Document:

Exhibit
10.2 

 

Execution Version

 

LOCK-UP
AGREEMENT

 

This Lock-Up Agreement
(this “Agreement”) is made and entered into as of February 7, 2021, by and among Tortoise Acquisition
Corp. II, a Cayman Islands exempted company (“Acquiror”), the undersigned stockholders (each, a “Lock-Up
Party” and, collectively, the “Lock-Up Parties”) of Volta Industries, Inc., a Delaware
corporation (the “Company”) and the Company. Capitalized terms used but not otherwise defined herein
shall have the respective meanings ascribed to such terms in the Business Combination Agreement (as defined below).

 

RECITALS

 

WHEREAS,
on February 7, 2021, Acquiror, SNPR Merger Sub I, Inc., a Delaware corporation and a direct, wholly owned Subsidiary of Acquiror
(“First Merger Sub”), SNPR Merger Sub II, LLC, a Delaware limited liability company (“Second
Merger Sub” and, together with First Merger Sub, the “Merger Subs”), and the Company, entered
into a Business Combination Agreement and Plan of Reorganization (the “Business Combination Agreement”),
pursuant to which (a) First Merger Sub will merge with and into the Company (the “First Merger”), with
the Company surviving the First Merger as a wholly owned subsidiary of Acquiror; and (b) as soon as practicable, but in any event
within 3 days following the First Merger and as part of the same overall transaction as the First Merger, the surviving corporation
of the First Merger will merge with and into the Second Merger Sub (the “Second Merger” and, together
with the First Merger, the “Mergers”), with Second Merger Sub being the surviving entity of the Second
Merger;

 

WHEREAS,
prior to the Closing and subject to the conditions of the Business Combination Agreement, Acquiror shall domesticate as a Delaware
corporation in accordance with Section 388 of the Delaware General Corporation Law (the “DGCL”) and Cayman
Islands Companies Act (2021 Revision) (the “Domestication”);

 

WHEREAS,
each Lock-Up Party agrees to enter into this Agreement with respect to all Lock-Up Securities (as defined below) that such Lock-Up
Party now or hereafter owns, beneficially (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) or of record;

 

WHEREAS,
each of Acquiror, the Company and each Lock-Up Party has determined that it is in its best interests to enter into this Agreement;
and

 

WHEREAS,
each Lock-Up Party understands and acknowledges that Acquiror and the Company are entering into the Business Combination Agreement
in reliance upon such Lock-Up Party’s execution and delivery of this Agreement.

 

    

     

    

 

NOW, THEREFORE,
in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth below and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending
to be legally bound, do hereby agree as follows:

 

1. Definitions.
When used in this Agreement, the following terms in all of their tenses, cases and correlative forms shall have the meanings assigned
to them in this Section 1 or elsewhere in this Agreement.

 

“Acquiror
Common Stock” means (a) prior to the Domestication, Acquiror’s Class A ordinary shares and Class B ordinary shares,
each with a par value of $0.0001 and (b) immediately following the Domestication, the Domesticated Acquiror Class A Common Stock
and the Domesticated Acquiror Class B Common Stock.

 

“Acquiror
Securities” means (a) any shares of Acquiror Common Stock, (b) any shares of Acquiror Common Stock issued or issuable
upon the exercise of any warrant or other right to acquire shares of such Acquiror Common Stock and (c) any equity securities of
Acquiror that may be issued or distributed or be issuable with respect to the securities referred to in clauses (a) or (b) by way
of conversion, dividend, stock split or other distribution, merger, consolidation, exchange, recapitalization or reclassification
or similar transaction.

 

“Affiliate”
of a specified person means a Person who, directly or indirectly through one or more intermediaries, controls, is controlled by,
or is under common control with, such specified Person.

 

“Beneficially
Own” has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act.

 

“Expiration
Time” shall mean the earliest to occur of (a) the effective date of the First Merger (the “Closing Date”),
(b) such date as the Business Combination Agreement shall be validly terminated in accordance with Article IX thereof and (c) with
respect to each Lock-Up Party and Acquiror, the effective date of a written agreement between Acquiror and such Lock-Up Party terminating
this Agreement.

 

“Family
Member” means with respect to any individual, a spouse, domestic partner, child, grandchild or other lineal descendant
(whether natural or adopted) or spouse of a lineal descendant of such individual, father, father-in-law, mother, mother-in-law,
brother, step-brother, sister or step-sister or any trust created for the benefit of such individual or of which any of the foregoing
is a beneficiary.

 

“Governmental
Authority” means any United States federal, state, county, municipal or other local or non-United States government,
governmental, regulatory or administrative authority, agency, instrumentality or commission or any court, tribunal, or judicial
or arbitral body.

 

“Law”
means any federal, national, state, county, municipal, provincial, local, foreign or multinational, statute, constitution, common
law, ordinance, code, decree, order, judgment, rule, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented
or otherwise put into effect by or under the authority of any Governmental Authority.

 

“Lock-Up
Securities” means any Acquiror Securities Beneficially Owned by a Lock-Up Party as of immediately following the Closing
Date, other than any Acquiror Securities acquired in open market transactions.

 

    2

     

    

 

“Permitted
Transferee” means with respect to any Person, (a) any Family Member of such Person, (b) any Affiliate of such Person
or to any investment fund or other entity controlled or managed by such Person, (c) any Affiliate of any Family Member of such
Person, (d) if the undersigned is a corporation, partnership, limited liability company or other business entity, its stockholders,
partners, members or other equityholders, (e) the Company or Acquiror in connection with the repurchase of shares of Acquiror Common
Stock issued pursuant to equity awards granted under a stock incentive plan or other equity award plan and (f) a tax-exempt or
charitable organization, or a donor-advised fund.

 

“Person”
means an individual, corporation, partnership, limited partnership, limited liability company, syndicate, person (including a “person”
as defined in Section 13(d)(3) of the Exchange Act), trust, association or entity or government, political subdivision, agency
or instrumentality of a government.

 

“Transfer”
shall mean any direct or indirect sale, assignment, pledge, hypothecation, disposition, loan or other transfer, or entry into any
agreement with respect to any sale, assignment, pledge, hypothecation, disposition, loan or other transfer, excluding entry into
this Agreement and the Business Combination Agreement and the consummation of the transactions contemplated hereby and thereby.

 

2.
Lock-Up.

 

2.1
Lock-Up. Each Lock-Up Party severally, and not jointly, agrees with Acquiror not to effect any Transfer, or make
a public announcement of any intention to effect such Transfer, of any Lock-Up Securities Beneficially Owned or otherwise held
by such Lock-Up Party during the Lock-Up Period (as defined below); provided, that such prohibition shall not apply to Transfers
permitted pursuant to Section 2.2. The “Lock-Up Period” shall be the period commencing on the Closing
Date and ending on the date that is the earlier of (i) one year after the Closing Date and (ii) the earlier to occur of, subsequent
to the Closing Date, (A) the first date on which the last reported sale price of the Domesticated Acquiror Class A Common Stock
equals or exceeds $12.00 per share (as equitably adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30 trading-day period commencing at least 150 days after the Closing and (B) the
date on which there is consummated a subsequent liquidation, merger, share exchange or other similar transaction which results
in all of the Acquiror’s stockholders having the right to exchange their shares of Domesticated Acquiror Class A Common Stock
for cash, securities or other property.

 

2.2
Permitted Transfers. Notwithstanding anything to the contrary contained in this Agreement, during the Lock-Up Period,
each Lock-Up Party may Transfer, without the consent of Acquiror, any of such Lock-Up Party’s Lock-Up Securities (i) to any
of such Lock-Up Party’s Permitted Transferees, upon written notice to Acquiror or (ii) (a) in the case of an individual,
by virtue of laws of descent and distribution upon death of the individual; (b) in the case of an individual, pursuant to a qualified
domestic relations order; (c) pursuant to the exercise or settlement of any options, restricted stock units, warrants, other convertible
securities or other equity awards to purchase Acquiror Securities (which exercises may be effected on a cashless basis to the extent
the instruments representing such options or warrants permit exercises on a cashless basis); provided, that any Acquiror Securities
issued upon such exercise shall be subject to the restrictions set forth in Section 2.1 (except as provided in clause (d)); (d)
(i) to Acquiror, (ii) through a broker-assisted “cashless” exercise or settlement to satisfy tax withholding or other
tax obligations at up to statutory maximum rates pursuant to Acquiror’s or its Affiliates’ equity incentive plans,
awards or arrangements, or (iii) (A) to repay or settle any loan or loans held by any third party financier as a result of a refinancing
of any loan previously made by the Company or any of its Affiliates to or for the benefit of the Lock-Up Party in connection with
the Lock-Up Party’s “early-exercise” of any options to purchase shares of common stock of the Company (including
any such loan proceeds made to enable the Lock-Up Party to satisfy the exercise price of any such options or any withholding or
other income tax obligations in connection therewith) or (B) the Lock-Up Party’s payment for withholding taxes in connection
with the delivery of shares of common stock pursuant to an equity award; (e) dispositions to the Acquiror or upon exercise of such
party’s right to repurchase or reacquire any Acquiror Securities in the event the undersigned ceases to provide services
to the Acquiror, including without limitation pursuant to the equity incentive plans, “early exercise” documents or
other arrangements of the Acquiror; or (f) pursuant to any liquidation, merger, stock exchange, tender offer or other similar transaction
which results in substantially all of Acquiror’s stockholders having the right to exchange their Acquiror Securities for
cash, securities or other property subsequent to the First Merger; provided, that in connection with any Transfer of such
Lock-Up Securities in the foregoing clauses (i) through (ii)(a) and (b) and (d)(iii)(A), the restrictions and obligations contained
in Section 2.1 and this Section 2.2 will continue to apply to such Lock-Up Securities after any Transfer of such Lock-Up Securities
and such transferee shall execute a lock-up agreement substantially in the form of this Agreement for the balance of the Lock-Up
Period (it being understood that any references to “Family Member” in the lock-up agreement executed by such transferee
shall expressly refer only to the immediate family of the Lock-Up Party and not to the immediate family of the transferee). Notwithstanding
the foregoing provisions of this Section 2.2, a Lock-Up Party may (i) not make a Transfer to a Permitted Transferee if such
Transfer has as its primary specific intent and purpose the avoidance of the restrictions on Transfers in this Agreement (it being
understood that the purpose of this provision includes prohibiting the Transfer to a Permitted Transferee (A) that has been formed
to facilitate a material change with respect to who or which entities Beneficially Own the Lock-Up Securities, or (B) followed
by a change in the relationship between the Lock-Up Party and the Permitted Transferee (or a change of control of such Lock-Up
Party or Permitted Transferee) after the Transfer with the result and effect that the Lock-Up Party has indirectly made a Transfer
of Lock-Up Securities by using a Permitted Transferee, which Transfer would not have been directly permitted under this Article
II had such change in such relationship occurred prior to such Transfer), or (ii) enter into a written plan meeting the requirements
of Rule 10b5-1 under the Exchange Act after the date of this Agreement relating to the sale of the undersigned’s Lock-Up
Securities, provided that (A) the securities subject to such plan may not, except as expressly set forth otherwise herein,
be sold until after the expiration of the Lock-Up Period and (B) the Company shall not be required to effect, and the undersigned
shall not effect or cause to be effected, any public filing, report or other public announcement regarding the establishment of
the trading plan.

 

    3

     

    

 

3.
Additional Agreements.

 

3.1
Confidentiality. Until the Expiration Time, each Lock-Up Party will and will direct their Affiliates to keep confidential
and not disclose any non-public information relating to Acquiror or the Company and their respective subsidiaries, including the
existence or terms of, or transactions contemplated by, this Agreement, the Business Combination Agreement or the other Transaction
Documents, except to the extent that such information (i) was, is or becomes generally available to the public after the date hereof
(including by virtue of any public filings to be made by any parties to the Business Combination Agreement as are required by the
federal securities law in connection with the Registration Statement or a Current Report on Form 8-K), other than as a result of
a disclosure by such Lock-Up Party in breach of this Section 3.1, (ii) is, was or becomes available to such Lock-Up Party
on a non-confidential basis from a source other than Acquiror or the Company, or (iii) is or was independently developed by such
Lock-Up Party after the date hereof. Notwithstanding the foregoing, such information may be disclosed to the extent permitted to
be disclosed pursuant to any applicable whistleblower law or required to be disclosed in a judicial or administrative proceeding,
or otherwise required to be disclosed by applicable Law (including complying with any oral or written questions, interrogatories,
requests for information or documents, subpoena, civil investigative demand or similar process to which such disclosing party is
subject), provided that such Lock-Up Party gives Acquiror or the Company, as applicable, prompt notice of such request(s)
or requirement(s), to the extent practicable (and not prohibited by Law), so that the Acquiror or the Company may seek, at its
own expense, an appropriate protective order or similar relief (and such Lock-Up Party shall reasonably cooperate with such efforts
it being understood that such obligation to reasonably cooperate does not require a Lock-Up Party to itself commence litigation
regarding such protective order or similar relief).

 

3.2
Acquiror Board Release. Notwithstanding anything in this Agreement to the contrary, it is understood and agreed that,
from and after the Closing Date, the Board of Directors of Acquiror shall be entitled to release any Lock-Up Party from any or
all of its obligations hereunder, in each case on behalf of Acquiror and the Company, provided, however, if one Lock-Up Party is
released, the other Lock-Up Parties shall, unless they consent otherwise in writing, also be similarly released to the same relative
extent, and at the same time or times, as the released Lock-Up Party.

 

4.
Representations and Warranties of the Lock-Up Parties. Each Lock-Up Party hereby represents and warrants, severally
and not jointly, to the Company and Acquiror as follows:

 

4.1
Due Authority. Such Lock-Up Party has the full power and authority to execute and deliver this Agreement and perform
its obligations hereunder. If such Lock-Up Party is an individual, the signature to this agreement is genuine and such Lock-Up
Party has legal competence and capacity to execute the same. This Agreement has been duly and validly executed and delivered by
such Lock-Up Party and, assuming due execution and delivery by the other parties hereto, constitutes a legal, valid and binding
obligation of such Lock-Up Party, enforceable against such Lock-Up Party in accordance with its terms, except as limited by applicable
Remedies Exceptions.

 

4.2
No Conflict; Consents.

 

(a)
The execution and delivery of this Agreement by such Lock-Up Party does not, and the performance by such Lock-Up Party of
the obligations under this Agreement and the compliance by such Lock-Up Party with any provisions hereof do not and will not: (i)
conflict with or violate any Law applicable to such Lock-Up Party, (ii) if such Lock-Up Party is an entity, conflict with or violate
the certificate of incorporation or bylaws or any equivalent organizational documents of such Lock-Up Party, or (iii) result in
any breach of, or constitute a default (or an event, which with notice or lapse of time or both, would become a material default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a
lien on any of the securities of the Company owned by such Lock-Up Party pursuant to any note, bond, mortgage, indenture, contract,
agreement, lease, license, permit, franchise or other instrument or obligation to which such Lock-Up Party is a party or by which
such Lock-Up Party is bound, except, in the case of clauses (i) and (iii), as would not reasonably be expected, individually
or in the aggregate, to materially impair the ability of such Lock-Up Party to perform its obligations hereunder or to consummate
the transactions contemplated hereby.

 

    4

     

    

 

(b) The execution and delivery of this Agreement by such Lock-Up Party does not, and the performance of this Agreement by such
Lock-Up Party will not, require any consent, approval, authorization or permit of, or filing or notification to, or expiration
of any waiting period by any Governmental Authority or any other Person with respect to such Lock-Up Party, other than those set
forth as conditions to closing in the Business Combination Agreement and other than those pursuant to, in compliance with or required
to be made under the Exchange Act.

 

4.3
Absence of Litigation. As of the date hereof, there is no Action pending against, or, to the knowledge of such Lock-Up
Party after reasonable inquiry, threatened against such Lock-Up Party that would reasonably be expected to materially impair the
ability of such Lock-Up Party to perform its obligations hereunder or to consummate the transactions contemplated hereby.

 

4.4
Absence of Conflicting Agreements. Such Lock-Up Party has not entered into any agreement, arrangement or understanding
that is otherwise materially inconsistent with, or would materially interfere with, or prohibit or prevent it from satisfying,
its obligations pursuant to this Agreement.

 

5.
Fiduciary Duties. The covenants and agreements set forth herein shall not prevent any designee of any Lock-Up Party
from serving on the Board of Directors of the Company or from taking any action, subject to the provisions of the Business Combination
Agreement, while acting in such designee’s capacity as a director or officer of the Company. Each Lock-Up Party is entering
into this Agreement solely in its capacity as the anticipated owner of Acquiror Securities following the consummation of the First
Merger.

 

6.
Termination. Upon termination of this Agreement, none of the parties hereto shall have any further obligations or
liabilities under this Agreement; provided, that nothing in this Section 6 shall relieve any party hereto of liability
for any willful material breach of this Agreement prior to its termination.

 

7.
Miscellaneous.

 

7.1
Severability. In the event that any term, provision, covenant or restriction of this

Agreement,
or the application thereof, is held to be illegal, invalid or unenforceable under any present or future Law: (a) such provision
will be fully severable; (b) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a part hereof; (c) the remaining provisions of this Agreement will remain in full force and effect and will
not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom; and (d) in lieu of such illegal,
invalid or unenforceable provision, there will be added automatically as a part of this Agreement a legal, valid and enforceable
provision as similar in terms of such illegal, invalid or unenforceable provision as may be possible.

 

7.2
Non-survival of Representations and Warranties. None of the representations or warranties in this Agreement or in
any schedule, instrument or other document delivered pursuant to this Agreement shall survive the Expiration Time.

 

    5

     

    

 

7.3
Assignment. No party hereto may assign, directly or indirectly, including by operation of Law, either this Agreement
or any of its rights, interests or obligations hereunder without the prior written approval of the other parties hereto, except
with respect to a Transfer completed in accordance with Section 2.2. Subject to the first sentence of this Section 7.3,
this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted
assigns. Any assignment in violation of this Section 7.3 shall be void ab initio.

 

7.4
Amendments and Modifications. This Agreement may be amended by the parties hereto at any time by execution of an
instrument in writing signed, with respect to each Lock-Up Party, by (1) Acquiror, (2) the Company and (3) such Lock-Up Party.

 

7.5
Specific Performance. The parties hereto agree that irreparable damage would occur if any provision of this Agreement
were not performed in accordance with the terms hereof, and, accordingly, that the parties shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof
in the Court of Chancery of the State of Delaware, County of Newcastle, or, if that court does not have jurisdiction, any court
of the United States located in the State of Delaware without proof of actual damages or otherwise, in addition to any other remedy
to which they are entitled at Law or in equity as expressly permitted in this Agreement. Each of the parties hereby further waives
(1) any defense in any action for specific performance that a remedy at Law would be adequate and (2) any requirement under any
Law to post security or a bond as a prerequisite to obtaining equitable relief.

 

7.6
Notices. All notices, consents and other communications hereunder shall be in writing and shall be deemed given if
delivered personally or by a nationally recognized courier service guaranteeing overnight delivery, or sent via email to the parties
hereto at the following addresses, and such communications, to be valid, must be addressed as follows:

 

(i)   
if to Acquiror prior to the First Merger, to:

 

Tortoise Acquisition
Corp. II

5100 W. 1115th
Place

Leawood,
KS 66211

 

Attention:
Vincent T. Cubbage; Steven C. Schnitzer

Email: vcubbage@tortoiseecofin.com;
sschnitzer@tortoiseecofin.com

 

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

 

Vinson &
Elkins L.L.P.

1114 Avenue
of the Americas

32nd Floor

New York,
NY 10036

Attention:
Brenda Lenahan; Ramey Layne

Email: blenahan@velaw.com;
rlayne@velaw.com

 

    6

     

    

 

(ii)   
if to the Company or Acquiror following the First Merger, to:

 

Volta Industries,
Inc.

155 De Haro
Street

San Francisco,
CA 94103

Attn: James
DeGraw

Email: legal@voltacharging.com

 

with copies
to:

 

Orrick, Herrington
& Sutcliffe LLP

The Orrick
Building

405
Howard Street

San Francisco,
CA 94105

Attention:
Amanda Galton; Hari Raman; Albert Vanderlaan

Email: agalton@orrick.com;
hraman@orrick.com; avanderlaan@orrick.com

 

(iii)
if to a Lock-Up Party, to the address for notice set forth on such Lock-Up Party’s signature page to this Agreement,

 

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

 

Orrick, Herrington
& Sutcliffe LLP

The Orrick
Building

405
Howard Street

San Francisco,
CA 94105

Attention:
Amanda Galton; Hari Raman; Albert Vanderlaan

Email: agalton@orrick.com;
hraman@orrick.com; avanderlaan@orrick.com

 

Moulton | Moore
| Stella LLP

Frank Gehry Building | 2431 Main Street, Suite C

Santa Monica,
California 90405

Attention:Adam E. Stella; Timothy G. Moore

Email:adam@moultonmoore.com; tim@moultonmoore.com

 

unless otherwise
specified herein, such notices or other communications will be deemed given (a) on the date established by the sender as having
been delivered personally; (b) one Business Day after being sent by a nationally recognized overnight courier guaranteeing overnight
delivery; (c) upon transmission, if sent by email (provided no “bounceback” or notice of non-delivery is received);
or (d) on the fifth Business Day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.

 

7.7
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware
applicable to contracts executed in and to be performed in that State. All legal actions and proceedings arising out of or relating
to this Agreement shall be heard and determined exclusively in any Delaware Chancery Court; provided, that if jurisdiction
is not then available in the Delaware Chancery Court, then any such legal Action may be brought in any federal court located in
the State of Delaware or any other Delaware state court. The parties hereto hereby (a) irrevocably submit to the exclusive jurisdiction
of the aforesaid courts for themselves and with respect to their respective properties for the purpose of any Action arising out
of or relating to this Agreement brought by any party hereto, and (b) agree not to commence any Action relating thereto except
in the courts described above in Delaware, other than Actions in any court of competent jurisdiction to enforce any judgment, decree
or award rendered by any such court in Delaware as described herein. Each of the parties further agrees that notice as provided
herein shall constitute sufficient service of process and the parties further waive any argument that such service is insufficient.
Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense,
counterclaim or otherwise, in any Action arising out of or relating to this Agreement or the transactions contemplated hereby,
(a) any claim that it is not personally subject to the jurisdiction of the courts in Delaware as described herein for any reason,
(b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such
courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution
of judgment or otherwise) and (c) that (i) the Action in any such court is brought in an inconvenient forum, (ii) the venue of
such Action is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

 

    7

     

    

 

7.8
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT
OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 7.8.

 

7.9
Entire Agreement; Third-Party Beneficiaries. This Agreement constitutes the entire agreement among the parties
hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, both written and oral,
among the parties hereto with respect to the subject matter hereof, and is not intended to confer upon any other Person other than
the parties hereto any rights or remedies.

 

7.10
Counterparts. This Agreement and each other document executed in connection with the transactions contemplated hereby,
and the consummation thereof, may be executed in one or more counterparts, all of which shall be considered one and the same document
and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other
parties hereto, it being understood that all parties hereto need not sign the same counterpart. Delivery by electronic transmission
to counsel for the other party of a counterpart executed by a party shall be deemed to meet the requirements of the previous sentence.

 

7.11
Effect of Headings. The headings contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement.

 

7.12
Legal Representation. Each of the parties hereto agrees that it has been represented by independent counsel of its
choice during the negotiation and execution of this Agreement and each party hereto and its counsel cooperated in the drafting
and preparation of this Agreement and the documents referred to herein and, therefore, waive the application of any Law, regulation,
holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party
hereto drafting such agreement or document. Each Lock-Up Party acknowledges that Orrick, Herrington & Sutcliffe LLP is acting
as counsel to the Company in connection with the Business Combination Agreement and the transactions contemplated thereby, and
is not acting as counsel to any Lock-Up Party.

 

    8

     

    

 

7.13
Expenses. Except as otherwise set forth in this Agreement or as otherwise approved by the Company, all fees and expenses
incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party hereto incurring
such expenses.

 

7.14
Further Assurances. At the request of Acquiror or the Company, in the case of any Lock-Up Party, or at the request
of the Lock-Up Parties, in the case of Acquiror, and without further consideration, each party shall execute and deliver or cause
to be executed and delivered such additional documents and instruments and take such further action as may be reasonably necessary
to consummate the transactions contemplated by this Agreement.

 

7.15
Waiver. No failure or delay on the part of either party to exercise any power, right, privilege or remedy under this
Agreement shall operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power,
right, privilege or remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy.
Neither party shall be deemed to have waived any claim available to such party arising out of this Agreement, or any power, right,
privilege or remedy under this Agreement, unless the waiver of such claim, power, right, privilege or remedy is expressly set forth
in a written instrument duly executed and delivered on behalf of such waiving party; and any such waiver shall not be applicable
or have any effect except in the specific instance in which it is given.

 

7.16
Several Liability. The liability of any Lock-Up Party hereunder is several (and not joint). Notwithstanding any other
provision of this Agreement, in no event will any Lock-Up Party be liable for any other Lock-Up Party’s breach of such other
Lock-Up Party’s representations, warranties, covenants, or agreements contained in this Agreement.

 

7.17
No Recourse. Notwithstanding anything to the contrary contained herein or otherwise, but without limiting any provision
in the Business Combination Agreement, this Agreement may only be enforced against, and any claims or causes of action that may
be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement or the
transactions contemplated hereby, may only be made against the entities and Persons that are expressly identified as parties to
this Agreement in their capacities as such and no former, current or future stockholders, equity holders, controlling persons,
directors, officers, employees, general or limited partners, members, managers, agents or affiliates of any party hereto, or any
former, current or future direct or indirect stockholder, equity holder, controlling person, director, officer, employee, general
or limited partner, member, manager, agent or affiliate of any of the foregoing (each, a “Non-Recourse Party”)
shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim (whether in tort,
contract or otherwise) based on, in respect of, or by reason of, the transactions contemplated hereby or in respect of any oral
representations made or alleged to be made in connection herewith. Without limiting the rights of any party against the other parties
hereto, in no event shall any party or any of its affiliates seek to enforce this Agreement against, make any claims for breach
of this Agreement against, or seek to recover monetary damages from, any Non-Recourse Party.

 

[Signature
pages follow.]

 

    9

     

    

 

In witness whereof,
the parties hereto have caused this Agreement to be executed as of the date first set forth above.

 

	 	TORTOISE ACQUISITION CORP. II
	 	 	 
	 	By:	/s/ Vincent T. Cubbage
	 	Name:  	Vincent T. Cubbage
	 	Title:	Chief Executive Officer and President

 

    

     

    

 

	 	VOLTA INDUSTRIES, INC.
	 	 	 
	 	By:	/s/ Scott Mercer
	 	Name:  	Scott Mercer
	 	Title:	CEO

 

    

     

    

 

In witness whereof,
the parties hereto have caused this Agreement to be executed as of the date first set forth above.

 

	 	LOCK-UP PARTIES:
	 	 
	 	/s/ Scott Mercer
	 	Scott Mercer

 

	 	Address:
	 	155 De Haro St.
	 	San Francisco, CA 94103
	 	 
	 	Email Address:  scott@voltacharging.com

 

     

     

    

 

In witness whereof, the parties hereto
have caused this Agreement to be executed as of the date first set forth above.

 

	 	LOCK-UP PARTIES:
	 	 
	 	Bauer Family Investments LLC
	 	 
	 	By:	/s/ Christopher Wendel
	 	Name:	Christopher Wendel
	 	Title:	Manager

 

 

	 	/s/ Christopher Wendel
	 	Christopher Wendel

 

	 	Address:
	 	155 De Haro St.
	 	San Francisco, CA 94103
	 	 
	 	Email Address: chris@voltacharging.comExhibit 10.3

 

Execution Version

 

February 7, 2021

Tortoise Acquisition Corp. II

5100 W. 115th Place

Leawood, KS 66211

 

Volta Industries, Inc.

155 De Haro Street

San Francisco, CA 94103

 

		RE:	Sponsor Letter Agreement

 

Reference is made to
that certain Business Combination Agreement and Plan of Reorganization (the “Combination Agreement”),
to be dated as of the date hereof, by and among Tortoise Acquisition Corp. II, a Cayman Islands exempted company (which shall domesticate
as a Delaware corporation prior to the Closing) (“Acquiror”), SNPR Merger Sub I, Inc., a Delaware corporation
and a wholly owned subsidiary of Acquiror, SNPR Merger Sub II, LLC, a Delaware limited liability company and a wholly owned subsidiary
of Acquiror, and Volta Industries, Inc., a Delaware corporation (the “Company”). This letter agreement
(this “Letter Agreement”) is being entered into and delivered by the Company, Acquiror, Tortoise Sponsor
II LLC, a Cayman Islands limited liability company (“Sponsor”) and the undersigned parties listed under
Sponsor on the signature page hereto (each such party, a “Holder, and collectively, the “Holders”)
in connection with the transactions contemplated by the Combination Agreement. Capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to such terms in the Combination Agreement.

 

In consideration of
the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company, Acquiror, Sponsor and the Holders hereby agree as follows:

 

		1.	(i) Sponsor represents and warrants that it holds 8,520,000
issued and outstanding Class B ordinary shares, par value $0.0001 per share, of Acquiror (the “Acquiror Class B Common”),
and (ii) each of the Holders represents and warrants that he or she holds 35,000 shares of Acquiror Class B Common, in each case
as of the date of this Letter Agreement. Acquiror and the Holders collectively hold all shares of Acquiror Class B Common issued
and outstanding as of the date hereof.

 

		2.	Subject to the satisfaction or waiver of each of the
conditions to Closing set forth in Article VIII of the Combination Agreement, effective immediately prior to the Domestication,
Sponsor and each Holder hereby waive any and all rights that the holders of the Acquiror Class B Common have or will have under
Article 17.3 of Acquiror’s Amended and Restated Memorandum and Articles of Association (the “Acquiror Articles
of Association”) to receive, with respect to each share of Acquiror Class B Common, more than one (1) (a) Class
A ordinary share, par value $0.0001 per share, of Acquiror (the “Acquiror Class A Common”), or (b) after
the Domestication, share of Domesticated Acquiror Class A Common Stock.

 

     

     

    

 

		3.	Sponsor, the Holders and Acquiror are parties to that
certain letter agreement dated September 10, 2020 that was entered into in connection with the initial public offering of Acquiror
(the “Prior Letter Agreement”). The parties hereto acknowledge and agree that the Prior Letter Agreement
shall survive the consummation of the Transactions in accordance with its terms, and Sponsor and the Holders shall each comply
with, and fully perform all of their respective obligations, covenants and agreements set forth in, the Prior Letter Agreement.

		 	 

		4.	During the period commencing on the date hereof and
ending on the earlier of the Effective Time and the termination of the Combination Agreement pursuant to Article IX thereof, neither
Sponsor nor the Holders shall modify or amend the Prior Letter Agreement.

 

		5.	Sponsor and the Holders each hereby acknowledge that
they have read the Combination Agreement and this Letter Agreement and have had the opportunity to consult with their tax and
legal advisors. Sponsor and the Holders shall each be bound by and comply with Section 7.01 (No Solicitation) and Section 7.10(d)
(Public Announcements) of the Combination Agreement (and any relevant definitions contained in any such Sections) as if Sponsor
and each Holder were original signatories to the Combination Agreement with respect to such provisions, mutatis mutandis.

 

		6.	During the period commencing on the date hereof and
ending on the earlier of the Effective Time and the termination of the Combination Agreement pursuant to Article IX thereof, at
any meeting of the stockholders of Acquiror, or at any postponement or adjournment thereof, called to seek the affirmative vote
of the holders of the outstanding shares of Acquiror Class A Common and Acquiror Class B Common (the “Acquiror Shares”)
entitled to vote thereon to adopt the Combination Agreement and approve the Domestication, the Mergers and the other transactions
contemplated by the Combination Agreement or in any other circumstances upon which a vote, consent or other approval with respect
to the Combination Agreement, the Domestication, the Mergers or the other transactions contemplated by the Combination Agreement
is sought, Sponsor and each Holder shall vote (or cause to be voted) all Acquiror Shares entitled to vote thereon currently or
hereinafter owned by Sponsor and each Holder in favor of the foregoing.

 

		7.	During the period commencing on the date hereof and
ending on the earlier of the Effective Time and the termination of the Combination Agreement pursuant to Article IX thereof, at
any meeting of the stockholders of Acquiror, or at any postponement or adjournment thereof, or in any other circumstances upon
which Sponsor’s or the Holders’ vote, consent or other approval (including by written consent) is sought, Sponsor
and each Holder shall vote (or cause to be voted) all Acquiror Shares entitled to vote thereon, currently or hereinafter owned
by Sponsor or such Holder, against and withhold consent with respect to any merger, purchase of all or substantially all of any
person’s assets or other business combination transaction (other than the Combination Agreement and the transactions contemplated
thereby, including the Domestication and the Mergers). Neither Sponsor nor any holder shall commit or agree to take any action
inconsistent with the foregoing that would be effective prior to the consummation of the Mergers or the earlier termination of
the Combination Agreement pursuant to Article IX thereof.

 

    2

     

    

 

		8.	Subject to the terms and conditions of this Letter
Agreement, Acquiror, Sponsor and each Holder agree to take, or cause to be taken, all actions and to do, or cause to be done,
all things necessary, proper or advisable to consummate and make effective the transactions contemplated by this Letter Agreement.

 

		9.	During the period commencing on the date hereof and
ending on the earlier of the Effective Time and the termination of the Combination Agreement pursuant to Article IX thereof, Sponsor
and each Holder agree not to (a) transfer any Acquiror Shares or (b) deposit any Acquiror Shares into a voting trust or enter
into a voting agreement or any similar agreement, arrangement or understanding with respect to Acquiror Shares or grant any proxy
(except as otherwise provided herein), consent or power of attorney with respect thereto (other than pursuant to this Letter Agreement
and the Prior Letter Agreement); provided, that Sponsor and the Holders may transfer any such Acquiror Shares to any
Affiliate if, and only if, the transferee of such Acquiror Shares evidences in a writing reasonably satisfactory to Acquiror and
the Company such transferee’s agreement to be bound by and subject to the terms and provisions hereof to the same effect
as the Sponsor or Holder, as applicable.

 

		10.	During the period commencing on the date hereof and
ending on the earlier of the Effective Time and the termination of the Combination Agreement pursuant to Article IX thereof, Sponsor
and each Holder agree that any Acquiror Shares that Sponsor or any Holder purchase or otherwise hereinafter acquire or with respect
to which Sponsor or any Holder otherwise acquire sole or shared voting power after the execution of this Letter Agreement and
prior to the earlier of the consummation of the Effective Time and the termination of the Combination Agreement pursuant to Article
IX thereof shall be subject to the terms and conditions of this Letter Agreement to the same extent as if they were owned by Sponsor
or such Holder as of the date hereof.

 

		11.	Sponsor hereby represents and warrants to Acquiror
and to the Company as follows:

 

(a)
Sponsor has the full power and authority to make, enter into and carry out the terms of this Letter Agreement. This Letter
Agreement has been duly and validly executed and delivered by Sponsor and constitutes a valid and binding agreement of
Sponsor enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject, as to
enforceability, to general principles of equity.

 

(b) As
of the date hereof, Sponsor is the owner of 8,520,000 shares of Acquiror Class B Common, free and clear of any and all Liens, other
than those created by this Letter Agreement, the Prior Letter Agreement and the Acquiror Organizational Documents, and Sponsor
does not own any other capital stock or other voting securities, or any rights to purchase or acquire any shares of capital stock
or other equity securities, of Acquiror. Sponsor has and will have until the earlier of the Effective Time and the termination
of the Combination Agreement pursuant to Article IX thereof sole voting power (including the right to control such vote as contemplated
herein), power of disposition, power to issue instructions with respect to the matters set forth in this Letter Agreement and power
to agree to all of the matters applicable to Sponsor set forth in this Letter Agreement.

 

    3

     

    

 

(c) The
execution and delivery of this Letter Agreement by Sponsor does not, and the performance by Sponsor of the obligations under this
Letter Agreement and the compliance by Sponsor with any provisions hereof do not and will not: (i) conflict with or violate any
applicable Law applicable to Sponsor, (ii) contravene or conflict with, or result in any violation or breach of, any provision
of any charter, articles of association, operating agreement or similar formation or governing documents and instruments of Sponsor,
or (iii) result in any material breach of or constitute a material default (or an event that with notice or lapse of time or both
would become a material default) under, or give to others any rights of termination, amendment, acceleration or cancellation of,
or result in the creation of a Lien on any of the Acquiror Shares owned by Sponsor pursuant to any contract or agreement to which
Sponsor is a party or by which Sponsor is bound, except, in the case of clause (i), (ii) or (iii), as would not reasonably be expected,
either individually or in the aggregate, to materially impair the ability of Sponsor to perform its obligations hereunder or to
consummate the transactions contemplated hereby.

 

(d) No
consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental Authority or any other
person is required by or with respect to Sponsor in connection with the execution and delivery of this Letter Agreement or the
consummation by Sponsor of the transactions contemplated hereby, except as have been obtained as of the date hereof.

 

(e) As
of the date hereof, there is no action pending against, or, to the knowledge of Sponsor, threatened against Sponsor that would
reasonably be expected to materially impair the ability of Sponsor to perform its obligations hereunder or to consummate the transactions
contemplated hereby.

 

(f) Except
for this Letter Agreement and the Prior Letter Agreement, Sponsor has not: (i) entered into any voting agreement, voting trust
or any similar agreement, arrangement or understanding, with respect to any Acquiror Shares or other equity securities of Acquiror
owned by Sponsor, (ii) granted any proxy, consent or power of attorney with respect to any Acquiror Shares or other equity securities
of Acquiror owned by Sponsor or (iii) entered into any agreement, arrangement or understanding that is otherwise inconsistent with,
or would interfere with, or prohibit or prevent it from satisfying, its obligations pursuant to this Letter Agreement.

 

(g) Sponsor
understands and acknowledges that the Company is entering into the Combination Agreement in reliance upon the Sponsor’s execution
and delivery of this Letter Agreement.

 

    4

     

    

 

		12.	This Letter Agreement, together with the Combination
Agreement to the extent referenced herein, the Prior Letter Agreement and the other agreements entered into by Sponsor or any
Holder in connection with the initial public offering of Acquiror constitute the entire agreement and understanding of the parties
hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among
the parties hereto, written or oral, relating to the subject matter hereof.

 

		13.	No party hereto may assign either this Letter Agreement
or any of its rights, interests, or obligations hereunder without the prior written consent of the other parties hereto, and any
purported assignment in violation of the foregoing shall be null and void ab initio. This Letter Agreement shall be binding on
the parties hereto and their respective successors and assigns.

 

		14.	This Letter Agreement shall be construed and interpreted
in a manner consistent with the provisions of the Combination Agreement. In the event of any conflict between the terms of this
Letter Agreement and the Combination Agreement, the terms of the Combination Agreement shall govern. The provisions set forth
in Sections 9.04 (Amendment), 9.05 (Waiver), 10.03 (Severability), 10.06 (Governing Law), 10.07 (Waiver of Jury Trial), 10.08
(Headings), 10.09 (Counterparts) and 10.10 (Specific Performance) of the Combination Agreement, as in effect as of the date hereof,
are hereby incorporated by reference into, and shall be deemed to apply to, this Letter Agreement mutatis mutandis.

 

		15.	Any notice, consent or request to be given in connection
with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent in the same manner as provided
in the Combination Agreement, with (a) notices to Acquiror or the Company being sent to the addresses set forth therein, in each
case with all copies as required thereunder and (b) notices to Sponsor or any Holder being sent to:

 

Tortoise Sponsor II LLC

5100 W. 115th Place

Leawood, KS 66211

Attention: Michelle Johnston; Steve Schnitzer; Vince
Cubbage

Email: mjohnston@tortoiseecofin.com; schnitzer@tortoiseecofin.com; vcubbage@tortoiseecofin.com

 

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

 

Vinson & Elkins L.L.P.

1114 Avenue of the Americas

32nd Floor

New York, NY 10036

Attention: Brenda Lenahan; Ramey Layne

Email: blenahan@velaw.com; rlayne@velaw.com

 

		16.	This Letter Agreement shall terminate, and have no
further force and effect, if the Combination Agreement is terminated in accordance with its terms prior to the Effective Time.

 

[The remainder of this page left intentionally
blank.]

 

    5

     

    

 

Please indicate your
agreement to the terms of this Letter Agreement by signing where indicated below.

 

	 	Very truly yours,
	 	 
	 	SPONSOR
	 	 
	 	Tortoise Sponsor II LLC
	 	 
	 	By:  TortoiseEcofin Borrower, LLC,
	 	its Managing Member
	 	 	 
	 	By:	/s/ Michelle Johnston
	 	 	Name: Michelle Johnston
	 	 	Title:   Chief Financial Officer
	 	 	 
	 	HOLDERS
	 	 
	 	/s/ Juan Daboub
	 	Juan J. Daboub
	 	 	 
	 	/s/ Karin McKindell Leidel
	 	Karin McKindell Leidel
	 	 	 
	 	/s/ Sidney Tassin
	 	Sidney L. Tassin

 

	Acknowledged and agreed	 
	as of the date of this Letter Agreement:	 
	 	 	 
	Tortoise Acquisition Corp. II	 
	 	 	 
	By:	/s/ Vincent T. Cubbage	 
	 	Name: 	Vincent T. Cubbage	 
	 	Title:	Chief Executive Officer	 

 

    6

     

    

 

	Acknowledged and agreed	 
	as of the date of this Letter Agreement:	 
	 	 	 
	Volta Industries, Inc.	 
	 	 	 
	By:	/s/ Scott Mercer	 
	Name:	Scott Mercer	 
	Title:	CEO	 

 

 

7

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