Document:

Exhibit 10.6

 

EXECUTION VERSION

 

DIRECTOR NOMINATION AGREEMENT

 

This Director Nomination Agreement
(this “Agreement”), dated as of July 12, 2021, is entered into by and among Ivanhoe Capital Acquisition Corp.,
a Cayman Islands exempted company (“Parent”), SES Holdings Pte. Ltd., a Singapore private company limited by shares
(the “Company”), and General Motors Ventures LLC, a Delaware limited liability company (“GM”). Each
of Parent, the Company and GM may be referred to herein as a “Party” and collectively as the “Parties”.
Except as otherwise indicated, capitalized terms used but not defined herein shall have the meanings set forth in Section 2
of this Agreement.

 

RECITALS

 

WHEREAS, pursuant to that
certain Business Combination Agreement, dated as of July 12, 2021 (the “Business Combination Agreement”), by and
among Parent, Wormhole Merger Sub Pte. Ltd., a Singapore private company limited by shares and wholly owned subsidiary of Parent (“Amalgamation
Sub”), and the Company, Amalgamation Sub and the Company will amalgamate, the separate existence of Amalgamation Sub will thereupon
cease, and the Company will become a wholly owned subsidiary of Parent;

 

WHEREAS, pursuant to the Business
Combination Agreement, the equity securities of the Company issued and outstanding immediately prior to Closing will be exchanged for
equity securities of Parent upon the terms of and subject to the conditions set forth in the Business Combination Agreement; and

 

WHEREAS, in connection with
the transactions contemplated by the Business Combination Agreement, the Parties wish to set forth their understandings with respect to
certain director nomination rights following the Effective Time.

 

AGREEMENT

 

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

 

Section 1. Board of
Directors.

 

(a) Subject to the terms
and conditions of this Agreement, from and after the Effective Time, GM or its Affiliates shall have the right to nominate one (1) person
(including any successor, each, a “Nominee”) for election to the board of directors of Parent (the “Board”)
as provided in Section 1(c) below in connection with the annual or special meeting of stockholders of Parent, as the
case may be, in which members of the Board are to be elected (each, a “Meeting”), by giving written notice to Parent
not later than ten days after notice of the date of such Meeting is provided to GM; provided, however, that the Board
as of the Effective Time shall include the GM Director (as defined herein) as set forth in Section 1(b) below.

 

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(b) The Parties shall take
all necessary actions within their control, including but not limited to calling a meeting of the Board or executing an action by unanimous
written consent of the Board, such that, as of the Effective Time, the GM Director (as defined below) (who shall be Matthew Tsien) will
be appointed to the Board as a Class II Director with a term ending at Parent’s 2022 Annual Meeting.

 

(c) Subject to the terms
and conditions of this Agreement, from and after the Effective Time, the Parties shall, as promptly as reasonably practicable, take all
necessary and desirable actions within their control (including, without limitation, calling special meetings of the Board and the stockholders
and recommending, supporting and soliciting proxies), so that, for so long as GM (together with its Affiliates) Beneficially Owns at least
five percent (5%) of the fully diluted equity securities of Parent at any time, GM and its Affiliates shall have the right to nominate
one (1) Class II Director to the Board (the “GM Director”). At such time as GM (together with its Affiliates)
ceases to Beneficially Own at least five percent (5%) of the fully diluted equity securities of Parent, GM and its Affiliates shall cause
the GM Director to promptly furnish his or her resignation to the Board, which the Board may accept or reject in its sole discretion.

 

(d) Subject to the terms
and conditions of this Agreement, from and after the Effective Time, the Parties shall take all necessary actions within their control
to ensure that: (i) the Nominee is included in the Board’s slate of nominees to the stockholders of Parent for each election
of Directors and recommended by the Board at any meeting of stockholders called for the purpose of electing directors; and (ii) the
Nominee up for election is included in the proxy statement prepared by management of Parent in connection with Parent’s solicitation
of proxies or consents in favor of the foregoing for every meeting of the stockholders of Parent called with respect to the election of
members of the Board, and at every adjournment or postponement thereof, and on every action or approval by written resolution of the stockholders
of Parent or the Board with respect to the election of members of the Board.

 

(e) If a vacancy occurs
because of the death, disability, disqualification, resignation or removal of the GM Director for any other reason and GM is otherwise
entitled to have a Nominee serve on the Board pursuant to this Agreement, then GM shall be entitled to designate such person’s successor,
and the Parties shall, within ten days of such designation, take all necessary actions within their control such that such vacancy shall
be filled with such successor designee, it being understood that any such successor designee shall serve the remainder of the term of
the GM Director whom such designee replaces. Notwithstanding anything to the contrary, the director position for such GM Director shall
not be filled pending such designation and appointment, unless GM fails to designate such replacement for more than fifteen (15) days,
after which Parent may appoint an interim successor Director (an “Interim Director”) until GM makes such designation.

 

(f) If the Nominee is not
elected because of such Nominee’s death, disability, disqualification, withdrawal as a nominee or for any other reason and GM is
otherwise entitled to have a Nominee serve on the Board pursuant to this Agreement, GM or any of its Affiliates shall be entitled to nominate
promptly another Nominee and the Parties shall take all necessary actions within their control such that the director position for which
such Nominee was nominated shall not be filled pending such nomination or the size of the Board shall be increased by one and such vacancy
shall be filled with such successor Nominee within ten days of such nomination. Notwithstanding anything to the contrary, the director
position for which such Nominee was nominated shall not be filled pending such nomination and appointment, unless GM fails to nominate
such Nominee for more than fifteen (15) days, after which Parent may appoint an Interim Director who may serve as a director if duly elected
until GM makes such nomination.

 

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(g) The GM Director, if
not an employee or Affiliate of GM, shall be entitled to compensation consistent with the compensation received by other non-employee
Directors, including any fees and equity awards. In addition, Parent shall pay the reasonable, documented out-of-pocket expenses incurred
by the GM Director on the same terms and conditions as other non-employee Directors in connection with the GM Director’s services
provided to or on behalf of Parent, including attending meetings or events attended on behalf of Parent at Parent’s request.

 

(h) Parent shall (i) purchase
directors’ and officers’ liability insurance in an amount and pursuant to terms determined by the Board to be reasonable and
customary and (ii) for so long as the GM Director nominated to the Board pursuant to the terms of this Agreement serves as a Director
of Parent, maintain such coverage for the benefit of the GM Director.

 

(i) For so long as the
GM Director serves as a Director of Parent, Parent shall not amend, alter or repeal any right to indemnification or exculpation covering
or benefiting any such Director, as applicable, nominated pursuant to this Agreement as and to the extent consistent with applicable Law,
including but not limited to any such rights to indemnification or exculpation in Parent’s Organizational Documents (except to the
extent such amendment or alteration permits Parent to provide broader indemnification or exculpation rights, in the aggregate and on an
individual basis, on a retroactive basis, than permitted prior thereto).

 

(j) Parent acknowledges
and agrees that the GM Director may share any information concerning Parent and its subsidiaries received by the GM Director, from or
on behalf of Parent or its designated representatives, with GM, its Affiliates and their designated representatives; provided,
however, that GM and such of its Affiliates and their designated representatives receiving any such information shall be required
to execute and deliver to Parent an agreement to abide by all Parent policies applicable to members of the Board and a confidentiality
agreement reasonably acceptable to Parent to protect confidential information of Parent or confidential information of third parties that
Parent is required to hold in confidence, or for other similar reasons; provided, further, that the GM Director shall not
share any such information if Parent informs such Director that such sharing could be reasonably expected to compromise or otherwise adversely
affect Parent’s and/or its Affiliates’ ability to assert any attorney-client privilege.

 

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(k) Any Nominee will be
subject to Parent’s customary due diligence process, including its review of a completed questionnaire and a background check. Based
on the foregoing, Parent may reasonably object to any Nominee (i) provided it does so in good faith and (ii) solely to the extent
such objection is based upon any of the following: (1) such Nominee was convicted in a criminal Legal Proceeding or is a named subject
of a pending criminal Legal Proceeding (excluding traffic violations, misdemeanors and other minor offenses); (2) such Nominee was
the subject of any order, judgment, or decree not subsequently reversed, suspended or vacated of any court of competent jurisdiction,
permanently or temporarily enjoining such proposed director from, or otherwise limiting, the following activities: (A) engaging in
any type of business practice relevant to the Company’s business, or (B) engaging in any activity in connection with the purchase
or sale of any security or in connection with any violation of federal or state securities laws; (3) such Nominee was the subject
of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending
or otherwise limiting for more than sixty (60) days the right of such person to engage in any activity described in clause (2)(B), or
to be associated with persons engaged in such activity; (4) such Nominee was found by a court of competent jurisdiction in a civil
action or by the SEC to have violated any federal or state securities law, and the judgment in such civil action or finding by the SEC
has not been subsequently reversed, suspended or vacated; (5) such Nominee was the subject of, or a party to any federal or state
judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to a violation
of any federal or state securities laws or regulations; or (6) such Nominee would not otherwise be qualified under any applicable
Law to serve as a director of the Company. In the event the Board reasonably finds the Nominee to be unsuitable based upon one or more
of the foregoing clauses (1) through (6) and reasonably objects to the identified director, GM and its Affiliates shall be entitled
to propose a different nominee to the Board within thirty (30) days of Parent’s notice to GM of its objection to the Nominee and
such replacement Nominee shall be subject to the review process outlined above.

 

Section 2. Definitions.

 

“Affiliate”
means, with respect to any specified Person, any Person that, directly or indirectly, controls, is controlled by, or is under common control
with, such specified Person, through one or more intermediaries or otherwise.

 

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

 

“Amalgamation Sub”
has the meaning set forth in the recitals.

 

“Annual Meeting”
means any meeting of the stockholders of Parent held for the purpose of electing the Directors of Parent.

 

“Beneficially Own”
has the meaning ascribed to it in Section 13(d) of the Securities Exchange Act of 1934, as amended.

 

“Board” has
the meaning set forth in Section 1(a).

 

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

 

“Business Day”
means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York or Singapore are authorized or
required by Law to close.

 

“Class II Director”
has the meaning set forth in the Certificate of Incorporation of Parent.

 

“Closing”
has the meaning ascribed to it in the Business Combination Agreement.

 

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

 

“Director”
means a member of the Board until such individual’s death, disability, disqualification, resignation or removal.

 

“Effective Time”
has the meaning ascribed to it in the Business Combination Agreement.

 

“GM” has
the meaning set forth in the preamble.

 

“GM Director”
has the meaning set forth in Section 1(c).

 

“Interim Director”
has the meaning set forth in Section 1(e).

 

“Law” has
the meaning ascribed to it in the Business Combination Agreement.

 

“Legal Proceeding”
has the meaning ascribed to it in the Business Combination Agreement.

 

“Meeting”
has the meaning set forth in Section 1(a).

 

“Nominee”
has the meaning set forth in Section 1(a).

 

“Organizational Documents”
means Parent’s certificate of incorporation and bylaws, as in effect at the Effective Time, as the same may be amended from time
to time.

 

“Parent”
has the meaning set forth in the preamble.

 

“Party” has
the meaning set forth in the preamble.

 

“Person”
means any individual, firm, corporation, partnership, limited liability Parent, incorporated or unincorporated association, joint venture,
joint stock Parent, governmental agency or instrumentality or other entity of any kind.

 

“SEC” means
the Securities and Exchange Commission.

 

Section 3. Assignment;
Benefit of Parties. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors,
legal representatives and assignees for the uses and purposes set forth and referred to herein. None of the Parties shall have the right
to assign any of its rights or obligations hereunder without the prior written consent of the other Parties. Nothing herein contained
shall confer or is intended to confer on any third party or entity that is not a party to this Agreement any rights under this Agreement.

 

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Section 4. Remedies.
The Parties shall be entitled to enforce their rights under this Agreement specifically, to recover damages by reason of any breach of
any provision of this Agreement and to exercise all other rights existing in their favor. The Parties agree and acknowledge that a breach
of this Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition
to other rights and remedies hereunder, the Parties shall be entitled to seek specific performance and/or injunctive or other equitable
relief (without posting a bond or other security) from any court of Law or equity of competent jurisdiction in order to enforce or prevent
any violation of the provisions of this Agreement.

 

Section 5. Notices.
All notices, demands, requests, instructions, claims, consents, waivers and other communications to be given or delivered under or by
reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (a) when personally delivered
(or, if delivery is refused, upon presentment), received by fax or email (with hard copy to follow) prior to 5:00 p.m. Eastern Time
on a Business Day or delivery by reputable overnight express courier (charges prepaid) or (b) three (3) days following mailing
by certified or registered mail, postage prepaid and return receipt requested. Unless another address is specified in writing, notices,
demands and communications to a Party shall be sent to the addresses indicated below:

 

		(a)	if to Parent or Amalgamation Sub, to:

 

Ivanhoe Capital Acquisition Corp. 

1177 Avenue of the Americas 5th Floor 

New
York, NY 10036

		Attention:	Andrew Boyd

		E-mail:	andy@bramaleapartners.com

 

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

 

Kirkland & Ellis LLP 

609 Main Street 

Houston, Texas 77002 

		Attention:	Sean T. Wheeler, P.C.
	 	 	Debbie
Yee, P.C.
	 	 	Travis J. Distaso
	 	E-mail:	sean.wheeler@kirkland.com
	 	 	debbie.yee@kirkland.com
	 	 	travis.distaso@kirkland.com

 

		(b)	if to the Company, prior to the Closing, to:

 

1 Robinson Road 

#18-00 AIA Tower 

Singapore 048542 

		Attention:	Qichao Hu, Chief Executive Officer
	 	 	Joanne Ban, Chief Legal Officer

		E-mail:	qichao@ses.ai
	 	 	jban@ses.ai

 

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

 

White & Case LLP 

1221 Avenue of the Americas 

New York, New York 10020-1095 

		Attention:	Chang-Do Gong
	 	 	Joel Rubinstein
	 	 	Jonathan Rochwarger

		E-mail:	cgong@whitecase.com
	 	 	joel.rubinstein@whitecase.com
	 	 	jonathan.rochwarger@whitecase.com

 

(c) if to GM, to:

 

General Motors
Holdings LLC 

300 Renaissance
Center 

Detroit, MI 48265 

		Attention:	Assistant General Counsel – Corporate Finance and Global Innovation
	 	 	elena.centeio@gm.com

 

General Motors
Ventures LLC 

Mail Code 480-106-RA1 

30470 Harley Earl
Boulevard 

Warren, MI 48092 

		Attention:	President
	 	 	matt.tsien@gm.com

 

Section 6. No Strict
Construction. The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual
intent, and no rule of strict construction shall be applied against any Party.

 

Section 7. No Third-Party
Beneficiaries. Nothing in this Agreement, express or implied, is intended or shall be construed to confer upon, or give to, any Person
other than the Parties and their respective successors and assigns any remedy or claim under or by reason of this Agreement or any terms,
covenants or conditions hereof, and all of the terms, covenants, conditions, promises and agreements contained in this Agreement shall
be for the sole and exclusive benefit of the Parties and their respective successors and assigns.

 

Section 8. Further
Assurances. Each of the Parties hereby agrees that it will hereafter execute and deliver any further document, agreement, instruments
of assignment, transfer or conveyance as may be necessary or desirable to effectuate the purposes hereof.

 

Section 9. Counterparts.
This Agreement may be executed in one or more counterparts, and may be delivered by means of facsimile or electronic transmission in portable
document format, each of which shall be deemed to be an original and shall be binding upon the Party who executed the same, but all of
such counterparts shall constitute the same agreement.

 

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Section 10. Governing
Law. The Law of the State of Delaware shall govern (a) all claims or matters related to or arising from this Agreement (including
any tort or non-contractual claims) and (b) any questions concerning the construction, interpretation, validity and enforceability
of this Agreement, and the performance of the obligations imposed by this Agreement, in each case without giving effect to any choice-of-law
or conflict-of-law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application
of the Law of any jurisdiction other than the State of Delaware.

 

Section 11. Jurisdiction;
WAIVER OF TRIAL BY JURY. Each of the Parties submits to the exclusive jurisdiction of first, the Court of Chancery of the State of
Delaware or if such court declines jurisdiction, then to the federal court sitting in the State of Delaware, in any action or Legal Proceeding
arising out of or relating to this Agreement, agrees that all claims in respect of the action or Legal Proceeding shall be heard and determined
in any such court and agrees not to bring any Legal Proceeding arising out of or relating to this Agreement in any other courts. Nothing
in this Section 11, however, shall affect the right of any Party to serve legal process in any other manner permitted by Law
or at equity. Each Party agrees that a final judgment in any Legal Proceeding so brought shall be conclusive and may be enforced by suit
on the judgment or in any other manner provided by Law or at equity. Each party to this Agreement
hereby IRREVOCABLY waives all rights to trial by jury in any action, suit or LEGAL Proceeding brought to resolve any dispute between or
among any of the parties (whether arising in contract, tort or otherwise) arising out of, connected with, related or incidental to this
Agreement, the transactions contemplated hereby and/or the relationships established among the parties hereunder. THE PARTIES HERETO FURTHER
WARRANT AND REPRESENT THAT EACH HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY
TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

Section 12. Entire
Agreement. This Agreement, together with the Business Combination Agreement, the agreements referenced herein and the other agreements
entered into in connection with the consummation of the transactions contemplated by the Business Combination Agreement, constitute the
entire agreement among the Parties relating to the transactions contemplated hereby and supersede any other agreements, whether written
or oral, that may have been made or entered into by or among any of the Parties or any of their respective subsidiaries relating to the
transactions contemplated hereby.

 

Section 13. Severability.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this
Agreement shall remain in full force and effect. The Parties further agree that if any provision contained herein is, to any extent, held
invalid or unenforceable in any respect under the Laws governing this Agreement, the remaining provisions of this Agreement shall be reformed,
construed and enforced to the fullest extent permitted by Law and to the extent necessary to give effect to the intent of the Parties.

 

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Section 14. Amendment
and Waiver. Except as otherwise provided herein, no modification, amendment or waiver of any provision of this Agreement shall be
effective against the Parties unless such modification is approved in writing by the Parties. The failure of any Party to enforce any
of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such
Party thereafter to enforce each and every provision of this Agreement in accordance with its terms.

 

Section 15. Termination.
Notwithstanding anything to the contrary contained herein, this Agreement shall expire and terminate automatically upon the earlier of
(i) the termination of the Business Combination Agreement by the parties thereto in accordance with the terms thereof or (ii) following
the Effective Time, the time, if any, when GM (together with their respective Affiliates and permitted assignees) ceases to Beneficially
Own at least five percent (5%) of the fully diluted equity securities of Parent; provided, however, that Sections 1(h) through
(i), Sections 2 through 7, Sections 10 through 14, this Section 15 and Section 16
shall survive the termination of this Agreement.

 

Section 16. Enforcement.
Each of the Parties covenant and agree that the disinterested Directors of the Board have the right to enforce, waive or take any other
action with respect to this Agreement on behalf of Parent.

 

[Signature pages follow]

 

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IN WITNESS WHEREOF, the Parties
have executed this Agreement as of the Effective Time.

 

	 	IVANHOE CAPITAL ACQUISITION CORP.
	 	 
	 	 
	 	 
	 	By:	/s/ Robert Friedland
	 	 	Name: Robert Friedland
	 	 	Title: Chairman and Chief Executive Officer
	 	 
	 	 
	 	 
	 	SES HOLDINGS PTE. LTD.
	 	 
	 	 
	 	 
	 	By:	/s/ Qichao Hu
	 	 	Name: Qichao Hu
	 	 	Title: Founder and CEO
	 	 
	 	 
	 	 
	 	General Motors Ventures
LLC
	 	 
	 	 
	 	 
	 	By:	/s/ Matthew Tsien
	 	 	Name: Matthew Tsien
	 	 	Title: President

 

[Signature
Page to Director Nomination Agreement]Exhibit 10.7

 

EXECUTION VERSION

 

BOARD OBSERVATION AGREEMENT

 

This Board Observation Agreement
(this “Agreement”), dated July 12, 2021, is entered into by and between Hyundai Motor Company (the “Holder”), Ivanhoe
Capital Acquisition Corp., a Cayman Islands exempted limited company (the “Company”), and SES Holdings Pte. Ltd., a
Singapore private company limited by shares (“SES”). Each of the Holder and the Company are referred to in this Agreement
individually as a “Party” and collectively as the “Parties.” Capitalized terms used but not defined
in this Agreement shall have the meaning given to such terms in the Business Combination Agreement (as defined below).

 

WHEREAS, concurrently with
the execution of this Agreement, the Company is entering into a business combination agreement (the “Business Combination Agreement”)
by and among the Company, Wormhole Merger Sub Pte. Ltd., a Singapore private company limited by shares and wholly owned subsidiary of
the Company (“Amalgamation Sub”), and SES;

 

WHEREAS, pursuant to the Business
Combination Agreement, the equity securities of SES issued and outstanding immediately prior to the Closing will be exchanged for equity
securities of the Company upon the terms of and subject to the conditions set forth in the Business Combination Agreement;

 

WHEREAS, SES is a party to
that certain Second Amended and Restated Investors’ Rights Agreement, dated as of May 12, 2021 (the “Series D+
IRA”), whereby, subject to the terms and conditions of the Series D+ IRA, SES has agreed to afford Holder a continuing
right, after the consummation of the Business Combination, to cause a representative of Holder (or, at the Holder’s discretion,
a representative of Kia Corporation) to attend in a nonvoting observer capacity all meetings of the board of directors of SES, or other
governing body of the surviving company, after the consummation of the Business Combination; and

 

WHEREAS, in connection with
the consummation of the Business Combination, the Holder and the Company wish to set forth certain understandings among the Parties, including
with respect to certain corporate governance matters.

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Parties hereby agree as follows:

 

Article I

 

BOARD
OBSERVER

 

Section 1.01      Appointment
of Board Observer. From and after the Effective Time (as defined in the Business Combination Agreement), and for so long as the
Holder and its Affiliates collectively beneficially own (directly or indirectly) at least 2% of the issued and outstanding Company Common
Stock determined on a fully diluted basis (after giving effect to any stock split, stock dividend or other recapitalization), the Holder
shall be entitled to designate, in the Holder’s sole discretion and by delivery of written notice to the Company (identifying such
individual by name, title and employer), one individual to act in the role of a non-voting observer (the “Board Observer”)
to the Board of Directors of the Company (the “Board”). The Holder shall promptly notify the Company in writing if
any Board Observer is no longer qualified to serve as a Board Observer hereunder or if the Holder in its sole discretion determines to
remove or replace the Board Observer pursuant to Section 1.03(b) below.

 

Section 1.02     Rights
of Board Observer. (a)  Subject to the exceptions set forth herein, the Board Observer shall have the right to attend
all meetings (including telephonically) of the Board, and the Company shall give the Board Observer copies of all notices, minutes, consents
and other materials that it provides to the Board and any committee of the Board (the “Board Material”).

 

     

     

    

 

(b)          Notwithstanding
the foregoing, the Company reserves the right to withhold any information and to exclude the Board Observer from any portion of a meeting
of the Board (but not the entire meeting) if (i) access to such information or attendance at such portion of the meeting could adversely
affect the attorney-client privilege between the Company and its counsel, serve to waive the work product doctrine or any other similarly
protective privilege or doctrine, or result in disclosure of trade secrets or a breach of any contractual obligation of confidentiality
binding on the Company or any of its Subsidiaries, (ii)  the relevant Board Materials or discussion relates to the relationship (contractual
or otherwise), including any potential transactions, between the Company and/or its Affiliates with the Holder and/or its Affiliates,
or (iii) necessary or appropriate in furtherance of the Board discharging its fiduciary duties. For the avoidance of doubt, should
the Board Observer be limited from access to any information or attendance during a portion of the meeting of the Board due to (i), (ii) or
(iii), the Board Observer shall be entitled to the rest of the information provided to the full Board for such meeting and to attend the
remainder of the meeting unless the sole purpose of the Board meeting was to consider the matters described in clauses (i), (ii) or
(iii) above.

 

(c)          Neither
the presence of the Board Observer at all or at any part of a meeting of the Board, nor the disclosure to the Board Observer of any confidential
information, specifically including any material non-public information, shall provide the Board Observer with a right to require
the Company to disclose publicly any information acquired by such Board Observer in his or her capacity as such.

 

(d)          For
the avoidance of doubt, the Board Observer (i) shall not be permitted to: (A) vote at any meeting of the Board, (B) be
counted for purposes of determining whether there is a sufficient quorum for the Board to conduct its business, or (C) serve or otherwise
perform the functions of a “director” as such term is defined and interpreted for purposes of the United States federal securities
laws or other applicable law, (ii) except as otherwise provided in Section 1.02(b) above, shall have the right to
attend meetings of, and to receive Board Material provided to, the Board and any committees of the Board, and (iii) shall not
be entitled to attend or be present during any part of any meeting of the Board during which the Board or any members thereof are meeting
in executive session, unless permitted by affirmative vote of a majority of the members of the Board not affiliated with any Holder or
Board Observer, acting in good faith. Except for (and without limitation of) the obligations expressly set forth in this Agreement, the
Board Observer shall not have or be deemed to have any duties, fiduciary or otherwise, to the Company or its stockholders.

 

(e)          The
Board Observer shall not be entitled to any compensation from the Company related to his or her acting as Board Observer or to reimbursement
from the Company of expenses incurred by him or her in attending meetings of the Board.

 

Section 1.03      Cessation
of Observation Rights. (a)  The Board Observer shall cease to have any rights hereunder automatically on the date that
the Holder no longer has the right to designate a Board Observer pursuant to this Agreement.

 

(b)          The
Board Observer may be removed or replaced by the Holder at any time and for any reason upon written notice from the Holder to the Company
(which notice shall either identify any replacement Board Observer by name, title and employer, or the expected date by which such information
will be provided). If any Board Observer ceases to serve as an observer to the Board by reason of death, disability, resignation, removal
or other cessation, the role shall be filled in the sole discretion of the Holder (by a similar notice in writing to the Company).

 

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Article II

 

CONFIDENTIALITY

 

Section 2.01     Treatment
of Confidential Information. To the extent that any information obtained by the Board Observer from the Company or its Subsidiaries
(or any director, officer, employee or agent thereof) is Confidential Information (as defined below), the Holder shall, and shall cause
its Affiliates and the Board Observer to, and shall use reasonable efforts to cause its Representatives to, treat any such Confidential
Information as confidential in accordance with the terms and conditions set forth in this Article II.

 

Section 2.02     Definition
of Confidential Information. As used in this Agreement, “Confidential Information” means any and all
information or data concerning the Company or its Affiliates, whether in oral, visual, written, electronic or other form, which is disclosed
to a Board Observer in his or her role as a Board Observer (and not in any other capacity) by the Company, any of its Subsidiaries
or any of their respective Representatives (including all Board Material that is non-public information), together with all
information discerned from, based on or relating to any of the foregoing which may be prepared or created by the Board Observer,
the Holder, any of their respective Affiliates or any of their respective Representatives; provided, however, that “Confidential
Information” shall not include information that:

 

(a)           is
or has become generally available to the public other than as a result of disclosure of such information by the Board Observer, the Holder,
any of their respective Affiliates or any of their respective Representatives;

 

(b)        is
independently developed by the Board Observer, the Holder, any of their respective Affiliates or any of their respective Representatives, without
use of Confidential Information provided by the Company, any of its Subsidiaries or of their respective Representatives);

 

(c)          becomes
available to the recipient of such information at any time on a non-confidential basis from a third party that is not, to the recipient’s
knowledge, prohibited from disclosing such information to the Board Observer, the Holder, any of their respective Affiliates or any of
their respective Representatives, by any contractual, legal or fiduciary obligation to the Company or its Affiliates; or

 

(d)          was
known by the Holder, any of its Affiliates, or the Board Observer prior to receipt from the Company, any of its Subsidiaries or any
of their respective Representatives.

 

Section 2.03      Non-Disclosure
Obligation.

 

(a)         The
Holder shall, and shall cause its Affiliates and the Board Observer (during the period of time he or she is serving in such role and thereafter)
to, and shall use reasonable efforts to cause its Representatives to (a) retain all Confidential Information in strict confidence;
(b) not release or disclose Confidential Information in any manner to any other Person (other than disclosures to the Holder, its
Affiliates or Representatives who (i) have a need to know such information; and (ii) are informed of its confidential nature);
and (c) use the Confidential Information solely in connection with (i) the Holder’s and the Board Observer’s rights
hereunder, or (ii) pursuant to the direction of the Holder, monitoring, reviewing and analyzing the Holder’s investment in
the Company and not for any other purpose; provided, however, that the foregoing shall not apply to the extent the Holder,
its Affiliates or Representatives or the Board Observer are compelled to disclose Confidential Information by judicial or administrative
process or, on the advice of its outside counsel, by requirements of Law; provided, further, however, that, if legally
permissible, prior prompt written notice of such disclosure shall be given to the Company so that the Company may take action, at its
sole expense, to prevent such disclosure and any such disclosure is limited only to that portion of the Confidential Information which
such Person is compelled to disclose.

 

    3 

     

    

 

(b)        The
Holder hereby (i) agrees to take all necessary measures in connection with this Agreement to comply with applicable law (including
but not limited to the United States federal securities laws) and the Company’s internal policies and procedures (including but
not limited to the Company’s Insider Trading Policy) both now and hereinafter in effect, including measures to protect the secrecy
of and to prevent the disclosure of, or use of, Confidential Information and (ii) further agrees that the Holder will not, and will
cause its Affiliates not to, and will use reasonable efforts to cause its Representatives not to take any action relating to the securities
of the Company which would constitute or could reasonably be expected to constitute insider trading, market manipulation, or any other
violation of applicable securities law. The Holder agrees to promptly notify the Company in writing of any known breach or threatened
breach of this Agreement of which the Holder becomes aware, including any known misuse or misappropriation of any Confidential Information.

 

Article III

 

MISCELLANEOUS

 

Section 3.01     Execution
in Counterparts. This Agreement may be executed in any number of counterparts and by different Parties hereto in separate counterparts,
each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together,
shall constitute but one and the same agreement.

 

Section 3.02     Binding
Effect. This Agreement shall be binding upon the Company, the Holder and their respective successors and permitted assigns. Except
as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other
than the Parties to this Agreement and their respective successors and permitted assigns.

 

Section 3.03     Assignment.
This Agreement and the rights and obligations hereunder may not be assigned by any Party without the prior written consent of the other
Parties; provided, however, that the Holder may assign this Agreement and its rights hereunder to any of its Affiliates
who have agreed in writing, in form and substance reasonably satisfactory to the Company, to be bound by the terms of this Agreement;
provided further, that no such assignment shall relieve the Holder of its obligations under this Agreement.

 

Section 3.04     Amendment;
Termination. This Agreement may not be amended or modified without the written consent of each Party and SES, nor shall any waiver
be effective against any Party unless in writing and executed by such Party. This Agreement shall terminate automatically without any
action by either Party at such time as (i) the Business Combination Agreement is terminated for any reason whatsoever or (ii) following
the Effective Time, the time, if any, when the Holder (together with its Affiliates and permitted assigns) ceases to beneficially own
at least two percent (2%) of the fully diluted equity securities of Parent; provided, however, that Sections 2.01 through 2.03 and Sections
3.02 through 3.07 shall survive the termination of this Agreement.

 

Section 3.05     Severability.
If any provision of this Agreement shall be declared void or unenforceable by any judicial or administrative authority, the validity
of any other provision and of the entire Agreement shall not be affected thereby.

 

    4 

     

    

 

Section 3.06     Governing
Law; Submission to Jurisdiction. This Agreement and any claim, controversy or dispute arising under or related in any way to
this Agreement, the relationship of the Parties, the transactions leading to this Agreement or contemplated hereby and/or the interpretation
and/or enforcement of the respective rights and duties of the Parties hereunder or related in any way to the foregoing shall be governed
in all respects, including as to validity, interpretation and effect, by the laws of the State of Delaware, without giving effect to
any principles or rules of conflict of laws (whether of the State of Delaware or any other jurisdiction), to the extent such principles
would permit or require the application of the laws of another jurisdiction. Each of the Parties submits to the exclusive jurisdiction
of the Court of Chancery of the State of Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction
over a particular matter, any state or federal court within the State of Delaware) and the appellate courts having jurisdiction of appeals
in such court in any action or proceeding arising out of or relating to this Agreement (whether in contract or in tort or otherwise),
agrees that all claims in respect of such action or proceeding may be heard and determined in such courts, submits to the personal jurisdiction
in such courts and agrees not to bring any such action or proceeding arising out of or relating to this Agreement in any other court.
Each of the Parties waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any
bond, surety or other security that might be required of any other party with respect thereto. Each Party agrees that a final, non-appealable
judgment in any action or proceeding so brought shall be conclusive and may be enforced by suit on the judgment or in any other manner
provided by law and irrevocably agrees to be bound by any such final judgment from which no appeal may be taken or is available in connection
with this Agreement. Nothing in this Section 3.06, however, shall affect the right of any party to serve legal process in
any other manner permitted by law.

 

Section 3.07    WAIVER
OF JURY TRIAL. EACH PARTY to this Agreement hereby waives, to the fullest extent permitted
by law, any right to trial by jury of any claim, demand, action, or cause of action (A) arising under this Agreement or (B) in
any way connected with or related or incidental to the dealings of the parties hereto in respect of this Agreement or any of the transactions
related HERETO or the negotiation, execution or performance hereof, in
each case whether now existing or hereafter arising, and whether in contract, tort, equity, or otherwise. The parties to this Agreement
each hereby agrees and consents that any such claim, demand, action, or cause of action shall be decided by court trial without a jury
and that the parties to this Agreement may file an original counterpart of a copy of this Agreement with any court as written evidence
of the consent of the parties hereto to the waiver of their right to trial by jury.

 

[Signature Pages Follow]

 

    5 

     

    

 

IN WITNESS WHEREOF, the parties
hereto execute this Agreement, effective as of the date first above written.

 

	 	IVANHOE CAPITAL ACQUISITION CORP.
	 	 
	 	 
	 	By: /s/ Robert Friedland
	 	Name:	Robert Friedland
	 	Title:	Chairman and Chief Executive Officer
	 	 
	 	 
	 	HYUNDAI MOTOR COMPANY
	 	 
	 	 
	 	By: /s/ Jae Hoon Chang
	 	Name: Jae Hoon Chang
	 	Title: President
	 	 
	 	 
	 	SES Holdings
Pte. Ltd.
	 	 
	 	 
	 	By: /s/ Qichao Hu
	 	Name: Qichao Hu
	 	Title: Founder and CEO

 

[Signature
Page to Board Observation Agreement]

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