Document:

Exhibit
10.3

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Investment Management Trust Agreement (this “Agreement”) is made effective as of [    ],
2020 by and between Spartan Acquisition Corp. II, a Delaware corporation (the “Company”), and Continental
Stock Transfer & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1 (File No. 333-[    ]) (the “Registration
Statement”) and prospectus (the “Prospectus”) for the initial public offering of the Company’s
units (the “Units”), each of which consists of one share of the Company’s Class A common stock,
par value $0.0001 per share (the “Common Stock”), and one-third of one redeemable warrant, each whole
warrant entitling the holder thereof to purchase one share of Common Stock (such initial public offering hereinafter referred
to as the “Offering”), has been declared effective as of the date hereof by the U.S. Securities and
Exchange Commission; and

 

WHEREAS,
the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Citigroup
Global Markets Inc., Credit Suisse Securities (USA) LLC and Cowen and Company, LLC as representatives (the “Representatives”)
of the several underwriters (the “Underwriters”) named therein; and

 

WHEREAS,
as described in the Registration Statement, $[    ] of the gross proceeds of the Offering and sale of the
Private Placement Warrants (as defined in the Underwriting Agreement) (or $[    ] if the Underwriters’
over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a segregated trust account
located at all times in the United States (the “Trust Account”) for the benefit of the Company and the
holders of the Common Stock included in the Units issued in the Offering as hereinafter provided (the amount to be delivered to
the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,”
the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,”
and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property equal to $[    ], or $[    ]
if the Underwriters’ over-allotment option is exercised in full, is attributable to deferred underwriting discounts and
commissions that may be payable by the Company to the Underwriters upon the consummation of the Business Combination (as defined
below) (the “Deferred Discount”); and

 

WHEREAS,
the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee
shall hold the Property.

 

NOW
THEREFORE, IT IS AGREED:

 

1. Agreements
and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)
Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established
by the Trustee in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated
assets of $100 billion or more) in the United States, maintained by the Trustee and at a brokerage institution selected by the
Trustee that is reasonably satisfactory to the Company;

 

     

     

    

 

(b)
Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)
In a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States government
securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185
days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated
under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations, as determined
by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will
earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder and the trustee may earn
bank credits or other considerations;

 

(d)
Collect and receive, when due, all interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e)
Promptly notify the Company of all communications received by the Trustee with respect to any Property requiring action by the
Company;

 

(f)
Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with
the Company’s preparation of the tax returns relating to assets held in the Trust Account;

 

(g)
Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when
instructed by the Company to do so;

 

(h)
Render to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts
and disbursements of the Trust Account;

 

(i)
Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms
of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached
hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief
Executive Officer, President, Chief Financial Officer, Secretary or Chairman of the board of directors of the Company (the “Board”)
or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the
Trust Account, including interest not previously released to the Company to pay its franchise and income taxes (less up to $100,000
of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the
other documents referred to therein, or (y) upon the date which is the later of (1) 24 months after the closing of the Offering
(or 27 months from the closing of the Offering if the Company has executed a letter of intent, agreement in principle or definitive
agreement for a business combination within 24 months from the closing of the Offering) and (2) such later date as may be approved
by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation,
if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated
in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property
in the Trust Account, including interest not previously released to the Company to pay its franchise and income taxes (less up
to $100,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed to the Public Stockholders
of record as of such date;

 

    2

     

    

 

(j)
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account
and distribute to the Company the amount of interest earned on the Property requested by the Company to cover any income or franchise
tax obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which
amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the Company
shall forward such payment to the relevant taxing authority , so long as there is no reduction in the principal amount per share
initially deposited in the Trust Account; provided, however, that to the extent there is not sufficient
cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall
be designated by the Company in writing to make such distribution; provided, further, that if the tax
to be paid is a franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of
the franchise tax bill from the State of Delaware for the Company and a written statement from the principal financial officer
of the Company setting forth the actual amount payable. The written request of the Company referenced above shall constitute presumptive
evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request; 

 

(k)
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D (a “Stockholder Redemption Withdrawal Instruction”), the Trustee shall
distribute on behalf of the Company the amount requested by the Company to be used to redeem shares of Common Stock from Public
Stockholders properly submitted in connection with a stockholder vote to approve an amendment to the Company’s amended and
restated certificate of incorporation that would affect the substance or timing of the Company’s obligation to redeem 100%
of its public shares of Common Stock if the Company has not consummated an initial Business Combination within such time as is
described in the Company’s amended and restated certificate of incorporation. The written request of the Company referenced
above shall constitute presumptive evidence that the Company is entitled to distribute said funds, and the Trustee shall have
no responsibility to look beyond said request; and

 

(l)
Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), 1(j) or 1(k) above.

 

    3

     

    

 

2. Agreements
and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)
Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairperson of the Board, President,
Chief Executive Officer, Chief Financial Officer or Secretary. In addition, except with respect to its duties under Sections
1(i), 1(j) and 1(k) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying
on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be given by any
one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm
such instructions in writing;

 

(b)
Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all
expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action
taken by it hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim,
or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee
hereunder, or the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s
gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement
of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b),
it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”).
The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that
the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably
withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such
consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel;

 

(c)
Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration
fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly
understood that the Property shall not be used to pay such fees unless and until it is distributed to the Company pursuant to Sections
1(i) through 1(k) hereof. The Company shall pay the Trustee the initial acceptance fee and the first
annual administration fee at the consummation of the Offering. The Company shall not be responsible for any other fees or charges
of the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided in Section
2(b) hereof;

 

(d)
In connection with any vote of the Company’s stockholders regarding a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business
Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder
meeting verifying the vote of such stockholders regarding such Business Combination; 

 

    4

     

    

 

(e)
Provide the Representatives with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee
with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)
Unless otherwise agreed between the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit
A) delivered in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is
paid directly to the account or accounts directed by the Representative on behalf of the Underwriters prior to any transfer of
the funds held in the Trust Account to the Company or any other person;

 

(g)
Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the
Trustee to make any distributions that are not permitted under this Agreement; and

 

(h)
Within four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or
such over-allotment option expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount,
which shall in no event be less than $[    ].

 

3. Limitations
of Liability. The Trustee shall have no responsibility or liability to:

 

(a)
Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this
Agreement and that which is expressly set forth herein;

 

(b)
Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall
have no liability to any party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c)
Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding
of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as
provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident
thereto;

 

(d)
Refund any depreciation in principal of any Property;

 

(e)
Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless
provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the
Trustee;

 

(f)
The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or
omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful
misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion
or advice of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument,
report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but
also as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with
reasonable care, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by
any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless
evidenced by a written instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights
of the Trustee are affected, unless it shall give its prior written consent thereto;

 

    5

     

    

 

(g)
Verify the accuracy of the information contained in the Registration Statement;

 

(h)
Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as
contemplated by the Registration Statement;

 

(i)
File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic
written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned
on the Property; 

 

(j)
Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by,
and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company,
including, but not limited to, income tax obligations, except pursuant to Section 1(j) hereof; or

 

(k)
Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections
1(i), 1(j) and 1(k) hereof.

 

4. Trust
Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such
Claim solely against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust
Account.

 

5. Termination.
This Agreement shall terminate as follows:

 

(a)
If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such
time that the Company notifies the Trustee that a successor trustee has been appointed and has agreed to become subject to the
terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but
not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall
terminate; provided, however, that in the event that the Company does not locate a successor trustee within
ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property
deposited with any court in the State of New York or with the United States District Court for the Southern District of New York
and upon such deposit, the Trustee shall be immune from any liability whatsoever; or

 

    6

     

    

 

(b)
At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions
of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter,
this Agreement shall terminate except with respect to Section 2(b).

 

6. Miscellaneous.

 

(a)
The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect
to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information
relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason
to believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized
personnel. In executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including,
account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary
bank. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall
not be liable for any loss, liability or expense resulting from any error in the information or transmission of the funds.

 

(b)
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

 (c)
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof.
Except for Sections 1(i), 1(j) and 1(k) hereof (which sections may not be modified,
amended or deleted without the affirmative vote of sixty-five percent (65%) of the then outstanding shares of Common Stock and
shares of Class B common stock, par value $0.0001 per share, of the Company, voting together as a single class; provided that
no such amendment will affect any Public Stockholder who has properly elected to redeem his, her or its shares of Common Stock
in connection with a stockholder vote to approve an amendment to this Agreement that would affect the substance or timing of the
Company’s obligation to redeem 100% of its public shares of Common Stock if the Company does not complete its initial Business
Combination within the time frame specified in the Company’s amended and restated certificate of incorporation), this Agreement
or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing signed
by each of the parties hereto.

 

(d)
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State
of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING
TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY. 

 

    7

     

    

   

(e)
Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or by facsimile or email transmission:

 

if
to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

Email:
fwolf@continentalstock.com

Email:
cgonzalez@continentalstock.com 

 

if
to the Company, to:

 

Spartan
Acquisition Corp. II

9
West 57th Street, 43rd Floor

New
York, NY 10019

Attn:
[    ]

Email:
[    ]

 

in
each case, with copies to:

 

Vinson
& Elkins L.L.P.

1001
Fannin Street, Suite 2500

Houston,
Texas 77002

Attn:
Ramey Layne

Email:
rlayne@velaw.com

 

and

 

Citigroup
Global Markets Inc., Credit Suisse Securities (USA) LLC and Cowen and Company, LLC

 

Citigroup
Global Markets Inc.

388
Greenwich Street

New
York, New York 10013

Attn:
General Counsel

Facsimile:
(646) 291-1469 

Credit
Suisse Securities (USA) LLC

Eleven
Madison Avenue

New
York, New York 10010-3629

Attn:
IB-Legal

 

    8

     

    

 

Cowen
and Company, LLC

599
Lexington Avenue

New
York, New York 10022

Attn:
Head of Equity Capital Markets, with a copy to the General Counsel Investment Banking 

and

 

White
& Case LLP

1221
Avenue of the Americas

New
York, New York 10020

Attn:
Joel L. Rubinstein

Email:
joel.rubinstein@whitecase.com 

(f)
Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter
into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that
it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any
funds in the Trust Account under any circumstance.

 

(g)
Each of the Company and the Trustee hereby acknowledges and agrees that each of the Representatives, on behalf of the Underwriters,
is a third party beneficiary of this Agreement.

 

(h)
Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other
person or entity.

 

[Signature
Page Follows]

 

    9

     

    

 

IN
WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above.

 

	 	Continental Stock Transfer &
    Trust Company, as Trustee
	 	 	 
	 	By:	              
	 	 	Name: Francis Wolf
	 	 	Title:  Vice President

 

	 	Spartan Acquisition Corp. II
	 	 
	 	By:	              
	 	 	Name:
	 	 	Title:

  

[Signature
Page to Investment Management Trust Agreement] 

 

     

     

    

 

SCHEDULE
A

 

	Fee Item	 	Time and method of
 payment	 	Amount	 
	Initial set-up fee	 	Initial closing of Offering by wire transfer.	 	$	3,500.00	 
	Trustee administration fee	 	Payable annually. First year fee payable at initial closing of Offering by wire transfer; thereafter, payable by wire transfer or check.	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Sections 1(i), 1(j) and 1(k)	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 1	 	$	250.00	 
	Paying Agent services as required pursuant to Section 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	 	 	Prevailing rates	 

 

    Schedule A

     

    

 

EXHIBIT A

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account
    - Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Spartan Acquisition Corp. II (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [    ],
2020 (the “Trust Agreement”), this is to advise you that the Company has entered into an agreement with
[    ] (the “Target Business”) to consummate a business combination with Target
Business (the “Business Combination”) on or about [    ], 20[   
]. The Company shall notify you at least seventy-two (72) hours in advance of the actual date of the consummation of the Business
Combination (the “Consummation Date”). Capitalized terms used but not defined herein shall have the
meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust
Account, and to transfer the proceeds into the trust operating account at [    ] to the effect that, on the
Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or accounts
that the Company shall direct on the Consummation Date (including as directed to it by the Representative on behalf of the Underwriters
(with respect to the Deferred Discount)). It is acknowledged and agreed that while the funds are on deposit in the trust operating
account at [ ] awaiting distribution, the Company will not earn any interest or dividends.

 

On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has
been consummated, or will be consummated concurrently with your transfer of funds to the accounts as directed by the Company (the
“Notification”) and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer
of the Company, which verifies that the Business Combination has been approved by a vote of the Company’s stockholders,
if a vote is held and (b) a joint written instruction signed by the Company and the Representative with respect to the transfer
of the funds held in the Trust Account, including payment of amounts owed to public stockholders who have properly exercised their
redemption rights and payment of the Deferred Discount directly to the account or accounts directed by the Representative from
the Trust Account (the “Instruction Letter”). You are hereby directed and authorized to transfer
the funds held in the Trust Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance
with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by
the Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall direct you as
to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company. Upon the
distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust
Account, your obligations under the Trust Agreement shall be terminated.

 

    Exhibit A-1

     

    

 

In
the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have
not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written
instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c) of
the Trust Agreement on the business day immediately following the Consummation Date as set forth in such written instructions
as soon thereafter as possible.

 

	 	Very truly yours,
	 	 
	 	Spartan Acquisition Corp. II

 

	 	By:	              
	 	 	Name:
	 	 	Title:

 

    Exhibit A-2

     

    

 

EXHIBIT B

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account
    - Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Spartan Acquisition Corp. II (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [    ],
2020 (the “Trust Agreement”), this is to advise you that the Company has been unable to effect a business
combination with a Target Business within the time frame specified in the Company’s Amended and Restated Certificate of
Incorporation, as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined
herein shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account
on [    ], 20[    ] and to transfer the total proceeds into the trust operating account
at [    ] to await distribution to the Public Stockholders. The Company has selected [    ],
20[    ] as the effective date for the purpose of determining when the Public Stockholders will be entitled
to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity
as Paying Agent, agree to distribute said funds directly to the Public Stockholders in accordance with the terms of the Trust
Agreement and the Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all the funds, net
of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under
the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust
Agreement.

 

	 	Very truly yours,
	 	 
	 	Spartan Acquisition Corp. II

 

	 	By:	              
	 	 	Name:
	 	 	Title:

  

		cc:	Citigroup
Global Markets Inc.

Credit
Suisse Securities (USA) LLC 

Cowen
and Company, LLC 

  

    Exhibit B-1

     

    

 

EXHIBIT C

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account
    - Tax Payment Withdrawal Instruction

 

Dear
Mr. Wolf and Ms. Gonzalez: 

Pursuant
to Section 1(j) of the Investment Management Trust Agreement between Spartan Acquisition Corp. II (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [   
], 2020 (the “Trust Agreement”), the Company hereby requests that you deliver to the Company $[   
] of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have
the meanings set forth in the Trust Agreement.

 

The
Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance
with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly
upon your receipt of this letter to the Company’s operating account at:

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	Spartan Acquisition Corp. II
	 	 	 
	 	By:	              
	 	 	Name:
	 	 	Title:

 

		cc:	Citigroup
Global Markets Inc.

Credit
Suisse Securities (USA) LLC

Cowen
and Company, LLC

 

    Exhibit C-1

     

    

 

EXHIBIT D

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account
    - Stockholder Redemption Withdrawal Instruction

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(k) of the Investment Management Trust Agreement between Spartan Acquisition Corp. II (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [    ],
2020 (the “Trust Agreement”), the Company hereby requests that you deliver to the redeeming Public Stockholders
of the Company $[    ] of the principal and interest income earned on the Property as of the date hereof. Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The
Company needs such funds to pay its Public Stockholders who have properly elected to have their shares of Common Stock redeemed
by the Company in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate
of incorporation that affects the substance or timing of the Company’s obligation to redeem 100% of its public shares of
Common Stock if the Company has not consummated an initial Business Combination within such time as is described in the Company’s
amended and restated certificate of incorporation. As such, you are hereby directed and authorized to transfer (via wire transfer)
such funds promptly upon your receipt of this letter to the redeeming Public Stockholders in accordance with your customary procedures. 

 

	 	Very truly yours,
	 	 
	 	Spartan Acquisition Corp. II
	 	 
	 	By:	              
	 	 	Name:
	 	 	Title:

 

		cc:	Citigroup
Global Markets Inc.

Credit
Suisse Securities (USA) LLC

Cowen
and Company, LLC

 

 

Exhibit D-1Exhibit 10.4

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this
“Agreement”), dated as of [     ], 2020, is made and entered into by and among
Spartan Acquisition Corp. II, a Delaware corporation (the “Company”), Spartan Acquisition Sponsor II
LLC, a Delaware limited liability company (the “Sponsor”), and the undersigned parties listed under Holder
on the signature page hereto (each such party, together with the Sponsor and any person or entity who hereafter becomes a party
to this Agreement pursuant to Section 5.2 of this Agreement, a “Holder” and collectively
the “Holders”).

 

RECITALS

 

WHEREAS, the Sponsor, John M. Stice
and Jan C. Wilson own an aggregate of [     ] shares of the Company’s Class B common stock, par
value $0.0001 per share (the “Founder Shares”);

 

WHEREAS, the Founder Shares will
automatically convert into shares of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”), at the time of the Company’s initial Business Combination (as defined below) on a one-for-one basis,
subject to adjustment, on the terms and conditions provided in the Company’s amended and restated certificate of incorporation;

 

WHEREAS, on [     ],
2020, the Company and the Sponsor entered into that certain Private Placement Warrants Purchase Agreement, pursuant to which the
Sponsor agreed to purchase [     ] warrants (or [     ] warrants if the over-allotment
option in connection with the Company’s initial public offering is exercised in full) (the “Private Placement
Warrants”) in a private placement transaction occurring simultaneously with the closing of the Company’s initial
public offering; and

 

WHEREAS, the Company and the Holders
desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect
to certain securities of the Company, as set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

1.1. Definitions. The terms defined
in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:

 

“Adverse Disclosure”
shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief
Executive Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would
be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus
not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained
therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were
made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed,
and (iii) the Company has a bona fide business purpose for not making such information public.

 

“Agreement” shall
have the meaning given in the Preamble.

 

“Board” shall
mean the Board of Directors of the Company.

 

“Business Combination”
shall mean any merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination
with one or more businesses, involving the Company.

 

     

     

    

 

“Commission” shall
mean the Securities and Exchange Commission.

 

“Common Stock”
shall have the meaning given in the Recitals hereto.

 

“Company” shall
have the meaning given in the Preamble.

 

“Demand Registration”
shall have the meaning given in subsection 2.1.1 of this Agreement.

 

“Demanding Holder”
shall mean, (i) for purposes of a Demand Registration, any Holder or group of Holders, that together holds Registrable Securities
having an aggregate value of at least $25 million, at the time of the written demand, and (ii) for purposes of an Underwritten
Demand, any Holder or group of Holders, that together elects to dispose of Registrable Securities having an aggregate value of
at least $25 million, at the time of the Underwritten Demand, under a Registration Statement pursuant to an Underwritten Offering.

 

“Effectiveness Period”
shall have the meaning given in subsection 3.1.1 of this Agreement.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form S-3” shall
mean Form S-3 or any similar short-form registration statement that may be available at such time.

 

“Founder Shares”
shall have the meaning given in the Recitals hereto.

 

“Holder Indemnified Persons”
shall have the meaning given in subsection 4.1.1 of this Agreement.

 

“Holders” shall
have the meaning given in the Preamble.

 

“Maximum Number of Securities”
shall have the meaning given in subsection 2.1.4 of this Agreement.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration
Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances
under which they were made not misleading.

 

“Piggyback Registration”
shall have the meaning given in subsection 2.2.1 of this Agreement.

 

“Private Placement Warrants”
shall have the meaning given in the Recitals hereto.

 

“Pro Rata” shall
have the meaning given in subsection 2.1.4 of this Agreement.

 

“Prospectus” shall
mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable Security”
shall mean (a) the shares of Common Stock issued or issuable upon the conversion of any Founder Shares, (b) the Private
Placement Warrants (including any shares of Common Stock issued or issuable upon the exercise of any such Private Placement Warrants),
(c) any equity securities (including the shares of Common Stock issued or issuable upon the exercise of any such equity security)
of the Company issuable upon conversion of any working capital loans in an amount up to $1,500,000 made to the Company by a Holder,
(d) any outstanding share of Common Stock or any other equity security (including the shares of Common Stock issued or issuable
upon the exercise of any other equity security) of the Company held by a Holder as of the date of this Agreement and (e) any
other equity security of the Company issued or issuable with respect to any such share of Common Stock by way of a stock dividend
or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided,
however, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when:
(A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities
Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement;
(B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting
further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require
registration under the Securities Act; (C) such securities shall have ceased to be outstanding; or (D) such securities may
be sold without registration pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter
by the Commission) (but with no volume or other restrictions or limitations).

 

    2

     

    

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the
requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and any such registration
statement having been declared effective by, or become effective pursuant to rules promulgated by, the Commission.

 

“Registration Expenses”
shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(A) all registration and filing fees (including
fees with respect to filings required to be made with the Financial Industry Regulatory Authority and any securities exchange on
which the Common Stock is then listed);

 

(B) fees and expenses of compliance with
securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue
sky qualifications of Registrable Securities);

 

(C) printing, messenger, telephone and delivery
expenses;

 

(D) reasonable fees and disbursements of
counsel for the Company;

 

(E) reasonable fees and disbursements of
all independent registered public accountants of the Company incurred specifically in connection with such Registration; and

 

(F) reasonable fees and expenses of one
(1) legal counsel selected by the Demanding Holders initiating a Demand Registration or Underwritten Demand to be registered
for offer and sale in the applicable Registration or Underwritten Offering.

 

“Registration Statement”
shall mean any registration statement under the Securities Act that covers the Registrable Securities pursuant to the provisions
of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments)
and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.

 

“Requesting Holder”
shall have the meaning given in subsection 2.1.3 of this Agreement.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended from time to time.

 

“Sponsor” shall
have the meaning given in the Preamble.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part
of such dealer’s market-making activities.

 

“Underwritten Demand”
shall have the meaning given in subsection 2.1.3 of this Agreement.

 

“Underwritten Offering”
shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution
to the public.

 

    3

     

    

 

ARTICLE II

REGISTRATIONS

 

2.1. Demand Registration.

 

2.1.1 Request for Registration. Subject
to the provisions of subsection 2.1.4 and Section 2.3 of this Agreement, at any time and from time to time
on or after the date the Company consummates the Business Combination, any Demanding Holder may make a written demand for Registration
of all of the then-outstanding Registrable Securities and the Company shall file with the Commission, as soon as reasonably practicable,
but in no event later than sixty (60) days following the receipt of such written demand, a Registration Statement covering such
Registrable Securities (a “Demand Registration”). Such written demand will specify the intended methods
of distribution. The Company shall use its reasonable best efforts to cause such Registration Statement to be declared effective
by, or become effective pursuant to rules promulgated by, the Commission as soon as reasonably practicable after the initial filing
of the Registration Statement in accordance with Section 3.1 of this Agreement.

 

2.1.2 Effective Registration. Notwithstanding
the provisions of subsection 2.1.1 of this Agreement or any other part of this Agreement, a Registration pursuant to
a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission
with respect to a Registration pursuant to a Demand Registration has been declared effective by, or become effective pursuant to
rules promulgated by, the Commission and (ii) the Company has complied with all of its obligations under this Agreement with
respect thereto. The Company shall not be obligated or required to file another Registration Statement until the Registration Statement
that has been previously filed with respect to a Registration pursuant to a Demand Registration is subsequently terminated. Subject
to the limitations contained in this Agreement, the Company shall effect any Demand Registration on such appropriate registration
form of the Commission (x) as shall be selected by the Company and (y) as shall permit the disposition of the Registrable
Securities in accordance with the intended method or methods of disposition specified in the Demand Registration. If at any time
a Registration Statement on Form S-3 filed with the Commission pursuant to Section 2.1.1 of this Agreement is effective
and a Holder provides written notice to the Company that it intends to effect an offering of all or part of the Registrable Securities
included on such Registration Statement, the Company will amend or supplement such Registration Statement as may be necessary in
order to enable such offering to take place in accordance with the terms of this Agreement.

 

2.1.3 Underwritten Offering. Subject
to the provisions of subsection 2.1.4 and Section 2.3 of this Agreement, any Demanding Holder may make
a written demand for an Underwritten Offering pursuant to a Registration Statement filed with the Commission in accordance with
Section 2.1.1 of this Agreement (an “Underwritten Demand”). The Company shall, within ten (10)
days of the Company’s receipt of the Underwritten Demand, notify, in writing, all other Holders of such demand, and each
Holder who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in such Underwritten Offering
pursuant to an Underwritten Demand (each such Holder that includes all or a portion of such Holder’s Registrable Securities
in such Underwritten Offering, a “Requesting Holder”) shall so notify the Company, in writing, within
two (2) days (one (1) day if such offering is an overnight or bought Underwritten Offering) after the receipt by the Holder
of the notice from the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s), such
Requesting Holder(s) shall be entitled to have their Registrable Securities included in the Underwritten Offering pursuant to an
Underwritten Demand. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under
this subsection 2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected
for such Underwritten Offering by the Demanding Holders initiating the Underwritten Offering. Notwithstanding the foregoing, the
Company is not obligated to effect more than an aggregate of three (3) Underwritten Offerings pursuant to this subsection 2.1.3
and is not obligated to effect an Underwritten Offering pursuant to this subsection 2.1.3 within ninety (90) days after
the closing of an Underwritten Offering.

 

    4

     

    

 

2.1.4 Reduction of Underwritten Offering.
If the managing Underwriter or Underwriters in an Underwritten Offering pursuant to a Underwritten Demand, in good faith, advises
or advise the Company, the Demanding Holders, the Requesting Holders and other persons or entities holding Common Stock or other
equity securities of the Company that the Company is obligated to include pursuant to separate written contractual arrangements
with such persons or entities (if any) in writing that the dollar amount or number of Registrable Securities or other equity securities
of the Company requested to be included in such Underwritten Offering exceeds the maximum dollar amount or maximum number of equity
securities of the Company that can be sold in the Underwritten Offering without adversely affecting the proposed offering price,
the timing, the distribution method or the probability of success of such offering (such maximum dollar amount or maximum number
of such securities, as applicable, the “Maximum Number of Securities”), then the Company shall include
in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Requesting
Holders (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder
(if any) has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities that the Demanding
Holders and Requesting Holders have requested be included in such Underwritten Offering (such proportion is referred to herein
as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), Common Stock or other
equity securities of the Company that the Company desires to sell and that can be sold without exceeding the Maximum Number of
Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (i) and (ii), Common Stock or other equity securities of the Company held by other persons or entities that the
Company is obligated to include pursuant to separate written contractual arrangements with such persons or entities and that can
be sold without exceeding the Maximum Number of Securities.

 

2.1.5 Demand Registration Withdrawal.
The Demanding Holders initiating a Demand Registration pursuant to a Registration under subsection 2.1.1 of this Agreement
shall have the right to withdraw from such Registration pursuant to such Demand Registration for any or no reason whatsoever upon
written notification to the Company of their intention to withdraw from such Registration prior to the effectiveness of the Registration
Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration.
Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred
in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5.

 

2.2. Piggyback Registration.

 

2.2.1 Piggyback Rights. If, at any
time on or after the date the Company consummates a Business Combination, the Company proposes to (i) file a Registration Statement
under the Securities Act with respect to an offering of equity securities of the Company, or securities or other obligations exercisable
or exchangeable for, or convertible into equity securities of the Company, for its own account or for the account of stockholders
of the Company, other than a Registration Statement (A) filed in connection with any employee stock option or other benefit
plan, (B) for an exchange offer or offering of securities solely to the Company’s existing stockholders, (C) for
an offering of debt that is convertible into equity securities of the Company or (D) for a dividend reinvestment plan, or
(ii) consummate an Underwritten Offering for its own account or for the account of stockholders of the Company, then the Company
shall give written notice of such proposed action to all of the Holders of Registrable Securities as soon as practicable (but in
the case of filing a Registration Statement, not less than ten (10) days before the anticipated filing date of such Registration
Statement), which notice shall (x) describe the amount and type of securities to be included, the intended method(s) of distribution
and the name of the proposed managing Underwriter or Underwriters, if any, and (y) offer to all of the Holders of Registrable
Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing
within (a) five (5) days in the case of filing a Registration Statement and (b) two (2) days in the case of an Underwritten
Offering (unless such offering is an overnight or bought Underwritten Offering, then one (1) day), in each case after receipt of
such written notice (such Registration a “Piggyback Registration”). The Company shall, in good faith,
cause such Registrable Securities to be included in such Piggyback Registration and shall use its best efforts to cause the managing
Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant
to this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions as any similar
securities of the Company included in such Piggyback Registration and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to include Registrable
Securities in an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary
form with the Underwriter(s) selected for such Underwritten Offering by the Company.

 

    5

     

    

 

2.2.2 Reduction of Piggyback Registration.
If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration, in good faith,
advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that the dollar
amount or number of shares of the equity securities of the Company that the Company desires to sell, taken together with (i) the
shares of equity securities of the Company, if any, as to which Registration or Underwritten Offering has been demanded pursuant
to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder,
(ii) the Registrable Securities as to which Registration or Underwritten Offering has been requested pursuant to Section 2.2
of this Agreement and (iii) the shares of equity securities of the Company, if any, as to which Registration or Underwritten
Offering has been requested pursuant to separate written contractual piggyback registration rights of other stockholders of the
Company, exceeds the Maximum Number of Securities, then:

 

(a) If the Registration or Underwritten
Offering is undertaken for the Company’s account, the Company shall include in any such Registration or Underwritten Offering
(A) first, the Common Stock or other equity securities of the Company that the Company desires to sell, which can be sold
without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register
their Registrable Securities pursuant to subsection 2.2.1 of this Agreement, Pro Rata, which can be sold without exceeding
the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clauses (A) and (B), Common Stock or other equity securities of the Company, if any,
as to which Registration or Underwritten Offering has been requested pursuant to written contractual piggyback registration rights
of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities; or

 

(b) If the Registration or Underwritten
Offering is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall
include in any such Registration or Underwritten Offering (A) first, Common Stock or other equity securities of the Company,
if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding
the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable
Securities pursuant to subsection 2.2.1 of this Agreement, Pro Rata, which can be sold without exceeding the Maximum
Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (A) and (B), Common Stock or other equity securities of the Company that the Company desires to
sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), Common
Stock or other equity securities of the Company for the account of other persons or entities that the Company is obligated to register
pursuant to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum
Number of Securities.

 

2.2.3 Piggyback Registration Withdrawal.
Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever
upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw
from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect
to such Piggyback Registration. The Company (whether on its own good faith determination or as the result of a request for withdrawal
by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission
in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding
anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection
with the Piggyback Registration prior to its withdrawal under this subsection 2.2.3.

 

2.2.4 Unlimited Piggyback Registration
Rights. For purposes of clarity, any Registration or Underwritten Offering effected pursuant to Section 2.2 of
this Agreement shall not be counted as an Underwritten Offering pursuant to an Underwritten Demand effected under Section 2.1
of this Agreement.

 

2.3 Restrictions on Registration Rights.
If (A) the Holders have requested an Underwritten Offering pursuant to an Underwritten Demand and the Company and the Holders
are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (B) the Holders have requested a Demand
Registration or an Underwritten Offering pursuant to an Underwritten Demand and in the good faith judgment of the Board such Registration
or Underwritten Offering would be seriously detrimental to the Company and the Board concludes as a result that it is essential
to defer the filing of such Registration Statement or the undertaking of such Underwritten Offering at such time, then in each
case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating that in the good faith
judgment of the Board it would be seriously detrimental to the Company for such Registration Statement to be filed or to undertake
such Underwritten Offering in the near future and that it is therefore essential to defer the filing of such Registration Statement
or undertaking of such Underwritten Offering. In such event, the Company shall have the right to defer such filing or offering
for a period of not more than thirty (30) days; provided, however, that the Company shall not defer its obligation in this manner
more than once in any twelve (12)-month period.

 

    6

     

    

 

ARTICLE III

COMPANY PROCEDURES

 

3.1. General Procedures. If at any
time on or after the date the Company consummates a Business Combination the Company is required to effect the Registration of
Registrable Securities pursuant to this Agreement, the Company shall use its best efforts to effect such Registration to permit
the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the
Company shall, as expeditiously as possible and to the extent applicable:

 

3.1.1 prepare and file with the Commission
as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts
to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such
Registration Statement have been sold or are no longer outstanding (such period, the “Effectiveness Period”);

 

3.1.2 prepare and file with the Commission
such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be
reasonably requested by the Demanding Holders or any Underwriter or as may be required by the rules, regulations or instructions
applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the
Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance
with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus or are no longer
outstanding;

 

3.1.3 prior to filing a Registration Statement
or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters, if any, and the Holders of Registrable
Securities included in such Registration or Underwritten Offering, and such Holders’ legal counsel, copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits
thereto and documents incorporated by reference therein), the Prospectus (including each preliminary Prospectus) and such other
documents as the Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel for
any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Holders;
provided, that the Company will not have any obligation to provide any document pursuant to this clause that is available
on the Commission’s EDGAR system;

 

3.1.4 prior to any public offering of Registrable
Securities, use its best efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement
under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders of Registrable Securities
included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action
necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such
other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other
acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration
Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the
Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required
to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where
it is not then otherwise so subject;

 

3.1.5 cause all such Registrable Securities
to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then
listed;

 

3.1.6 provide a transfer agent or warrant
agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration Statement;

 

    7

     

    

 

3.1.7 advise each seller of such Registrable
Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission
suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose
and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop
order should be issued;

 

3.1.8 during the Effectiveness Period, furnish
a conformed copy of each filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus,
promptly after such filing of such documents with the Commission to each seller of such Registrable Securities or its counsel;
provided, that the Company will not have any obligation to provide any document pursuant to this clause that is available
on the Commission’s EDGAR system;

 

3.1.9 notify the Holders at any time when
a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of
any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement,
and then to correct such Misstatement as set forth in Section 3.4 of this Agreement;

 

3.1.10 permit a representative of the Holders,
the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person’s
own expense, in the preparation of the Registration Statement or the Prospectus, and cause the Company’s officers, directors
and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or accountant in
connection with the Registration; provided, however, that such representatives or Underwriters enter into a confidentiality
agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information;

 

3.1.11 obtain a comfort letter from the Company’s
independent registered public accountants in the event of an Underwritten Offering, in customary form and covering such matters
of the type customarily covered by comfort letters as the managing Underwriter may reasonably request, and reasonably satisfactory
to a majority-in-interest of the participating Holders;

 

3.1.12 on the date the Registrable Securities
are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel representing the Company for
the purposes of such Registration, addressed to the placement agent or sales agent, if any, and the Underwriters, if any, covering
such legal matters with respect to the Registration in respect of which such opinion is being given as the placement agent, sales
agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters, and
reasonably satisfactory to such placement agent, sales agent or Underwriter;

 

3.1.13 in the event of any Underwritten Offering,
enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing Underwriter
of such offering;

 

3.1.14 make available to its security holders,
as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the
first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies
the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter
by the Commission);

 

3.1.15 use its reasonable efforts to make
available senior executives of the Company to participate in customary “road show” presentations that may be reasonably
requested by the Underwriter in any Underwritten Offering; and

 

3.1.16 otherwise, in good faith, cooperate
reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with such Registration.

 

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3.2. Registration Expenses. The Registration
Expenses in respect of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall
bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and
discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,”
all reasonable fees and expenses of any legal counsel representing the Holders.

 

3.3. Requirements for Participation in
Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities of the Company pursuant
to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities
on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary
questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may
be reasonably required under the terms of such underwriting arrangements.

 

3.4 Suspension of Sales; Adverse Disclosure.
Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the
Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it has received copies of a supplemented
or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such
supplement or amendment as soon as practicable after the time of such notice), or until he, she or it is advised in writing by
the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration
Statement in respect of any Registration or Underwritten Offering at any time would require the Company to make an Adverse Disclosure
or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons
beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Holders, delay the
filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event
more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose. In the event the Company
exercises its rights under the preceding sentences in this Section 3.4, the Holders agree to suspend, immediately upon their
receipt of the notices referred to in this Section 3.4, their use of the Prospectus relating to any Registration in connection
with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any
period during which it exercised its rights under this Section 3.4.

 

3.5 Reporting Obligations. As long
as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange
Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports
required to be filed by the Company after the date hereof pursuant to Section 13(a) or 15(d) of the Exchange Act. The Company
further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from
time to time to enable such Holder to sell shares of Registrable Securities held by such Holder without registration under the
Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor
rule promulgated thereafter by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company
shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.

 

ARTICLE IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1. Indemnification.

 

4.1.1 The Company agrees to indemnify, to
the extent permitted by law, each Holder of Registrable Securities, its officers and directors and each person who controls such
Holder (within the meaning of the Securities Act) (collectively, the “Holder Indemnified Persons”) against
all losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees and inclusive of all reasonable
attorneys’ fees arising out of the enforcement of each such persons’ rights under this Section 4.1) resulting
from any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary
Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading,
except insofar as the same are caused by or contained in any information furnished in writing to the Company by or on behalf of
such Holder Indemnified Person specifically for use therein.

 

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4.1.2 In connection with any Registration
Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company in writing such
information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus
and, to the extent permitted by law, shall, severally and not jointly, indemnify the Company, its directors and officers and agents
and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities
and expenses (including reasonable attorneys’ fees and inclusive of all reasonable attorneys’ fees arising out of the
enforcement of each such persons’ rights under this Section 4.1) resulting from any untrue or alleged untrue statement
of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, but only to the extent that the same are
made in reliance on and in conformity with information relating to the Holder so furnished in writing to the Company by or on behalf
of such Holder specifically for use therein. In no event shall the liability of any selling Holder hereunder be greater in amount
than the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement giving
rise to such indemnification obligation.

 

4.1.3 Any person entitled to indemnification
herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification
(provided that the failure to give prompt notice shall not impair any person’s right to indemnification hereunder
to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim
or there may be reasonable defenses available to the indemnified party that are different from or additional to those available
to the indemnifying party, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory
to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party
who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of
more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable
judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified
parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry
of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is
so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such
claim or litigation.

 

4.1.4 The indemnification provided for under
this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party
or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities.

 

4.1.5 If the indemnification provided under
Section 4.1 of this Agreement is held by a court of competent jurisdiction to be unavailable to an indemnified party
in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of
indemnifying the indemnified party, shall to the extent permitted by law contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and indemnified party shall be determined by a court of law by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by such indemnifying party or such indemnified party and the indemnifying party’s and
indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action;
provided, however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount
of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party
as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth
in subsections 4.1.1, 4.1.2 and 4.1.3 of this Agreement, any legal or other fees, charges or expenses
reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not
be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation or by
any other method of allocation, which does not take account of the equitable considerations referred to in this subsection 4.1.5.
No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution pursuant to this subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation.

 

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ARTICLE V

MISCELLANEOUS

 

5.1 Notices. Any notice or communication
under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified,
postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service providing
evidence of delivery or (iii) transmission by hand delivery, telecopy, telegram, facsimile or email. Each notice or communication
that is mailed, delivered or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received,
in the case of mailed notices, on the third (3rd) business day following the date on which it is mailed, in the case of notices
delivered by courier service, hand delivery, telecopy or telegram, at such time as it is delivered to the addressee (with the delivery
receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation, and in the case
of notices delivered by facsimile or email, at such time as it is successfully transmitted to the addressee. Any notice or communication
under this Agreement must be addressed, if to the Company or the Sponsor, to: 9 West 57th Street, 43rd Floor, New York, NY 10019,
or by email at: gstrong@apollo.com, and, if to any Holder, to the address of such Holder as it appears in the applicable register
for the Registrable Securities or such other address as may be designated in writing by such Holder (including on the signature
pages hereto). Any party may change its address for notice at any time and from time to time by written notice to the other parties
hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as provided in this Section 5.1.

 

5.2 Assignment; No Third Party Beneficiaries.

 

5.2.1 This Agreement and the rights, duties
and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in part.

 

5.2.2 This Agreement and the provisions hereof
shall be binding upon and shall inure to the benefit of each of the parties and its successors.

 

5.2.3 This Agreement shall not confer any
rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this Agreement and Section
5.2 of this Agreement.

 

5.2.4 No assignment by any party hereto of
such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the
Company shall have received (i) written notice of such assignment as provided in Section 5.1 of this Agreement
and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms
and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer
or assignment made other than as provided in this Section 5.2 shall be null and void.

 

5.3 Counterparts. This Agreement
may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original,
and all of which together shall constitute the same instrument, but only one of which need be produced.

 

5.4 Governing Law; Venue. NOTWITHSTANDING
THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED
INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION.

 

    11

     

    

 

5.5 Amendments and Modifications.
Upon the written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities at the
time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or
any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the
foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in his, her or its capacity as a holder
of the shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity)
shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party
hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement
shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or
remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder
or thereunder by such party.

 

5.6 Other Registration Rights. The
Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right to require the Company
to register any securities of the Company for sale or to include such securities of the Company in any Registration filed by the
Company for the sale of securities for its own account or for the account of any other person. Further, the Company represents
and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions
and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

 

5.7 Term. This Agreement shall terminate
upon the earlier of (i) the tenth (10th) anniversary of the date of this Agreement and (ii) with respect to any Holder, the
date as of which such Holder ceases to hold any Registrable Securities. The provisions of Article IV shall survive any termination.

 

[SIGNATURE PAGES FOLLOW]

 

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IN WITNESS WHEREOF, the undersigned
have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	SPARTAN ACQUISITION CORP. II,
	 	a Delaware corporation

 

	 	By:	                     
	 	 	Name: 	Geoffrey Strong
	 	 	Title:	Chief Executive Officer

 

	 	HOLDERS:
	 	 
	 	SPARTAN ACQUISITION SPONSOR II LLC,
	 	a Delaware limited liability company

 

	 	By:	                     
	 	 	Name: 	Geoffrey Strong
	 	 	Title:	Chief Executive Officer

 

	 	 
	 	John M. Stice
	 	 
	 	 
	 	Jan C. Wilson

 

[Signature Page to Registration Rights
Agreement]

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