale is to be made, and (iv) the number of the Subject Securities held by the applicable Initiating Stockholders to be included in
such Tag Along Transfer, expressed as a percentage of their aggregate holdings (the “Tag Percentage”);

 

    9

     

    

 

(vi)          Following
receipt of a Tag Along Notice hereunder, the QIA Related Parties, in their sole discretion, will have ten (10) business days to exercise,
by delivery of written notice to the Initiating Stockholders (the “Tag Election”), the right to sell to the Prospective
Purchaser a number of shares of Class A Common Stock up to the product of the total number of Class A Common Stock held by the
QIA Related Parties multiplied by the Tag Percentage set forth in the Tag Along Notice (for clarity, in such a joint sale by the
AES Related Parties and the Siemens Related Parties where the number of the Subject Securities being included in such sale by one party
is different from that of the other party, the QIA Related Parties may use the greater of the two individual Tag Percentages in calculating
the number of its pro rata portion of the applicable Subject Securities) (any of the QIA Related Parties exercising such right,
a “Tagging Stockholder” and any such shares of Class A Common Stock designated for sale by a Tagging Stockholder,
collectively, the “Tag Along Securities”). For purposes of this Section 4(d), Subject Securities will be
counted as follows: (A) each share of Class A Common Stock will be counted as one (1) Subject Security and (B) each
share of Class B Common Stock and Common Unit together will be counted as one (1) Subject Security. Any such exercise of the
Tag Along Rights by a Tagging Stockholder shall be irrevocable. If the QIA Related Parties have not delivered a Tag Election within such
ten (10) business day period, the Initiating Stockholders shall have the right to freely Transfer to the Prospective Purchaser all,
but not less than all, of the Subject Securities proposed to be sold as set forth in the Tag Along Notice for a period not to exceed one
hundred and eighty (180) days following the end of such ten (10) day period, subject to extension to allow pending applicable governmental
consents and approvals; provided, that such Transfer is otherwise on the same or substantially similar or less preferable (to the
Initiating Stockholders) terms and conditions as those set forth in the Tag Along Notice. If, at the end of such one hundred and eighty
(180) day period (as extended to permit pending governmental consents and approvals), the Initiating Stockholders have not completed the
Tag Along Transfer in accordance with the terms and conditions of the Tag Along Notice, all the restrictions on a Transfer contained in
this Section 4(d) with respect to the Subject Securities owned by the Initiating Stockholders shall again be in effect;
and

 

(vii)         The
Tag Along Securities will be included in the relevant Transfer on the same terms and subject to the same conditions set forth in the Tag
Along Notice and applicable to the Subject Securities that the Initiating Stockholders are selling (except that governmental consents
and approvals shall be obtained by each Tagging Stockholder as required under applicable law, even if different from those required from
the Initiating Stockholders in connection with the Tag Along Transfer). Each Tagging Stockholder agrees that it will take such actions
and execute such other agreements as the Initiating Stockholders may reasonably request in connection with the consummation of the Tag
Along Transfer and the transactions contemplated thereby, including any purchase agreement, proxies, custody agreements, powers of attorney,
written consents in lieu of meetings or waiver of appraisal rights.

 

    10

     

    

 

 

(e)             Drag-Along
Rights.

 

(i)          Notwithstanding
the provisions of Section 4(d) above, in the event that AES and Siemens collectively Transfer (as defined in the LLC
Agreement) to a Third Party one hundred percent (100%) of their respective Subject Securities (a “Drag-Along Transaction”)
and (A) as a result of such Drag-Along Transaction, such Third Party acquires at least sixty percent (60%) (in the aggregate) of
the issued and outstanding shares of Class A Common Stock (including for these purposes the Underlying Class A Shares) and (B) the
purchase price set forth in the bona fide offer from the Third Party purchaser represents at least a thirty percent (30%) increase on
the 30-day average trading price for the shares of Class A Common Stock (a “Drag Offer”), then AES and Siemens
may, at their option, require the QIA Related Parties to sell one hundred percent (100%) of their shares of Class A Common Stock
to the third party by giving written notice (the “Drag Notice”) to the QIA Related Parties not less than thirty (30)
days prior to the date stated in the Drag Offer for consummation of the sale contemplated by the Drag Offer (the “Approved Sale”).
The Drag Notice shall contain written notice of the exercise of AES and Siemens’ rights pursuant to this Section 4(e),
and shall set forth the consideration to be paid by the third party and the other material terms and conditions of the Drag Offer.

 

(ii)          The
purchase of shares of Class A Common Stock from the QIA Related Parties pursuant to this Section 4(e) shall be on
substantially the same terms and conditions and for the same type of consideration payable to AES and Siemens.

 

(iii)          If
AES and Siemens exercise their rights pursuant to this Section 4(e), the QIA Related Parties shall sell, exchange or otherwise
dispose to such Third Party one hundred percent (100%) of their shares of Class A Common Stock.

 

(iv)          In
connection with the consummation of any Approved Sale, QIA acknowledges and agrees that it shall:

 

		a.	consent to and raise no objections against any such Approved Sale; and

 

		b.	not exercise any rights of appraisal, dissenters’ rights or similar rights, all of which are hereby waived.

 

Section 5.                Covenants of the Corporation.

 

(a)            The
Corporation agrees to take all Necessary Action to (i) cause the Board to be comprised of at least nine (9) Directors or such
other number of Directors as the Board may determine, subject to the terms of this Agreement, the Charter or the Bylaws of the Corporation;
(ii) cause the individuals designated for nomination in accordance with Section 1 to be included in the slate of nominees
to be elected to the Board at the next annual or special meeting of stockholders of the Corporation at which Directors are to be elected,
in accordance with the Bylaws, Charter and General Corporation Law of the State of Delaware and at each annual meeting of stockholders
of the Corporation thereafter at which such Director’s term expires; (iii) cause the individuals designated for nomination
in accordance with Section 2(c) to fill the applicable vacancies on the Board, in accordance with the Bylaws, Charter,
Securities Laws, General Corporation Law of the State of Delaware and the New York Stock Exchange rules and (iv) to adhere to,
implement and enforce the provisions set forth in Section 4.

 

    11 

     

    

 

(b)          The
AES Related Parties, the Siemens Related Parties and the QIA Related Parties shall comply with the requirements of the Charter and Bylaws
when designating and nominating individuals as Directors, in each case, to the extent such requirements are applicable to Directors generally.
Notwithstanding anything to the contrary set forth herein, in the event that the Board determines, within sixty (60) days after compliance
with the first sentence of this Section 5(b), in good faith, after consultation with outside legal counsel, that its nomination,
appointment or election of a particular Director designated for nomination in accordance with Section 1 or Section 2,
as applicable, would constitute a breach of its fiduciary duties or does not otherwise comply with any requirements of the Charter or
Bylaws, then the Board shall inform the AES Related Parties, Siemens Related Parties and/or the QIA Related Parties, as applicable, of
such determination in writing and explain in reasonable detail the basis for such determination and shall, to the fullest extent permitted
by law, nominate, appoint or elect another individual designated for nomination, election or appointment to the Board by the AES Related
Parties, Siemens Related Parties and/or the QIA Related Parties, as applicable (subject in each case to this Section 5(b)).
The Board and the Corporation shall, to the fullest extent permitted by law, take all Necessary Action required by this Section 5
with respect to the election of such substitute designees to the Board.

 

(c)          In
addition to any voting requirements contained in this Agreement or the organizational documents of the Corporation or any of its Subsidiaries,
the Corporation shall not, directly or indirectly, enter into or conduct business or operations or hold or acquire assets in its own name
or otherwise other than through Fluence LLC and its Subsidiaries without the prior written approval of (i) AES for as long as the
AES Related Parties Beneficially Own, directly or indirectly any of the issued and outstanding Common Units and (ii) Siemens for
as long as the Siemens Related Parties Beneficially Own, directly or indirectly any of the issued and outstanding Common Units; provided,
however, that nothing in this clause (c) shall be deemed to prohibit the Corporation from, and no consent of AES, Siemens or any
other Person shall be required for the Corporation to engage in, (i) holding or using cash received by the Corporation as a result
of the Corporation’s investment in Fluence LLC or (ii) re-investing cash into Fluence LLC (whether by way of intercompany loan,
investment or otherwise).

 

(d)          Upon
the request of either the AES Related Parties or the Siemens Related Parties that wish to (x) pledge, hypothecate or grant security
interests in any or all of the shares of Common Stock held by it including to banks or financial institutions as collateral or security
for loans, advances or extensions of credit or (y) transfer all (but not less than all) of the shares of Common Stock and/or Common
Units held by it, including to a third party transferee, in a transfer not prohibited by the LLC Agreement, each of the Corporation and
Fluence LLC agrees to cooperate with the AES Related Parties or the Siemens Related Parties, as the case may be, in taking any action
reasonably necessary to consummate any such pledge, hypothecation, grant or transfer, including without limitation, delivery of letter
agreements to lenders in form and substance reasonably satisfactory to such lenders (which may include agreements by the Corporation and
Fluence LLC in respect of the exercise of remedies by such lenders), instructing the transfer agent to transfer any such shares of Common
Stock subject to the pledge, hypothecation or grant into the facilities of The Depository Trust Company without restricted legends and
cooperating in diligence or other matters as may reasonably requested by either AES Related Parties or the Siemens Related Parties in
connection therewith.

 

    12 

     

    

 

(e)          In
the event that the Corporation effects the separation of any portion of its business into one or more entities (each, a “NewCo”),
whether existing or newly formed, including without limitation by way of spin-off, split-off, carve-out, demerger, recapitalization, reorganization
or similar transaction, and any Stockholder will receive equity interests in any such NewCo as part of such separation, the Corporation
shall cause any such NewCo to enter into a Stockholders agreement with the Stockholders that provides AES, Siemens and QIA with rights
vis-á-vis such NewCo that are substantially identical to those set forth in this Agreement.

 

Section 6.              Termination.

 

This Agreement shall terminate
upon the earliest to occur of any one of the following events:

 

(a)          each
of (i) the AES Related Parties, (ii) the Siemens Related Parties and (iii) the QIA Related Parties ceasing to own any shares
of Class A Common Stock (including for these purposes any Underlying Class A Shares) or Class B Stock;

 

(b)          each
of (i) the AES Related Parties, (ii) the Siemens Related Parties and (iii) the QIA Related Parties ceasing to have any
Director designation rights under Section 1; and

 

(c)          the
unanimous written consent of the parties hereto; provided, however, that notwithstanding any of the foregoing in this Section 6,
the QIA Related Parties shall have the option to terminate, at their sole discretion and solely with respect to such QIA Related Parties,
this Agreement and their rights and obligations hereunder if at any time (i)(A) the Board no longer has a QIA Director and (B) the
QIA Related Parties beneficially own, directly or indirectly, in the aggregate less than five percent (5%) of all issued and outstanding
shares of Class A Common Stock (including for this purpose the Underlying Class A Shares) or (ii) following a Transfer
to a Third Party by the AES Related Parties or the Siemens Related Parties of its shares of Class A Common Stock and/or Common Units
(in the case of Common Units, together with the applicable shares of Class B Stock) and the associated right to designate for nomination
one or more Directors, the QIA Related Parties determine that they would not be able to vote (or cause to be voted) for any director candidate
nominated by such Third Party.

 

For the avoidance of doubt,
the rights and obligations (i) of the AES Related Parties under this Agreement shall terminate upon the AES Related Parties ceasing
to own any shares of Class A Common Stock (including for these purposes the Underlying Class A Shares), or Class B Stock,
(ii) of the Siemens Related Parties under this Agreement shall terminate upon the Siemens Related Parties ceasing to own any shares
of Class A Common Stock (including for these purposes any Underlying Class A Shares) or Class B Stock, or (iii) of
the QIA Related Parties under this Agreement shall terminate upon the QIA Related Parties ceasing to own any shares of Class A Common
Stock. Notwithstanding the foregoing, nothing in this Agreement shall modify, limit or otherwise affect, in any way, any and all rights
to indemnification, exculpation and/or contribution owed by any of the parties hereto, to the extent arising out of or relating to events
occurring prior to the date of termination of this Agreement or the date the rights and obligations of such party under this Agreement
terminates in accordance with this Section 6.

 

    13 

     

    

 

Section 7.              Definitions.

 

As used in this Agreement,
any term that it is not defined herein, shall have the following meanings:

 

“Affiliate”
has the meaning ascribed thereto in Rule 12b-2 promulgated under the Exchange Act, as in effect on the date hereof

 

“Beneficially Own”
has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act; provided that for purposes of this Agreement, a Stockholder
shall not be deemed to Beneficially Own any shares of Class A Common Stock (including any Underlying Class A Shares) in which
such Stockholder does not have a direct or indirect pecuniary interest.

 

“Board”
means the board of directors of the Corporation.

 

“Bylaws”
means the amended and restated bylaws of the Corporation, dated as of the date hereof, as the same may be further amended, restated, amended
and restated or otherwise modified from time to time.

 

“Combined Voting
Power” means the combined voting power of all classes and series of Voting Securities, according to each class’ or series’
respective votes per share, voting together as a single class.

 

“Charter”
means the amended and restated certificate of incorporation of the Corporation, effective as of the date hereof, as the same may be further
amended, restated, amended and restated or otherwise modified from time to time.

 

“Director”
means a member of the Board.

 

“Necessary Action”
means, with respect to a specified result, all commercially reasonable actions required to cause such result that are within the power
of a specified Person, including (i) voting or providing a written consent or proxy with respect to the equity securities owned by
the Person obligated to undertake the necessary action, (ii) voting in favor of the adoption of stockholders’ resolutions and
amendments to the organizational documents of the Corporation, (iii) executing agreements and instruments, and (iv) making,
or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that
are required to achieve such result.

 

“Nominating and Corporate
Governance Committee” means the nominating and corporate governance committee of the Board or any committee of the Board authorized
to perform the function of recommending to the Board the nominees for election as Directors or nominating the nominees for election as
Directors.

 

“Permitted Transferees”
has the meaning set forth in the Charter or, in relation to a Stockholder’s Common Units in Fluence LLC, in the LLC Agreement.

 

    14 

     

    

 

“Person”
means any individual, corporation, limited liability company, partnership, trust, joint stock company, business trust, unincorporated
association, joint venture, governmental authority or other entity or organization, including a government or any subdivision or agency
thereof.

 

“Pro Rata Percentage”
means the percentage obtained by dividing (i) the aggregate number of Subject Securities being sold pursuant to Section 4(d),
by (ii) the aggregate number of Subject Securities owned by the AES Related Parties and Siemens Related Parties immediately preceding
the transactions contemplated by Section 4(d).

 

“Related Parties”
means, collectively, the AES Related Parties, the Siemens Related Parties and the QIA Related Parties.

 

“Securities Laws”
means the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder.

 

“Stock Exchange”
means the Nasdaq Global Market or such other securities exchange or interdealer quotation system on which shares of Class A Common
Stock are then listed or quoted.

 

“Subsidiary”
means with respect to any Person, any corporation, limited liability company, partnership, association, trust or other form of legal entity,
of which (a) such first Person directly or indirectly owns or controls at least a majority of the securities or other interests having
by their terms voting power to elect a majority of the board of directors or others performing similar functions, or (b) such first
Person is a general partner or managing member (excluding partnerships in which such Person or any Subsidiary thereof does not have a
majority of the voting interests in such partnership).

 

“Underlying Class A
Shares” means all shares of Class A Common Stock issuable upon redemption of Common Units, assuming all such Common Units
are redeemed for Class A Common Stock on a one-for-one basis (excluding, for clarity, Common Units held directly or indirectly by
the Corporation).

 

“Voting Securities”
means, at any time, outstanding shares of any class of Common Stock of the Corporation, which are then entitled to vote generally in the
election of directors.

 

Unless the context of this
Agreement otherwise requires, (i) words of any gender include each other gender; (ii) words using the singular or plural number
also include the plural or singular number, respectively; (iii) the terms “hereof,” “herein,” “hereby”
and derivative or similar words refer to this entire Agreement; (iv) the terms “Article” or “Section” refer
to the specified Article or Section of this Agreement; (v) the word “including” shall mean “including,
without limitation”; (vi) each defined term has its defined meaning throughout this Agreement, whether the definition of such
term appears before or after such term is used; and (vii) the word “or” shall be disjunctive but not exclusive. References
to agreements and other documents shall be deemed to include all subsequent amendments and other modifications thereto. References to
statutes shall include all regulations promulgated thereunder and references to statutes or regulations (including rules of any Stock
Exchange) shall be construed as including all statutory and regulatory provisions consolidating, amending or replacing the statute or
regulation.

 

    15 

     

    

 

Section 8.              Information.

 

(a)          The
Corporation shall, and shall cause its Subsidiaries to, keep proper books, records and accounts, in which full and correct entries shall
be made of all financial transactions and the assets and business of the Corporation and each of its Subsidiaries in accordance with generally
accepted accounting principles. The Corporation shall, and shall cause its Subsidiaries to, (i) permit the Stockholders and their
respective designated representatives (or other designees), at reasonable times and upon reasonable prior notice to the Corporation, to
review the books and records of the Corporation or any of such Subsidiaries and to discuss the affairs, finances and condition of the
Corporation or any of such Subsidiaries with the officers of the Corporation or any such Subsidiary and (ii) unless and until a Stockholder
notifies the Corporation in writing that it no longer desires to receive information under this clause (ii), provide such Stockholder
all information of a type, at such times and in such manner as is consistent with the Corporation’s past practice or that is otherwise
reasonably requested by such Stockholder from time to time (all such information so furnished pursuant to this Section 8(a),
the “Information”). Subject to Section 8(c) any Stockholder (and any party receiving Information from
a Stockholder) who shall receive Information shall maintain the confidentiality of such Information. Notwithstanding the foregoing, that
the Corporation shall not be required to disclose any privileged Information of the Corporation so long as the Corporation has used commercially
reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Stockholders without the loss
of any such privilege.

 

(b)            The
Corporation shall deliver or cause to be delivered to the Stockholders, at their request:

 

(i)          to
the extent otherwise prepared by the Corporation, operating and capital expenditure budgets and periodic information packages relating
to the operations and cash flows of the Corporation and its Subsidiaries; and

 

(ii)          to
the extent otherwise prepared by the Corporation, such other reports and information as may be reasonably requested by the Stockholders;
provided, however, that the Corporation shall not be required to disclose any privileged information of the Corporation so long as the
Corporation has used commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to
the Stockholders without the loss of any such privilege.

 

(c)            Each
Stockholder agrees that it will, and will direct its designated representatives to, keep confidential and not disclose any Confidential
Information; provided, however, that such Stockholder and its designated representatives may disclose Confidential
Information to the other Stockholders, to their respective Related Parties and to (a) its Affiliates and its Affiliates’ attorneys,
accountants, consultants, insurers, financing sources and other advisors in connection with such Stockholder’s investment in the
Corporation, (b) any Person, including a prospective purchaser of Common Stock, as long as such Person has agreed, in writing, to
maintain the confidentiality of such Confidential Information, (c) any of such Stockholder’s or its respective Affiliates’
partners, members, stockholders, directors, officers, employees or agents in the ordinary course of business (the Persons referenced in
clauses (a), (b) and (c), a Stockholder’s “designated representatives”) or (d) as the Corporation may otherwise
consent in writing; provided, further, however, that each Stockholder agrees to be responsible for
any breaches of this Section 8(c) by such Stockholder’s designated representatives.

 

    16 

     

    

 

(d)          Each
party hereto acknowledges and agrees that the Related Parties may share any information concerning the Corporation and its Subsidiaries
received by them from or on behalf of the Corporation or its designated representatives with each Stockholder and its designated representatives
(subject to such Stockholder’s obligation to maintain the confidentiality of Confidential Information in accordance with Section 8(c)).

 

Section 9.              Choice
of Law and Venue; Waiver of Right to Jury Trial.

 

(a)          THIS
AGREEMENT SHALL BE GOVERNED BY, CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE. EACH OF
THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT IN THE EVENT OF ANY BREACH OF THIS AGREEMENT, THE NON-BREACHING PARTY WOULD BE IRREPARABLY
HARMED AND COULD NOT BE MADE WHOLE BY MONETARY DAMAGES, AND THAT, IN ADDITION TO ANY OTHER REMEDY TO WHICH THEY MAY BE ENTITLED
AT LAW OR IN EQUITY, THE PARTIES SHALL BE ENTITLED TO SUCH EQUITABLE OR INJUNCTIVE RELIEF AS MAY BE APPROPRIATE. THE CHOICE OF FORUM
SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT OF ANY JUDGMENT OF A DELAWARE FEDERAL OR STATE COURT, OR
THE TAKING OF ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SUCH A JUDGMENT, IN ANY OTHER APPROPRIATE JURISDICTION.

 

(b)          IN
THE EVENT ANY PARTY TO THIS AGREEMENT COMMENCES ANY LITIGATION, PROCEEDING OR OTHER LEGAL ACTION IN CONNECTION WITH OR RELATING TO THIS
AGREEMENT, ANY RELATED AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED HEREIN OR THEREIN, THE PARTIES TO THIS AGREEMENT HEREBY (1) AGREE
UNDER ALL CIRCUMSTANCES ABSOLUTELY AND IRREVOCABLY TO SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE,
OR IF (AND ONLY IF) SUCH COURT FINDS IT LACKS SUBJECT MATTER JURISDICTION, THE SUPERIOR COURT OF THE STATE OF DELAWARE (COMPLEX COMMERCIAL
DIVISION), OR IF UNDER APPLICABLE LAW, SUBJECT MATTER JURISDICTION OVER THE MATTER THAT IS THE SUBJECT OF THE ACTION OR PROCEEDING IS
VESTED EXCLUSIVELY IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA, THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE,
AND APPELLATE COURTS FROM ANY THEREOF, WITH RESPECT TO ALL ACTIONS AND PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY; (2) AGREE THAT IN THE EVENT OF ANY SUCH LITIGATION, PROCEEDING OR ACTION, SUCH PARTIES WILL CONSENT
AND SUBMIT TO THE PERSONAL JURISDICTION OF ANY SUCH COURT DESCRIBED IN CLAUSE (1) OF THIS SECTION 9(B) AND TO SERVICE
OF PROCESS UPON THEM IN ACCORDANCE WITH THE RULES AND STATUTES GOVERNING SERVICE OF PROCESS; (3) AGREE TO WAIVE TO THE FULL EXTENT
PERMITTED BY LAW ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH LITIGATION, PROCEEDING OR ACTION IN ANY
SUCH COURT OR THAT ANY SUCH LITIGATION, PROCEEDING OR ACTION WAS BROUGHT IN ANY INCONVENIENT FORUM; (4) AGREE TO WAIVE ANY RIGHTS
TO A JURY TRIAL TO RESOLVE ANY DISPUTES OR CLAIMS RELATING TO THIS AGREEMENT; (5) AGREE TO SERVICE OF PROCESS IN ANY LEGAL PROCEEDING
BY MAILING OF COPIES THEREOF TO SUCH PARTY AT ITS ADDRESS SET FORTH HEREIN FOR COMMUNICATIONS TO SUCH PARTY; (6) AGREE THAT ANY SERVICE
MADE AS PROVIDED HEREIN SHALL BE EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (7) AGREE THAT NOTHING HEREIN SHALL AFFECT THE
RIGHTS OF ANY PARTY TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

    17 

     

    

 

Section 10.              Notices.

 

Any notice, request, claim,
demand, document and other communication hereunder to any party shall be effective upon receipt (or refusal of receipt) and shall be in
writing and delivered personally or sent by facsimile, or by electronic mail, or first class mail, or by Federal Express or other similar
courier or other similar means of communication, as follows:

 

(a)            If
to AES Grid Stability, LLC, addressed as follows:

 

AES Grid Stability, LLC

4300 Wilson Boulevard

Suite 1100

Arlington, VA 22203

Attention: Paul Freedman, General Counsel
of The AES Corporation

Email: paul.freedman @aes.com

 

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

 

AES Grid Stability, LLC

4300 Wilson Boulevard

Suite 1100

Arlington, VA 22203

Attention:
Chris Shelton, Senior Vice President, Chief Product Officer and

President,
AES Next

Email: chris.shelton@aes.com

 

(b)            If
to Siemens Industry, Inc., addressed as follows:

 

Siemens Industry, Inc.

4800 North Point Parkway

Alpharetta, GA 30005, USA

Attention: Craig Langley

Email: Langley.craig@siemens.com

 

    18 

     

    

 

(c)             If
to Qatar Holding LLC, addressed as follows:

 

Qatar Holding LLC

Ooredoo Tower (Building 14)

Al Dafna Street (Street 801)

Al Dafna (Zone 61)

Doha, Qatar

Email:
notices.legal@qia.qa; notices_industrials@qia.qa

 

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

 

Cleary Gottlieb Steen & Hamilton
LLP

One Liberty Plaza

New York, NY 10006

Attn: Paul Shim; Kimberly Spoerri

Facsimle: 212.225.3999

Email:
pshim@cgsh.com; kspoerri@cgsh.com

 

(d)            If
to the Corporation, addressed as follows:

 

Fluence Energy, Inc.

c/o Manuel Perez Dubuc, Chief Executive Officer

4601 N. Fairfax Drive, Suite 600

Arlington, VA 22203

Email: manuel.perez@fluenceenergy.com

 

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

 

Dennis
Fehr, CFO

Email:
dennis.fehr@fluenceenergy.com

 

and

 

Francis Fuselier, General Counsel and
Secretary

Email:
frank.fuselier@fluenceenergy.com

 

or, in each case, to such other address or email
address as such party may designate in writing to each party by written notice given in the manner specified herein. All such communications
shall be deemed to have been given, delivered or made when so delivered by hand or sent by facsimile (with confirmed transmission), on
the next business day if sent by overnight courier service (with confirmed delivery) or when received if sent by first class mail, or
in the case of notice by electronic mail, when the relevant email enters the recipient’s server.

 

    19 

     

    

 

Section 11.              Assignment.

 

Except as otherwise provided
herein, all of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable
by the respective successors and permitted assigns of the parties hereto. This Agreement may not be assigned (by operation of law or otherwise)
without the express prior written consent of the other parties hereto, and any attempted assignment, without such consents, will be null
and void; provided, however, that each of AES, Siemens and QIA is permitted to assign this Agreement to their respective
Permitted Transferees, so long as such Permitted Transferee agrees to become a party to this Agreement; and provided further, that
each of AES, Siemens and QIA is permitted, without the consent of the Corporation or any other Person, to assign its rights and obligations
under this Agreement to a transferee of all (but not less than all) of its respective Common Stock and/or Common Units, as applicable,
in a transfer not prohibited by the LLC Agreement, so long as such transferee, if not already a party to this Agreement, agrees to become
party to, and be bound by all of the provisions of this Agreement as a “Stockholder” and an “AES Related Party,”
 “Siemens Related Party” or “QIA Related Party,” as applicable, whereupon such transferee shall be deemed a “Stockholder”
and an “AES Related Party,” “Siemens Related Party” or “QIA Related Party,” as applicable, hereunder.
This Agreement will inure to the benefit of and be binding on the parties hereto and their respective successors and permitted assigns.

 

Section 12.              Amendment
and Modification; Waiver of Compliance.

 

This Agreement may not be
amended, modified, altered or supplemented except by means of a written instrument executed on behalf of each of the parties hereto. For
clarity, each Stockholder may without the consent of any other Person waive or terminate its respective rights to designate directors
for nomination to the Board at any time by written notice to the Corporation. Except as otherwise provided in this Agreement, any failure
of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party or parties entitled
to the benefits thereof only by a written instrument signed by the party or parties granting such waiver, but such waiver or failure to
insist upon strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with
respect to, any subsequent or other failure.

 

Section 13.              Waiver.

 

No failure on the part of
either party hereto to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part of either party hereto
in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver thereof; and no single or partial
exercise of any such power, right, privilege or remedy shall preclude any other or further exercise thereof or of any other power, right,
privilege or remedy.

 

Section 14.              Severability.

 

If any provision of this Agreement,
or the application of such provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable
to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each other provision hereof shall be valid
and enforceable to the fullest extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction such provision
shall be reformed to be valid and enforceable to the fullest extent permitted by law and (iii) the application of such provision
to other Persons or circumstances or in other jurisdictions shall not be affected thereby.

 

    20 

     

    

 

Section 15.              Counterparts.

 

This Agreement may be executed
in any number of counterparts and signatures may be delivered by facsimile, each of which may be executed by less than all parties, each
of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one
instrument.

 

Section 16.              Further
Assurances.

 

At any time or from time to
time after the date hereof, the parties hereto agree to cooperate with each other, and at the request of any other party, to execute and
deliver any further instruments or documents and to take all such further action as any other party may reasonably request in order to
evidence or effectuate the provisions of this Agreement and to otherwise carry out the intent of the parties hereunder.

 

Section 17.              Titles
and Subtitles.

 

The descriptive headings of
this Agreement are inserted for convenience only and do not constitute a part of this Agreement.

 

Section 18.              No
Third Party Beneficiaries.

 

This Agreement shall be binding
upon and inure solely to the benefit of the parties hereto and their permitted assigns and successors, and nothing herein, express or
implied, is intended to or shall confer upon any other Person or entity, any legal or equitable right, benefit or remedy of any nature
whatsoever under or by reason of this Agreement.

 

Section 19.              Recapitalizations;
Exchanges, Etc.The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all
shares of capital stock of the Corporation or any successor or assign of the Corporation (whether by merger, consolidation, sale of assets
or otherwise) which may be issued in respect of, in exchange for, or in substitution of such shares of capital stock, by reason of a stock
dividend, stock split, stock issuance, reverse stock split, combination, recapitalization, reclassification, merger, consolidation or
otherwise.

 

Section 20.              Representations
and Warranties.

 

(a)            Each
of AES, Siemens, QIA and each Person who becomes a party to this Agreement after the date hereof, severally and not jointly and solely
with respect to itself, represents and warrants to the Corporation as of the time such party becomes a party to this Agreement that (a) if
applicable, it is duly authorized to execute, deliver and perform this Agreement; (b) this Agreement has been duly executed by such
party and is a valid and binding agreement of such party, enforceable against such party in accordance with its terms; and (c) the
execution, delivery and performance by such party of this Agreement does not violate or conflict with or result in a breach of or constitute
(or with notice or lapse of time or both constitute) a default under any agreement to which such party is a party or, if applicable, the
organizational documents of such party.

 

    21 

     

    

 

(b)            The
Corporation represents and warrants to each other party hereto that (a) the Corporation is duly authorized to execute, deliver and
perform this Agreement; (b) this Agreement has been duly authorized, executed and delivered by the Corporation and is a valid and
binding agreement of the Corporation, enforceable against the Corporation in accordance with its terms; and (c) the execution, delivery
and performance by the Corporation of this Agreement does not violate or conflict with or result in a breach by the Corporation of or
constitute (or with notice or lapse of time or both constitute) a default by the Corporation under the Charter or Bylaws, any existing
applicable law, rule, regulation, judgment, order, or decree of any governmental authority exercising any statutory or regulatory authority
of any of the foregoing, domestic or foreign, having jurisdiction over the Corporation or any of its Subsidiaries or any of their respective
properties or assets, or any agreement or instrument to which the Corporation or any of its Subsidiaries is a party or by which the Corporation
or any of its Subsidiaries or any of their respective properties or assets may be bound.

 

Section 21.              Interpretative
Provisions.

 

This Agreement shall be deemed
to be collectively prepared by the parties hereto, and no ambiguity herein shall be construed for or against any party based upon the
identity of the author of this Agreement or any provision hereof.

 

Section 22.              No
Recourse.

 

This Agreement may only be
enforced against, and any claims or cause of action that may be based upon, arise out of or relate to this Agreement, or the negotiation,
execution or performance of this Agreement, the transactions contemplated hereby or the subject matter hereof may only be made against
the parties hereto and no past, present or future Affiliate, director, officer, employee, incorporator, member, manager, partner, stockholder,
agent, attorney or representative of any party hereto or any past, present or future Affiliate, director, officer, employee, incorporator,
member, manager, partner, stockholder, agent, attorney or representative of any of the foregoing (each, a “Non-Recourse Party”)
shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim based on, in respect of,
or by reason of, the transactions contemplated hereby. Without limiting the rights of any party against the other parties hereto, in no
event shall any party or any of its Affiliates seek to enforce this Agreement against, make any claims for breach of this Agreement against,
or seek to recover monetary damages from, any Non-Recourse Party.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    22 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed on the day and year first above written.

 

	 	FLUENCE ENERGY, INC.
	 	 	 
	 	By:	/s/ Manuel Perez Dubuc
	 	Name:	Manuel Perez Dubuc
	 	Title:	Chief Executive Officer
	 	 	 
	 	FLUENCE ENERGY, LLC
	 	 
	 	By: Fluence Energy, Inc., as managing member
	 	 	 
	 	By:	/s/ Manuel Perez Dubuc
	 	Name:	Manuel Perez Dubuc
	 	Title:	Chief Executive Officer
	 	 	 
	 	AES GRID STABILITY, LLC.
	 	 	 
	 	By:	/s/ Chris Shelton
	 	Name:	Chris Shelton
	 	Title:	Authorized Person
	 	 	 
	 	SIEMENS INDUSTRY, INC.
	 	 	 
	 	By:	/s/ Ruth Gratzke
	 	Name:	Ruth Gratzke
	 	Title:	Chief Executive Officer
	 	 	 
	 	By:	/s/ Marsha Smith
	 	Name:	Marsha Smith
	 	Title:	Chief Financial Officer
	 	 	 
	 	QATAR HOLDING LLC
	 	 	 
	 	By:	 
	 	its	 
	 	 	 
	 	By:	/s/ Mansoor Bin Ebrahim Al Mahmoud
	 	Name:	Mansoor Bin Ebrahim Al Mahmoud
	 	Title:	Chairman and Chief Executive Offficer

 

[Signature Page to Stockholders
Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}]]