Document:

Exhibit 10.14

 

CONSULTANCY AGREEMENT

 

This Consultancy Agreement
(this “Agreement”) is entered into by and between FREYR Battery, a company in the form of a public limited liability
company (société anonyme) incorporated under the laws of Luxembourg, Grand Duchy of Luxembourg, registered with the
Luxembourg Trade and Companies Register (Registre de Commerce des Sociétés) under number B 251199 (the “Company”)
and Peter Matrai, a resident of Pennsylvania (the “Consultant”). The Consultant and the Company are referred
to herein individually as Party and collectively as Parties.

 

WHEREAS, the Consultant
has experience in finance, technology commercialization, providing scaling services to sustainability-focused companies and familiarity
with operations within bioenergy and sustainability ventures;

 

WHEREAS, the Company,
directly and indirectly through its affiliates, is engaged in the business of renewable battery cell production;

 

WHEREAS, the Company
and Alussa Energy Acquisition Corp. (“Alussa”), among other parties, entered into that certain Business Combination
Agreement, dated January 29, 2021 (the “Business Combination Agreement”), pursuant to which Alussa (on the terms and
subject to the conditions set forth therein) will merge with and into a newly incorporated wholly-owned subsidiary of the Company (the
“Business Combination”); and

 

WHEREAS, in connection
with the Business Combination, the Company wishes to engage the Consultant to provide certain Consultant Services (as defined below) on
a non-exclusive basis, and the Consultant wishes to accept such engagement by the Company pursuant to the terms and conditions set forth
herein.

 

NOW, THEREFORE, for and
in consideration of these recitals and the mutual promises and covenants set forth herein, and intending to be legally bound, the Consultant
and the Company hereby agree as follows:

 

1. Consultant Term.
This Agreement shall be effective on the date of the Second Closing (as defined in the Business Combination Agreement) (the “Effective
Date”). The Consultant shall commence providing the Consultant Services (as defined below) on the Effective Date and shall continue
providing the Consultant Services for three years thereafter, unless the Consultant’s engagement pursuant to this Agreement is earlier
terminated in accordance with Section 11 (the “Consultant Term”). Any extension of the Consultant Term shall
be subject to mutual written agreement between the Parties, and references to the “Consultant Term” in this Agreement shall
include any such extension of the Consultant Term.

 

     

     

    

 

2. Consultant Services.
During the Consultant Term, the Consultant shall provide services relating to scaling for sustainability of energy storage and such other
services as may be requested by the Company from time to time (the “Consultant Services”). The Consultant shall devote
such time and effort as are reasonably necessary to perform the Consultant Services required of the Consultant and, in any event, not
less than 80% of the Consultant’s working time, on average; provided, however, that the Consultant’s time spent
performing the Consultant Services shall not exceed 40 hours in any given workweek during the Consultant Term. The Consultant acknowledges
that the time reasonably necessary to perform the Consultant Services may vary from month to month, and, notwithstanding the foregoing,
that the Company is under no obligation to request a minimum amount of Consultant Services during the Consultant Term. The Parties agree
that they will work in good faith to schedule any of the Consultant Services so that they do not conflict with the Consultant’s
other employment or consulting engagements, if any. All Consultant Services shall be performed by the Consultant with a level of skill
and care generally exercised by others performing the same or similar services.

 

3. Fees and participation
in certain Company benefit plans.

 

a. During the Consultant Term,
the Company will pay the Consultant a Consultant Fee of 30,000 USD with respect to each month that Consultant Services are performed (the
“Consultant Fee”), prorated for any portion of the Consultant Term that is less than a full calendar month, which monthly
Consultant Fee shall be paid to the Consultant within thirty (30) business days following the end of any such month.

 

b. The Consultant shall be entitled
to participation in such of the Company’s benefit plans made available to senior executives of the Company generally and as may
be appropriate in regard to the services required by him. The Company’s board of directors shall have been notified in writing by
the executive chairman or the Company’s CEO of any such participation before commencement.

 

4. Independent Contractor
Status. The Parties acknowledge and agree that, at all times during the Consultant Term: (a) the Consultant shall be an independent
contractor and not an employee, agent, partner or joint venturer of the Company; (b) the Consultant shall not have any authority to make
any statement, representation or commitment of any kind on behalf of the Company, or bind or attempt to bind the Company to any contract,
and the Consultant shall not represent to any person or entity that he has any such authority; (c) the Consultant shall hold himself out
to third parties as a “Consultant” of the Company, provided, that nothing herein shall prevent the Consultant from
informing third parties that he serves as a Director on the Company’s Board of Directors when serving as a Director on the Company’s
board of Directors; and (d) the Consultant Services are personal in nature and will be provided by the Consultant himself without the
assistance of others. The Company shall not provide workers’ compensation, disability insurance, Social Security, unemployment compensation
coverage or any other statutory benefit to the Consultant. The Consultant shall take into account to the goals to be attained and the
results to be achieved by the Consultant with respect to the Consultant Services, but the Consultant shall be solely responsible for the
means, manner and time in which the Consultant Services are performed under this Agreement (within the deadlines and other parameters
reasonably established by the Company). Consultant shall furnish, at the Consultant’s own expense, the materials, equipment and
other resources necessary to perform the Consultant Services. Nothing in this Agreement shall be interpreted or construed as creating
or establishing a relationship of employer and employee between the Client and the Consultant.

 

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5. Taxes. The
Consultant acknowledges and agrees that the Consultant shall be solely responsible for tax returns and payments required to be filed with
or made to any federal, state and local tax authority as a result of the Consultant Fee or any other payment provided to the Consultant
pursuant to this Agreement. The Company shall not deduct or withhold from the Consultant Fee or any other payment provided to the Consultant
pursuant to this Agreement any taxes, amounts for unemployment compensation, Social Security or other contributions unless required to
do so by law. The Company makes no representations concerning the tax consequences of the Consultant Fee or any other payment provided
to the Consultant pursuant to this Agreement. The Consultant shall be responsible for withholding and paying all taxes as required by
applicable law.

 

6. Confidentiality.
The Consultant acknowledges that the Consultant will acquire access to confidential information of the Company during the Consultant Term.
The Consultant agrees that all such confidential information is disclosed to the Consultant in confidence and is strictly for the Consultant’s
use on behalf of the Company.

 

a. The Consultant shall not
make use of or disclose to any person, and shall use the Consultant’s best endeavors to prevent the use, publication or disclosure
of any information of a confidential or secret nature concerning the business of the Company, and that comes to the Consultant’s
knowledge during the course of or in connection with the Consultant’s engagement with the Company, or concerning the business of
any person having dealings with the Company and which is obtained directly or indirectly in circumstances in which the Company is subject
to a duty of confidentiality in relation to that information.

 

b. For the purpose of this Section
6, information of a confidential or secret nature means non-public information of the Company, including but not limited to business
plans, products, technical data, specifications, documentation, presentations, product plans, business methods, product functionality,
customer information, contracts, formulas, competitive analysis, databases, formats, methodologies, strategic plans, marketing plans,
customer lists, prospect lists, pricing information or information related to engineering, marketing or finance, regardless of whether
such documents are marked confidential or not and regardless of whether such information exists in written form or stored by electronic
media or on other forms of information carrier.

 

c. This Section 6 shall
continue to apply after the termination of the Consultant Term, whether terminated lawfully or not, without limitation in time.

 

d. The Consultant is prevented
from maliciously disparaging or otherwise making harmful or unfavorable statements regarding the Company or any of its services, operations,
processes or methods.

 

e. The Consultant acknowledges
that any breach of confidentiality during the Consultant Term or at any time thereafter may lead to liability and may constitute grounds
for dismissal and/or render the Consultant liable for legal action and/or damages.

 

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7. Permitted Disclosures.
Pursuant to 18 U.S.C. § 1833(b), the Consultant understands that he will not be held criminally or civilly liable under any Federal
or State trade secret law for the disclosure of a trade secret of the Company that (a) is made (i) in confidence to a Federal, State,
or local government official, either directly or indirectly, or to his attorney and (ii) solely for the purpose of reporting or investigating
a suspected violation of law; or (b) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.
The Consultant understands that if he files a lawsuit for retaliation by the Company for reporting a suspected violation of law, he may
disclose the trade secret to his attorney and use the trade secret information in the court proceeding if he (x) files any document containing
the trade secret under seal, and (y) does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement, or
any other agreement that the Consultant has with the Company, is intended to conflict with 18 U.S.C. § 1833(b) or create liability
for disclosures of trade secrets that are expressly allowed by such section. Further, nothing in this Agreement or any other agreement
that the Consultant has with the Company shall prohibit or restrict him from (A) making any voluntary disclosure of information or documents
(including, without limitation, confidential information) concerning possible violations of law to any governmental agency or legislative
body, or any self-regulatory organization, in each case, without advance notice to the Company; or (B) providing truthful testimony or
access to confidential information in response to a valid subpoena, court order, regulatory request, or other legal process with advance
written notice to the Company of the Consultant’s intended disclosure to afford the Company a reasonable opportunity to protect
its interests.

 

8. Ownership of Intellectual
Property. 

 

a. All intellectual property
rights, including patentable inventions, trademarks, design rights or copyrights, that are discovered, created or developed by the Consultant
during the course of the Consultant’s Consultant Services shall fully and wholly devolve upon and be the property of the Company
or shall be transferred to the Company if such transfer is necessary under applicable law. The same applies to similar creations that
are not legally protected by patent, trademark, copyright or similar laws but that the Company has an interest in employing. The Consultant
hereby assigns, including by way of present assignment of future rights, all intellectual property rights to the Company with full title
guarantee free from all encumbrances and third party rights. The Company is free to adapt and further develop the intellectual property
rights as it may wish, as well as transfer and/or license the rights to a third party. The Consultant agrees to assist the Company in
every proper way to evidence, record and perfect the foregoing assignment and to apply for and obtain recordation of and from time to
time secure, enforce, maintain and defend the assigned rights. If the Company is unable for any reason whatsoever to secure the Consultant’s
signature to any document requested by the Company under this Section 8(a), the Consultant hereby irrevocably designates and appoints
the Company and its duly authorized officers and agents as the Consultant’s agents and attorneys-in-fact, coupled with an interest
and with full power of substitution, to act for and on the Consultant’s behalf and instead of the Consultant, to execute and file
any such document or documents and to do all other lawfully permitted acts to further the purposes of the foregoing with the same legal
force and effect as if executed by the Consultant.

 

b. The Company shall by virtue
of the consulting relationship have an unrestricted, exclusive and gratuitous right to exploit such intellectual property rights and creations.
Such intellectual property rights and creations shall without exception be deemed to have been created or developed in the course of the
Consultant’s Consultant Services if the exploitation of the rights or creations falls within the scope of the Company’s business.
This applies notwithstanding that the Consultant has created or developed the rights or creations outside working hours or outside the
Company’s premises.

 

c. The Consultant is not
entitled to any separate compensation for the Company’s utilization of rights as mentioned in this Section 8. The Consultant
shall unsolicited inform the Company of any rights that may fall within the scope of this Section 8, unless it is obvious that the Company
is already aware of the right.

 

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9. Non-Competition;
Non-Solicitation.

 

a. The Consultant agrees
that, during the Consultant Term and for a period of 12 months thereafter (the “Restricted Period”), the Consultant shall
not, within (i) the Commonwealth of Pennsylvania, (ii) any other state in the United States of America in which the Company or any of
its affiliates is doing or directing business (including marketing) and for which the Consultant acquired or had access to confidential
information of the Company (it being understood that the Consultant shall have broad access to confidential information of the Company
during the Consultant Term), or (iii) any other country in which the Company or any of its affiliates is doing or directing business (including
marketing) and for which the Consultant acquired or had access to confidential information of the Company (it being understood that the
Consultant shall have broad access to confidential information of the Company during the Consultant Term) (the “Restricted Territory”),
engage in, operate, manage, provide financing to or otherwise acquire ownership in, or serve as an officer, director, member, partner,
employee, agent, director, advisor or representative, of a business or other entity which engages or plans to engage, within the Restricted
Territory, in battery cell production or any other line of business in which the Company or any of its affiliates is engaged or has developed
plans to engage and about or for which the Consultant obtained or developed confidential information during the Consultant Term, but not
including wind power developments and related activities outside the battery cell business (the “Restricted Business”);
provided, however, that, if the Company terminates the Consultant Term without Cause (as defined below), the Company shall,
during the 12-month period following the Consultant Term, pay, on a monthly basis, an amount equal to the Consultant Fee (the “Non-Compete
Payment”); provided, that if the Consultant acquires or receives income in the Restricted Period, the Company is entitled
to reduce the Non-Compete Payment correspondingly, up to a maximum of half of the total Non-Compete Payment the Consultant could
be entitled to from the Company. The Consultant shall provide the Company information regarding income from work in the Restricted Period.
If the Consultant does not meet this requirement, the Company is entitled to withhold Non-Compete Payment until the information is presented.
In the event of a breach of this Section 9(a) by the Consultant, the Company shall have no obligation to pay or continue to pay
any unpaid portion of the Non-Compete Payment, and the Company shall have the right to recover from the Consultant the full amount of
the Non-Compete Payment already paid. In the event of breach of this Section 9(a), the Company may demand that the infringement immediately
ceases and may take necessary legal actions. For purposes of this Agreement, “Cause” shall mean: (i) the Consultant’s
commission of an act of gross misconduct; (ii) the Consultant’s material breach of the terms of this Agreement; (iii) any act of
fraud, dishonesty or conduct tending to bring the Consultant or the Company into disrepute; or (iv) the Consultant is convicted of, or
pleads guilty or nolo contendere to, any felony or similar criminal offense.

 

b. The Consultant agrees
that during the Consultant Term and for a period of 12 months thereafter, the Consultant shall not: (i) solicit for employment or engagement,
knowingly entice away, or hire or engage (whether as an employee, director, agent, contractor or otherwise), any person who, as of the
last day of the Consultant Term is, or in the 12-month period preceding the last day of the Consultant Term was, an officer, employee,
agent or independent contractor of the Company or its subsidiaries, or encourage any of them to terminate their employment with the Company
or its subsidiaries; (ii) solicit any person who, as of the last day of the Consultant Term is, or in the 12-month period preceding the
last day of the Consultant Term was, a customer or supplier of, or any person or entity with a business relationship with the Company
or any of its subsidiaries for the purposes of offering or providing goods or services similar to or otherwise competitive with those
offered or provided by the Company or any of its subsidiaries.

 

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c. Notwithstanding the foregoing,
the Consultant shall not be prevented or restricted from any of the following: (i) owning, directly or indirectly, as a passive investment,
less than five percent (5%) of the outstanding voting equity securities of any partnership, corporation, limited liability company or
other entity (whether public or private) that is engaged in a Restricted Business, provided that the Consultant does not provide
services to, or actively participate in the operation or control of, such partnership, corporation, limited liability company or other
entity; and (ii) owning passive interests in or securities of any debt or equity investment fund or similar investment entity if the Consultant
does not have the ability to control or exercise any managerial influence over such fund.

 

d. In addition: (i) the Parties
agree that the covenants set forth in Section 6, Section 8 and this Section 9 (the “Covenants”)
have been specifically negotiated by sophisticated commercial parties and that all such provisions are reasonable under the circumstances
and given the activities contemplated by this Agreement; (ii) the Consultant acknowledges and agrees that the Covenants are reasonable
in light of all of the circumstances, are sufficiently limited to protect the legitimate interests of the Company and its subsidiaries,
impose no undue hardship on the Consultant, and are not injurious to the public; and (iii) the Consultant further acknowledges and agrees
that the Consultant’s breach of any of the Covenants may cause the Company irreparable harm, which may not be adequately compensated
by money damages, and that the Company may elect to prevent the Consultant from breaching such provisions by seeking to obtain an injunction
against the Consultant. In addition, the Company may demand that the Consultant pays the enrichment he and/or any new employer/client
etc. has or have achieved as a result of the breach. The Consultant acknowledges and agrees that payment of compensation in the event
of the Consultant’s breach of any of the Covenants shall not be interpreted or construed as establishing a waiver of any such Covenant
or that the infringement may continue.

 

10. Return of Property.
The Consultant agrees that, by no later than the last day of the Consultant Term or such earlier date selected by the Company, the
Consultant shall return to the Company all property and documents belonging to the Company in the Consultant’s possession, custody
or control, including, without limitation, security and computer passwords, computer software, financial and accounting records, reports
and files, originals and copies of documents or other media on which information is held in the Consultant’s possession relating
to the business or affairs of the Company and any other property belonging to the Company which the Consultant obtained in the course
of the Consultant’s engagement by the Company (including any documents or other materials containing confidential information),
and the Consultant agrees not to retain copies of any such materials. To the extent the Consultant has any of the foregoing documents
in the Consultant’s possession, custody or control in electronic form (for example, in the Consultant’s personal cloud storage
or email account or on a personal computer), the Consultant agrees to identify such documents to the Company, to deliver identical copies
of such documents to the Company (if the Company so requests), and to follow the Company’s instructions regarding the permanent
deletion or retention of such documents. The requirements of this Section 10 shall not apply to publicly available documents or
documents relating directly to the Consultant’s compensation. The property and documents which must be returned to the Company pursuant
to this Section 10 must be returned whether in the Consultant’s possession, work area, home, vehicle, the possession of an
employee or contractor of the Consultant or in the wrongful possession of any third party with the Consultant’s knowledge or acquiescence,
and whether prepared by the Consultant or any other person or entity. The Consultant agrees that he will sign a certification, affidavit
or such other document representing that the Consultant has fulfilled the obligations of this Section 10, as the Company may request,
and deliver it to the Company.

 

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11. Termination.

 

a. The Consultant Term may
be terminated by each of the Parties for any reason or no reason upon three (3) months’ advance written notice to the other Party
(such notice period, the “Notice Period”). The Notice Period shall be calculated from and including the first day of the month
following the issuance of such notice.

 

b. Notwithstanding Section
11 a, the Company may terminate the Consultant Term with immediate effect upon written notice to the Consultant in the event of the
Consultant’s breach of this Agreement or in the event of the Consultant’s failure to perform the Consultant Services.

 

c. In the event of termination
pursuant to this Section 11, the Company shall pay the Consultant any Consultant Fees then due and payable for any Consultant Services
completed up to and including the last day of the Consultant Term. Notwithstanding the foregoing, the Consultant acknowledges that the
Company may, in its discretion, waive all or any portion of the Notice Period in the event of termination by the Consultant, and that
the Company’s obligations to continue to provide the Consultant Fee shall cease to apply on the date selected by the Company as
the last day of the Notice Period, which shall be the last date of the Consultant Term; provided, however, that the Company
shall pay the Consultant any Consultant Fees then due and payable for any Consultant Services completed up to and including the last day
of the Consultant Term.

 

d. Upon termination of the
Consultant Term, the Consultant shall repay any debts to the Company, and release the Company of any guarantee or security for loans or
responsibilities on behalf of the Consultant.

 

12. Avoidance of Conflict
of Interest. The Consultant represents and warrants that there are no actual or potential conflicts of interest concerning the
Consultant Services to be performed under this Agreement. During the Consultant Term, and without limiting the Covenants, the Consultant
may be engaged or employed in any other business, trade, profession or other activity while providing the Consultant Services which does
not place the Consultant in a conflict of interest with the Company. The Consultant has not brought and shall not bring to the Company
or use in the performance of the Consultant Services any materials or documents of another party considered confidential unless the Consultant
has first obtained written authorization from such party for the possession and use of such materials and has received the Company’s
prior written consent to use such materials. The Consultant will advise the Company at such time as any activity of either the Company
or another business presents the Consultant with a conflict of interest or the appearance of a conflict of interest. The Consultant shall
take whatever action is requested by the Company to resolve any conflict or appearance of conflict which it finds to exist.

 

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13. Indemnification.
To the fullest extent permitted under applicable laws, rules and regulations, the Consultant agrees to defend, indemnify and hold harmless
the Company and its affiliates, and their officers, directors, agents, employees, successors and permitted assigns from and against all
losses, damages, liabilities, deficiencies, actions, claims, judgments, taxes, interest, awards, penalties, fines, costs, attorneys’
fees or expenses of whatever kind (including reasonable attorneys’ fees) arising out of or resulting from (a) bodily injury, death
of any person or damage to real or tangible, personal property resulting from the Consultant’s acts or omissions, or the acts or
omissions or the Consultant’s employees, contractors and others involved in the Consultant Services, if any; (b) the Consultant’s
breach of any representation, warranty or obligation under this Agreement; or (c) claims for any workers’ compensation, overtime
claims, employee tax liability claims, benefits or other claims brought, or liabilities imposed, against the Company by the Consultant
or any other party (including governmental bodies and courts), whether relating to the Consultant’s status as an independent contractor,
or the status of its personnel or otherwise under this Agreement, including, in each case and without limitation, by cooperating with
the Company in all reasonable respects in the defense of any and all such claims by supporting the assertions made in this Agreement regarding
the Consultant’s status as an independent contractor.  The Company may satisfy such indemnity (in whole or in part) by way
of deduction from any payment due to the Consultant.

 

14. Governing Law.
The validity, interpretation, construction performance and enforcement of this Agreement shall be governed by the laws of the Commonwealth
of Pennsylvania without giving effect to the principles of conflict of laws thereof.

 

15. Remedies.
The Consultant agrees that the covenants and obligations in this Agreement relate to special, unique and extraordinary matters, and that
the Company would be irreparably damaged by any breach of this Agreement. Without prejudice to the rights and remedies otherwise available
to the Company, the Consultant agrees that the Company shall be entitled to seek equitable relief, including an injunction or specific
performance, in the event of any breach of the provisions of this Agreement by the Consultant.

 

16. Section 409A.
It is the Company’s intent that payments and benefits under this Agreement be exempt from, or comply with, Section 409A of the Code,
and the regulations and guidance promulgated thereunder (“Section 409A”), and accordingly, to the maximum extent permitted,
this Agreement shall be interpreted and administered to be in accordance therewith. Notwithstanding anything contained herein to the contrary,
the Consultant shall not be considered to have terminated service with the Company for purposes of any payments under this Agreement which
are subject to Section 409A until the Consultant would be considered to have incurred a “separation from service” from the
Company within the meaning of Section 409A.  Each amount to be paid or benefit to be provided under this Agreement shall be construed
as a separate identified payment for purposes of Section 409A, and any payments described in this Agreement that are due within the “short-term
deferral period” as defined in Section 409A shall not be treated as deferred compensation unless applicable law requires otherwise.
To the extent required to avoid accelerated taxation and/or tax penalties under Section 409A, amounts reimbursable to the Consultant under
this Agreement shall be paid to the Consultant on or before the last day of the year following the year in which the expense was incurred
and the amount of expenses eligible for reimbursement (and in-kind benefits provided) during any one year may not effect amounts reimbursable
or provided in any subsequent year.  The Company makes no representation that any or all of the payments described in this Agreement
shall be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment.
The Consultant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A.

 

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17. Entire Agreement.
This Agreement including Annex 1 attached hereto sets forth the entire agreement of the Parties and, except as explicitly stated herein,
supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written,
by any officer, employee or representative of any Party hereto with respect to such subject matter.

 

18. Amendment.
This Agreement may only be amended, modified, waived or discharged by a written document signed by the Consultant and the Company.

 

19. Assignment.
This Agreement is personal to the Consultant and this Agreement, including the obligations and benefits hereunder, may not be assigned
to any party by the Consultant. This Agreement may be freely assigned by the Company.

 

20. Severability.
To the extent that the terms set forth in this Agreement or any word, phrase, clause or sentence is found to be illegal or unenforceable
by a court of competent jurisdiction for any reason, the parties mutually agree that such term, word, phrase, clause or sentence will
be modified in such manner so as to achieve the intention of the parties in entering into this Agreement and rendering this Agreement,
as modified, legal and enforceable under applicable laws. If, however, a court of competent jurisdiction finds that any such term, word,
phrase, clause or sentence cannot be so modified and thus made enforceable, or otherwise declines for any reason to do so, the parties
mutually agree that such term, word, phrase, clause or sentence shall be deemed severed from this Agreement and be of no force and effect,
and the balance of this Agreement will not be affected thereby, the balance being construed as severable and independent.

 

[Signature Page Follows]

 

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In
witness thereof, the Parties have executed this Agreement.

 

CONSULTANT

 

	/s/ Peter Matrai	 
	Peter Matrai	 
	Date: May 13, 2021	 

 

	 	FREYR BATTERY
	 	 
	 	/s/ Maurice Dijols
	 	By: Maurice Dijols
	 	Title: Sole Director
	 	Date: May 14, 2021

 

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Annex 1 –
Equity compensation

 

The following has been agreed between Freyr AS
and the Consultant in the executed term sheet signed 27 January 2021 forming the basis of this Agreement:

 

Equity Compensation

 

		·	Options:
100,000 in 2021 with strike price of USD 10 per share. From 2022 onwards: Participation in the Company’s option program or individual
arrangement.

 

		·	Warrants:
100,000 PubCo Private Warrants.

 

 

11Exhibit
10.15

 

 

 

This
CONTRACT OF EMPLOYMENT (the “Contract”) is made 15th April, 2021

between

 

Freyr
AS

organization
number 920 388 620

 

(hereinafter
referred to as the "Company")

 

and

 

Kunwoo
Lee

 

(hereinafter
referred to as the "Employee")

 

Please
be informed that all employees in FREYS AS will be transferred over to FREYR Battery AS (with organization number 926 089 862) during
the second quarter of 2021. For the purpose of this contract this transfer is to be considered a business transfer ("virksomhetsoverdragelse")
under the same terms and conditions as outlined below.

 

	 	1	Position,
    term, place of work, reporting line

 

	 	1.1	The
    Employee is employed as EVP Technology of FREYR AS, with effect from 01.07.2021 or before.

 

	 	1.2	The
    Employee's place of work shall be the Company's offices, for the time being in Lysaker. The Employee acknowledges that the
    Employee's work may necessitate a considerable amount of travel, also abroad.

 

	 	1.3	In
    this position The Employee shall report to the CEO unless, or until, otherwise informed.

 

	 	2	Duties
    

 

	 	2.1	The
    Employee is obliged to carry out the duties that are or will be assigned to the Employee’s position and that naturally fall
    within the scope of the position or other duties as the Company may reasonably require. The Company may issue instructions and guidelines
    which the Employee shall adhere to as part of this Contract.

 

	 	2.2	The
    Employee shall devote the Employee's full working capacity to the Company and the Employee's duties under this Contract. The Employee
    shall not, without the Company's prior written consent, undertake any other work, paid or unpaid, whether as part of the Employee's
    own commercial activity or for any other employer or principal.

 

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	 	3	Working
    hours

 

	 	3.1	The
    Employee shall be employed full time, 7,5 hours per day excluding lunch break, with working hours as determined by the Company at
    any time.

 

	 	3.2	The
    Employee recognizes that the Employee has a managerial and/or particularly independent position and is exempted from the working
    time provisions in the Norwegian Working Environment Act (Nw.: Arbeidsmiljøloven). No extra compensation is paid in
    respect of any overtime work required, unsocial hours, travel time etc., cf. Section 10-12 of the Working Environment Act. Work beyond
    regular office hours must be expected. The Employee shall work such hours as necessary for the proper performance of the Employee’s
    duties.

 

	 	4	Salary
    

 

	 	4.1	The
    Company shall pay the Employee a gross base salary at the rate of NOK 3,000,000 per annum, inclusive of compensation
    for overtime.

 

	 	4.2	The
    Company will pay the Employee NOK 150,000 to cover expenses for transition. The Employee will decide how to split this sum between
    his own transition and that of his family.

Non-taxable
costs (directly related to travel) will be refunded on an ongoing basis as a part of this sum. The difference between the lump sum and
non-taxable costs will be paid to the Employee as soon as all non-taxable costs have been incurred, no later than 3 months after the
transition has taken place.

	 	4.3	The
    Employee will receive a sign-on bonus in the form of 100,000 options with a strike price of $10 which can be exercised 2 years after
    work start date.

 

	 	4.4	The
    Company will pay the Employee an extra 20,000 per month in housing support for a period of 2 years.

 

	 	4.5	The
    Company will pay for 2 home visits per year for the family for the first 2 years of employment.

 

	 	4.6	The
    Employee's salary shall be paid on the 20 day of each month to the bank account provided by the Employee, in instalments of 1/12
    of the annual amount. No salary is paid during vacation periods. Instead, a holiday allowance pursuant to the provisions of the Holidays
    Act (Nw.: Ferieloven) is paid during holiday absence.

 

	 	4.7	The
    Employee's salary shall be reviewed annually on 1 January, the first review to be done with effect from 01.01.2023.

 

	 	5	Bonus

 

	 	5.1	The
    Employee will participate in the Company's bonus scheme, terms and objectives of which are at any time under the sole discretion
    of the Company.

 

	 	5.2	Such
    bonus is interpreted and deemed to be inclusive of holiday allowance, statutory payable bonus or profit sharing or other statutory
    benefits. At payment, holiday allowance, statutory payable bonus or profit sharing or other statutory benefits will be deducted from
    the bonus amount.

 

    Page 2 of 8

     

    

 

 

 

	 	6	Long-term
    incentive program ("LTIP")

 

	 	6.1	The
    Employee may participate in the Company’s LTIP, terms and objectives of which are at any time under the sole discretion of
    the Company.

 

	 	6.2	If
    at any time after any bonus, option or other award is paid to the Employee the Company is required to restate its accounts to a material
    extent or the Company becomes aware of any material malfeasance or material wrongdoing on the Employee's part, then the Company shall
    be entitled to recalculate the bonus that it would otherwise have awarded in the relevant financial years, had these facts been known
    at the time the award was granted. The Employee shall be liable for and, if so required by the Company to repay on demand the difference
    between such recalculated bonuses and the aggregate value of the Awards actually granted to the Employee.

 

	 	7	Vacation
    and holidays

The
Employee is entitled to 25 days of vacation per calendar year, excluding Company shut down days, with holiday allowance in accordance
with the Holidays Act, as well as statutory determined holidays. Vacation days must be taken at times appropriate to the local work situation
and be approved beforehand by the Employee's direct manager, in accordance with the Holiday Act.

	 	8	Other
    benefits

 

	 	8.1	Limitations

    Only gross base salary according to clause 4.1 – and no other benefits –
    shall generate basis for pension benefits and holiday allowance.

 

	 	8.2	Social
    security 

    In addition to statutory state provided schemes, the Employee is entitled to participate in the Company's pension scheme and life,
    accident, and travel insurance schemes.

Such
additional benefits may be altered at the Company’s discretion, though without affecting accrued entitlements.

	 	8.3	Laptop,
    mobile phone, etc.

    The Company will provide the Employee with a laptop for business use.

The
Company will provide the Employee with a mobile phone and cover reasonable cost for business use and, to a reasonable extent, private
use in accordance with the Company’s policies. Further, the Company will reimburse 50% of internet subscription at home.

	 	9	Deduction
    from salary, etc.

 

	 	9.1	Deductions
    from salary, bonus, and holiday allowance may be made to the extent permitted by the Working Environment Act Section 14-15, and,
    e.g. under the following circumstances:

 

	 	(i)	Amounts
    received as advance on travel or business expenses or loans from the Company.

 

	 	(ii)	Incorrect
    or advance payments in salary, bonus, vacation, or holiday allowance.

 

	 	10	Illness

 

	 	10.1	The
    Employee is entitled to sick pay in accordance with statutory provisions or extended Company rules according to the Company’s
    policies.

 

	 	10.2	The
    Employee is obliged to report any absence due to illness or accident to the Company without undue delay.

 

    Page 3 of 8

     

    

 

 

 

	 	11	Business
    expenses

 

	 	11.1	The
    Company shall on the presentation of invoices or vouchers or other evidence of actual payment, reimburse the Employee for all expenses,
    including business travel expenses, reasonably incurred by the Employee in the performance of the Employee’s duties under the
    Contract, and in accordance with the Company’s policies.

 

	 	12	Code
    of conduct and provisions

 

	 	12.1	The
    Employee shall comply with all codes of conduct and all other rules and regulations applicable to the Employee's duties and to the
    business of the Company which have been made available to the Employee.

 

	 	12.2	The
    Employee shall comply with the Company's prevailing policies, rules, and procedures, and all other applicable instructions laid down
    in the Company's guidelines, personnel handbook or similar manuals which have been made available to the Employee.

 

	 	12.3	The
    Employee is obliged, without delay, to read and understand the Company's rules, regulations, and guidelines which are disclosed and
    made available to the Employee on the Company's intranet, or presented on other mediums.

 

	 	13	Confidentiality
    

 

	 	13.1	The
    Employee acknowledges that the Employee may acquire access to confidential information of the Company and consistent with the position.
    The Employee agrees that all such confidential information is disclosed to the Employee in confidence and is strictly for the Employee's
    use on behalf of the Company.

 

	 	13.2	The
    Employee shall not make use of or disclose to any person, and shall use his/her best endeavors to prevent the use, publication or
    disclosure of any information of a confidential or secret nature concerning the business of the Company that comes to the his/her
    knowledge during the course of or in connection with the employment with the Company, or concerning the business of any person having
    dealings with the Company and which is obtained directly or indirectly in circumstances in which the Company is subject to a duty
    of confidentiality in relation to that information.

 

	 	13.3	For
    the purpose of this clause, information of a confidential or secret nature means non-public information of the Company, including
    but not limited to business plans, products, technical data, specifications, documentation, presentations, product plans, business
    methods, product functionality, customer information, contracts, formulas, competitive analysis, databases, formats, methodologies,
    strategic plans, marketing plans, customer lists, prospect lists, pricing information or information related to engineering, marketing
    or finance, regardless of whether such documents are marked confidential or not and regardless of whether such information exists
    in written form or stored by electronic media or on other form of information carrier.

 

	 	13.4	This
    clause 13 shall continue to apply after the termination of the Employee's employment with the Company, whether terminated lawfully
    or not, without limitation in time.

 

	 	13.5	The
    Employee is prevented from malicious disparage or otherwise making harmful or unfavorable statements regarding the Company or any
    of its services, operations, processes or methods.

 

	 	13.6	The
    Employee acknowledges that any breach of confidentiality during the Employee’s employment or at any time thereafter may lead
    to liability and may constitute grounds for dismissal and/or render the Employee liable to legal action and/or damages.

 

    Page 4 of 8

     

    

 

 

 

	 	14	Non-competition
    and non-solicitation

 

	 	14.1	The
    Employee may not during the employment with the Company and for a period of six months after the end of the notice period, take employment
    with, have ownership interests in, or in any other way - directly or indirectly - be involved in any activity that wholly or partially
    competes with the Company. The Employee shall similarly not engage in or perform work for customers and/or suppliers, if such activity
    can be deemed to have any negative impact to the competitive situation of the Company.

 

	 	14.2	The
    Employee must not, in relation to the termination and for a period of six months after the end of the agreed notice period, directly
    or indirectly solicit or otherwise engage in direct or indirect communication with any present or past customers, suppliers or partners
    of the Company for himself or any other person. This applies to customers, suppliers or partners that the Employee has had contact
    with or been responsible for in any way during the last year before a statement is given by the Company in accordance with clause
    14.6 below.

 

	 	14.3	The
    Employee shall, during period of six months after the end of the agreed notice period, not directly or indirectly solicit, recruit,
    or endeavor to entice away any of Company's employees.

 

	 	14.4	The
    Company may decide in writing at any time during or in connection with termination of the employment that the provisions in 14.1
    to 14.3 shall not apply in whole or in part.

 

	 	14.5	In
    case of any uncertainty as to whether an activity is covered by the prohibitions set out in this clause, the Employee is obliged
    both during the employment and following a termination to present the issue to the Company and await a written statement from the
    Company before engaging in any relevant activity.

 

	 	14.6	The
    Company shall provide a written statement on the applicability of clause 14.1 and 14.2 within four weeks after (i) having received
    a written request from the Employee at any time during the employment, or (ii) after the termination of the employment by the Employee.
    In case of a termination from the Company, the statement shall be given at the same time as the notice of termination or, if applicable,
    within one week after summary dismissal. The restrictions in clause 14.1 and 14.2 may be discharged in case a written statement from
    Company is not timely given in accordance with this clause 14.6.

 

	 	14.7	If
the prohibition against competition, cf. clause 14.1, shall apply, the Company shall compensate the Employee during the prohibition
period corresponding to the Employee’s base salary calculated on the basis of the Employee’s annual salary the last 12 months.
The compensation does not form basis for holiday pay or pension entitlements.

 

If
the Employee acquires or receives income in the prohibition period, the Company is entitled to reduce the compensation correspondingly,
up to a maximum of half of the total compensation the Employee could be entitled to from the Company. The Employee shall provide the
Company information regarding income from such other work in the prohibition period. If the Employee does not meet this requirement,
the Company is entitled to withhold compensation until the information is presented.

 

    Page 5 of 8

     

    

 

 

 

	 	14.8	If
the Employee violates the provisions of clause 14.1, the Employee will no longer be entitled to payment by the Company and agrees to
immediately reimburse the Company for compensation payments made in accordance with this clause. In the event of violation of the provisions
of clauses 14.1 – 14.3, the Company may demand that the infringement immediately ceases and may take necessary legal actions.
In the event of violation, the Employee shall pay liquidated damages equal to minimum three months’ base salary or indemnify the
Company’s financial loss if greater. In addition, the Company may demand that the Employee pays the enrichment he and/or new employer/client
etc. have achieved as a result of the illegal situation. Payment of compensation does not entail that the infringement may continue.

 

	 	14.9	If
    the aforementioned clause is in conflict with applicable mandatory legislation, the clause is maintained to the extent it is in accordance
    with legislation. In the event of the introduction of new statutory provisions that regulate the validity of the above clause, the
    Company may unilaterally make the necessary amendments to the clause. The Company may not by way of such amendments extend the scope
    of the clause.

 

	 	15	Restrictions
    on use of email and internet

 

	 	15.1	The
    Company’s electronic mail system, internet subscription and all other data systems are the exclusive property of the Company.

 

	 	15.2	The
    Company's electronic mail system, internet subscription and all other data systems shall be, as far as possible, used by the Employee
    solely in connection with the Employee’s work for the Company.

 

	 	15.3	The
    Employee acknowledges that the Employee shall have no right to access and shall not access the Company’s electronic mail system
    or other data systems after termination of employment.

 

	 	16	Intellectual
    property

 

	 	16.1	All
    intellectual property rights, including patentable inventions, trademarks, design rights or copyrights, that are created or developed
    by the Employee during the course of his

    employment with the Company shall fully and wholly devolve upon and be the property of the Company or shall be transferred to the
    Company if such transfer is necessary under

    applicable statutory legislation. The same applies to similar creations that are not legally

    protected by patent, copyright or similar but that the Company has an interest in employing.

 

	 	16.2	The
    Company shall by virtue of the employment of the Employee have an unrestricted, exclusive and gratuitous right to exploit the intellectual
    property rights and creations referred to in 16.1. Such intellectual property rights and creations shall without exception be deemed
    to have been created or developed in the course of the Employee's employment with the Company if the exploitation of the right or
    creation falls within the scope of the Company's business. This also applies in situations where the Employee has created or developed
    the right outside working hours or outside the Company's premises.

 

	 	16.3	The
    Employee is not entitled to any separate compensation for the Company’s utilization of rights as mentioned in this clause 16.
    The Employee shall unsolicited inform the Company of any rights that may fall within the scope of this clause, unless it is obvious
    that the Company is already aware of such rights.

 

    Page 6 of 8

     

    

 

 

 

	 	17	Termination
    and notice

 

	 	17.1	The
    employment relationship may be terminated by each of the parties in accordance with applicable employment law. The termination notice
    period for each party shall be one month during the six months Employee trial period. The termination notice period shall be three
    months unless the parties, or applicable taw, dictate/agree otherwise. Termination shall be notified in writing, and the notice period
    shall be calculated from and including the first day of the month following the issuance of such notice.

 

	 	17.2	Upon
    termination of employment, the Employee shall return to the Company all property in the Employee's possession, custody or control
    belonging to the Company, including but not limited to business cards, credit and charge cards, keys, security and computer passwords,
    mobile phones, personal computer equipment, original and copy documents or other media on which information is held in the Employee's
    possession relating to the business or affairs of the Company.

 

	 	17.3	Upon
    termination of employment, the Employee shall repay any debts to the Company, and release the Company of any guarantee or security
    for loans or responsibilities on behalf of the Employee.

 

	 	18	General

 

	 	18.1	This
    Contract of Employment shall regulate all matters relating to the Employee's employment with the Company.

 

	 	18.2	The
    Company will at payment of salary, bonus, allowances etc. withhold taxes, also related to taxable benefits, from such payable compensations
    and pay the withheld taxes to appropriate authorities in accordance with statutory provisions. The Employee acknowledges and agrees
    that any further tax liability on the Employee’s hand shall be carried solely by the Employee.

 

	 	18.3	The
    Employee acknowledges that the Employee has carefully read this Contract, has had an opportunity to discuss it with advisors should
    so be desired, and understands all the terms and conditions therein.

 

	 	18.4	In
    respect of all issues not regulated by the terms of this Contract, statutory provisions shall prevail.

 

	 	18.5	If
    any provision of this Contract should be declared legally invalid or unenforceable by a competent court, such declaration shall in
    no way effect the validity or enforceability of any other provision thereof, nor shall any such declaration of legal invalidity or
    unenforceability operate to nullify or rescind this Contract, but shall only serve to render ineffective any such provision declared
    legally invalid or unenforceable. In lieu thereof, there shall be added a provision as similar in terms to such illegal, invalid
    and unenforceable provision as may be possible and be legal, valid and enforceable.

 

	 	18.6	This
    Contract shall be governed by and construed in accordance with Norwegian law, including any statutory modification or re-enactment
    during the time the Contract being in force.

 

***

 

[signature
page follows]

 

    Page 7 of 8

     

    

 

 

 

This
Contract of Employment has been prepared and signed by the parties of this Contract of Employment in two identical original copies, one
copy having been delivered to and to be retained by each of the parties.

 

	For
    the Company	 	Employee
	 	 	 
	

    /s/
    Tom Jensen
	 	/s/
Kunwoo Lee

	Name:
    Tom Jensen	 	Name:
    Kunwoo Lee
	Position:
    CEO

    Date: 150421	 	Date:
    150421

 

	

    /s/
    Richard Taylor
	 
	Name:
    Richard Taylor	 
	Position:
    VP Recruiting & on-boarding

    Date: 150421	 

 

 

Page
8 of 8

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