Document:

EX-10.79

 Exhibit 10.79 

Certain identified information marked with “[***]” has been omitted from this document because it is both (i) not material and (ii) the
type that the registrant treats as private or confidential. 
 DATED the 14th June
2021 
 (1) VOLVO CAR FINANCIAL SERVICES UK LIMITED 

(“VCFSUK”) 

and 
 (2) POLESTAR
AUTOMOTIVE UK LIMITED 
 (“Polestar”) 
  

 
 NEW, USED AND
DEMONSTRATOR FUNDING AGREEMENT 
  
  

 
 

 
 Scandinavia House 

Norreys Drive 
 Maidenhead 

SL6 4FL 

 TABLE OF CONTENTS 

 

							
	1	 	 DEFINITIONS AND INTERPRETATION
	  	 	4	 
	2	 	 CONDITIONS PRECEDENT
	  	 	12	 
	3	 	 PURCHASE OF FLOORPLAN VEHICLES (OTHER THAN USED VEHICLES) AND PAYMENT
	  	 	12	 
	4	 	 APPOINTMENT OF POLESTAR AS AGENT OF VCFSUK TO PURCHASE USED VEHICLES
	  	 	15	 
	5	 	 AGENCY PURCHASES AND REIMBURSEMENT, OFFERS FOR SALE AND ACCEPTANCE - APAK
	  	 	17	 
	6	 	 REIMBURSEMENT AND PAYMENTS BY VCFSUK FOR USED VEHICLES
	  	 	18	 
	7	 	 STORAGE, MAINTENANCE, DISPLAY, INSURANCE AND SUB-LETTING
ARRANGEMENTS
	  	 	19	 
	8	 	 DISPLAY CHARGES, RENTAL CHARGES AND OTHER FEES
	  	 	23	 
	9	 	 VCFSUK’S STANDING OFFER TO SELL FLOORPLAN VEHICLES TO POLESTAR
	  	 	24	 
	10	 	 POLESTAR’S AGREEMENT TO PURCHASE DEMONSTRATOR VEHICLES AND RENTAL VEHICLES AND STANDING OFFER
TO PURCHASE OTHER FLOORPLAN VEHICLES FROM VCFSUK
	  	 	25	 
	11	 	 PAYMENT OF DEPOSITS, INSTALMENTS AND BALANCE OF THE PURCHASE PRICE BY POLESTAR
	  	 	26	 
	12	 	 INDEMNITY
	  	 	27	 
	13	 	 AUTHORITY
	  	 	28	 
	14	 	 LIABILITY
	  	 	28	 
	15	 	 FURTHER ASSURANCE
	  	 	29	 
	16	 	 TERMINATION
	  	 	29	 
	17	 	 PAYMENTS AND TAXES
	  	 	34	 
	18	 	 REPRESENTATIONS AND WARRANTIES
	  	 	36	 
	19	 	 LOSS AND DESTRUCTION
	  	 	36	 
	20	 	 FEES COSTS AND EXPENSES
	  	 	37	 

  
 2 

							
	21	 	 FORCE MAJEURE
	  	 	37	 
	22	 	 GENERAL
	  	 	38	 
	23	 	 THIRD PARTY RIGHTS
	  	 	42	 
	 SCHEDULE 1
	  	 	44	 
		 	 STIPULATED PURCHASE TERMS
	  	 	44	 
	 SCHEDULE 2
	  	 	45	 
		 	 STIPULATED SALE TERMS
	  	 	45	 
	 SCHEDULE 3
	  	 	46	 
		 	 APPROPRIATION
	  	 	46	 
	 SCHEDULE 4
	  	 	48	 
		 	 STIPULATED RENTAL TERMS
	  	 	48	 

  
 3 

 AGREEMENT dated 14th June 2021 

BETWEEN: 
  

	(1)	 VOLVO CAR FINANCIAL SERVICES UK LIMITED, a company incorporated in England and Wales (company
number 12718441) whose registered office is at Scandinavia House, Norreys Drive, Maidenhead, SL6 4FL (“VCFSUK”); and 

  

	(2)	 POLESTAR AUTOMOTIVE UK LIMITED, whose registered office is at Li Close Ansty Park, Ansty,
Coventry, England, CV7 9RF (Company Number 11926357) (“Polestar”). 

 BACKGROUND: 

 

	(A)	 VCFSUK has agreed to make a standing offer to sell to Polestar, Floorplan Vehicles and Polestar has agreed to
make a standing offer to VCFSUK to purchase from VCFSUK, Floorplan Vehicles subject to the terms of this Agreement. 

  

	(B)	 VCFSUK has agreed that Polestar may display Floorplan Vehicles for sale via the internet or in its premises or
those premises operated by third party entities approved by and acting for or on behalf of Polestar for the purpose of marketing and in return, Polestar has agreed to pay certain charges to VCFSUK. 

IT IS AGREED as follows:- 
  

	1	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 In this Agreement: 

“APAK” means the computer software interface systems (or any replacement thereof) which have been selected by VCFSUK and which
will be operated by Polestar for the purposes of this Agreement; 
 “Appropriation” means any of the acts or events referred
to in Schedule 3 occurring in relation to each Floorplan Vehicle, and “Appropriated” shall be construed accordingly; 

“Bank Account” means the bank account of Polestar nominated by Polestar as the bank account to be credited with payments by
VCFSUK and direct debited by VCFSUK under the terms of this Agreement; 
 “Base Rate” has the meaning given to such term in
Clause 8.6; 
 “Business Day” means a day (not being a Saturday or Sunday) on which banks are open in London for the
transaction of business; 
 “Clean Guide Value” means the clean condition trade guide price for a Used Vehicle in the Price
Guide Book current at the date of purchase of the Used Vehicle by Polestar as agent of VCFSUK; 

  
 4 

 “Control” means the rights, contracts or other similar means which, either
separately or in combination and having regard to the consideration of fact or law involved, confer the possibility of exercising control over an undertaking, in particular by: 

 

	 	(a)	 ownership of the voting share capital of an undertaking or the right to control the use of all or a substantial
part of the assets of an undertaking; and/or 

  

	 	(b)	 rights or contracts which confer control over the voting or decision making of the organs of an undertaking;

 “Corporation Tax” means corporation tax chargeable in the context of a scheme of taxation applied to UK
resident companies generally at the rate applicable to such companies or Tax of a similar nature enacted in addition to or in substitution for corporation tax; 

“Defective Vehicle” means any vehicle which does not comply with the Road Vehicles (Construction and Use) Regulations 1986 (as
amended) or which otherwise is unsafe or suffers from any design or manufacturing defect which makes it potentially unsafe; 

“Demonstrator Payments” means at any time, the aggregate of: 

 

	 	(a)	 any payments made by VCFSUK to Polestar in respect of a Defective Vehicle which is a Demonstrator Vehicle which
have not at that time been repaid to VCFSUK pursuant to Clause 3.11 of this Agreement; and 

  

	 	(b)	 any payments for display charges payable by Polestar under this Agreement in respect of Demonstrator Vehicles
which were dishonoured or otherwise returned when first presented and / or which remain outstanding; 

“Demonstrator Vehicle” means a Floorplan Vehicle (other than a Used Vehicle or a Rental Vehicle) which in addition to being
available for sale is also to be used for demonstration purposes and/or as a courtesy and/or business support vehicle by Polestar in the ordinary course of its business and which is designated as such by Polestar to VCFSUK via APAK; 

“Demonstrator Vehicle Facility Available Amount” means at any time the sum of: 

 

	 	(a)	 the financial limit in respect of Demonstrator Vehicles notified to Polestar by VCFSUK in the Offer Terms;
minus 

  

	 	(b)	 the aggregate of all Demonstrator Payments; minus 

 

	 	(c)	 the aggregate value of the Demonstrator Vehicles; plus 

 

	 	(d)	 any Instalments paid by Polestar to VCFSUK under this Agreement in respect of Demonstrator Vehicles;

 “Deposit” means the deposit paid or to be paid by Polestar to VCFSUK in respect of a Used Vehicle in
accordance with Clauses 11.1 and 11.2; 

  
 5 

 “Direct Debit Delay Period” means a period of days, the number of which is
as notified to Polestar by VCFSUK in the Offer Terms; 
 “Floorplan Vehicles” means at any time each and every: 

 

	 	(a)	 Unregistered Vehicle, Demonstrator Vehicle and Rental Vehicle which has been
Sold-Out; and 

  

	 	(b)	 Used Vehicle which has been purchased by Polestar on behalf of VCFSUK pursuant to Clause 4,

 which has not then been sold by VCFSUK to, and paid for by, Polestar pursuant to thisAgreement; 

“Initial Financing Period” means in respect of an Unregistered Vehicle, the period beginning on its Start Date and ending on
the day falling 89 days after that Start Date (inclusive) (the “IFP End Date”); 
 “Instalments” means in
respect of a Sale Contract for a Demonstrator Vehicle, Rental Vehicle or a Used Vehicle the instalments of the purchase price paid or payable by Polestar for the Demonstrator Vehicle, Rental Vehicle or Used Vehicle under the Sale Contract and
“Instalment” shall be construed accordingly; 
 “Irrecoverable VAT” means any amount paid or payable by or
on behalf of VCFSUK in respect of Value Added Tax under this Agreement to the extent that VCFSUK does not or will not receive and retain a credit (whether by way of set-off or repayment) for that amount as
“input tax” (as that expression is defined in Section 24(1) of VATA) under Sections 24, 25 and 26 of VATA nor receives and retains a credit for it under any similar or equivalent legislation; 

“Margin” has the meaning given to such term in Clause 8.6; 

“Material Adverse Effect” means a change in condition or circumstances such that an effect which is materially adverse to the
assets, business or financial condition or trading prospects of Polestar such that Polestar could reasonably be expected to be unlikely to meet its payment obligations under this Agreement; 

“New Vehicle Limit” means the financial limit in respect of the aggregate principal amount (relating to Unregistered Vehicles)
which may from time to time remain outstanding under this Agreement as notified to Polestar by VCFSUK in the Offer Terms; 
 “Offer
Terms” means the terms issued by VCFSUK offering the individual arrangements to this Agreement (as may be amended, varied or supplemented from time to time, including, for the avoidance of doubt, as may be amended, varied or supplemented
from time to time by email); 

  
 6 

 “Polestar Performance” means Polestar Performance AB, a limited liability
company incorporated under the laws of Sweden with registration number 5566533096 whose address is Assar Gabrielssons Vag 9, 405 31, G6teborg, SE; 

“Polestar’s Group” means Polestar, its holding companies and their subsidiaries from time to time; 

“Price Guide Book” means the book of used car guide prices compiled monthly by CAP HPI Limited (company registration number:
08033745) or such other appropriate book of used car guide prices as VCFSUK may choose from time to time; 
 “Purchase
Contract” means a contract for the purchase of an Unregistered Vehicle entered into after the date hereof by VCFSUK as purchaser and Polestar as seller being in conformity with the Stipulated Purchase Terms; 

“Records” means all log books, registration documents, test certificates, manuals, technical and maintenance records and
handbooks relating to a Floorplan Vehicle; 
 “Rental Payments” means at any time, the aggregate of: 

 

	 	(a)	 any payments made by VCFSUK to Polestar in respect of a Defective Vehicle which is a Rental Vehicle which have
not at that time been repaid to VCFSUK pursuant to Clause 3.11 of this Agreement; and 

  

	 	(b)	 any payments for display charges or rental charges payable by Polestar under this Agreement in respect of
Rental Vehicles which were dishonoured or otherwise returned when first presented and / or which remain outstanding; 

“Rental Vehicle” means any Unregistered Vehicle except a Demonstrator Vehicle which is used or to be used by Polestar in the
ordinary course of its hire business and which is designated as such by Polestar to VCFSUK via APAK; 
 “Rental Vehicle Facility
Available Amount” means at any time the sum of: 
  

	 	(a)	 the financial limit in respect of Rental Vehicles notified to Polestar by VCFSUK in the Offer Terms; minus

  

	 	(b)	 the aggregate of all Rental Payments; minus 

 

	 	(c)	 the aggregate value of the Rental Vehicles; plus 

 

	 	(d)	 any Instalments paid by Polestar to VCFSUK under this Agreement in respect of Rental Vehicles;

 “Sale Contract” means a contract for the sale of a Floorplan Vehicle entered into after the date hereof
pursuant to Clauses 9, 10 or 16.7 by VCFSUK as seller and Polestar as buyer being in conformity with the Stipulated Sale Terms; 

  
 7 

 “Santander Group” means Santander Consumer (UK) plc, its holding companies,
their subsidiaries and its affiliates from time to time including but not limited to Santander group of companies includes but is not limited to Banco Santander S.A., SCF Madrid S.A, Santander UK Group Holdings plc, Santander UK plc, Santander UK
and Santander Insurance Services UK Ltd; 
 “Second Financing Period” means in respect of an Unregistered Vehicle, the
period beginning on the day after its IFP End Date and ending on the day it is Appropriated (inclusive); 

“Sold-Out” means in respect of any Unregistered Vehicle, Demonstrator Vehicle and
Rental Vehicle, the payment by VCFSUK of the purchase price due under the relevant Purchase Contract with the request for such payment and for VCFSUK to enter into a Purchase Contract by Polestar deemed to be confirmation by Polestar to VCFSUK that
the respective Unregistered Vehicle, Demonstrator Vehicle and Rental Vehicle has received all the necessary customs clearance allowing the same to imported into the United Kingdom; 

“Start Date” means: 
  

	 	(a)	 for a Unregistered Vehicle, Demonstrator Vehicle and Rental Vehicle, the Business Day falling the day after
that Unregistered Vehicle, Demonstrator Vehicle and Rental Vehicle is Sold-Out; and 

  

	 	(b)	 for a Used Vehicle, the day payment is received by Polestar pursuant to Clause 6.2; 

“Stipulated Purchase Terms” means the terms set out in Schedule 1 upon which Used Vehicle Purchase Contracts are required to
be made; 
 “Stipulated Rental Terms” means the terms set out in Schedule 4 upon which
Sub-Letting Agreements are required to be made; 
 “Stipulated Sale Terms” means the
terms set out in Schedule 2 upon which Sale Contracts are required to be made; 

“Sub-Lessee” means (where applicable) a customer of Polestar who benefits from a
short-term Sub-Letting Agreement; 
 “Tax” means all present and future taxes,
charges, imposts, duties or levies of any kind whatsoever, or any amount payable on account of or as security for any of the foregoing, payable at the instance of or imposed by any statutory, governmental, international, state, federal, provincial,
local or municipal authority, agency, body or department whatsoever or any European Community institution, in each case whether in the United Kingdom or elsewhere, together with any penalties, additions, fines, surcharges or interest relating
thereto and “Taxes” shall be construed accordingly; 

  
 8 

 “Tax Liability” means in respect of VCFSUK: 

 

	 	(a)	 any liability or any increase in the liability of that person to make any payment or payments of or in respect
of Tax; 

  

	 	(b)	 the loss or setting-off against income profits or gains or against any
liability to make a payment or payments of or in respect of Tax of any relief, allowance, deduction or credit (“a Relief”) which would otherwise have been available to that person; and 

 

	 	(c)	 the loss or setting-off against any Tax Liability of a right to
repayment of Tax which would otherwise have been available to that person; 

 and in a case falling within (b) or (c)
above the amount that is to be treated as a Tax Liability (“the Deemed Tax Liability”) shall be determined as follows: 
  

	 	(i)	 in a case which falls within (b) above and where the Relief that was the subject of the loss or setting-off was or would have been a deduction from or offset against the Tax the Deemed Tax Liability shall be the amount of that Relief; 

 

	 	(ii)	 in a case which falls within (b) above and which involves the loss of a Relief which would otherwise have
been available as a deduction from or offset against gross income profits or gains the Deemed Tax Liability shall be the amount of Tax which would (on the basis of the Tax rates current at the date of the loss and assuming that the person has
sufficient gross income profits or gains to utilise the Relief) have been saved but for the loss of the Relief; 

  

	 	(iii)	 in a case which falls within (b) above and which involves the setting off of a Relief which would
otherwise have been available as a deduction from or offset against gross income profits or gains the Deemed Tax Liability shall be the amount of Tax which has been or will be saved in consequence of the
setting-off; 

  

	 	(iv)	 in a case which falls within (c) above the Deemed Tax Liability shall be the amount of the repayment that
would have been obtained but for the loss or setting-off. 

 For the purposes of
this definition any question of whether any relief, allowance, deduction, credit or right to repayment of tax has been lost or set-off and if so the date on which that loss or
set-off took place shall be conclusively determined by VCFSUK; 
 “Unregistered
Vehicle” means a new, unregistered Polestar motor vehicle supplied for the purpose of retail sale in the United Kingdom; 

“Used Vehicle” means a Polestar branded Vehicle which is not an Unregistered Vehicle, Demonstrator Vehicle or Rental Vehicle;

 “Used Vehicle Facility Available Amount” means at any time the sum of: 

 

	 	(a)	 the financial limit in respect of Used Vehicles notified to Polestar by VCFSUK in the Offer Terms; minus

  
 9 

	 	(b)	 the aggregate of all Used Vehicle Payments; plus 

 

	 	(c)	 any Instalments paid by Polestar to VCFSUK under this Agreement in respect of Used Vehicles;

 “Used Vehicle Payments” means at any time the aggregate of: 

 

	 	(a)	 all amounts paid or payable by VCFSUK to Polestar under Clause 5.1 of this Agreement by way of reimbursement of
the purchase price in respect of Used Vehicles which Polestar has purchased pursuant to Clause 4 where the purchase price has been paid by Polestar on VCFSUK’s behalf (but which have not at that time been sold by VCFSUK to, and paid for by,
Polestar pursuant to this Agreement); and 

  

	 	(b)	 any payments made by VCFSUK to Polestar in respect of a Used Vehicle which is also a Defective Vehicle which
have not at that time been repaid to VCFSUK pursuant to Clause 4.9 of this Agreement; and 

  

	 	(c)	 any payments for display charges payable by Polestar under this Agreement in respect of Used Vehicles which
were dishonoured or otherwise returned when first presented and / or which remain outstanding; 

 “Used Vehicle
Purchase Contract” means a contract for the purchase of a Used Vehicle entered into after the date hereof by Polestar as agent on behalf of VCFSUK as purchaser and a third party selected by Polestar as seller being in conformity with the
Stipulated Purchase Terms; 
 “Value Added Tax” means value added tax as provided for in VATA and any tax similar or
equivalent to value added tax imposed by any country other than the United Kingdom and any similar or turnover tax replacing or introduced in addition to any of the same; 

“VATA” means the Value Added Tax Act 1994 and legislation (or purported legislation and whether delegated or otherwise)
supplemental thereto; 
 “VCFSUK’s Group” means VCFSUK, its holding companies, their subsidiaries and its affiliates
from time to time including but not limited to Volvo Car UK Limited and Volvo Car Corporation AB; 
 “Vehicle” means any
motor vehicle of a kind normally used on public roads (other than a Defective Vehicle) which has at least four wheels and includes any vehicles (other than a Defective Vehicle) in respect of which VCFSUK makes a reimbursement payment to Polestar
pursuant to Clause 6 but does not include: 
  

	 	(a)	 vehicles capable of accommodating only one person or suitable for carrying twelve or more persons;

  

	 	(b)	 vehicles of more than three and a half tonnes gross vehicle weight; 

  
 10 

	 	(c)	 caravans, ambulances and prison vans; 

 

	 	(d)	 vehicles of a type approved by the Assistant Commissioner of Police of the Metropolis as conforming to the
conditions of fitness for the time being laid down by him for the purposes of the London Cab Order 1934; 

  

	 	(e)	 vehicles constructed for a special purpose other than the carriage of persons except for light commercial
vehicles; 

  

	 	(f)	 vehicles that are more than an age notified to Polestar by VCFSUK in paragraph 5.4 of the Offer Terms at the
date of the prospective agency purchase by Polestar; 

  

	 	(g)	 vehicles which have been previously treated as a total loss by an insurance company and which have been
registered as such with the Department of Vehicle Licensing and Registration and/or with Experian Limited or HPI Limited; 

  

	 	(h)	 vehicles with a Clean Guide Value exceeding the maximum amount, or less than the minimum amount, in each case
as notified to Polestar by VCFSUK in paragraphs 5.5 and 5.6 of the Offer Terms; or 

  

	 	(i)	 vehicles with a recorded mileage exceeding the mileage as notified to Polestar by VCFSUK in paragraph 5.7 of
the Offer Terms; and 

 any reference to a Vehicle includes a reference to the Records relating thereto. 

 

	1.2	 Any reference in this Agreement to: 

 

	 	a)	 an “encumbrance” shall be construed as a reference to a mortgage, charge, pledge, lien, retention of
title clause, right of tracing or other encumbrance securing any obligation of any person; 

  

	 	b)	 a “payment” means receipt of a payment in cleared funds; 

 

	 	c)	 a “person” shall be construed as a reference to any person, firm, company or corporation or any
association or partnership (whether or not having separate legal personality) of two or more of the foregoing; 

  

	 	d)	 words importing the singular shall include the plural and vice versa; and 

 

	 	e)	 a statutory provision shall include a reference to any modification or reenactment of that provision for the
time being in force. 

  
 11 

	1.3	 Clause headings are for convenience only and shall not affect the interpretation of the terms contained in the
Clause concerned. 

  

	1.4	 References in this Agreement to any provision of any statute shall be construed as including a reference to any
statutory modification or re-enactment thereof for the time being in force. 

  

	1.5	 References in this Agreement to Clauses and to Schedules are to Clauses of, and Schedules to this Agreement.

  

	2	 CONDITIONS PRECEDENT 

VCFSUK’s agreement to be bound by the terms of this Agreement is subject to the prior receipt by VCFSUK of the documents specified in the
Offer Terms. 
  

	3	 PURCHASE OF FLOORPLAN VEHICLES (OTHER THAN USED VEHICLES) AND PAYMENT 

 

	3.1	 With effect from the satisfaction of the conditions precedent required under Clause 2 and in full reliance upon
each of the representations and warranties set out in Clause 18, VCFSUK agrees to enter into Purchase Contracts from time to time where the specific purpose of that Purchase Contract is to enable Polestar to display for sale via the internet or in
its premises or those premises operated by third party entities approved by and acting for or on behalf of Polestar for the purpose of marketing. For the avoidance of doubt, each Purchase Contract shall be subject to the Stipulated Purchase Terms.

  

	3.2	 The terms of this Agreement shall be undisclosed (other than between VCFSUK and Polestar) and VCFSUK and
Polestar undertakes not to disclose the terms of this Agreement to any agent acting on its behalf or to any third party unless such disclosure is in accordance with Clause 22.17. 

 

	3.3	 Polestar will not pursuant to this Agreement cause VCFSUK to enter into any Purchase Contract if:

  

	 	3.3.1	 the entering of the Purchase Contract would cause the then current New Vehicle Limit be exceeded by, or
immediately after, the acceptance of such a Purchase Contract; 

  

	 	3.3.2	 any of the events specified in Clauses 16.1 to 16.4 inclusive have occurred; 

 

	 	3.3.3	 all required UK customs clearance has not been granted for the importation of the Unregistered Vehicle which is
to be purchased by VCFSUK under the relevant Purchase Contract into the UK; or 

  

	 	3.3.4	 the terms of the Purchase Contract would not be in accordance with the Stipulated Purchase Terms.

  
 12 

	3.4	 Polestar will only cause VCFSUK to enter into any Purchase Contract in respect of vehicles meeting the criteria
of an Unregistered Vehicle. 

  

	3.5	 Polestar shall notify VCFSUK of a request to enter into a Purchase Contract by issuing the relevant invoice(s)
and supporting documentation in such a manner as agreed between VCFSUK and Polestar from time to time in writing. 

  

	3.6	 Polestar shall keep and make available to VCFSUK (and its auditors) on request or as soon as practicable after
(but in any event within five (5) Business Days of such request), copies of all invoices relating to any Floorplan Vehicles purchased by VCFSUK under Purchase Contracts and Polestar shall keep VCFSUK informed of all material matters in relation
to Purchase Contracts and on request or as soon as practicable after (but in any event within five (5) Business Days) report as to all matters arising thereunder which may include but is not limited to providing the following additional
documentation to VCFSUK: 

  

	 	3.6.1	 the V5 registration document relating to the relevant Floorplan Vehicle; 

 

	 	3.6.2	 confirmation of any change to the vehicle registration number of the relevant Floorplan Vehicle;

  

	 	3.6.3	 confirmation of any de-registration by Driver and Vehicle Licensing
Agency of the relevant Floorplan Vehicle; 

  

	 	3.6.4	 any documentation relating to any Floorplan Vehicle which was previously or currently categorised by the
relevant insurer as an insurance write off; 

  

	 	3.6.5	 any documentation relating to damage sustained to any Floorplan Vehicle and the repairs carried out to rectify
the damage; and/or 

  

	 	3.6.6	 any settlement letter issued by any funder whose interest is still showing as outstanding on the Floorplan
Vehicle and/or a HPI check which confirms there are no other outstanding interests including outstanding finance on the relevant Floorplan Vehicle. 

  

	3.7	 If Polestar enters into a Purchase Contract in breach of any provisions of this Agreement, title to such
Floorplan Vehicle shall nevertheless vest in VCFSUK in accordance with the Purchase Contract and, notwithstanding anything to the contrary, any payment made to Polestar pursuant to this Clause 3 in respect of such Floorplan Vehicle shall be without
prejudice to any claim VCFSUK may have against Polestar in respect of such breach. 

  

	3.8	 Provided that: 

  

	 	3.8.1	 Polestar has recorded details of each Purchase Contract and has notified VCFSUK of its request for payment in
accordance with Clause 3.5; 

  

	 	3.8.2	 the amount claimed by Polestar by way of payment in respect of the entering of the relevant Purchase Contract
by VCFSUK would not cause the then current New Vehicle Limit be exceeded by, or immediately after, the acceptance of such a Purchase Contract; 

  
 13 

	 	3.8.3	 none of the events specified in Clauses 16.1 to 16.4 inclusive have occurred; 

 

	 	3.8.4	 Polestar shall have paid all sums which it is required to pay under this Agreement; 

 

	 	3.8.5	 where requested, Polestar shall have provided evidence satisfactory to VCFSUK of the purchase price of any
Unregistered Vehicle; and 

  

	 	3.8.6	 Polestar shall have provided evidence satisfactory (if requested to do so) to VCFSUK that all required UK
customs clearance has been granted for the importation of the Unregistered Vehicle which is to be purchased by VCFSUK under the relevant Purchase Contract into the UK, 

VCFSUK shall pay to Polestar the Purchase Price for each such Unregistered Vehicle with any Value Added Tax payable thereon. Polestar shall
invoice VCFSUK on or after the date on which the relevant Unregistered Vehicle has been imported into the UK having received the required UK customs clearance. 
  

	3.9	 Each payment be made by VCFSUK under Clause 3.8 shall be made in sterling by Bankers Automated Clearing
Services (BACS) and will be credited to the Bank Account by the second Business Day following receipt of the request under Clause 3.5. 

  

	3.10	 Each claim for payment notified by Polestar shall constitute a representation and warranty by Polestar to
VCFSUK that: 

  

	 	3.10.1	 where applicable, each Unregistered Vehicle and each relevant Purchase Contract is in conformity with the
Stipulated Purchase Terms, and constitutes the legal valid binding and enforceable obligations of Polestar; 

  

	 	3.10.2	 where applicable the relevant Purchase Contract is a bona fide contract for the sale of goods and that Polestar
owned the relevant Unregistered Vehicle free from encumbrances of any nature and passed good title thereto to VCFSUK free of all encumbrances; and 

  

	 	3.10.3	 Poleestar is not aware of and has no reason to suspect that there may arise any dispute or claim of any kind in
respect of each Unregistered Vehicle or Purchase Contract. 

  

	3.11	 For the avoidance of doubt, if VCFSUK has made or makes any payment to Polestar in respect of a Defective
Vehicle, Polestar shall repay such amount to VCFSUK immediately on demand together with interest at the aggregate of Base Rate plus Margin calculated on a daily basis on the outstanding amount from the date of payment by VCFSUK to Polestar to the
date of repayment (after as well as before judgment). 

  
 14 

	4	 APPOINTMENT OF POLESTAR AS AGENT OF VCFSUK TO PURCHASE USED VEHICLES 

 

	4.1	 With effect from the satisfaction of the conditions precedent required under Clause 2 and in full reliance upon
each of the representations and warranties set out in Clause 18, VCFSUK authorises Polestar upon and subject to the terms of this Agreement on behalf of and as VCFSUK’s agent: 

 

	 	a)	 to bind VCFSUK under and to cause VCFSUK as purchaser to enter into Used Vehicle Purchase Contracts with third
parties (selected by Polestar) as seller for Used Vehicles; 

  

	 	b)	 to arrange all matters relating to the transfer of title to VCFSUK, and delivery of Used Vehicles;

  

	 	c)	 to accept delivery of Used Vehicles; 

 

	 	d)	 to sign in its own name, as undisclosed agent of VCFSUK, all contracts, delivery receipts and certificates
relating to the purchase and delivery of Used Vehicles under Used Vehicle Purchase Contracts; and 

  

	 	e)	 to be responsible to the sellers under all Used Vehicle Purchase Contracts for Used Vehicles and for settling
sums due thereunder. 

 For the avoidance of doubt, no other powers or authority are given to Polestar by VCFSUK under the
agency other than specified in Clauses 3.1 and 4.1. 
  

	4.2	 The agency given by VCFSUK to Polestar pursuant to Clause 4.1 in connection with Used Vehicle Purchase
Contracts for Used Vehicles shall be undisclosed and Polestar undertakes not to disclose the said agency to any third party. 

  

	4.3	 Polestar will not pursuant to this Agreement cause VCFSUK to enter into any Used Vehicle Purchase Contract (or
to incur any liability or additional liability under any Used Vehicle Purchase Contract) if: 

  

	 	a)	 the monetary liability of VCFSUK under the Used Vehicle Purchase Contract (or such liability or additional
liability) would cause the then current Used Vehicle Facility Available Amount to be exceeded; 

  

	 	b)	 the terms of the Used Vehicle Purchase Contract would not be in accordance with the Stipulated Purchase Terms;

  

	 	c)	 any of the events specified in Clauses 16.1 to 16.4 inclusive shall have occurred; 

  
 15 

	 	d)	 the purchase price of the Used Vehicle exceeds such percentage of the Clean Guide Value for the Vehicle as
notified to Polestar by VCFSUK in the Offer Terms in connection with paragraphs 2(a) or 2(b) of Schedule 1. 

  

	4.4	 Polestar will only cause VCFSUK to enter into any Used Vehicle Purchase Contract in respect of vehicles meeting
the criteria of a Vehicle. 

  

	4.5	 Polestar agrees to perform on behalf of VCFSUK each and every obligation, direct or indirect, of VCFSUK and to
discharge each and every liability or responsibility of VCFSUK resulting directly or indirectly to VCFSUK as a result of, pursuant to or in connection with the Used Vehicle Purchase Contracts and each of them, including, but not limited to, making
all payments (together with any Value Added Tax) on behalf of VCFSUK upon the due date and in all respects in accordance with the relevant Used Vehicle Purchase Contract. Polestar agrees that upon causing VCFSUK to enter into any Used Vehicle
Purchase Contract, it will act as VCFSUK’s agent in carrying out all the actions referred to in Clause 4.1. 

  

	4.6	 Immediately or as soon as practicable after (but in any event within 10 Business Days of) causing VCFSUK to
enter into any Used Vehicle Purchase Contract pursuant to Clause 4.1, Polestar shall use APAK to record details of that Used Vehicle Purchase Contract, including details of the Used Vehicle and the purchase price. 

 

	4.7	 In addition to Polestar’s obligations under Clause 4.6 Polestar shall keep and make available to VCFSUK
(and its auditors) on request or as soon as practicable after (but in any event within five (5) Business Days of such request), copies of all sales and purchase invoices of any Vehicles purchased by Polestar under this Agreement and Polestar
shall keep VCFSUK informed of all material matters in relation to Used Vehicle Purchase Contracts and on request or as soon as practicable after (but in any event within five (5) Business Days) report as to all matters arising thereunder which
may include but is not limited to providing the following additional documentation to VCFSUK: 

  

	 	4.7.1	 the V5 registration document relating to the relevant Floorplan Vehicle; 

 

	 	4.7.2	 confirmation of any change to the vehicle registration number of the relevant Floorplan Vehicle;

  

	 	4.7.3	 confirmation of any de-registration by Driver and Vehicle Licensing
Agency of the relevant Floorplan Vehicle; 

  

	 	4.7.4	 any documentation relating to any Floorplan Vehicle which was previously or currently categorised by the
relevant insurer as an insurance write off; 

  

	 	4.7.5	 any documentation relating to damage sustained to any Floorplan Vehicle and the repairs carried out to rectify
the damage; and/or 

  

	 	4.7.6	 any settlement letter issued by any funder whose interest is still showing as outstanding on the Floorplan
Vehicle and/or a HPI check which confirms there are no other outstanding interests including outstanding finance on the relevant Floorplan Vehicle. 

  
 16 

	 	Polestar	 shall take all steps as VCFSUK may request to enforce all Used Vehicle Purchase Contracts.

  

	4.8	 If Polestar enters into a contract to buy a Floorplan Vehicle on behalf of VCFSUK in breach of any provision of
this Agreement, title to such Floorplan Vehicle shall nevertheless vest in VCFSUK in accordance with the Used Vehicle Purchase Contract and, notwithstanding anything to the contrary, any reimbursement payment made to Polestar pursuant to Clause 6 in
respect of such Vehicle shall be without prejudice to any claim VCFSUK may have against Polestar in respect of such breach. 

  

	4.9	 For the avoidance of doubt, if Polestar purchases a Defective Vehicle, such purchase shall be a purchase by
Polestar on its own account and not on behalf of VCFSUK. If, however, VCFSUK has made or makes any payment to Polestar in respect of a Defective Vehicle, Polestar shall repay such amount to VCFSUK immediately on demand together with interest at the
aggregate of Base Rate plus Margin calculated on a daily basis on the outstanding amount from the date of payment by VCFSUK to Polestar to the date of repayment (after as well as before judgment). 

 

	5	 AGENCY PURCHASES AND REIMBURSEMENT, OFFERS FOR SALE AND ACCEPTANCE - APAK 

 

	5.1	 Polestar will operate APAK for giving effect to the arrangements set out in this Clause 5 and Clauses 3, 4, 9
and 10 of this Agreement at all times in accordance with written instructions issued by VCFSUK to Polestar from time to time. 

  

	5.2	 Polestar and VCFSUK will use APAK: 

 

	 	a)	 for the purposes of recording details and the purchase price of each Used Vehicle purchased by Polestar as
agent for VCFSUK, recording details of the relevant Deposit (if any) and/or Instalment (if any) paid by Polestar in respect of each Used Vehicle, claiming the reimbursement required by Polestar of the expenditure disbursed in such purchases and
issuing Polestar’s composite invoice to VCFSUK in respect of such purchases. Details will be recorded by Polestar on the purchase of each Used Vehicle as agent in accordance with Clause 4; 

 

	 	b)	 for the purposes of recording details of each Unregistered Vehicle purchased by VCFSUK under Clause 3; and

  

	 	c)	 for the purposes of recording details of the acceptances under Clauses 9 and 10 hereof in respect of Floorplan
Vehicles for which a standing offer of sale or purchase (as the case may be) by the other applies under each of such Clauses. 

  
 17 

	5.3	 Provided that in doing so shall not cause the Demonstrator Vehicle Facility Available Amount to be exceeded,
Polestar shall when first recording details of the vehicle on APAK pursuant to Clause 5.2b) designate as a Demonstrator Vehicle any Unregistered Vehicle which in addition to being available for sale is to be used as a demonstration and/or courtesy
and/or business support vehicle by Polestar in the ordinary course of its business (such Demonstrator Vehicle shall then cease to be an Unregistered Vehicle). 

 

	5.4	 Provided that in doing so shall not cause the Rental Vehicle Facility Available Amount to be exceeded, Polestar
shall when first recording details of the vehicle on APAK pursuant to Clause 5.2b) designate as a Rental Vehicle any Unregistered Vehicle which in addition to being available for sale is to be used as a Rental Vehicle by Polestar in the ordinary
course of its business (such Rental Vehicle shall then cease to be an Unregistered Vehicle). 

  

	5.5	 In the event that APAK shall cease to function or shall not function to the satisfaction of VCFSUK all
recordings, claims, notifications, invoices and other operations required to be effected through APAK under this Agreement shall be effected in such manner as VCFSUK shall notify to Polestar. 

 

	6	 REIMBURSEMENT AND PAYMENTS BY VCFSUK FOR USED VEHICLES 

 

	6.1	 Provided that: 

  

	 	a)	 Polestar has recorded details of its purchase as agent of each Used Vehicle (including the identity of the
seller) and has notified VCFSUK of its claim for payment and/or reimbursement by operating APAK in accordance with Clause 4.6 and the instructions issued by VCFSUK under Clause 5.1 of this Agreement; 

 

	 	b)	 the amount claimed by Polestar by way of reimbursement in respect of a Used Vehicle does not exceed the Used
Vehicle Facility Available Amount or/and would not cause the Used Vehicle Facility Available Amount to be exceeded; 

  

	 	c)	 none of the events specified in Clauses 16.1 to 16.4 inclusive have occurred; 

 

	 	d)	 Polestar shall have paid all sums which it is required to pay under this Agreement; 

 

	 	e)	 where requested, Polestar shall have provided evidence satisfactory to VCFSUK of the purchase price of any Used
Vehicle; and 

  

	 	f)	 Polestar shall have provided evidence satisfactory to VCFSUK of compliance with the insurance requirements
under Clause 7.3 in respect of the relevant Used Vehicle. 

 VCFSUK shall pay to Polestar by way of payment and/or
reimbursement in accordance with Clause 6.2 the amount invoiced to VCFSUK for each such Used Vehicle in the composite invoice issued via APAK together with any Value Added Tax payable thereon 

  
 18 

 
less an amount equal to any relevant Deposit (if any) payable (and in the case of a Demonstrator Vehicle or Used Vehicle less an amount equal to any Instalment actually paid) by Polestar for each
such Used Vehicle which shall be deducted from the full amount otherwise payable by VCFSUK. 
  

	6.2	 Each payment and/or reimbursement to be made by VCFSUK under Clause 6.1 shall be made in sterling by Bankers
Automated Clearing Services (BACS) and will be credited to the Bank Account by the third Business Day following issue of the composite invoice. 

  

	6.3	 Each claim for payment and/or reimbursement notified via APAK by Polestar in respect of the purchase of a
Vehicle under Clause 5 shall constitute a representation and warranty by Polestar to VCFSUK that: 

  

	 	a)	 where applicable, each Used Vehicle and each relevant Used Vehicle Purchase Contract is in conformity with the
Stipulated Purchase Terms, and constitutes the legal valid binding and enforceable obligations of the relevant seller; 

  

	 	b)	 where applicable the relevant Used Vehicle Purchase Contract is a bona fide contract for the sale of goods and
that the relevant seller and/or Polestar owned the relevant Used Vehicle free from encumbrances of any nature and passed good title thereto to VCFSUK free of all encumbrances; 

 

	 	c)	 Polestar is not aware of and has no reason to suspect that there may arise any dispute or claim of any kind in
respect of the each Used Vehicle or Used Vehicle Purchase Contract; and 

  

	 	d)	 each Used Vehicle is not a Defective Vehicle and is in good order, repair and condition and complies in all
respect with the provisions of the law and this Agreement. 

  

	7	 STORAGE, MAINTENANCE, DISPLAY, INSURANCE AND SUB-LETTING
ARRANGEMENTS 

  

	7.1	 Storage and Maintenance 

At all times, Polestar shall comply or ensure compliance with the following obligations: 

 

	 	a)	 safely store and keep secure Floorplan Vehicles and all Records relating thereto on Polestar’s own
premises or third parties acting for or on behalf of Polestar and, on prior written request by VCFSUK, 

  

	 	i	 where VCFSUK reasonably believe any Floorplan Vehicle or their interests and/ or rights to the same are or may
be at risk or Polestar is in breach of this Agreement, deliver any specified Floorplan Vehicles to premises specified by VCFSUK; and/or 

  
 19 

	 	ii	 make them available to VCFSUK for inspection, save that Polestar shall be entitled to use Demonstrator Vehicles
and Rental Vehicles in the ordinary course of its business for demonstration purposes and/or as a courtesy Vehicle and/or as a business support Vehicle or Rental Vehicle; 

 

	 	b)	 comply with VCFSUK’s directions from time to time in making arrangements with all appropriate authorities
(including Experian Limited and/or HPI Limited (as applicable), or any such reference agencies as VCFSUK may choose from time to time) to ensure that VCFSUK is registered as the owner of Used Vehicles and that all steps are taken to identify Used
Vehicles as being VCFSUK’s property which are necessary or desirable in VCFSUK’s opinion and where a prior interest is recorded against a Used Vehicle in favour of a third party, that all steps are taken to have this interest removed
within 10 days; 

  

	 	c)	 ensure that Floorplan Vehicles are operated only in a skilful and proper manner and in accordance with all laws
and all operating instructions and recommendations of the manufacturers and suppliers, and ensure that Floorplan Vehicles are operated only by properly qualified skilled and trained personnel; 

 

	 	d)	 maintain each Floorplan Vehicle at all times in good roadworthy condition and in working order properly
serviced and in compliance with manufacturer’s and suppliers’ recommendations, legal requirements and with all policies of insurance required pursuant to this Agreement and in particular but without limitation ensure that each Floorplan
Vehicle is in compliance with the Road Vehicles (Construction and Use) Regulations 1986 (as amended); 

  

	 	e)	 repair all damage to Floorplan Vehicles at Polestar’s own cost (not being damage constituting destruction
or total loss); 

  

	 	f)	 not remove any parts from Floorplan Vehicles unless the parts are as soon as practicable replaced by an
appropriate replacement part; 

  

	 	g)	 not alter Floorplan Vehicles except in compliance with paragraphs d), e) and f) above; 

 

	 	h)	 keep accurate complete and current records of all use, operation, maintenance, servicing, repairs and
replacements in relation to Floorplan Vehicles and make such records available to VCFSUK on written request; 

  

	 	i)	 other than Rental Vehicles not remove Floorplan Vehicles from Polestar’s own premises or the premises of a
third party acting for or on behalf of Polestar except for use as Demonstrator Vehicles or except in accordance with arrangements approved by VCFSUK from time to time; 

  
 20 

	 	j)	 Polestar shall ensure that the mileage of any Floorplan Vehicle does not increase by more than the applicable
mileage specified in the Offer Terms from such Floorplan Vehicle’s mileage at the date it was purchased by VCFSUK; 

  

	 	k)	 obtain and maintain all permissions, licences and permits from time to time required in connection with
Polestar’s business or Floorplan Vehicles or the purchase, ownership, delivery, possession, operation, maintenance, import, sale or export of Floorplan Vehicles and to comply with all statutory and other obligations in relation to Floorplan
Vehicles and their use; 

  

	 	l)	 protect Floorplan Vehicles against distress, execution or seizure and on all occasions when ownership of
Floorplan Vehicles is relevant to make it clear that they are VCFSUK’s property; 

  

	 	m)	 clean and valet Floorplan Vehicles at frequent intervals for the purposes of display in accordance with Clause
7.2; 

  

	 	n)	 not remove any Floorplan Vehicles which is an Unregistered Vehicle from the United Kingdom and not remove any
Floorplan Vehicles not being an Unregistered Vehicle from the United Kingdom except with the prior written consent of VCFSUK; and 

  

	 	o)	 immediately or as soon as practicable after (but in any event within one (1) Business Day of the request)
notify VCFSUK of the location of each Floorplan Vehicle upon written request from VCFSUK to Polestar. 

  

	7.2	 Display 

VCFSUK agrees that Polestar may display each Floorplan Vehicle (other than Rental Vehicles) as available for sale via the internet or on
Polestar’s premises or the premises of a third party acting for or on behalf of Polestar, and that Floorplan Vehicles shall be displayed in the same manner as vehicles owned by Polestar and displayed as available for sale or as examples of
those which are available for sale save that in addition Polestar shall be entitled to use Demonstrator Vehicles in the ordinary course of its business for demonstration purposes and/or as a courtesy Vehicle and/or as a business support Vehicle. In
consideration of VCFSUK so agreeing, Polestar agrees to pay the display charges plus Value Added Tax set out in Clause 8 for each Floorplan Vehicle (other than Rental Vehicles for which rental charges will be due as set out in Clause 8). 

 

	7.3	 Insurance 

From the time a vehicle becomes a Floorplan Vehicle, Polestar shall: 
  

	 	a)	 be fully responsible for all loss or damage to the whole or any part of any of the Floorplan Vehicles for
whatever reason and wherever situate (including any vehicle holding compound of VCFSUK or Polestar) including loss or damage caused by third parties and Polestar shall indemnify VCFSUK in respect thereof; 

  
 21 

	 	b)	 obtain and maintain from a reputable insurance company (the “Insurer”) an insurance
policy or policies which meet with VCFSUK’s prior approval (each a “Policy”) in respect of Floorplan Vehicles, such Policy to insure each Floorplan Vehicle to VCFSUK’s reasonable satisfaction and to its full purchase price
against all risks covered. For the avoidance of doubt, it is the intention of VCFSUK and Polestar that Unregistered Vehicles shall be insured by way of a stock insurance policy, however, all other Floorplan Vehicles shall be insured by way of a
motor vehicle insurance policy. 

  

	 	c)	 pay all insurance premiums on time in respect of the above insurance and will produce the certificate of
insurance and premium receipt to VCFSUK when requested to do so or as soon as practicable after (but in any event within five (5) Business Days of the request); 

 

	 	d)	 ensure that any Polestar customer or potential customer having possession of a Floorplan Vehicle is informed by
Polestar and signs a written acknowledgement that the insurance cover provided by Polestar provides third party cover only in respect of their use of the Floorplan Vehicle and Polestar shall provide to VCFSUK a copy of any such signed
acknowledgement when requested to do so or as soon as practicable after (but in any event within five (5) Business Days of the request); and 

  

	 	e)	 ensure that any third party (whether acting for or on behalf of Polestar or not) having possession of a
Floorplan Vehicle is informed by Polestar and signs a written acknowledgement that the insurance cover provided by Polestar provides third party cover only in respect of their use of the Floorplan Vehicle and Polestar shall provide to VCFSUK a copy
of any such signed acknowledgement when requested to do so or as soon as practicable after (but in any event within five (5) Business Days of the request). 

 

	7.4	 VCFSUK and Polestar hereby agree that: 

 

	 	a)	 in the event of a claim against the Insurer in respect of a Floorplan Vehicle, Polestar shall not commit any
act or omission that would prejudice any entitlement VCFSUK may have in respect of a Floorplan Vehicle and VCFSUK reserves the right to assume conduct of all negotiations with the Insurer in the assessment and settlement of liability and/or quantum;
and 

  

	 	b)	 in the event of a dispute with the Insurer of any matter arising out of or in connection with the policy,
VCFSUK reserves the right to assume the conduct of the dispute on its own and Polestar’s behalf and to direct appointment of any legal or professional adviser whose fees shall be paid by Polestar. 

  
 22 

	7.5	 Polestar agrees that at no expense to VCFSUK it will keep on VCFSUK’s behalf all such records and accounts
which VCFSUK may be required to keep for the purposes of the Value Added Tax (Cars) Order 1992 and Value Added Tax Notice No. 718 as amended or replaced from time to time. 

 

	7.6	 Sub-letting 

VCFSUK agrees that in addition to Polestar being entitled to display each Floorplan Vehicle on Polestar’s premises or the premises of
third parties acting for or on behalf of Polestar and to use Demonstrator Vehicles in the ordinary course of its business for demonstration purposes and/or as a courtesy vehicle and/or as business support vehicle, Polestar may, in return for certain
rental charges, temporarily part with possession of those Unregistered Vehicles which it has requested VCFSUK convert to Rentals Vehicles and which have been designated as Rental Vehicles by Polestar and underlet them to certain customers of
Polestar subject at all times to the Stipulated Rental Terms. 
  

	8	 DISPLAY CHARGES, RENTAL CHARGES AND OTHER FEES 

 

	8.1	 The display and rental charges payable by Polestar to VCFSUK as referred to in Clause 7.2 shall be calculated
in accordance with this Clause 8. 

  

	8.2	 Display and rental charges shall accrue on a daily basis commencing on the Start Date for each Floorplan
Vehicle, or such other date as VCFSUK notifies to Polestar from time to time and, in each case, ending on the date VCFSUK receives payment in full from Polestar of all sums due under Clause 11 and under and pursuant to Clauses 16.5a)vi, 16.5b)v, and
17.4 in respect of that Floorplan Vehicle. 

  

	8.3	 The amount of the daily display charges in respect of each Floorplan Vehicle on any day shall be:

 [***] 
  

	 	where:	 

  

	 	BR	 is the greater of a) the Base Rate on that day or b) [***] 

 

	 	M	 is the applicable Margin, and 

 

	 	P	 is the purchase price (inclusive of the Value Added Tax thereon) paid by VCFSUK for that Floorplan
Vehicle. 

  

	8.4	 Polestar shall pay VCFSUK a one-off bonnet fee per Floorplan Vehicle in
the amount agreed between VCFSUK and Polestar in the Offer Terms from time to time. 

  
 23 

	8.5	 VCFSUK will submit a monthly invoice(s) for the display and rental charges (and where applicable the bonnet
fees) to Polestar. Polestar shall pay these charges plus Value Added Tax in arrears monthly by VCFSUK debiting from the Bank Account the amount shown on the relevant invoice(s) with the debit initiated by VCFSUK on the same day that the relevant
invoice(s) are submitted with payment being taken from the Bank Account in accordance with the BACS direct debit scheme rules as in force from time to time but which at the time of this Agreement means that the payment will be taken within three
(3) Business Days of VCFSUK initiating the debit. 

  

	8.6	 For the purposes of this Clause 8 and this Agreement: 

“Base Rate” means the monthly published Bank of England base rate, or other such rate as VCFSUK may notify to Polestar from
time to time, as calculated on the last working day of the month and as rounded up to the next [***] (and if the rate is less than [***], it shall be deemed to be [***]). For the avoidance of doubt, notification to Polestar of any rate change by
VCFSUK may be via any method of written communication, including but not limited to, email, text message and/or notification via the APAK system (or other such system as VCFSUK chooses to use in conjunction with and/or instead of APAK); and 

“Margin” means: 
  

	 	(a)	 for a Used Vehicle, such percentage as notified to Polestar by VCFSUK in the Offer Terms;

  

	 	(b)	 for a Demonstrator Vehicle, [***]; 

 

	 	(c)	 for an Unregistered Vehicle during the Initial Financing Period, [***]; 

 

	 	(d)	 for an Unregistered Vehicle during the Second Financing Period, [***]; or 

 

	 	(e)	 for a Rental Vehicle, such percentage as notified to Polestar by VCFSUK in the Offer Terms;

 or such other amount as may be notified to Polestar by VCFSUK from time to time. 

 

	9	 VCFSUK’S STANDING OFFER TO SELL FLOORPLAN VEHICLES TO POLESTAR 

 

	9.1	 Subject to Clause 2, VCFSUK hereby offers to sell to Polestar any Floorplan Vehicle (other than a Demonstrator
Vehicle or Rental Vehicle whose offer to sell is determined pursuant to Clause 10.1) in respect of which Polestar (as seller acting on its own account) may from time to time have entered into a sale contract with a third party as buyer. Such offer
is made on the terms set out in the following provisions of this Clause 9 and subject to the payment of the Deposit (if any) for such relevant Used Vehicle as specified in Clause 11. Polestar shall notify VCFSUK promptly upon entering into any such
sale contract with a third party as buyer. 

  
 24 

	9.2	 This offer by VCFSUK pursuant to Clause 9.1 is a standing offer which may be accepted by Polestar in relation
to any Floorplan Vehicle (other than a Demonstrator Vehicle or Rental Vehicle) by notifying VCFSUK via APAK (or by such other means as VCFSUK directs) of Polestar’s acceptance and identifying the relevant Floorplan Vehicle through the
appropriate input to APAK in such form as VCFSUK may from time to time stipulate giving full details of the Floorplan Vehicle to which it relates, together with such additional documentation and information as VCFSUK may from time to time stipulate.

  

	9.3	 Receipt by VCFSUK of an acceptance under Clause 9.2 together with such documentation referred to therein shall
constitute an agreement by VCFSUK to sell and by Polestar to purchase the Floorplan Vehicles specified therein on the Stipulated Sale Terms and VCFSUK and Polestar shall be deemed to have entered into a Sale Contract for such Floorplan Vehicles.

  

	9.4	 The purchase price (excluding Value Added Tax) of any Floorplan Vehicle sold by VCFSUK to Polestar pursuant to
this Clause 9 shall be equal to the purchase price (excluding Value Added Tax) of that Floorplan Vehicle paid (or payable) by VCFSUK. Polestar shall make payment of the purchase price in accordance with Clause 11. 

 

	9.5	 Save in relation to any Floorplan Vehicle in respect of which this offer may have previously been accepted,
VCFSUK may at any time by written notice forthwith withdraw or vary this offer as it thinks fit. 

  

	9.6	 Upon entering into any Sale Contract with VCFSUK Polestar shall use APAK to record the fact that the relevant
Floorplan Vehicle has been sold. 

  

	10	 POLESTAR’S AGREEMENT TO PURCHASE DEMONSTRATOR VEHICLES AND RENTAL VEHICLES AND STANDING OFFER TO
PURCHASE OTHER FLOORPLAN VEHICLES FROM VCFSUK 

  

	10.1	 With effect from Polestar designating an Unregistered Vehicle as a Demonstrator Vehicle or Rental Vehicle via
APAK in accordance with Clause 5.3 or as a Rental Vehicle via APAK in accordance with Clause 5.4, Polestar agrees to purchase and VCFSUK agrees to sell such Demonstrator Vehicle or Rental Vehicle to Polestar on and subject to the Stipulated Sale
Terms (as they apply to Demonstrator Vehicles and/or Rental Vehicles). 

  

	10.2	 Polestar hereby offers to purchase from VCFSUK any Floorplan Vehicle which is Appropriated.

  

	10.3	 Each offer referred to in Clause 10.2 is a standing offer which may be accepted in relation to any Floorplan
Vehicle by VCFSUK notifying Polestar via APAK of VCFSUK’s acceptance and identifying the relevant Floorplan Vehicle through the appropriate input to APAK. 

 

	10.4	 The notification via APAK by VCFSUK of such acceptance shall constitute an agreement by Polestar to purchase
and by VCFSUK to sell the Floorplan Vehicles specified therein on the Stipulated Sale Terms and Polestar and VCFSUK shall be deemed to have entered into a Sale Contract for such Floorplan Vehicles. 

 

	10.5	 The purchase price (excluding Value Added Tax) of any Floorplan Vehicle sold by VCFSUK to Polestar pursuant to
Clause 10 shall be equal to the purchase price (excluding Value Added Tax) of that Floorplan Vehicle paid (or payable) by VCFSUK to Polestar. Polestar shall make payment of the purchase price in accordance with Clause 11. 

  
 25 

	10.6	 Each offer referred to in Clause 10.2 is irrevocable and may not be withdrawn by Polestar at any time.

  

	11	 PAYMENT OF DEPOSITS, INSTALMENTS AND BALANCE OF THE PURCHASE PRICE BY POLESTAR 

 

	11.1	 Polestar shall be obliged to pay to VCFSUK, at the time specified in Clause 11.2, a Deposit for each Used
Vehicle in an amount (if any) as calculated by VCFSUK in the Offer Terms notified to Polestar, such Deposit representing a down-payment by Polestar towards the anticipated future acquisition of the relevant Used Vehicle by Polestar from VCFSUK on an
acceptance by Polestar of VCFSUK’s standing offer under Clause 9 or on an acceptance by VCFSUK of Polestar’s standing offer under Clause 10. VCFSUK may also apply such Deposit towards the acquisition of a Used Vehicle by Polestar pursuant
to Clause 16. 

  

	11.2	 The Deposit payable for each Used Vehicle shall be paid by Polestar on the day Polestar is paid by VCFSUK in
respect of the relevant Used Vehicles under Clause 6.2 and Polestar hereby authorises VCFSUK to deduct the amount of the relevant Deposit from the amount to be paid to Polestar for a Used Vehicle as specified in Clause 6.1. 

 

	11.3	 

  

	 	a)	 Polestar shall pay the Instalments for each Used Vehicle, Demonstrator Vehicle and Rental Vehicle to VCFSUK
(together with any Value Added Tax) as notified to Polestar by VCFSUK in the Offer Terms or as notified from time to time by payment being made from the Bank Account by direct debit initiated by VCFSUK through APAK. 

 

	 	b)	 Polestar shall pay to VCFSUK the balance of the purchase price in respect of any other amount due from Polestar
of each Used Vehicle, Demonstrator Vehicle and Rental Vehicle and (taking account of any Instalments already paid and which has not already been set off (in whole or in part) in respect of any other amount due from Polestar) by payment being made
from the Bank Account by direct debit initiated by VCFSUK through APAK on or before the third Business Day following the recording of VCFSUK’s acceptance under Clause 10.2. 

 

	11.4	 Subject to Clause 11.5 below, Polestar shall pay to VCFSUK the purchase price (or in the case of a Used
Vehicle, the balance of the purchase price less any relevant Deposit and/or Instalment (if any) already paid and which has not already been set off (in whole or in part)) in respect of any other amount due from Polestar of each Floorplan Vehicle in
respect of which a Sale Contract has been entered into (together with any Value Added Tax) by payment being made from the Bank Account by direct debit initiated by VCFSUK through APAK on or before the third Business Day following the recording of
VCFSUK’s acceptance under Clause 10.2 above or Polestar’s acceptance under Clause 9.2 above, as the case may be. 

  
 26 

	11.5	 In the case of a sale of an Unregistered Vehicle by Polestar to a fleet customer and where VCFSUK has agreed to
delay the payment of the balance of the purchase price (payable in accordance with Clause 11.4 above) for the Direct Debit Delay Period, VCFSUK will initiate the direct debit in the same manner as described in Clause 11.4 above but this will instead
be initiated after the Direct Debit Delay Period has expired. For the avoidance of doubt, VCFSUK will retain title to the Unregistered Vehicle and the interest of VCFSUK shall remain registered against the Unregistered Vehicle until VCFSUK has
received all payments due in respect of that Unregistered Vehicle to be paid by Polestar. 

  

	12	 INDEMNITY 

  

	12.1	 Polestar will at all times indemnify VCFSUK and keep it indemnified from and against any action, proceedings,
claims and demands which may be brought or made against it and any costs, claims, damages, demands, charges, expenses, liabilities or loss (excluding loss of profit) which VCFSUK may suffer, incur or sustain:- 

 

	 	a)	 without prejudice to VCFSUK’s obligations under this Agreement, as a direct result of becoming a party to
any Used Vehicle Purchase Contract or Sale Contract; or 

  

	 	b)	 as a direct result of Polestar exceeding its authority hereunder or disclosing to any third party the agency
hereby granted; or 

  

	 	c)	 in connection with the delivery, possession, operation, maintenance, import or export of Floorplan Vehicles or
by reason of any loss or damage thereto; or 

  

	 	d)	 without prejudice to VCFSUK’s obligations under this Agreement, as a direct result of any dispute with or
claim by or against any seller under any Used Vehicle Purchase Contract or any buyer under any Sale Contract; or 

  

	 	e)	 as a direct result of Polestar breaching this Agreement. 

 

	12.2	 VCFSUK will at all times indemnify Polestar and keep it indemnified from and against any action, proceedings,
claims and demands which may be brought or made against it and any costs, claims, damages, demands, charges, expenses, liabilities or loss (excluding loss of profit) which Polestar may suffer, incur or sustain as a direct result of VCFSUK breaching
this Agreement. 

  

	12.3	 Polestar shall pay and discharge or cause to be paid and discharged, as soon as the same arise or become
payable (and shall, if requested by VCFSUK, produce to VCFSUK evidence of the payment and discharge thereof) and indemnify VCFSUK and keep VCFSUK fully indemnified against: 

 

	 	a)	 any Tax Liabilities; or 

  
 27 

	 	b)	 any licence, duties, registration, recording, filing or other fees, charges (including congestion charges) or
levies and any interest or penalties payable in connection with any of the same 

 which arise or become payable at any
time in respect of: 
  

	 	(A)	 the Floorplan Vehicles or any interest therein; or 

 

	 	(B)	 any document, payment, matter, circumstance or transaction contemplated by this Agreement or by any Used
Vehicle Purchase Contract or any Sale Contract including (without limitation) the purchase, ownership, possession, operation, storage, maintenance, protection, sale, attempted sale or other disposition of the Floorplan Vehicles or any interest
therein; 

 or which arise or become payable as a result (whether alone or in connection with any other matter or
circumstance) of anything done in response to any request by Polestar, provided that Polestar shall not be obliged to indemnify VCFSUK pursuant to this Clause 12.3 against Corporation Tax attributable to any amount actually paid by Polestar under
Clause 8 by way of display charges. 
  

	12.4	 The indemnities set forth in Clauses 12.1, 12.2 and 12.3 shall continue in force notwithstanding any
termination of Polestar’s agency under this Agreement. 

  

	13	 AUTHORITY 

Polestar or VCFSUK shall not have and shall not hold itself out as having authority on behalf of the other except as expressly provided in and
subject to the terms of this Agreement and neither VCFSUK or Polestar shall be entitled to sub-delegate its authority hereunder without the prior written consent of the other party. 

 

	14	 LIABILITY 

  

	14.1	 Polestar shall be liable for and indemnify VCFSUK against any claims, demands or actions made or brought by any
third party (including any employee of Polestar) in respect of any injury or damage occurring as a result of the use of or presence of any Vehicle (and any Defective Vehicle). 

 

	14.2	 Nothing in this Agreement shall limit or exclude the liability or remedy of either VCFSUK or Polestar:

  

	 	14.2.1	 for death or personal injury caused by its negligence, or that of its employees, agents or sub-contractors; 

  

	 	14.2.2	 for fraud or fraudulent misrepresentation; or 

 

	 	14.2.3	 for any act, omission or matter, liability for which may not be excluded or limited under any law or regulation
applicable to this Agreement. 

  
 28 

	15	 FURTHER ASSURANCE 

 

	15.1	 Polestar shall from time to time, at the request of VCFSUK and at Polestar’s cost, execute in favour of
VCFSUK, or as it may direct, such security or additional security, as the case may be (including assignments, transfers, mortgages, charges or other similar documents) as VCFSUK shall stipulate over Polestar’s estate or interest in any property
or assets of whatsoever nature or tenure and wheresoever situate, for the purpose of providing security to VCFSUK for the payment or discharge of any obligations of Polestar under or in connection with this Agreement. A non-exhaustive example of where VCFSUK may made a request would be in the event that in the opinion of VCFSUK, the financial position of Polestar has materially worsened. 

 

	15.2	 Polestar shall not create or permit to subsist any encumbrance affecting any of its assets or undertaking
without the prior written consent of VCFSUK (which shall not be unreasonably withheld). 

  

	16	 TERMINATION 

  

	16.1	 Either Polestar or VCFSUK may at any time by notice in writing to the other terminate the authority of Polestar
to act as VCFSUK’s agent in connection with Used Vehicles pursuant to Clause 4. VCFSUK may give notice of termination to Polestar at any time by precluding Polestar from recording details of any further Used Vehicle Purchase Contracts of
Vehicles or transfers of Used Vehicles on APAK. 

  

	16.2	 VCFSUK may with immediate effect terminate Polestar’s authority to act as VCFSUK’s agent under this
Agreement and the standing offer made by VCFSUK in Clause 9 shall automatically terminate if any of the following occurs in respect of Polestar or, where applicable, any member of Polestar’s Group: 

 

	 	a)	 it is or is deemed for the purposes of any law to be unable to pay its debts as they fall due or insolvent;

  

	 	b)	 it admits its inability to pay its debts as they fall due; 

 

	 	c)	 the value of its assets is less than its liabilities (taking into account contingent and prospective
liabilities); 

  

	 	d)	 it suspends making payments on any of its debts or announces an intention to do so; 

 

	 	e)	 by reason of actual or anticipated financial difficulties it commences negotiations with one or more of its
creditors with a view to rescheduling any of its indebtedness; 

  

	 	f)	 a moratorium is declared in respect of any of its indebtedness; 

  
 29 

	 	g)	 it undergoes any change in its business, constitution or management or the Control of it or its business or any
occurrence which is likely to or does result in a third party acquiring Control (whether through voting rights in relation to issued share capital or otherwise) of it without the prior written consent of VCFSUK such consent not to be unreasonably
withheld; 

  

	 	h)	 in the reasonable opinion of VCFSUK any event or series of events occurs which has or could reasonably be
expected to have a Material Adverse Effect; 

  

	 	i)	 there is an irremediable breach of any of the terms of this Agreement. For the avoidance of doubt, a breach of
any of Clauses 15.2, 18 or 22.3 shall be deemed to be an irremediable breach; 

  

	 	j)	 there is a breach of any of the terms of this Agreement which is capable of remedy, VCFSUK has given Polestar
notice of the breach and Polestar has not remedied the same within the period of fourteen (14) days of receipt of such notice. For the purposes of this Clause 16.2j) a breach shall be considered capable of remedy if Polestar is able to comply
with the obligation to remedy it within such fourteen (14) day period; 

  

	 	k)	 there is a breach of any of the obligations or undertakings contained in any other agreement between VCFSUK and
Polestar; 

  

	 	l)	 there is a material breach of any of the obligations or undertakings contained in any agreement between VCFSUK
and any member of Polestar’s Group; and 

  

	 	m)	 Polestar has ceased to be authorised to import and/or sell Vehicles which are (i) manufactured and/or
imported by Polestar or any of its subsidiary companies or holding companies (as each of those terms is defined by the Companies Act 2006) and any subsidiary of such holding company, (ii) Polestar branded, and (iii) distributed in the
United Kingdom. 

  

	16.3	 VCFSUK may with immediate effect terminate Polestar’s authority to act as VCFSUK’s agent under this
Agreement and the standing offer made by VCFSUK in Clause 9 shall automatically terminate if any action, legal proceedings or other procedure is taken by or against Polestar or, where applicable, any member of Polestar’s Group in relation to or
with a view to: 

  

	 	a)	 the suspension of payments, a moratorium of any indebtedness, winding up, dissolution, administration (whether
out of court or otherwise) reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise); 

  

	 	b)	 a composition, assignment or arrangement with any creditor; 

  
 30 

	 	c)	 the appointment of a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver,
administrative receiver, administrator or similar officer (in each case whether out of Court or otherwise); 

  

	 	d)	 the enforcement of any security over any assets of Polestar or any member of Polestar’s Group;

  

	 	e)	 convening a meeting of the directors or members for the purposes of considering any resolution for or to
petition for or apply for or to file documents with a Court for its winding up, administration (whether out of Court or with any registrar or otherwise) or dissolution or any such resolution passed; 

 

	 	f)	 any person presenting a petition or an application for its winding up or administration or any person filing a
notice of intention to appoint an administrator or dissolution; 

  

	 	g)	 its directors or other officers requesting the appointment of or giving notice of their intention to appoint or
take any step with a view to appointing a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator (whether out of Court or otherwise) or similar officer; or 

 

	 	h)	 any analogous procedure or step is taken in any jurisdiction. 

 

	16.4	 VCFSUK may with immediate effect terminate Polestar’s authority to act as VCFSUK’s agent under this
and the standing offer made by VCFSUK in Clause 9 shall automatically terminate if any equivalent steps or proceedings to those (or any of them) set out in Clause 16.3 shall be taken against any member of Polestar’s Group.

  

	16.5	 

  

	 	a)	 Upon any termination specified in Clauses 16.2 to 16.4 (inclusive) or on withdrawal of VCFSUK’s standing
offer detailed in Clause 9: 

  

	 	i	 the authority and ability of Polestar to cause VCFSUK to enter into Used Vehicle Purchase Contracts and/or Sale
Contracts shall terminate forthwith; 

  

	 	ii	 the authority and ability of Polestar to request VCFSUK enter into Purchase Contracts shall terminate
forthwith; 

  

	 	iii	 VCFSUK shall be entitled to take immediate possession of all Floorplan Vehicles and to enter into any premises
of Polestar or the premises of third parties acting for or on behalf of Polestar in order to do so and Polestar will procure that VCFSUK has immediate access to do so on any such premises; 

  
 31 

	 	iv	 Polestar shall on request redeliver any Floorplan Vehicles to a location specified by VCFSUK;

  

	 	v	 VCFSUK shall be obliged to repay to Polestar any Deposit received from Polestar provided that VCFSUK shall
firstly be entitled to setoff and apply any Deposits it has received against any amount which Polestar may owe to VCFSUK: (a) in respect of Floorplan Vehicles sold by VCFSUK to Polestar; or (b) otherwise; 

 

	 	vi	 VCFSUK shall be entitled by notice in writing to require Polestar forthwith to purchase from VCFSUK any one or
more Floorplan Vehicles in accordance with Clause 16.7; 

  

	 	vii	 VCFSUK shall be entitled to require Polestar on demand to pay all display, rental and interest charges accrued
under Clauses 7.2 and 8; 

  

	 	viii	 all Instalments in respect of each Used Vehicle, Demonstrator Vehicle and Rental Vehicle shall become and be
immediately due and payable; and 

  

	 	ix	 VCFSUK shall be released from any obligation to reimburse Polestar in accordance with Clause 6 in respect of
any Used Vehicle Purchase Contract entered into by Polestar prior to termination under Clauses 16.2, 16.3 or 16.4 or a withdrawal of its standing offer under Clause 9 and on title to any Vehicle under such Used Vehicle Purchase Contract passing to
VCFSUK such title as VCFSUK receives shall immediately pass to Polestar on the payment of £1 by Polestar to VCFSUK on an “as is where is” basis and without any representation or warranty (express or implied). 

 

	 	b)	 Upon any notice of termination specified in Clause 16.1: 

 

	 	i	 the authority and ability of Polestar to cause VCFSUK to enter into Used Vehicle Purchase Contracts and/or Sale
Contracts relating to Used Vehicles shall terminate forthwith; and 

  

	 	ii	 VCFSUK shall be entitled to take immediate possession of all Used Vehicles and to enter into any premises of
Polestar or the premises of third parties acting for or on behalf of Polestar in order to do so and Polestar will procure that VCFSUK has immediate access to do so on any such premises; 

 

	 	iii	 Polestar shall on request redeliver any Used Vehicles to a location specified by VCFSUK; 

 

	 	iv	 VCFSUK shall be obliged to repay to Polestar any Deposit received from Polestar provided that VCFSUK shall
firstly be entitled to setoff and apply any Deposits it has received against any amount which Polestar may owe to VCFSUK: (a) in respect of Floorplan Vehicles sold by VCFSUK to Polestar; or (b) otherwise; 

  
 32 

	 	v	 VCFSUK shall be entitled by notice in writing to require Polestar forthwith to purchase from VCFSUK any one or
more Used Vehicles in accordance with Clause 16.7; 

  

	 	vi	 VCFSUK shall be entitled to require Polestar on demand to pay all display, rental and interest charges accrued
under Clauses 7.2 and 8; and 

  

	 	vii	 VCFSUK shall be released from any obligation to reimburse Polestar in accordance with Clause 6 in respect of
any Used Vehicle Purchase Contract entered into by Polestar prior to termination under Clause 16.1 and on title to any Vehicle under such Used Vehicle Purchase Contract passing to VCFSUK such title as VCFSUK receives shall immediately pass to
Polestar on the payment of £1 by Polestar to VCFSUK on an “as is where is” basis and without any representation or warranty (express or implied). 

 

	16.6	 At any time where in the reasonable opinion of VCFSUK, Polestar is in breach of this Agreement or where VCFSUK
reasonably believes that not to do so would or may be detrimental to VCFSUK, VCFSUK may, and without notice, suspend the authority of Polestar to act as VCFSUK’s agent hereunder and/or to enter into any Used Vehicle Purchase Contracts on behalf
of VCFSUK for the purchase of Used Vehicles. VCFSUK will notify Polestar as soon as reasonably practicable in the event of it exercising its right pursuant to this clause. Notwithstanding any such suspension, all obligations of Polestar pursuant to
the Agreement including, but not limited to, the obligation to make payments in full, and on time, shall remain with full force and effect. VCFSUK reserves the right (at its absolute discretion) to reinstate Polestar’s authority with immediate
effect at any time. 

  

	16.7	 Forthwith upon receiving a notice from VCFSUK under Clause 16.5a)vi or Clause 16.5b)v, VCFSUK and Polestar
shall be deemed to have entered into a Sale Contract for the relevant Floorplan Vehicles and Polestar shall immediately purchase from VCFSUK all Floorplan Vehicles specified in the notice for a price equal to the price (exclusive of Value Added Tax)
paid by VCFSUK for such Floorplan Vehicles (together with Value Added Tax thereon) and otherwise on the terms of the Stipulated Sale Terms provided that Polestar shall only be obliged to pay the balance of the purchase price for each Floorplan
Vehicle taking into account the relevant Deposit (if any) and/or Instalments (if any) already paid by it and which has not already been set-off (in whole or in part) by VCFSUK in respect of any other amount
due from Polestar. 

  
 33 

	17	 PAYMENTS AND TAXES 

 

	17.1	 All sums payable by Polestar hereunder or pursuant hereto (including, where applicable, any sums payable by
Polestar to VCFSUK pursuant to its obligations to account for monies received by it as VCFSUK’s agent) whether in respect of commission, fees or otherwise, shall be paid in full without any set-off or
counterclaim whatsoever and free and clear of and without any deduction or withholding whatsoever save only as may be required by law and in the event of any such requirement Polestar will ensure that such deduction or withholding is made and that
it does not exceed the minimum legal requirement therefor and contemporaneously with the payment which is subject to such deduction or withholding Polestar shall pay to VCFSUK such additional amount as will result in the receipt by VCFSUK of the
full amount which would otherwise have been received hereunder or pursuant hereto had no such deduction or withholding been required to be made. 

  

	17.2	 If Polestar makes any payment hereunder in respect of which it is required to make any deduction or withholding
and to account for the same to the relevant taxation or other authority, it shall pay the full amount to be deducted or withheld to the relevant taxation or other authority within the time allowed for such payment under applicable law and shall
deliver to VCFSUK within thirty (30) days after receipt thereof, the original receipt (or a certified copy thereof) issued by such authority evidencing the payment to such authority of all amounts so required to be deducted or withheld in
respect of such payment. 

  

	17.3	 If VCFSUK makes any supply for Value Added Tax purposes pursuant to or in connection with this Agreement or any
transaction or document contemplated herein Polestar shall (save to the extent that VCFSUK is entitled to be indemnified in respect of that Value Added Tax by an increased payment under Clause 17.4 below) pay on demand to VCFSUK an amount equal to
any Value Added Tax which is payable in respect of that supply. 

  

	17.4	 All payments to be made by Polestar under and pursuant to this Agreement are calculated without regard to Value
Added Tax. If any such payment constitutes the whole or any part of the consideration for a taxable or deemed taxable supply for the purposes of Value Added Tax (whether that supply is taxable pursuant to the exercise of an option or otherwise) by
VCFSUK, the amount of that payment shall be increased by an amount equal to the amount of Value Added Tax which is chargeable in respect of the taxable supply in question. 

 

	17.5	 No payment or other consideration to be made or furnished by VCFSUK to Polestar pursuant to or in connection
with this Agreement or any transaction or document contemplated herein may be increased or added to by reference to (or as a result of any increase in the rate of) any Value Added Tax which shall be or may become chargeable in respect of the taxable
supply in question and accordingly the provisions of Section 89 of VATA shall not apply in respect of any such payment or other consideration. 

  

	17.6	 If and to the extent that any payment or other consideration to be made or furnished by VCFSUK to any person
(other than Polestar) pursuant to or in connection with this Agreement or any transaction or document contemplated herein may be increased or added to by reference to (or as a result of any increase in the rate of) any Value Added Tax, Polestar
shall pay to VCFSUK on demand an amount equal to that increase or the value of that addition. 

  
 34 

	17.7	 In the event that there shall be any delay in the recovery by VCFSUK of input tax (as the expression is defined
in Section 24(1) of VATA) paid by VCFSUK caused solely by the failure of HM Commissioner of Revenue & Customs to treat any supply by a seller under a Used Vehicle Purchase Contract or by VCFSUK under a Sale Contract in accordance with
Section 47(2A) VATA or any provision introduced in addition to or as a replacement for the same both as a supply to Polestar and as a supply by Polestar beyond the normal payment date (being the date on which VCFSUK or the VAT group
representative member should have received and retained a credit or repayment in respect of such input tax) for the relevant prescribed accounting period for the purposes of Value Added Tax, Polestar shall indemnify VCFSUK in respect thereof by
payment to VCFSUK of any amount equal to interest at [***] above Base Rate on the amount of the input tax in respect of which the delay has occurred from the relevant normal payment date to but excluding the date upon which a credit is given or a
repayment is actually received in respect of such input tax. 

  

	17.8	 If VCFSUK makes a payment of Value Added Tax pursuant to or in connection with this Agreement or any
transaction or document contemplated herein and, as at the date falling three (3) calendar months after such payment, neither VCFSUK nor a VAT group representative member has received and retained a credit (whether by way of set off or
repayment) for that payment as input tax under Sections 24, 25 and 26 of VATA, nor received and retained a credit for it under any similar or equivalent legislation, such payment shall be deemed to be Irrecoverable VAT and Polestar shall (subject to
the adjustment provisions of Clause 16.1) pay to VCFSUK on demand an amount equal to such payment together with interest thereon at Base Rate from the date of payment by VCFSUK to the date of demand and thereafter to the date of reimbursement by
Polestar at the rate equal to the aggregate of Base Rate and [***]. 

  

	17.9	 If, after a particular payment has been made under this Agreement, it transpires that Value Added Tax has not
been charged when it was chargeable, or that the amount of Value Added Tax (if any) that has been charged is not correct, the person making the relevant supply shall (subject to the provisions of Clause 17.5 above) submit an invoice or a
supplementary invoice to recover any shortfall (as the case may be), or a credit note in respect of any overpayment, and the necessary payments or adjustment payments (as the case may be) shall be made on or within ten (10) Business Days
thereafter. In respect of any such overpayment by VCFSUK, VCFSUK shall be entitled to charge Polestar interest on the sum overpaid at Base Rate from and including the date of such overpayment to but excluding the date the necessary adjustment
payment is made. 

  

	17.10	 Polestar shall notify VCFSUK immediately or as soon as practicable after (but in any event within two
(2) Business Days) if Polestar’s VAT registration number changes or Polestar becomes de-registered for Value Added Tax purposes or Polestar changes business address. 

  
 35 

	17.11	 All stamp, documentary, registration or other like duties or taxes, including any penalties, additions, fines,
surcharges or interest relating thereto, which are imposed or chargeable on or in connection with this Agreement or any other document connected with or contemplated by this Agreement shall be paid by Polestar PROVIDED THAT VCFSUK shall be entitled
but not obliged to pay any such duties or taxes (whether or not they are its primary responsibility), whereupon Polestar shall on demand indemnify VCFSUK against those duties or taxes. 

 

	18	 REPRESENTATIONS AND WARRANTIES 

VCFSUK and Polestar represents and warrants to the other party that: 
  

	 	a)	 it has power to enter into this Agreement and to exercise its rights and perform its obligations hereunder and
all corporate or other action required to authorise the execution of this Agreement by it and the performance by it of its obligations hereunder has been duly taken; 

 

	 	b)	 the execution of this Agreement and its exercise of its rights and performance of its obligations hereunder
(i) will not result in the existence of nor oblige it to create any encumbrance over all or any of its present or future revenues or assets and (ii) will not result in any breach by it of any provision of its memorandum of association or
its articles of association, any provisions of law or any agreement or other instrument binding on it; 

  

	 	c)	 it has not taken any corporate action nor have any other steps been taken or legal proceedings been started or,
to the best of its knowledge and belief, threatened against it for its winding-up dissolution or reorganisation or for the appointment of an administrator, administrative receiver, receiver, trustee or similar
officer of it or of any or all of its assets; 

  

	 	d)	 no event or series of events has occurred in the last 12 months which has or could reasonably be expected to
have a Material Adverse Effect; and 

  

	 	e)	 it is registered for Value Added Tax purposes. 

 

	19	 LOSS AND DESTRUCTION 

Polestar shall notify VCFSUK promptly of any loss or destruction (including constructive loss) of any Floorplan Vehicle. Within 7 Business Days
following any such loss or destruction of any Floorplan Vehicle Polestar shall make a payment to VCFSUK by way of indemnity equal to the purchase price paid by VCFSUK for that Floorplan Vehicle but having regard to any Instalment already paid in the
case of a Demonstrator Vehicle and any relevant Deposit (if any) and/or Instalment (if any) already paid by Polestar in respect of any Used Vehicle and which has not already been set-off (in whole or in part)
by VCFSUK in respect of any other amount due from Polestar. 

  
 36 

	20	 FEES COSTS AND EXPENSES 

 

	20.1	 Polestar agrees to pay VCFSUK an annual facility fee if any is specified in the Offer Terms.

  

	20.2	 Polestar shall pay on demand all costs and expenses and Value Added Tax thereon incurred by VCFSUK in
connection with: 

  

	 	a)	 the negotiation preparation and execution of any security documents entered into pursuant to this Agreement
except to the extent that such costs and expenses are incurred by VCFSUK in relation to the guarantee and indemnity provided by Polestar Performance on or around the date of this Agreement; 

 

	 	b)	 the granting of any waiver or consent or any variation of this Agreement or any documents contemplated hereby;
and 

  

	 	c)	 the perfection, protection, preservation or enforcement (whether attempted or successful) of any of
VCFSUK’s rights under this Agreement, any Used Vehicle Purchase Contract and any Sale Contract. 

  

	20.3	 In respect of Floorplan Vehicles Polestar shall be liable to pay to VCFSUK on demand an additional
administration fee of [***] (plus any Value Added Tax thereon) on each occasion that there is a failure by Polestar either to notify VCFSUK of a sale contract with a third party as buyer pursuant to Clause 9.1 or a failure by Polestar to comply with
any of its obligations under Clause 7.1 as a contribution towards the additional administrative costs of and monitoring undertaken by VCFSUK as a result of such failures. 

 

	20.4	 In respect of Used Vehicles, Polestar shall be liable to pay VCFSUK an additional administration fee of [***]
(plus any Value Added Tax thereon) as a contribution towards VCFSUK’s administrative costs in the event that (i) a direct debit or other similar payment is dishonoured or (ii) Polestar requests payment of any sums due by VCFSUK under
this Agreement by telegraphic transfer. VCFSUK will submit a monthly invoice(s) for the administration fees to Polestar. Polestar shall pay these fees plus Value Added Tax in arrears on the first day of each calendar month immediately following the
month to which the charges relate by VCFSUK debiting from the Bank Account the amount shown on the relevant invoice(s). 

  

	21	 FORCE MAJEURE 

 

	21.1	 Except for the obligation to pay money properly due and owing, a party shall be excused from any delay or
failure in performance hereunder caused by reason of Force Majeure. For the purposes of this Clause 21 “Force Majeure” means any occurrence or contingency beyond the reasonable control of the relevant party, including, but not limited to,
failure of performance by the other party, acts of God, earthquake, labour disputes (including those with employees of the relevant party), riots, governmental requirements, epidemic, pandemic, any failure of computer or telecommunications
equipment, failures or delays of sources from which information or data is obtained and transportation difficulties. 

  
 37 

	21.2	 The parties shall be relieved from the obligations under this Agreement during the period and to the extent
only that they are prevented from complying with this Agreement by reason of Force Majeure. 

  

	22	 GENERAL 

  

	22.1	 Interest on late payment 

Interest will be charged on all amounts due from Polestar to VCFSUK hereunder and not paid on the due date; such interest will be charged on a
daily basis at the rate which is the aggregate of [***] and the Base Rate for the time being. 
  

	22.2	 Notices 

  

	 	a)	 The parties acknowledge and agree that any communication in the day to day business regarding the operation of
this Agreement can be conducted by email to the email address notified by each party to the other party for that purpose from time to time, or any other way the parties deem appropriate. However, unless as otherwise stated in this Agreement any
notice or other communication given under this Agreement shall be in writing and given by personal delivery, facsimile transmission or pre-paid first class post. 

 

	 	b)	 Notices given by personal delivery or post shall be delivered or sent: 

 

	 	i	 to Polestar at its address set forth above; and 

 

	 	ii	 to VCFSUK at Volvo Car Financial Services UK Limited, Wholesale Risk 1B, Scandinavia House, Norreys Drive,
Maidenhead, SL6 4FL 

  

	 	c)	 Notices given by facsimile transmission shall be sent to the number notified by the addressee to the other
party hereto for that purpose from time to time. 

  

	 	d)	 Any party may vary its address for service by notice given as aforesaid. 

 

	 	e)	 Notices shall be deemed to have been given as follows: 

 

	 	i	 where given by personal delivery, immediately upon delivery; 

 

	 	ii	 where given by post, 2 Business Days after the date of mailing; 

 

	 	iii	 where given by facsimile transmission, immediately upon transmission provided that the sender shall have
received a transmission report indicating that all the pages of the notice have been transmitted to the correct facsimile number and provided that the transmission report indicates that it was received during business hours or otherwise on the next
Business Day; and 

  
 38 

	 	iv	 where given by electronic means, immediately upon transmission in accordance with the systems from time to time
prescribed by VCFSUK. 

 The solicitors who will act for VCFSUK in relation to this Agreement and perfection of any
security documents will be Shoosmiths LLP, Financial Services Team —Commercial, 6th Floor, 2 Colmore Square, 38 Colmore Circus Queensway, B4 6SH (Email: VCFSUK@shoosmiths.co.uk). 

 

	22.3	 Assignment 

Polestar may not assign its rights or obligations under this Agreement or any agreement which may be made pursuant hereto or in connection
herewith without the prior written consent of VCFSUK. 
  

	22.4	 Severability 

If at any time any provision of this Agreement or any agreement which may be made pursuant hereto or in connection herewith is or becomes
illegal, invalid or unenforceable in any respect under the law of any jurisdiction neither the legality, validity or enforceability of the remaining provisions hereof nor the legality, validity or enforceability of such provision under the law of
any other jurisdiction shall in any way be affected or impaired thereby. 
  

	22.5	 Title to Floorplan Vehicles 

Polestar and VCFSUK confirm and agree that payment of any Instalment or Deposit by Polestar will not give any rights or interest to Polestar
(or pass any legal or equitable title to Polestar) in any Floorplan Vehicle. 
  

	22.6	 Waiver, Remedies Cumulative 

No failure to exercise, nor any delay in exercising, on the part of VCFSUK of any right, remedy, power or privilege under this Agreement or any
agreement which may be made pursuant thereto or in connection herewith shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege prevent any further or other exercise thereof or the
exercise of any other right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law. 

  
 39 

	22.7	 Rights of set-off 

Without prejudice to any of its other rights and remedies VCFSUK shall be entitled to set off all or any of its liabilities to Polestar against
all or any of Polestar’s liabilities to VCFSUK under or pursuant to this or any other agreement or account. 
  

	22.8	 Bank Account 

Polestar agrees to keep sufficient funds available in the Bank Account in order to meet its obligations to VCFSUK under the Agreement (and any
security documents as the case may be) from time to time. VCFSUK is hereby authorised to debit from the Bank Account payments due to it under and in accordance with this Agreement. 

 

	22.9	 Audit 

  

	 	a)	 Polestar will permit VCFSUK on two (2) Business Days’ written notice, at any time during the business
hours of Polestar, to carry out a check of stocks of Floorplan Vehicles held by Polestar under the terms of this Agreement and for this purpose to enter on any premises of Polestar where such stock is held. Polestar will procure for VCFSUK
equivalent access to such premises of any third party acting for or on behalf of Polestar where Floorplan Vehicles are held. 

  

	 	b)	 Polestar will permit VCFSUK on two (2) Business Days’ written notice, at any time during the business
hours of Polestar, to carry out an audit of Polestars relevant books and records relating to the operation of this Agreement and the Used Vehicle Purchase Contracts and Sales Contracts and payments due or made thereunder and for this purpose to
enter on any premises of Polestar where such books, records and stocks are held. Polestar will procure for VCFSUK equivalent access to such premises of any third party acting for or on behalf of Polestar where the same such books and records are
held. 

  

	22.10	 Offer Terms 

22.10.1 Subject to Clause 22.10.2, the Offer Terms may be amended, varied and/or supplemented as agreed in writing between VCFSUK and Polestar
from time to time. 
 22.10.2 The facility limits set out in the Offer Terms may be amended, increased, decreased or suspended by VCFSUK at
any time by giving written notice to Polestar of the same. 

  
 40 

	22.11	 Information 

Polestar shall provide each year to VCFSUK (by no later than 270 days following the financial year end of Polestar) a copy of its audited
annual accounts and the audited annual accounts of its holding company (as such term is defined in the Companies Act 2006), if any. If Polestar is a partnership or sole trader, Polestar shall provide each year to VCFSUK (by no later than 270 days
following the financial year end of Polestar) a copy of its annual certified accounts. In addition, Polestar shall submit to VCFSUK any information of an accounting, financial or statistical nature in such form as VCFSUK may reasonably require. In
any event, if so required, Polestar will provide regular financial statements in such form and at such intervals as VCFSUK may reasonably specify. Polestar authorises VCFSUK to obtain from Polestar Performance financial and other information held by
the same about Polestar and also to provide financial and other information held by VCFSUK in relation to Polestar to Polestar Performance. 
  

	22.12	 Governing Law 

This Agreement and any agreement which may be made pursuant hereto or in connection herewith shall be governed by and construed in all respects
in accordance with the laws of England. 
  

	22.13	 Indulgence 

VCFSUK shall have full power at its discretion to give time for payment or granting any indulgence to Polestar, or make any other arrangements
with any other company or companies or person or persons without prejudice to the liability of Polestar hereunder and that all monies received by VCFSUK from Polestar or any person or persons liable to pay the same may be applied by VCFSUK to any
account or item of account or any transaction to which the same may be applicable. 
  

	22.14	 Time of the essence 

Time shall be of the essence as regards the times and dates referred to in this Agreement and as regard any times and dates which may be
substituted for them by agreement between the parties. 
  

	22.15	 Entire Agreement 

This Agreement (together with the Offer Terms) sets out the entire agreement between the parties. It supersedes any previous agreement between
them in relation to the subject matter of this Agreement. No other term express or implied and no usage, custom or course of dealing forms part of or affects this Agreement. 
  

	22.16	 Amendments 

VCFSUK may review the performance of Polestar and/or the terms and conditions of this Agreement on at least an annual basis. Following any such
review VCFSUK or Polestar may propose amendments or variations to the terms and conditions of this Agreement or the Schedules hereto and unless otherwise stated in this Agreement any such amendment or variation shall be recorded by an agreement in
writing made between Polestar and VCFSUK. 

  
 41 

	22.17	 Confidentiality 

 

	 	22.17.1	 Polestar hereby agrees that: 

 

	 	a)	 VCFSUK may from time to time search Polestar’s record at credit-reference agencies and fraud-prevention
agencies. VCFSUK may share these records with other organisations and VCFSUK and such other organisations may use these records to: 

  

	 	i	 help make decisions about credit and credit-related services; 

 

	 	ii	 trace Polestar; 

  

	 	iii	 recover any amount owed to VCFSUK under this Agreement; and 

 

	 	iv	 prevent money laundering and fraud. 

 

	 	b)	 VCFSUK may share the information it holds about Polestar with other companies within VCFSUK’s Group and/or
the Santander Group, its lawyers, auditors, advisers, any Insurer of the Vehicles, any supplier or maintainer of the Vehicles, any person whom Polestar is paying or collecting monies on VCFSUK’s behalf, or to anyone VCFSUK employs to assist it
with the administration or management of Polestar’s accounts. 

  

	 	c)	 Polestar may share the information it holds about VCFSUK with other companies within Polestar’s Group, its
lawyers, auditors or advisers. 

  

	 	22.17.2	 Notwithstanding this Clause 22.17 or Clause 3.2: 

 

	 	a)	 nothing shall prevent VCFSUK or Polestar making any disclosure required by law or any government or regulatory
body or any disclosure to its professional advisers; and 

  

	 	b)	 nothing shall prevent VCFSUK making any disclosure to any third party which in the reasonable opinion of VCFSUK
is required to evidence and/or protect its rights and/or interest in the Floorplan Vehicles or the Floorplan Vehicles. 

  

	23	 THIRD PARTY RIGHTS 

A person who is not a party to this Agreement shall have no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term
of this Agreement. This clause does not affect any right of any person which exits or is available otherwise than pursuant to that Act. 

  
 42 

 AS WITNESS the hands of the parties hereto the day and year before written. 

 

									
	POLESTAR AUTOMOTIVE UK LTD	 		 	Volvo Car Financial Services UK Limited
					
	Signature:	 	 /s/ Jonathan Goodman /s/ Nils Mösko
	 		 	Signature:	 	 /s/ David Baddeley

	Name:	 	  
	 		 	Name:	 	David Baddeley
	Title:	 	CEO Polestar UK Business Strategy	 		 	Title:	 	Managing Director
	Date:	 	2021-06-14                 2021-06-14	 		 	Date:	 	10-Jun-2021 | 10:20AM BST

  
 43 

 SCHEDULE 1 

STIPULATED PURCHASE TERMS 
 The following
terms and conditions shall apply, where applicable, to each Unregistered Vehicle purchased under a Purchase Contract by VCFSUK pursuant to Clause 3 and to each Used Vehicle Purchase Contract in respect of any Used Vehicles purchased by VCFSUK
pursuant to Clause 4: 
  

	1.	 title to each Unregistered and Used Vehicle shall immediately pass to VCFSUK free of all encumbrances
immediately on payment of the purchase price to be paid by VCFSUK for such Unregistered or Used Vehicle to Polestar; 

  

	2.	 Polestar represents and warrants that in respect of each Used Vehicle: 

 

	 	(a)	 the purchase price (excluding the Deposit for the Used Vehicle, if any) does not exceed such percentage
specified in the Offer Terms of the Clean Guide Value for the Used Vehicle in the Price Guide Book current at the date of purchase of that Used Vehicle (including any factory fitted options); and 

 

	 	(b)	 the purchase price (including the Deposit for the Used Vehicle, if any) does not exceed such percentage
specified in the Offer Terms of the Clean Guide Value for the Used Vehicle in the Price Guide Book current at the date of purchase of that Used Vehicle (including any factory fitted options); 

 

	3.	 the purchase price is payable by VCFSUK in Sterling in one single instalment in immediately available funds
upon the making of a Used Vehicle Purchase Contract or a Purchase Contract; 

  

	4.	 each Unregistered and Used Vehicle shall have the benefit of the unexpired period of the manufacturer’s
standard new car warranty which shall be transferable to subsequent purchasers of the Unregistered or Used Vehicle; 

  

	5.	 risk in each Unregistered and Used Vehicle shall be with Polestar at all times; 

 

	6.	 Polestar represents and warrants that each Unregistered and Used Vehicle is in good working order and repair
and of merchantable quality and roadworthy in all respects; 

  

	7.	 VCFSUK shall have no obligations other than to pay the purchase price; 

 

	8.	 the terms applying to each purchase shall be governed by English law; 

 

	9.	 Polestar shall have no right of cancellation or rescission; and 

 

	10.	 Polestar represents and warrants that in respect of each Used Vehicle, the Used Vehicle complies with the trade
clean condition as described in the Price Guide Book. 

  
 44 

 SCHEDULE 2 

STIPULATED SALE TERMS 
 The following terms
and conditions shall apply on all sales of Floorplan Vehicles from VCFSUK to Polestar: 
  

	1.	 Floorplan Vehicles which are supplied by VCFSUK to Polestar, shall remain the property of VCFSUK until full
payment for the Floorplan Vehicles supplied to Polestar and all other payments due from Polestar to VCFSUK have been made; 

  

	2.	 in the case of a Demonstrator Vehicle or Rental Vehicle, Polestar shall pay the purchase price for the Vehicle
in the amounts or percentages set out in the Offer Terms (except for a Demonstrator Vehicle or Rental Vehicle in respect of which a Sale Contract has been entered into where the balance of the purchase price (following payment of any Instalment(s))
shall be paid in sterling in one single instalment in immediately available funds as specified in Clause 11.4 of this Agreement) and in the case of all other Floorplan Vehicles the purchase price (and in the case of an Used Vehicle where a Deposit
is required, the balance of the purchase price (following payment of the relevant Deposit and any Instalments (if any))) shall be paid in Sterling in one single instalment in immediately available funds as specified in Clause 11.4 of this Agreement;

  

	3.	 risk in each Floorplan Vehicle shall be with Polestar at all times; 

 

	4.	 VCFSUK will transfer such title to Polestar as was acquired by it through the agency of Polestar in the case of
a Used Vehicle or was acquired by it through a Purchase Contract in the case of an Unregistered Vehicle, Demonstrator Vehicle or Rental Vehicle; 

  

	5.	 each Floorplan Vehicle shall have the benefit of the unexpired period of the manufacturer’s standard new
car warranty which shall be transferable to subsequent purchasers of the Floorplan Vehicle; 

  

	6.	 the Floorplan Vehicle being at the time of purchase in the possession and control of Polestar, Polestar hereby
acknowledges and agrees that it inspected the Floorplan Vehicle itself upon taking physical delivery of the Floorplan Vehicle. Accordingly Polestar shall acquire each Floorplan Vehicle from VCFSUK as and where it lies and in the condition it is in
and VCFSUK sells each Floorplan Vehicle to Polestar only upon the express agreement of Polestar that all warranties, conditions, guarantees or representations express or implied, statutory or otherwise, relating to each Floorplan Vehicle are
excluded and VCFSUK shall not be liable for any loss, damage, expense or injury of any kind whatsoever, consequential or otherwise, arising out of or due to or caused by any defect or deficiencies of any sort in each Floorplan Vehicle;

  

	7.	 the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974 do not regulate such a sale and
does not confer any rights of cancellation or rescission on Polestar; 

  

	8.	 the Sale Contracts shall be governed by English law; and 

 

	9.	 each Sale Contract is validly entered into and authorised by Polestar. 

  
 45 

 SCHEDULE 3 

APPROPRIATION 
 This Schedule sets out the
circumstances in which a Floorplan Vehicle is treated as Appropriated. 
 For an Unregistered Vehicle, these are the earliest of the circumstances set out
in paragraphs 1(a) and 2 to 12 inclusive. 
 For a Demonstrator Vehicle or Rental Vehicle these are the earliest of the circumstances set out in paragraphs
1(b) and 2 to 6 and 10 to 12 inclusive. 
 For a Used Vehicle, these are the earliest of the circumstances set out in paragraphs 1(c) and 2 to 6 and 10 to
12 inclusive. 
 1. 
  

	 	(a)	 for an Unregistered Vehicle, the expiry of 180 days (or such other period as VCFSUK may from time to time
notify to Polestar) from or after the Start Date of such Unregistered Vehicle; or 

  

	 	(b)	 for a Demonstrator Vehicle, the expiry of 180 days (or such other period as VCFSUK may from time to time notify
to Polestar) from or after the Start Date of such Demonstrator Vehicle; or 

  

	 	(c)	 for a Used Vehicle, the expiry of such period or periods as notified to Polestar by VCFSUK in the Offer Terms
(or such other period as notified in writing by VCFSUK to Polestar); or 

  

	 	(d)	 for a Rental Vehicle, the expiry of such period or periods as notified to Polestar by VCFSUK in the Offer Terms
(or such other period as notified in writing by VCFSUK to Polestar); or 

  

	2.	 the Floorplan Vehicle being the subject of an offer of sale made by Polestar which is accepted by any third
party, or the subject of an offer to purchase made by a third party which is accepted by Polestar; or 

  

	3.	 commencement of, or the dispatch of the Floorplan Vehicle to another party for modification, adaption or
addition to the vehicle (other than maintenance, repair or the addition of any “slip-on” type of accessory solely for sales promotion and not to the order of a customer) or the giving of written
instructions therefor without the consent of VCFSUK; or 

  

	4.	 the Floorplan Vehicle except a Rental Vehicle being let out by Polestar on lease or hire, or made the subject
of a hire agreement; or 

  

	5.	 the Floorplan Vehicle being made subject to a hire purchase agreement, credit or conditional sale agreement,
charge, lien or bill of sale by Polestar; or 

  
 46 

	6.	 the Floorplan Vehicle being used on the road for rental purposes without the consent of VCFSUK; or

  

	7.	 the making of an application to a taxation authority for registration of the Unregistered Vehicle without the
consent of VCFSUK; or 

  

	8.	 the Unregistered Vehicle being purchased by Polestar or applied to Polestar’s stock for accounting
purposes or to its own use or that of another person, firm or company; or 

  

	9.	 the Unregistered Vehicle being used on the road for demonstration purposes without the consent of VCFSUK; or

  

	10.	 the alteration of the specification, or type or equipment fitted to the Floorplan Vehicle without the consent
of VCFSUK; or 

  

	11.	 the Floorplan Vehicle being allocated by Polestar to any customer of it, whether or not for consideration or on
receipt of payment and whether or not such allocation has the effect of vesting the property in the Floorplan Vehicle in the customer; or 

  

	12.	 any other act by Polestar which is inconsistent with the title of VCFSUK or Polestar’s right or ability to
return the Floorplan Vehicle to VCFSUK in the condition in which Polestar received it. 

  
 47 

 SCHEDULE 4 

STIPULATED RENTAL TERMS 
 The following
terms and conditions shall apply each time Polestar enters or proposes to enter into a Sub-Letting Agreement with a customer of Polestar: 

 

	1.	 possession of Rental Vehicles shall only be given to a Sub-Lessee upon
the Sub-Lessee entering into a Sub-Letting Agreement with VCFSUK in respect of the relevant Rental Vehicle; 

 

	2.	 Polestar will indemnify and keep indemnified VCFSUK at all times against all loss or damage, howsoever caused,
as a result of VCFSUK agreeing to any underletting arrangement under this Agreement; 

  

	3.	 the duration of the Sub-Letting Agreement shall be a period not longer
than 1 day less than the date upon which a Sale Contract shall be deemed to have been concluded in relation to any Rental Vehicle; 

  

	4.	 Polestar shall not during the currency of the Sub-Letting Agreement
sell or give any security or charge (to include a floating charge) upon the rentals payable thereunder; 

  

	5.	 if Polestar’s Agreement with VCFSUK is terminated or VCFSUK’s consent to Polestar’s possession
of the Rental Vehicles thereunder is determined Polestar’s rights under the Sub-Letting Agreement shall forthwith vest in VCFSUK automatically and Polestar will immediately upon demand made by VCFSUK
execute a legal assignment (in a form satisfactory to VCFSUK) in favour of VCFSUK or in favour of such persons as VCFSUK may direct of the Sub-Letting Agreement and more rights thereunder including, but not
limited to, Polestar’s rights of repossession thereunder; 

  

	6.	 Polestar hereby irrevocably appoints VCFSUK and VCFSUK’s Secretary and each and every director of VCFSUK
for the time being as the attorney of Polestar for the purpose of executing any such legal assignments. Polestar hereby acknowledges that such power of attorney is given to VCFSUK to secure Polestar’s performance of the obligation over to
VCFSUK by Polestar to execute the said legal assignment; 

  

	7.	 in the event of Polestar no longer being entitled to possession of the Rental Vehicles, or Polestar’s
Agreement with VCFSUK is terminated, Polestar’s rights under the Sub-Letting Agreement shall automatically vest in VCFSUK and all monies which Polestar receives thereafter from the Sub-Lessee shall be held in trust for VCFSUK; 

  

	8.	 during the currency of a Sub-Letting Agreement but not otherwise,
VCFSUK is prepared to waive its requirement that Polestar insures the Rental Vehicles provided that: 

  

	 	(a)	 Polestar requires in each Sub-Letting Agreement and procures that
throughout the period of each Sub-Letting Agreement, the Sub-Lessee will insure: 

  
 48 

	 	(i)	 the Rental Vehicles and keep them effectively insured during the currency of each Sub-Letting Agreement to their full replacement value under a policy of insurance without restriction or excess (and that VCFSUK’s interest as owners of the goods is noted in such policy); and

  

	 	(ii)	 Polestar and the Sub-Lessee against all liability to the employees of
the Sub-Lessee and to third parties for damage caused by the goods or the use or operation of them; 

  

	 	(b)	 Polestar will indemnify and keep fully indemnified VCFSUK against all loss or damage incurred or sustained by
VCFSUK by reason of any loss, injury or damage to the Rental Vehicles or to third parties by the use or operation or presence of the Rental Vehicles or as a result of VCFSUK to any Sub-Letting Agreement;

  

	9.	 Polestar shall not enter into any Sub-Letting Agreement which is
a Regulated Agreement within the meaning of the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974; 

  

	10.	 Polestar will not hold itself out as being the legal owner of the Rental Vehicles nor deal in the Rental
Vehicles in a manner which affect or prejudice VCFSUK’s title to them; 

  

	11.	 no variations may be made to the Sub-Letting Agreement without
VCFSUK’s prior written consent; 

  

	12.	 Polestar hereby warrants to VCFSUK that: 

 

	 	(a)	 each Sub-Letting Agreement will comply with all statutory and
regulatory requirements relating thereto and in particular (but without limitation) all statutory and regulatory requirements pursuant to the Financial Services and Markets Act 2000, the Financial Conduct Authority Handbook including Consumer Credit
Sourcebook and the Consumer Credit Act 1974 including but not limited to authorisation, the form and content of such agreements, the provision of copies thereof and the amount of the rentals payable on or prior to delivery of the Rental Vehicle
thereunder and the maximum or minimum period of hire of such Rental Vehicle; and 

  

	 	(b)	 in entering into and administering every Sub-Letting Agreement Polestar
will comply with the requirements of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended from time to time) and in particular (but without limitation) the requirements of those
regulations relating to the identification of the Sub-Lessee and the keeping of records of such evidence and Polestar’s transactions with the Sub-Lessee.

 —————————--END OF
AGREEMENT—————————— 

  
 49EX-10.80

 Exhibit 10.80 

Agreement No.: PS20-092 

Certain identified information marked with “[***]” has been omitted from this document because it is both (i) not material and (ii) the
type that the registrant treats as private or confidential. 
 SERVICE AGREEMENT 

MAIN DOCUMENT 
 Name of Project: Outbound
logistics on behalf of Polestar – VCC Services, USA and Canada 
 Short description of activities under this Service Agreement: Outbound logistics by
utilization of Service Provider’s existing and mature vehicle distribution processes. 
 This Service Agreement is between Volvo Cars USA LLC, with
offices located at 1800 Volvo Place, Mahwah, NJ 07430, a Delaware limited liability company (“Service Provider”), and Polestar Automotive USA Inc., with offices located at 1800 Volvo Place, Mahwah, NJ 0743, a Delaware corporation
(“Purchaser”). 
 Each of Service Provider and Purchaser is hereinafter referred to as a “Party” and jointly as the
“Parties”. 
 BACKGROUND 
  

	A.	 Purchaser is part of the Polestar group which develops, manufactures and distributes Polestar branded vehicles
and associated products throughout the world. 

  

	B.	 Service Provider is a part of the Volvo Car group which develops, manufactures and distributes Volvo branded
vehicles, after-market parts and accessories throughout the world. Service Provider is engaged in the distribution of Volvo branded vehicles including in the USA and Canada and has a well-established set-up
for distribution of cars. 

  

	C.	 The Parties have determined that Service Provider shall provide to Purchaser certain Services (as defined in
the General Terms), which are further described in the Service Specification in Appendix 1. The provision of the Services shall be performed in accordance with the terms in this service agreement and its appendices (the “Service
Agreement”). 

  

	D.	 Purchaser wants Service Provider to use its well established and running logistic flow for outbound logistics,
from arrival at a harbour in the USA to its final destination as defined further in Appendix 1, to support Purchaser, as set forth in this Service Agreement. 

  

	E.	 The Parties have agreed that Service Provider will support Purchaser with outbound transport & related
logistic services, for its Polestar branded vehicles as further described in the Service Specification in Appendix 1. 

  

	F.	 Purchaser enters into this Service Agreement for the purpose of receiving the Services and Service Provider
will provide the Services in accordance with the terms set forth in this Service Agreement. 

  
 1 

							
		  	 Agreement No.: PS20-092
	  			

  

 AGREEMENT 
  

	1.	 GENERAL 

  

	1.1	 This Service Agreement consists of this main document (the “Main Document”) and its
appendices. This Main Document sets out the specific terms in respect of the provision of the Services, whereas Appendix 2 sets out certain general terms and conditions applicable to the Parties’ rights, obligations and performance of
the Parties’ activities hereunder (the “General Terms”). 

  

	1.2	 All capitalized terms used, but not specifically defined in this Main Document, shall have the meaning ascribed
to them in the General Terms. 

  

	2.	 SERVICE SPECIFICATION 

 

	2.1	 The Parties have agreed upon the scope and specification for the Services as specified in the Service
Specification in Appendix 1. 

  

	3.	 AFFILIATE 

  

	3.1	 Affiliate shall for the purpose of this Service Agreement have the following meaning: 

“Affiliate” means any other legal entity that, directly or indirectly, is controlled by Service Provider or Purchaser; and
control means the possession, directly or indirectly, by agreement or otherwise, of (i) at least 50% of the voting stock, partnership interest or other ownership interest, or (ii) the power (a) to appoint or remove a majority of the
board of directors or other governing body of an entity, or (b) to cause the direction of the management of an entity. 
  

	4.	 SERVICE CHARGES 

 

	4.1	 In consideration of Service Provider’s performance of the Services under this Service Agreement, Purchaser
shall pay to Service Provider the service charges as further described below (the “Service Charges”). 

  

	4.2	 The Service Charges for the Services will be based on the estimated hours and other costs for the Services to
be performed by Service Provider as set forth in the Service Specification in Appendix 1 and the hourly rates and other costs as set forth in Appendix 3. The Parties acknowledge that the estimated Service Charges set forth in the Service
Specification in Appendix 3, are based on an estimation of the amount of hours and other costs required for the performance of the Services and that this estimation may differ from the final actual number of hours charged by Service Provider. Hence,
the Service Charges will ultimately be invoiced accordingly. 

  

	4.3	 The Service Charges shall be paid in the currency: US Dollar. 

 

	4.4	 The hourly rates that are used to calculate the Service Charges shall be determined by Service Provider on an
annual basis in compliance with applicable tax legislation, including but not limited to the principle of “arm’s length distance” between the Parties. The hourly rates shall be calculated using the cost-plus method, i.e. full
cost incurred plus an arm ́s length mark-up. All costs Service Provider has in order to perform the Services shall be reimbursed by Purchaser. 

  
 2 

							
		  	 Agreement No.: PS20-092
	  			

  

  

	5.	 PAYMENT 

  

	5.1	 If Service Provider, pursuant to the General Terms, appoints its Affiliates and/or subcontractors to perform
the Services under this Service Agreement, Service Provider shall include the costs relating to such work in the invoices to Purchaser. 

  

	5.2	 The actual Service Charges shall be invoiced on a quarterly basis at the end of each calendar quarter and paid
by Purchaser in accordance with what is set out in the General Terms. 

  

	6.	 GOVERNANCE FORUM 

 

	6.1	 The Parties agree that governance in respect of this Service Agreement shall be handled in accordance with what
is set out in the General Terms in Appendix 2. When reference is made to a relevant governance forum, it shall for the purpose of this Service Agreement have the meaning set out below in this Section 6. 

 

	6.2	 The first level of governance forum for handling the co-operation
between the Parties in various matters, handling management, prioritisation of development activities etc. under the Service Agreement shall be the “Steering Committee”, which regarding cooperation between Service Provider and
Purchaser is the so called Volvo Polestar Business Steering Committee. The Steering Committee shall be the first level of governance forum established by the Parties for handling the cooperation between them in respect of various matters.

  

	6.3	 The higher level of governance forum, to which an issue shall be escalated if the Steering Committee fails to
agree upon a solution shall be the “Strategic Board”, which regarding cooperation between Service Provider and Purchaser is the so-called Volvo Polestar Executive Alignment Meeting. The
Strategic Board shall be the highest level of governance forum established by the Parties for handling the cooperation between them in respect of various matters. 

 

	7.	 TEMPLATE FINANCIAL REPORTING 

 

	7.1	 The Parties agree that the basis for calculating the Service Charges shall be transparent and auditable to
Purchaser. 

  

	8.	 DATA PROCESSING AGREEMENT 

 

	8.1	 If Service Provider processes any personal data on Purchaser’s behalf and in accordance with its
instructions as part of or in connection with the performance of the Services, the Parties will separately agree to a Data Processing Agreement which shall be deemed an integrated part of this Service Agreement. 

 

	8.2	 The Parties shall at all times comply with applicable laws on data protection and privacy, and shall use its
commercially reasonable efforts to ensure that any Affiliates or subcontractors engaged by it also comply therewith. 

  
 3 

							
		  	 Agreement No.: PS20-092
	  			

  

	9.	 ORDER OF PRIORITY 

 

	9.1	 In the event there are any contradictions or inconsistencies between the terms of this Main Document and any of
the Appendices hereto, the Parties agree that the following order of priority shall apply: 

  

	 	(1)	 This Main Document 

  

	 	(2)	 Appendix 2, General Terms – Service Agreement 

 

	 	(3)	 Appendix 1, Service Specification 

 

	 	(4)	 Appendix 3, Service Charges 

 

	 	(5)	 Appendix 4, Geographical Scope 

 

	10.	 NOTICES 

  

	10.1	 All notices, demands, requests and other communications to any Party as set forth in, or in any way relating to
the subject matter of, this Service Agreement shall be sent to the following addresses and shall otherwise be sent in accordance with the terms in the General Terms: 

 

	 	(a)	 To Service Provider: 

Volvo Car USA LLC 
 Attention:
Regional Controller 
 1800 Volvo Place 

Mahwah, NJ 07430 
 Email: [***]

 With a copy not constituting notice to: 

Volvo Car USA LLC Attention: Head of Legal Americas, [***] 

Email: [***]; and 
 Volvo Car
USA LLC 
 Attention: Owner’s Controlling and Related Party BO, [*** ] 

Email: [***] 
  

	 	(b)	 To Purchaser: 

Polestar Automotive USA Inc. 

Attention: President 
 1800
Volvo Place 
 Mahwah, NJ 07430 

Email: [***] 
 With a copy not
constituting notice to: 
 Polestar Automotive USA Inc. 

Attention: Legal Department 

Email: legal@polestar.com 
  

 
 [SIGNATURE PAGE
FOLLOWS] 

  
 4 

							
		  	 Agreement No.: PS20-092
	  			

  

 This Service Agreement has been signed electronically by both Parties. 

 

									
	VOLVO CAR USA LLC	 		 	POLESTAR AUTOMOTIVE USA INC.
					
	By:	 	/s/ Courtney Murray	 		 	By:	 	/s/ Gregor Hembrough
	Title:	 	Head of Legal, Americas	 		 	Title:	 	President
					
	By:	 	/s/ Oscar Bertilsson Olsborg	 		 	By:	 	/s/ Mikael Alkmark
	Title:	 	CFO Volvo Cars US	 		 	Title:	 	Director

  
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		  	 PS20-092
	  			

  

 APPENDIX 1 

SERVICE SPECIFICATION 
  

	1.	 GENERAL 

  

	1.1	 This Service Specification is part of the SLA between Service Provider and Purchaser. This Service
Specification sets out the scope and the specification of the activities that shall be performed under the SLA, the division of responsibilities between Service Provider and Purchaser and the applicable time plan for the performance of the
activities. 

  

	1.2	 This Service Specification consists of this Appendix 1 – Service Specification and its Appendices:

  

	 	•	 	 1a – RACI Transportation & Related Logistics Services 

 

	 	•	 	 1b – RACI Customs Administration & Related Export/Import Matters 

 

	 	•	 	 1c – Other Key Responsibilities of Purchaser 

 

	 	•	 	 1d – Examples of activities: Admin/Operation of OB Transport & Related Logistics

  

	 	•	 	 1e – Examples of activities: Customs Administration. 

 

	2.	 DEFINITIONS 

  

	2.1	 Any capitalised terms used but not specifically defined herein shall have the meanings set out for such terms
in the SLA or the Service Agreement referenced in the SLA. In addition, the capitalised terms set out below in this Section 2 shall for the purpose of this Service Specification have the meanings described herein. All capitalised terms in
singular in the list of definitions shall have the same meaning in plural and vice versa. 

  

	2.2	 FPR – First Point of Rest. FPR is a term used primarily, though not solely, in ocean freight,
indicating: 

  

	 	(i)	 at the Port of Loading, the physical place at which Vehicles are
off-loaded and parked by a preceding transport provider bringing the Vehicles to the Port of Loading. It marks the cut between the pre-carriage road/rail transport and
the port/terminal process. 

  

	 	(ii)	 at the Port of Discharge, the physical place at which Vehicles are first parked (immediately) after being
unloaded from a vessel. It marks the cut between the ocean transport and the port/terminal process. 

  

	2.3	 LPR – Last Point of Rest. LPR is a term used primarily, though not solely, in ocean freight,
indicating: 

  

	 	(i)	 at the Port of Loading, the physical place at which Vehicles are last parked (immediately) before being loaded
onto a vessel. It marks the cut between the port/terminal process and the ocean transport. 

  

	 	(ii)	 at the Port of Discharge, the physical place at which Vehicles are parked before being loaded by a subsequent
transport provider, bringing the Vehicles to their next destination. It marks the cut between port/terminal process and on-carriage road/rail transport. 

  
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		  	 PS20-092
	  			

  

  

	2.4	 Transport Order – Instruction issued by Purchaser to Service Provider (electronically or otherwise
if so agreed) to perform transportation of a Vehicle from a pre-defined place of pick-up to a pre-defined place of drop-off. If the place of drop-off is an SCSL (Sales Company Stock Location) or other location suitable for vehicle storage, and the Vehicle at the time of arrival at same is
unallocated and/or blocked, then the transport order shall also be deemed to constitute an order to store the Vehicle at said SCSL or other location until it becomes allocated, unblocked and the subject of a subsequent transport order.

  

	2.5	 Work Order – Instruction issued by Purchaser to Service Provider (electronically or otherwise if so
agreed) to perform certain services, e.g. PDI (pre-delivery inspection), accessorisation, storage, stock maintenance, etc. of a Vehicle at an SCSL or other location suitable for such action/work.

  

	2.6	 Vehicles – Purchaser’s factory new Polestar 1 and Polestar 2 vehicles. Any “in-use” and/or “used” vehicles are not in scope of this Agreement. 

  

	3.	 GENERAL DESCRIPTION 

 

	3.1	 The Parties have agreed that Service Provider will support Purchaser with outbound transport & related
logistic services, and other services, for its Vehicles by way of accommodating Purchaser’s needs in terms of associated administration and operational management. 

 

	3.2	 Related logistic services may consist of but not be limited to activities such as quality inspection, quality
upgrades, PDI (pre-delivery inspection, PDS (pre-delivery service), insertion of items, accessorisation, vehicle storage, stock maintenance, battery charging, etc.

  

	3.3	 Other services may consist of e.g. customs administration and damage claims management, as defined herein.

  

	3.4	 The overall objective of the activities is that Service Provider will provide to Purchaser a comprehensive set
of administrative and operational services needed by Purchaser for the planning & execution of outbound transportation, handling & delivery of its Vehicles. 

 

	4.	 ASSUMPTIONS/PRE-REQUISITES 

 

	4.1	 Purchaser has to adhere to the responsibilities referred to in Section 8 below. Purchaser is aware that
any noncompliance with these responsibilities may cause Service interruptions. Service Provider will not be liable for Service interruptions caused by Purchaser’s noncompliance with these responsibilities. 

 

	4.2	 In the interest of efficiency, Purchaser accepts that Service Provider – in order to serve and protect
Purchaser’s interest – occasionally may incur additional costs (e.g. dedicated truck, change of transport mode etc.). 

  

	4.3	 The sourcing and selection of supplier of transport services will be carried out according to and within the
Service Provider ́s existing sourcing process and approval levels. The Service Provider will follow the already established functional forums. However, in the sourcing and supplier selection of external suppliers Purchaser should be regarded as
a stakeholder and should be consulted. The Service Provider should secure that information on sourcing and supplier selection relevant to Purchaser is provided to Purchaser timely. 

  
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 When consulted Purchaser should to the best of its ability make sure that its response is not
unreasonably withheld. 
  

	5.	 DESCRIPTION OF THE SERVICE ACTIVITIES 

 

	5.1	 Service Provider will support Purchaser by handling for and/or providing to same (i) the
activities/actions indicated as “VCC” responsibility in Appendices 1a – 1b and – unless otherwise set out herein – covering the scope as generally set forth as “In Scope” in Appendix 4,
and (ii) any other service(s) that may be agreed between the Parties. 

  

	5.2	 Subject to some exceptions, such as e.g. vehicle handling and certain services provided at/within
Purchaser’s and/or Service Provider’s own factory yards or compounds, the physical provision of outbound transport & related logistic services pertaining to the Vehicles, will be carried out by external suppliers, and is not
covered by this Agreement. 

  

	5.3	 The planning & execution by Service Provider of outbound transport & related logistic
services of/for the Vehicles, will be based on and carried out in accordance with specifications set out in Transport and/or Work Orders submitted and/or conveyed by Purchaser, or as may otherwise be agreed between the Parties.

  

	5.4	 Service Provider will be performing various specific administrative/operational transport & related
logistic and other service activities as exemplified in Appendices 1d-e and relevant to the outbound transport lanes/arrangements generally described as “In Scope” in Appendix
4. 

  

	6.	 TIMING AND DELIVERABLES 

 

	6.1	 Activities/actions associated with the transport lanes/arrangements set out in Appendix 4 shall
commence in anticipation of planned shipment of the Vehicles in the United States and Canada on approx. January 1, 2020, or at other time as may be agreed between the Parties and documented in said Appendix 4.

  

	7.	 SERVICE CHARGES 

 

	7.1	 Purchaser shall compensate Service Provider for the services rendered in accordance with the service charge
schedules set out in Appendix 3. 

  

	8.	 PARTIES RESPONSIBILITIES 

 

	8.1	 The division of high level responsibilities between the Parties is described in Appendices 1a-1b. The agreed division of responsibilities should be reviewed and agreed at least annually between the Parties or upon request by either Party. 

 

	8.2	 Other key responsibilities of Purchaser under the Agreement are set out in Appendix 1c. The
agreed other key responsibilities should be reviewed and agreed at least annually between the Parties or upon request by either Party. 

  

 
  

  
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 Appendix 1a Service Specification—RACI, Division of High Level responsibilities—US and Canada

 Transportation & related Logistics services 

[***] 

							
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 Appendix 1b Service Specification—RACI, Division of High Level responsibilities—US and Canada

 Customs administration & related Export/Import matters 

[***] 
 

 

							
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 Appendix 1c Service Specification—US and Canada 

Other Key Responsibilities of Purchaser 
  

 

							
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 Appendix 1d—VCC Services, US and Canada 

Admin./Operation of OB Transport & related Logistics 

Examples of Activities/Actions—Office/WC 

Forecast admin. and capacity planning 
 Forecast and
distribution plan 
 Forecast to Carriers 
 Lead time management

 Transport Planning & Carrier Management 

Carrier confirmation of capacity 
 Booking and monitoring planned
distribution start and late cars 
 Deviation handling 
 Market
contact for PS 
 WHLS planning and follow up 
 Real Time
Management 
 KPI creation and follow up 
 Action plans 

Escalation process for non-performance 

Wholesale planning activities 
 Sustainability targets 

Monthly carrier performance review meetings 
 Support Network
design/Logistic engineering and RFQ 
 Define network 
 Set
up RFQ volumes/destinations 
 Active RFQ work as stakeholder to IDP 

Implementation of new Carriers/contracts 
 Updating/Re-evaluating network setup 
 RAM function 

North American SPOC function to PS 
 Coordinate KPIs and
deliverables 
 Action plans and follow up 
 Invoicing and
freight cost management 
 Change management 
 SLA maintenance

 Business IT 
 Maintenance of contracts, pricing, fuel
surcharges, VAT 
 Deviation handling 
 EDI set up 

Change management 
 Port Processing 

Yard handling and movements 
 Stock maintenance 

Battery charging 
 Yard related Admin 

Processing forecast and plan 
 Ensure throughput satisfies
Polestar’s objectives 
 IDP Procurement 

Sourcing & Contract creation 

							
	PS20-092	  	 Page 1(1)
	  			

  

 Appendix 1e—VCC Services, US and Canada 

Customs administration 
 Examples of
Activities/Actions 
 [***] 

							
		  	 PS20-092
	  			

  

 SERVICE AGREEMENT 

APPENDIX 2 
 GENERAL TERMS

  

	1.	 BACKGROUND 

This Appendix 2, General Terms – Service Agreement, (the “General Terms”) is an Appendix to the Main Document and is an
integrated part of the Service Agreement entered into between the Parties. 
  

	2.	 DEFINITIONS 

  

	2.1	 For the purpose of these General Terms, the following terms shall have the meanings assigned to them below. All
capitalized terms in singular in the list of definitions shall have the same meaning in plural and vice versa. Any capitalized terms used, but not specifically defined below in this Section 2, shall have the meaning ascribed to them in
the Main Document. 

  

	2.2	 “Appendix” means an appendix to the Main Document. 

 

	2.3	 “Background IP” means the Intellectual Property Rights either: 

 

	 	(a)	 owned by either of the Parties; 

 

	 	(b)	 created, developed or invented by directors, managers, employees or consultants of either of the Parties;

  

	 	(c)	 to which the Party has licensed rights instead of ownership and the right to grant a sublicense

 prior to the execution of this Service Agreement, and any Intellectual Property Rights developed or otherwise acquired
independently of this Service Agreement. 
  

	2.4	 “Confidential Information” means any and all
non-public information regarding the Parties and their respective businesses, whether commercial or technical, in whatever form or media, including but not limited to the existence, content and subject matter
of this Service Agreement, information relating to Intellectual Property Rights, concepts, technologies, processes, commercial figures, techniques, algorithms, formulas, methodologies, know-how, strategic
plans and budgets, investments, customers and sales, designs, graphics, CAD models, CAE data, statement of works (including engineering statement of works and any high level specification), targets, test plans/reports, technical performance data and
engineering sign-off documents and other information of a sensitive nature, that a Party learns from or about the other Party prior to or after the execution of this Service Agreement. 

 

	2.5	 “Disclosing Party” means the Party disclosing Confidential Information to the Receiving Party.

  

	2.6	 “Data Protection Laws” shall mean collectively, any applicable data protection, privacy or
similar law generally applicable to the processing of personal data. 

  
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	2.7	 “Force Majeure Event” shall have the meaning set out in Section 15.1.

  

	2.8	 “Industry Standard” means the exercise of such professionalism, skill, diligence, prudence and
foresight that would normally be expected at any given time from a skilled and experienced actor engaged in a similar type of undertaking as under this Service Agreement. 

 

	2.9	 “Intellectual Property Rights” or “IP” means Patents, Non-patented IP, rights in Confidential Information and Know-How to the extent protected under applicable laws anywhere in the world. For the avoidance of doubt, Trademarks
are not comprised by this definition. 

  

	2.10	 “Know-How” means confidential and proprietary
industrial, technical and commercial information and techniques in any form including (without limitation) drawings, formulae, test results, reports, project reports and testing procedures, instruction and training manuals, tables of operating
conditions, specifications, component lists, market forecasts, lists and particulars of customers and suppliers. 

  

	2.11	 “Main Document” means the contract document (with the heading “Main Document—Service
Agreement”), which is signed by Service Provider and Purchaser, to which these General Terms are an Appendix. 

  

	2.12	 “Non-patented IP” means copyrights (including rights
in computer software), database rights, semiconductor topography rights, rights in designs, and other intellectual property rights (other than Trademarks and Patents) and all rights or forms of protection having equivalent or similar effect anywhere
in the world, in each case whether registered or unregistered, and registered includes registrations, applications for registration and renewals whether made before, on or after execution of this Service Agreement. 

 

	2.13	 “Patent” means any patent, patent application, or utility model, whether filed before, on or
after execution of this Service Agreement, along with any continuation, continuation-in-part, divisional, re-examined or re-issued patent, foreign counterpart or renewal or extension of any of the foregoing. 

  

	2.14	 “Receiving Party” means the Party receiving Confidential Information from the Disclosing
Party. 

  

	2.15	 “Results” shall mean any outcome of the Services provided to Purchaser under this Service
Agreement (including but not limited to any IP, technology, software, methods, processes, deliverables, objects, products, documentation, modifications, improvements, and/or amendments to be carried out by Service Provider under the Service
Specification) and any other outcome or result of the Services to be performed by Service Provider as described in the relevant Service Specification, irrespective of whether the performance of the Services has been completed or not.

  

	2.16	 “Services” shall mean the services to be performed by Service Provider to Purchaser hereunder,
including all services under the Appendices attached hereto. 

  

	2.17	 “Service Agreement” means the Main Document including all of its Appendices and their
Schedules as amended from time to time. 

  

	2.18	 “Service Charges” means the service charges as set forth or referenced to in the Main
Document. 

  
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		  	 PS20-092
	  			

  

	2.19	 “Service Specification” describes the Services to be provided by Service Provider to Purchaser
hereunder including (if applicable) a time plan for the provision of the Services, which is included as Appendix 1 in this Service Agreement. 

  

	2.20	 “Third Party” means a party other than any of the Parties and/or an Affiliate of one of the
Parties to this Service Agreement. 

  

	2.21	 “Trademarks” means trademarks (including part numbers that are trademarks), service marks,
logos, trade names, business names, assumed names, trade dress and get-up, and domain names, in each case whether registered or unregistered, including all applications, registrations, renewals and the like,
in each case to the extent they constitute rights that are enforceable against Third Parties. 

  

	2.22	 “Use” means to make, have made, use (including in a process, such as use in designing,
engineering, testing or assembling products or in their research or development), keep, install, integrate, extract, assemble, reproduce, incorporate, create derivative works of, modify, adapt, improve, enhance, develop, service or repair, including
in the case of installation, integration, assembly, service or repair, the right to have a subcontractor of any tier carry out any of these activities on behalf of the Parties in their capacity as a licensee hereunder. 

 

	2.23	 The right to “have made” is the right of a Party in its capacity as a licensee hereunder, as
applicable, to have another person (or their subcontractor of any tier) make for that Party and does not include the right to grant sublicenses to another person to make for such person’s own use or use other than for that Party.

  

	3.	 PROVISION OF SERVICES 

 

	3.1	 Service Specification. The Parties have agreed upon the scope and specification of the Services provided
under this Service Agreement in the Service Specification. 

  

	3.2	 Service Recipients. In addition to Purchaser, Polestar Automotive Canada Inc. shall be entitled to
receive and use the Services under this Service Agreement. Nevertheless, Purchaser shall be Service Provider’s sole point of contact and shall be responsible for payment of the Service Charges as set forth in this Service Agreement.

  

	3.3	 Subcontractors. 

 

	3.3.1	 The Parties acknowledge that Service Provider may use subcontractors to perform the Services under this Service
Agreement, provided that Service Provider informs Purchaser thereof. 

  

	3.3.2	 Service Provider shall however remain responsible for the performance, and any omission to perform or comply
with the provisions of this Service Agreement, by any Affiliate to Service Provider and/or any subcontractor to the same extent as if such performance or omittance was made by Service Provider itself. Service Provider shall also remain
Purchaser’s sole point of contact unless otherwise agreed. 

  

	3.4	 Relationship between the Parties. The Parties are acting as independent contractors when performing each
Party’s respective obligations under the Service Agreement. Neither Party nor its Affiliates are agents for the other Party or its Affiliates and have no authority to represent them in relation to any matters. Nothing in these General Terms or
the Service Agreement shall be construed as to constitute a partnership or joint venture between the Parties. 

  
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	4.	 SERVICE REQUIREMENTS 

 

	4.1	 All Services shall be performed in accordance with the requirements set forth in this Service Agreement,
including the Service Specification, and otherwise in a professional manner. 

  

	4.2	 When providing the Services, Service Provider shall use professional and skilled personnel, reasonably
experienced for the Services to be performed, in each case according to the same standard of care and professionalism that is done in Service Provider’s internal business and development projects. Such standard of care and professionalism,
shall however at all times correspond to Industry Standard. For the avoidance of doubt, Service Provider is responsible for all necessary recruiting and hiring costs associated with employing appropriate personnel as well as all necessary training
costs. 

  

	4.3	 Service Provider agrees to respect and adhere to deadlines as agreed separately in writing. In the event
Service Provider risks not to meet an agreed deadline or is otherwise in delay with the performance of the Services, Service Provider shall appoint additional resources in order to mitigate the effects of the anticipated delay or the delay (as the
case may be). 

  

	4.4	 In the event the Services or any part thereof, more than insignificantly deviate from the requirements set
forth in the Service Specification, or if Service Provider otherwise does not meet or ceases to meet the requirements set forth in this Service Agreement (except for minor faults and defects, which do not affect the provision of the Services),
Service Provider shall remedy such incompliance, fault or defect as soon as reasonably possible. 

  

	4.5	 In the event Service Provider fails to act in accordance with Section 4.3 and 4.4 above, such failure
shall be escalated in accordance with the escalation principles set forth in Section 17.1 and eventually give Purchaser the right to terminate the Service Agreement in accordance with Section 14.4. 

 

	4.6	 Purchaser shall provide Service Provider with instructions as reasonably required for Service Provider to be
able to carry out the Services. Service Provider must continuously inform Purchaser of any needs of additional instructions or specifications required to perform the Services. 

 

	4.7	 Service Provider shall ensure that it has sufficient resources to perform its undertakings under this Service
Agreement. Further, Service Provider undertakes to ensure that the performance of the Services will not be given lower priority than other of Service Provider’s internal similar projects. 

 

	5.	 INTELLECTUAL PROPERTY RIGHTS 

 

	5.1	 Ownership of existing Intellectual Property Rights. 

 

	5.1.1	 Each Party remains the sole and exclusive owner of its Background IP. 

 

	5.1.2	 Nothing in this Service Agreement shall be deemed to constitute an assignment of, or license to use, any
Trademarks of the other Party. 

  

	5.2	 Ownership of Results. In the event any Results are created as a result of the Services provided by
Service Provider (or if applicable, any of its appointed Affiliates or 

  
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 subcontractors) under this Service Agreement, the Parties agree that Service Provider shall
be the exclusive owner of such Results, including all modifications, amendments and developments thereof. Hence, all Results shall automatically upon their creation stay with Service Provider. Service Provider shall further have the right to
transfer, sublicense, modify and otherwise freely dispose of the Results. 
  

	5.3	 License grant. 

 

	5.3.1	 Upon creation of the Results, Purchaser shall at the same time automatically be granted a non-exclusive, irrevocable, perpetual (however at least fifty (50) years long (however, in no event shall such time exceed the validity period of any IP or Background IP included in the license described
hereunder)), non-assignable (however assignable to Purchaser’s Affiliates), worldwide license to Use, in whole or in part, the Results and, if applicable, any Background IP embedded in or otherwise used
in the development of the Results. The license granted in this Section 5.3.1 is limited to the extent such license is necessary for Purchaser to make use of the Services provided hereunder and to enable an orderly transfer to another service
provider after the termination and/or expiry of this Service Agreement. 

  

	5.3.2	 Notwithstanding anything to the contrary in this Service Agreement, nothing in these General Terms or otherwise
in the Service Agreement shall be construed as to give the other Party any rights, including but not limited to any license rights (express or implied), to any Background IP, except as expressly stated herein. 

 

	5.4	 Volvo brand name. 

 

	5.4.1	 For the sake of clarity, it is especially noted that this Service Agreement does not include any right to use
the “Volvo” brand name, or Trademarks, or refer to “Volvo” in communications or official documents of whatever kind. The Parties acknowledge that the “Volvo” Trademarks as well as the “Volvo” name is owned by
Volvo Trademark Holding AB and that the right to use the name and the “Volvo” Trademarks is subject to a service agreement, which stipulates that the name, Trademarks and all thereto related Intellectual Property can only be used by Volvo
Car Corporation and its Affiliates in relation to Volvo products. 

  

	5.4.2	 This means that this Service Agreement does not include any rights to directly or indirectly use the
“Volvo” brand name or “Volvo” Trademarks, on or for any products or when marketing, promoting and/or selling such products, or in any other contacts with Third Parties, e.g. in presentations, business cards and correspondence.

  

	5.5	 Polestar brand name. 

 

	5.5.1	 Correspondingly, it is especially noted that this Service Agreement does not include any right to use the
Polestar brand name or Trademarks, or refer to Polestar in communications or official documents of whatever kind, unless otherwise approved by Polestar in writing. 

 

	5.5.2	 This means that this Service Agreement does not include any rights to directly or indirectly use the Polestar
brand name or Polestar Trademarks, on or for any products or when marketing, promoting and/or selling such products, or in any other contacts with Third Parties, e.g. in presentations, business cards and correspondence. 

  
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	6.	 SERVICE CHARGES 

 

	6.1	 In consideration of Service Provider’s performance of the Services under this Service Agreement, Purchaser
agrees to pay to Service Provider the Service Charges as set forth or referenced to in the Main Document. 

  

	7.	 PAYMENT TERMS 

 

	7.1	 The Service Charges shall be paid in the currency set forth in the Main Document, in a timely manner and in
accordance with the payment terms set forth in this Section 7. 

  

	7.2	 All amounts referred to in this Service Agreement are exclusive of VAT. 

 

	7.3	 Any amount of the Service Charges invoiced by Service Provider to Purchaser shall be paid by Purchaser within
30 days after the invoice date. 

  

	7.4	 Payment made later than the due date will automatically be subject to interest for late payments for each day
it is not paid and the interest shall be based on the one month applicable interbank rate, depending on invoice and currency, with an addition of [***] per annum. 

 

	7.5	 Any paid portion of the Service Charges is non-refundable, with the
exception set forth in the Main Document. 

  

	8.	 AUDIT 

  

	8.1	 During the term of the Service Agreement, Purchaser shall have the right to, upon reasonable notice in writing
to Service Provider, inspect Service Provider’s books and records related to the Services and the premises where the Services are performed, in order to conduct quality controls and otherwise verify the statements rendered under this Service
Agreement. 

  

	8.2	 Audits shall be made during regular business hours and be conducted by Purchaser or by an independent auditor
appointed by Purchaser. Should Purchaser during any inspection find that Service Provider or the Services does/do not fulfil the requirements set forth herein, Purchaser is entitled to comment on the identified deviations. Service Provider shall,
upon notice from Purchaser, take reasonable efforts to take the actions required in order to fulfil the requirements. In the event the Parties cannot agree upon measures to be taken in respect of the audit, each Party shall be entitled to escalate
such issue to the Steering Committee. 

  

	9.	 REPRESENTATIONS 

 

	9.1	 Each Party warrants and represents to the other Party that: 

 

	 	(a)	 it is duly organized, validly existing, and in good standing under the laws of its respective jurisdiction of
incorporation or formation, as applicable; 

  

	 	(b)	 it has full corporate power and authority to execute and deliver this Service Agreement and to perform its
obligations hereunder; 

  
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	 	(c)	 the execution, delivery and performance of this Service Agreement have been duly authorized and approved, with
such authorization and approval in full force and effect, and do not and will not (i) violate any laws or regulations applicable to it or (ii) violate its organization documents or any agreement to which it is a party; and

  

	 	(d)	 this Service Agreement is a legal and binding obligation of it, enforceable against it in accordance with its
terms. 

  

	10.	 SERVICE WARRANTY 

 

	10.1	 When performing the Services, Service Provider shall provide professional and skilled personnel, reasonably
experienced for the Services to be performed at the best of their knowledge. 

  

	10.2	 Service Provider provides the Services “as is”. Service Provider does neither warrant nor represent
that any Services, provided or delivered to Purchaser hereunder are functional for the business needs of Purchaser or otherwise suitable for any specific purpose, nor that the Services are not infringing any Intellectual Property of any third party.
Service Provider does not give any representations or warranties as regards the merchantability of the deliverables to be delivered hereunder nor any other representations or warranties of any kind whatsoever concerning the Services. Purchaser
acknowledges that the price of the Services to be performed and other deliverables to be delivered by Service Provider are set in consideration of the foregoing. 

 

	10.3	 Service Provider shall after receipt of notice of a claim related to Purchaser’s use of the Services
notify Purchaser of such claim in writing and Purchaser shall following receipt of such notice, to the extent permitted under applicable law, at its own cost conduct negotiations with the third party presenting the claim and/or intervene in any suit
or action. Purchaser shall at all times keep Service Provider informed of the status and progress of the claim and consult with Service Provider on appropriate actions to take. If Purchaser fails to or chooses not to take actions to defend Service
Provider within a reasonable time, or at any time ceases to make such efforts, Service Provider shall be entitled to assume control over the defence against such claim and/ or over any settlement negotiation at Purchaser’s cost. Any settlement
proposed by Purchaser on its own account must take account of potential implications for Service Provider and shall therefore be agreed with Service Provider before settlement. Each Party will at no cost furnish to the other Party all data, records,
and assistance within that Party’s control that are of importance in order to properly defend against a claim. 

  

	11.	 LIMITATION OF LIABILITY 

 

	11.1	 Neither Party shall be responsible for any indirect, incidental or consequential damage or any losses of
production or profit caused by it under this Service Agreement. 

  

	11.2	 Each Party’s aggregate liability for any direct damage arising out of or in connection with this Service
Agreement shall be limited to 30% of the total Service Charges payable by Purchaser to Service Provider hereunder. 

  

	11.3	 The limitations of liability set forth in this Section 11 shall not apply in respect of:

  

	 	(a)	 claims related to death or bodily injury; 

  
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	 	(b)	 damage caused by wilful misconduct or gross negligence; 

 

	 	(c)	 damage caused by a Party’s breach of the confidentiality undertakings in Section 13 below; or

  

	 	(d)	 damage arising out of an infringement, or alleged infringement, of the other Party’s or any third
party’s Intellectual Property. 

  

	12.	 GOVERNANCE AND CHANGES 

 

	12.1	 Governance. 

  

	12.1.1	 The Parties shall act in good faith in all matters and shall at all times
co-operate in respect of changes to this Service Agreement as well as issues and/or disputes arising under this Service Agreement. 

 

	12.1.2	 The governance and co-operation between the Parties in respect of this
Service Agreement shall primarily be administered on an operational level. In the event the Parties on an operational level cannot agree upon inter alia the prioritisation of development activities or other aspects relating to the co-operation between the Parties, each Party shall be entitled to escalate such issue to the Steering Committee. 

  

	12.1.3	 If the Steering Committee fails to agree upon a solution of the disagreement the relevant issue should be
escalated to the Strategic Board for decision. 

  

	12.2	 Changes. 

  

	12.3	 During the term of this Service Agreement, Purchaser can request changes to the Service Specification, which
shall be handled in accordance with the governance procedure set forth in Section 12.1 above. Both Parties agree to act in good faith to address and respond to any change request within a reasonable period of time. 

 

	12.4	 The Parties acknowledge that Service Provider will not perform in accordance with such change request until
agreed in writing between the Parties. For the avoidance of any doubt, until there is agreement about the requested change, all work shall continue in accordance with the existing Service Specification. 

 

	13.	 CONFIDENTIAL INFORMATION 

 

	13.1	 The Parties shall take any and all necessary measures to comply with the security and confidentiality
procedures of the other Party. 

  

	13.2	 All Confidential Information shall only be used for the purposes comprised by the fulfilment of this Service
Agreement. Each Party will keep in confidence any Confidential Information obtained in relation to this Service Agreement and will not divulge the same to any Third Party, unless the exceptions specifically set forth below in this Section 13.2
below apply, in order to obtain patent protection or when approved by the other Party in writing, and with the exception of their own officers, employees, consultants or sub-contractors with a need to know as
to enable such personnel to perform their duties hereunder. This provision will not apply to Confidential Information which the Receiving Party can demonstrate: 

  
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	 	(a)	 was in the public domain other than by breach of this undertaking, or by another confidentiality undertaking;

  

	 	(b)	 was already in the possession of the Receiving Party before its receipt from the Disclosing Party;

  

	 	(c)	 is obtained from a Third Party who is free to divulge the same; 

 

	 	(d)	 is required to be disclosed by mandatory law, court order, lawful government action or applicable stock
exchange regulations; 

  

	 	(e)	 is reasonably necessary for either Party to utilize its rights and use of its Intellectual Property Rights; or

  

	 	(f)	 is developed or created by one Party independently of the other, without any part thereof having been developed
or created with assistance or information received from the other Party. 

  

	13.3	 The Receiving Party shall protect the disclosed Confidential Information by using the same degree of care, but
no less than a reasonable degree of care, as the Receiving Parts uses to protect its own Confidential Information of similar nature, to prevent the dissemination to Third Parties or publication of the Confidential Information. Further, each Party
shall ensure that its employees and consultants are bound by a similar duty of confidentiality and that any subcontractors taking part in the fulfilment of that Party’s obligations hereunder, enters into a confidentiality undertaking containing
in essence similar provisions as those set forth in this Section 13. 

  

	13.4	 Any tangible materials that disclose or embody Confidential Information should be marked by the Disclosing
Party as “Confidential,” “Proprietary” or the substantial equivalent thereof. Confidential Information that is disclosed orally or visually shall be identified by the Disclosing Party as confidential at the time of disclosure,
with subsequent confirmation in writing within 30 days after disclosure. However, the lack of marking or subsequent confirmation that the disclosed information shall be regarded as “Confidential”, “Proprietary” or the substantial
equivalent thereof does not disqualify the disclosed information from being classified as Confidential Information. 

  

	13.5	 If any Party violates any of its obligations described in this Section 13, the violating Party shall, upon
notification from the other Party, (i) immediately cease to proceed such harmful violation and take all actions needed to rectify said behaviour and (ii) financially compensate for the harm suffered as determined by an arbitral tribunal
pursuant to Section 17.2 below. All legal remedies (compensatory but not punitive in nature) according to law shall apply. 

  

	13.6	 For the avoidance of doubt, this Section 13 does not permit disclosure of source code to software, and/or
any substantial parts of design documents to software, included in the Results, to any Third Party, notwithstanding what it set forth above in this Section 13. Any such disclosure to any Third Party is permitted only if approved in writing by
Service Provider. 

  

	13.7	 This confidentiality provision shall survive the expiration or termination of this Service Agreement without
limitation in time. 

  
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	14.	 TERM AND TERMINATION 

 

	14.1	 This Service Agreement shall become effective when the Main Document is signed by duly authorised signatories
of each Party and shall, unless terminated in accordance with this Section 14 below, remain in force until the Services are completed. 

  

	14.2	 Either Party shall be entitled to terminate this Service Agreement with immediate effect in the event:

  

	 	(a)	 the other Party commits a material breach of the terms of this Service Agreement, which has not been remedied
within 30 days from written notice from the other Party to remedy such breach (if capable of being remedied); or 

  

	 	(b)	 if the other Party should become insolvent or enter into negotiations on composition with its creditors or a
petition in bankruptcy should be filed by it or it should make an assignment for the benefit of its creditors. 

  

	14.3	 For avoidance of doubt, Purchaser not paying the Service Charges, without legitimate reasons for withholding
payment, shall be considered in material breach for the purpose of this Service Agreement. 

  

	14.4	 Furthermore, Purchaser is entitled to terminate this Service Agreement with immediate effect in case Service
Provider acts in breach, which is not insignificant, of what is set forth in Section 4.3 and 4.4 provided that the issue first has been escalated in accordance with Section 17.1. 

 

	14.5	 Either Party shall in addition be entitled to terminate the Service Agreement for convenience upon 12 months
written notice to the other Party. 

  

	15.	 MISCELLANEOUS 

 

	15.1	 Force majeure. 

 

	15.1.1	 Neither Party shall be liable for any failure or delay in performing its obligations under the Service
Agreement to the extent that such failure or delay is caused by a Force Majeure Event. A “Force Majeure Event” means any event beyond a Party’s reasonable control, which by its nature could not have been foreseen, or, if it
could have been foreseen, was unavoidable, including strikes, lock-outs or other industrial disputes (whether involving its own workforce or a Third Party’s), failure of energy sources or transport network, restrictions concerning motive force,
acts of God, war, terrorism, insurgencies and riots, civil commotion, mobilization or extensive call ups, interference by civil or military authorities, national or international calamity, currency restrictions, requisitions, confiscation, armed
conflict, malicious damage, breakdown of plant or machinery, nuclear, chemical or biological contamination, sonic boom, explosions, collapse of building structures, fires, floods, storms, stroke of lightning, earthquakes, loss at sea, epidemics or
similar events, natural disasters or extreme adverse weather conditions, or default or delays of suppliers or subcontractors if such default or delay has been caused by a Force Majeure Event. 

 

	15.1.2	 A non-performing Party, which claims there is a Force Majeure Event,
and cannot perform its obligations under the Service Agreement as a consequence thereof, shall use all commercially reasonable efforts to continue to perform or to mitigate the impact of its non-performance
notwithstanding the Force Majeure Event and shall continue the performance of its obligations as soon as the Force Majeure Event ceases to exist. 

  
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	15.2	 Notices. All notices, demands, requests and other communications to any Party as set forth in, or in any
way relating to the subject matter of, this Service Agreement must be in legible writing in the English language delivered by personal delivery, email transmission or prepaid overnight courier using an internationally recognized courier service and
shall be effective upon receipt, which shall be deemed to have occurred: 

  

	 	(a)	 in case of personal delivery, at the time and on the date of personal delivery; 

 

	 	(b)	 if sent by email transmission, at the time and date indicated on a response confirming such successful email
transmission; 

  

	 	(c)	 if delivered by courier, at the time and on the date of delivery as confirmed in the records of such courier
service; or 

  

	 	(d)	 at such time and date as delivery by personal delivery or courier is refused by the addressee upon
presentation; 

 in each case provided that if such receipt occurred on a
non-business day, then notice shall be deemed to have been received on the next following business day; and provided further that where any notice, demand, request or other communication is provided by any
party by email, such party shall also provide a copy of such notice, demand, request or other communication by using one of the other methods. All such notices, demands, requests and other communications shall be addressed to the address, and with
the attention, as set forth in the Main Document, or to such other address, number or email address as a Party may designate. 
  

	15.3	 Assignment. 

  

	15.3.1	 Neither Party may, wholly or partly, assign, pledge or otherwise dispose of its rights and/or obligations under
this Service Agreement without the other Party’s prior written consent. 

  

	15.3.2	 Notwithstanding the above, each Party may assign this Service Agreement to an Affiliate without the prior
written consent of the other Party. 

  

	15.4	 Waiver. Neither Party shall be deprived of any right under this Service Agreement because of its failure
to exercise any right under this Service Agreement or failure to notify the infringing party of a breach in connection with the Service Agreement. Notwithstanding the foregoing, rules on complaints and limitation periods shall apply.

  

	15.5	 Severability. In the event any provision of this Service Agreement is wholly or partly invalid, the
validity of the Service Agreement as a whole shall not be affected and the remaining provisions of the Service Agreement shall remain valid. To the extent that such invalidity materially affects a Party’s benefit from, or performance under, the
Service Agreement, it shall be reasonably amended. 

  

	15.6	 Entire agreement. All arrangements, commitments and undertakings in connection with the subject matter
of this Service Agreement (whether written or oral) made before the date of this Service Agreement are superseded by this Service Agreement and its Appendices. 

  
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	15.7	 Amendments. Any amendment or addition to this Service Agreement must be made in writing and signed by
the Parties to be valid. 

  

	15.8	 Survival. 

  

	15.8.1	 If this Service Agreement is terminated or expires pursuant to Section 14 above, Section 5.3
(License grant), Section 13 (Confidentiality), Section 16 (Governing Law), Section 17 (Dispute Resolution) as well as this Section 15.8, shall survive any termination or expiration and remain in
force as between the Parties after such termination or expiration. 

  

	15.8.2	 Notwithstanding Section 15.8.1 above, if this Service Agreement is terminated due to Purchaser not paying
the Service Charges, without legitimate reasons for withholding payment, pursuant to Section 14 above, Section 5.3 (License Grant) shall not survive termination or remain in force as between the Parties after such termination. For
the avoidance of doubt, what is stated in this Section 15.8.2 shall only apply in relation to such licenses granted to Purchaser pursuant to Section 5.3 above and any licenses granted to Service Provider under Section 5.3 shall thus
nevertheless remain in force after such termination. 

  

	16.	 GOVERNING LAW 

 

	16.1	 This Service Agreement and all non-contractual obligations in
connection with this Service Agreement shall be governed by the substantive laws of the State of Delaware without giving regard to its conflict of laws principles. 

 

	17.	 DISPUTE RESOLUTION 

 

	17.1	 Escalation principles. 

 

	17.1.1	 In case the Parties cannot agree on a joint solution for handling disagreements or disputes, a deadlock
situation shall be deemed to have occurred and each Party shall notify the other Party hereof by the means of a deadlock notice and simultaneously send a copy of the notice to the Steering Committee. Upon the receipt of such a deadlock notice, the
receiving Party shall within ten days of receipt, prepare and circulate to the other Party a statement setting out its position on the matter in dispute and reasons for adopting such position, and simultaneously send a copy of its statement to the
Steering Committee. Each such statement shall be considered by the next regular meeting held by the Steering Committee or in a forum meeting specifically called upon by either Party for the settlement of the issue. 

 

	17.1.2	 The members of the Steering Committee shall use reasonable endeavours to resolve a deadlock situation in good
faith. As part thereof, the Steering Committee may request the Parties to in good faith develop and agree on a plan to resolve or address the breach, to be presented for the Steering Committee without undue delay. If the Steering Committee agrees
upon a resolution or disposition of the matter, the Parties shall agree in writing on terms of such resolution or disposition and the Parties shall procure that such resolution or disposition is fully and promptly carried into effect.

  

	17.1.3	 If the Steering Committee cannot settle the deadlock within 30 days from the deadlock notice pursuant to the
section above, despite using reasonable endeavours to do so, such deadlock will be referred to the Strategic Board for decision. If no Steering Committee has been established between the Parties, the relevant issue shall be referred to the Strategic
Board. Should the matter not have been resolved by the Strategic Board within 30 days counting from when the matter was referred to them, despite using reasonable endeavours to do so, the matter shall be resolved in accordance with Section 17.2
below. 

  
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	17.1.4	 All notices and communications exchanged in the course of a deadlock resolution proceeding shall be considered
Confidential Information of each Party and be subject to the confidentiality undertaking in Section 13 above. 

  

	17.1.5	 Notwithstanding the above, the Parties agree that either Party may disregard the time frames set forth in this
Section 17.1 and apply shorter time frames and/or escalate an issue directly to the Strategic Board in the event the escalated issue is of an urgent character and where the applicable time frames set out above are not appropriate.

  

	17.2	 Final dispute resolution. 

 

	17.2.1	 Any unresolved dispute, controversy or claim arising out of or in connection with this Agreement, or the
breach, termination or invalidity thereof, shall be brought in the federal or state court of jurisdiction in New Jersey. 

  
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 APPENDIX 3 

SERVICE CHARGES 
  

	1.	 GENERAL 

  

	1.1	 This Appendix 3 stipulates the rules and principles for the Service Charges payable by Purchaser to Service
Provider for Services delivered under the Service Agreement. 

  

	1.2	 The Parties agree that the Service Charges shall be updated for each new calendar year based on changes in
required resources, costs and forecasted volumes. 

  

	2.	 DEFINITIONS 

  

	2.1	 Any capitalised terms used but not specifically defined herein shall have the meanings set out for such terms
in the Service Agreement. In addition, the capitalised terms set out below in this Section 2 shall for the purposes of this Service Specification have the meanings described herein. All capitalised terms in singular in the list of definitions
shall have the same meaning in plural and vice versa. 

  

	2.2	 “Common Costs” shall have the meaning as set out in Section 3.3 below.

  

	2.3	 “OBL” means Outbound Logistics. 

 

	3.	 COST SHARING PRINCIPLES 

 

	3.1	 Purchaser shall, based on “Arm’s Length” principle, fully compensate Service Provider for all
costs occurring related to activities under this Service Agreement which are executed on behalf of Purchaser. 

  

	3.2	 The general principle is that costs that can be identified as directly arising from activities related to one
Party’s Vehicles shall also be fully covered by that Party. 

  

	3.3	 In cases when the distinction described in Section 3.2 above is not possible to make, i.e. when an
activity adds value to both Parties’ outbound logistics flow, the costs for such activities (“Common Costs”) will be distributed between the Parties based on forecasted production volume (unless otherwise stated in the following) and,
where applicable, its market distribution. 

  

	3.3.1	 To establish the costs for a calendar year, the Parties’ combined volume forecast plan made available in
November, preceding year, shall be used to determine each Parties’ share of the Common Costs. 

  

	3.3.2	 in the event that Purchaser during a calendar year adds an additional car model, manufacturing plant (pick-up location) and/or new market (destinations) which was not known at the time for the planning described in Section 3.3.1 above, the Common Costs will be adjusted based on a new volume forecast which is
determined in good faith between the Parties. The updated Common Costs shall be applied from the first day of the calendar month when the changed condition is effective. 

  
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	4.	 SERVICE CHARGES 

 

	4.1	 Rates, general 

 

	4.1.1	 The rates that are used for charging service costs to Purchaser shall be determined by Service Provider on an,
at least, annual basis in compliance with applicable tax legislation, including but not limited to the principle of “Arm’s Length” between the Parties. 

 

	4.1.2	 The hourly rates, used at the time of preparation of this Service Agreement, represents the level of 2020 and
2021. The Parties agree that the Service Charges related to this Service Agreement will be continuously updated whenever the hourly rates are updated according to Section 4.1.1 above. 

 

	4.1.3	 The Parties agree that one Full Time Employee (“FTE”) represents [***] working hours per year.

  

	4.2	 Charges related to Administration and Operation 

 

	4.2.1	 Examples of the activities related to Administration and Operations of the outbound transports and related
logistic services are listed in Appendix 1d. 

  

	4.2.2	 The costs for these activities are not directly influenced by the actually shipped volume of Vehicles since
Service Provider must uphold a certain capacity on behalf of Purchaser. Therefore, the costs for the related activities shall be calculated for each calendar year and distributed evenly on the invoices for the Services under the Service Agreement,
issued by Service Provider to Purchaser during said calendar year. 

  

	4.2.3	 The table below shows the running operation cost categories and the estimated costs based on 2020 and 2021 cost
level. 

 [***] 
  

 
  

	4.2.4	 In the event that Service Provider needs to perform any kind of work on behalf of Purchaser, which is not part
of the running operation activities, Purchaser shall compensate Service Provider for the time spent based on the hourly rates agreed between the Parties at the time. Before any such work is started, Service Provider shall present to Purchaser an
estimation of the required hours, which Purchaser must approve. If the Parties cannot agree, he work shall not be carried out and Purchaser is responsible for any potential consequences. 

 

	4.2.5	 If the Purchaser and the Service Provider agrees to add the Purchaser to an existing Frame Agreement / retainer
agency made by the Service Provider, the Purchaser, will, besides the worktime it may for the activities needed, be charged a lump sum according to the following thresholds. The thresholds are based on the Purchaser’s contract value with the
supplier: 

  

	 	1.	 [***] per supplier contracts up to the value of [***] 

 

	 	2.	 [***] per supplier contracts to the value between [***] 

 

	 	3.	 [***] per supplier contract to the value between [***] 

 

	 	4.	 [***] per supplier contracts over [***] 

 

	4.2.6	 

  
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	4.3	 Charges related to Customs administration 

 

	4.3.1	 Examples of the activities related to Customs administration services are listed in Appendix 1e.

  

	4.3.2	 The costs for these activities are mainly directly influenced by the actually shipped volume of Vehicles since
Service Provider must process each imported Vehicle. 

  

	4.3.3	 The table below shows the Customs administration services and the estimated costs based on 2020/2021 cost
level. 

  

	 	[***]	 

  

 

  
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 (Version 31 May 2021) 

Appendix 4—Geographical Scope of VCC (Americas—USA and Canada) Services for Polestar 

CN Export to the US&CA 
 [***]

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