Document:

EX-10.4

 Exhibit 10.4 

Final Form 
 SUBSCRIPTION
AGREEMENT 
 Kensington Capital Acquisition Corp. II 
 1400
Old Country Road, Suite 301 
 Westbury, NY 11590 
 Wallbox
B.V. 
 Carrer del Foc, 68 
 Barcelona, Spain 08038 

Ladies and Gentlemen: 
 In connection with the
proposed business combination (the “Transaction”) pursuant to the Business Combination Agreement (as it may be amended, restated or otherwise modified from time to time, the “Transaction Agreement”), dated as of
[    ], 2021, among Kensington Capital Acquisition Corp. II, a Delaware corporation (the “SPAC”), Wallbox B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid)
organized under the laws of the Netherlands (to be converted into a limited liability company (naamloze vennootschap) prior to the Subscription Closing), having its official seat in Amsterdam, the Netherlands, and registered with the Dutch
trade register under number 83012559 (the “Company”), Orion Merger Sub Corp., a Delaware corporation and a wholly-owned subsidiary of the Company (“Merger Sub”), Wall Box Chargers, S.L., a company organized under
the laws of Spain (“Wallbox”), and the other parties thereto, pursuant to which, among other things, (i) the shareholders of Wallbox will contribute their shares of Wallbox to the Company in exchange for the issue of the
Company’s ordinary shares (“Ordinary Shares”) to such shareholders, with Wallbox becoming a wholly-owned subsidiary of the Company, (ii) the Merger Sub will merge with and into the SPAC, with the SPAC as the surviving
company of the merger and becoming a wholly-owned subsidiary of the Company, (iii) securities of the SPAC will be automatically cancelled and reissued (the “New SPAC Securities”), which securities will be exchanged with an
exchange agent (the “Exchange Agent”) for the right to receive securities of the Company, and (iv) the Exchange Agent will contribute the New SPAC Securities to the Company, which in exchange will issue securities of the
Company to the Exchange Agent for the benefit of the securityholders of the SPAC, each of the undersigned desires to subscribe for and accept from the Company, and the Company desires to issue to the undersigned, that number of Ordinary Shares set
forth on the signature page hereto for a subscription price of $10.00 per share (the “Per Share Price” and the aggregate of such Per Share Price for all Shares subscribed for by the undersigned being referred to herein as the
“Subscription Price”), on the terms and subject to the conditions contained herein and in the Transaction Agreement. In connection with the Transaction, certain other institutional “accredited investors” (each, an
“Other Subscriber”) (as defined in rule 501 under the Securities Act of 1933, as amended (the “Securities Act”)) have entered into separate subscription agreements with the SPAC and the Company (the “Other
Subscription Agreements”), pursuant to which, among other things, such investors have, severally and not jointly, together with the undersigned pursuant to this Subscription Agreement, agreed to subscribe for and accept an aggregate of
[●] Ordinary Shares at the Per Share Price (each such investor, including each of the undersigned, a “Subscriber” 

 
and together, the “Subscribers”). In connection therewith, the undersigned, the SPAC and the Company agree as follows: 

1.    Subscription. Subject to the terms and conditions of this Subscription Agreement, the undersigned hereby,
severally and not jointly, irrevocably subscribes for and agrees to acquire from the Company such number of Ordinary Shares as is set forth on its respective signature page of this Subscription Agreement on the terms and subject to the conditions
provided for herein (the “Shares”). The undersigned understands and agrees that the Company reserves the right to accept or reject the undersigned’s subscription for the Shares for any reason or for no reason, in whole or in
part, at any time prior to its acceptance by the Company, and the same shall be deemed to be accepted by the Company only when this Subscription Agreement is signed by a duly authorized person by or on behalf of the Company; the Company may do so in
counterpart form. In the event of rejection of a portion of the subscription by the Company, the undersigned’s payment hereunder will be promptly returned to the undersigned in proportion to the rejected portion of the subscription. In the
event of rejection of the entire subscription by the Company or the termination of this subscription in accordance with the terms hereof, the undersigned’s payment hereunder will be returned promptly to the undersigned along with this
Subscription Agreement, and this Subscription Agreement shall be null and void and have no force or effect. 

2.    Closing. The closing of the issuance of the Shares contemplated hereby (the “Subscription
Closing”) is contingent upon the substantially concurrent consummation of the Transaction (the “Transaction Closing”). The Subscription Closing shall occur on the date of, and substantially concurrent with, the consummation
of the Transaction Closing (the “Transaction Closing Date”). Not less than five (5) business days prior to the scheduled Transaction Closing Date, the Company shall provide written notice to the undersigned (the
“Closing Notice”) (i) of such scheduled Transaction Closing Date, (ii) that the Company reasonably expects all conditions to the Transaction Closing to be satisfied or waived, and (iii) wire instructions for delivery of
the Subscription Price by the undersigned to the Escrow Agent (as defined below) or the Company, as applicable. The undersigned shall deliver to Continental Stock Transfer & Trust Company, as escrow agent (the “Escrow
Agent”), at least one (1) business day prior to the Transaction Closing Date specified in the Closing Notice, the Subscription Price, which shall be held in a segregated escrow account for the benefit of the Subscribers (the
“Escrow Account”) until the Subscription Closing pursuant to the terms of a customary escrow agreement, which shall be on terms and conditions reasonably satisfactory to the undersigned (the “Escrow Agreement”) to
be entered into by the undersigned, the Company and the Escrow Agent, by wire transfer of United States dollars in immediately available funds to the account specified by the Company in the Closing Notice; provided, however, that in
the event the undersigned is not legally permitted to deliver the Subscription Price in accordance with this sentence or is otherwise expected by its primary regulator to deliver payment against delivery of the Shares, the undersigned shall instruct
its custodian bank to deliver to the Company, by 10:00 a.m. (New York time) on the Transaction Closing Date, the Subscription Price by wire transfer of United States dollars in immediately available funds to the account specified by the Company in
the Closing Notice. On the Transaction Closing Date, upon satisfaction (or, if applicable, waiver) of the conditions set forth in Section 3 hereof and prior to the release of the Subscription Price by the undersigned, the
Company shall deliver to the undersigned (i) the Shares in book-entry form, free and clear of any liens or other 

  
 2 

 
restrictions whatsoever (other than those arising under state or federal securities laws as set forth herein), in the name of the undersigned (or its nominee in accordance with its delivery
instructions) or to a custodian designated by the undersigned, as applicable, and (ii) a copy of the records of the Company’s transfer agent (the “Transfer Agent”) showing the undersigned (or such nominee or custodian) as
the owner of the Shares on and as of the Transaction Closing Date; provided that, (x) if such book entry is made prior to the Company’s receipt of the Subscription Price from the undersigned and (y) such Subscription Price is
not received by the Company on the Transaction Closing Date, then without limiting any rights of any party under this Subscription Agreement, the Company may, without any action of the undersigned, cause such book entries to be automatically
cancelled, void and of no further force and effect. If the Transaction Closing does not occur within two (2) business days of the transaction closing date specified in the Closing Notice, the Escrow Agent (or the Company, as applicable) shall
promptly (but not later than one (1) business day thereafter) return the Subscription Price to the undersigned by wire transfer of U.S. dollars in immediately available funds to the account specified by the undersigned. Furthermore, if the
Transaction Closing does not occur on the same day as the Subscription Closing, the Escrow Agent (or the Company, if the Subscription Price has been released by the Escrow Agent or if the Subscription Price was paid directly to the Company) shall
promptly (but not later than one (1) business day thereafter) return the Subscription Price to the undersigned by wire transfer of U.S. dollars in immediately available funds to the account specified by the undersigned, and any book-entries
shall be deemed cancelled. 
 Notwithstanding anything to the contrary in Section 9 hereof, if this Subscription
Agreement terminates following the delivery by the undersigned of the Subscription Price for the Shares, the Escrow Agent (or the Company, if the Subscription Price was paid directly to the Company) shall promptly (but not later than one
(1) business day thereafter) return the Subscription Price to the undersigned by wire transfer of U.S. dollars in immediately available funds to the account specified by the undersigned, without any deduction for or on account of any tax,
withholding, charges, or set-off, whether or not the Transaction Closing shall have occurred. Notwithstanding anything to the contrary in Section 9 hereof, if this Subscription
Agreement terminates following the Transaction Closing, the undersigned shall promptly upon the return to the undersigned by wire transfer of U.S. dollars in immediately available funds to the account specified by the undersigned, without any
deduction for or on account of any tax, withholding, charges, or set-off of the Subscription Price by the Escrow Agent or the Company, as applicable, transfer and deliver (and execute and deliver or cause to
be executed and delivered such additional documents and instruments and take such further action as may be reasonably necessary to effectuate such transfer and delivery of) the Shares to the Company. 

For the purposes of this Subscription Agreement, “business day” means any day other than a Saturday, Sunday or a day on which
the Federal Reserve Bank of New York or any banks in the Netherlands are closed. 

  
 3 

 3.    Closing Conditions. 

a.    The obligations of the Company and the SPAC to consummate the transactions contemplated hereunder are subject to the
conditions that, at the Subscription Closing: 
  

	 	i.	 all representations and warranties of the undersigned contained in this Subscription Agreement shall be true
and correct in all material respects (other than representations and warranties that are qualified as to “materiality” or “Material Adverse Effect”, which representations and warranties shall be true and correct in all respects)
at and as of the Subscription Closing as though made on the Subscription Closing (except for those representations and warranties that speak as of a specific date, which shall be so true and correct in all material respects as of such specified
date), and consummation of the Subscription Closing shall constitute a reaffirmation by the undersigned of each of the representations, warranties and agreements of such party contained in this Subscription Agreement as of the Subscription Closing;
and 

  

	 	ii.	 the undersigned shall have performed or complied in all material respects with all agreements and covenants
required by this Subscription Agreement to be performed or complied by the undersigned at or prior to the Subscription Closing. 

b.    The obligations of the undersigned to consummate the transactions contemplated hereunder are subject to the
conditions that, at the Subscription Closing: 
  

	 	i.	 all representations and warranties of the Company and the SPAC contained in this Subscription Agreement shall
be true and correct in all material respects (other than representations and warranties that are qualified as to “materiality” or “Material Adverse Effect”, which representations and warranties shall be true and correct in all
respects) at and as of the Subscription Closing as though made on the Subscription Closing (except for those representations and warranties that speak as of a specific date, which shall be so true and correct in all material respects as of such
specified date), other than representations and warranties that are qualified as to materiality or Material Adverse Effect, which representations and warranties shall be true and correct as of such specified date in all respects), and consummation
of the Subscription Closing shall constitute a reaffirmation by the Company and the SPAC to the undersigned of each of the representations, warranties and agreements of such party contained in this Subscription Agreement as of the Subscription
Closing; 

  

	 	ii.	 the Company and the SPAC shall have performed or complied in all material respects with all agreements and
covenants required by this Subscription Agreement to be performed or complied by the Company and the SPAC, respectively, at or prior to the Subscription Closing; 

  
 4 

	 	iii.	 the terms of the Transaction Agreement (as the same exists as of the date hereof in the form provided to the
Subscriber) shall not have been amended in a manner that would reasonably be expected to materially and adversely affect the benefits the undersigned would reasonably expect to receive under this Subscription Agreement; 

 

	 	iv.	 there shall have been no amendment, waiver or modification to one or more of the Other Subscription Agreements
that reasonably would be expected to materially benefit one or more of the Other Subscribers thereunder unless the undersigned has been offered the same benefits; and 

 

	 	v.	 the Shares shall have been approved for listing on the New York Stock Exchange (the “NYSE”) or
Nasdaq, subject to notice of issuance thereof. 

 c.    The obligations of each of the Company, the
SPAC and the undersigned to consummate the transactions contemplated hereunder are subject to the conditions that, at the Subscription Closing: 
  

	 	i.	 no governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order,
law, rule or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the
transactions contemplated hereby, and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such restraint or prohibition; 

 

	 	ii.	 all conditions precedent to the Transaction Closing set forth in the Transaction Agreement, including all
necessary approvals of the Company’s shareholders and the SPAC’s stockholders and regulatory approvals, if any, shall have been satisfied or waived as determined by the parties to the Transaction Agreement (other than those conditions
which, by their nature, are to be satisfied at the closing of the Transaction, but subject to the satisfaction thereof at the Transaction Closing) and the Transaction Closing shall have been or will be consummated substantially concurrently with the
Subscription Closing; and 

  

	 	iii.	 no suspension of the qualification of the Shares for offering or sale or trading in any jurisdiction, or
initiation or threatening of any proceedings for any of such purposes, shall have occurred and be continuing. 

  
 5 

 4.    Further Assurances. At the Subscription Closing, the
parties hereto shall execute and deliver or cause to be executed and delivered such additional documents and instruments and take such further action as may be reasonably necessary to consummate the transactions contemplated by this Subscription
Agreement. 
 5.    (i) SPAC Representations and Warranties. The SPAC represents and warrants to the undersigned
that: 
 a.    The SPAC has been duly incorporated, is validly existing and is in good standing under the laws of the
State of Delaware, with corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement. 

b.    This Subscription Agreement and the Transaction Agreement have been duly authorized, executed and delivered by the
SPAC and are enforceable in accordance with their respective terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the
rights of creditors generally, and (ii) principles of equity, whether considered at law or equity. 
 c.    The
compliance by the SPAC with all of the provisions of this Subscription Agreement and the consummation of the transactions herein will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a
default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the SPAC pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other
agreement or instrument to which the SPAC is a party or by which the SPAC is bound or to which any of the property or assets of the SPAC are subject, which would have a material adverse effect on the business, properties, financial condition,
stockholders’ equity or results of operations of the SPAC (a “SPAC Material Adverse Effect”) or materially affect the legal authority of the SPAC to comply in all material respects with the terms of this Subscription Agreement;
(ii) result in any violation of the provisions of the organizational documents of the SPAC; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or
foreign, having jurisdiction over the SPAC or any of its properties that would have a SPAC Material Adverse Effect or materially affect the validity of the Shares or the legal authority of the SPAC to comply with this Subscription Agreement. 

d.    The SPAC is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any
filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization (including NYSE) or other person in connection with the execution, delivery and performance of this Subscription
Agreement (including, without limitation, the issuance of the Shares by the Company), other than (i) filings with the Securities and Exchange Commission (the “Commission”), (ii) filings required by applicable state securities
laws, (iii) filings required by NYSE, including with respect to obtaining stockholder approval, (iv) filings required to consummate the Transaction as provided under the definitive documents relating to the Transaction, and (v) where
the failure of which to 

  
 6 

 
obtain would not be reasonably likely to have a SPAC Material Adverse Effect or have a material adverse effect on the SPAC’s ability to consummate the transactions contemplated hereby,
including the issuance and sale of the Shares by the Company. 
 e.    The SPAC has not received any written
communication from a governmental entity that alleges that the SPAC is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation would
not be reasonably likely to have, individually or in the aggregate, a SPAC Material Adverse Effect. 
 f.    The issued
and outstanding shares of Class A common stock, par value $0.0001 per share (“Class A Common Stock”), of the SPAC are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), and are listed for trading on NYSE under the symbol “KCAC”. Except as disclosed in the SPAC’s filings with the Commission, there is no suit, action, proceeding or investigation pending
or, to the knowledge of the SPAC, threatened against the SPAC by NYSE or the Commission, respectively, to prohibit or terminate the listing of the SPAC’s Class A Common Stock on NYSE or to deregister the Class A Common Stock under the
Exchange Act. Other than in connection with the Transaction Closing, the SPAC has taken no action that is designed to terminate the registration of the Class A Common Stock under the Exchange Act. 

g.    A copy of each form, report, statement, schedule, prospectus, proxy, registration statement and other document, if
any, filed by the SPAC with the Commission since its initial registration of the Class A Common Stock under the Exchange Act (the “SEC Documents”) is available to the undersigned via the Commission’s EDGAR system. None of
the SEC Documents contained, when filed or, if amended (such amendment to be deemed to supersede the applicable prior filings), as of the date of such amendment with respect to those disclosures that are amended, any untrue statement of a material
fact or omitted to state 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; provided, however, that with respect to
the information about the SPAC’s affiliates contained in the Proxy Statement (as defined below in Section 11.o) or an SEC Document, the representation and warranty in this sentence is made to the SPAC’s knowledge.
The SPAC has timely filed each report, statement, schedule, prospectus, and registration statement that the SPAC was required to file with the Commission since its initial registration of the Class A Common Stock under the Exchange Act. The
financial statements of the SPAC included in the SEC Documents comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing and fairly
present in all material respects the financial position of the SPAC as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. There are no material outstanding or unresolved comments in comment letters from the staff of the Division of Corporation Finance (the “Staff”) of the Commission with
respect to any of the SEC Documents. Notwithstanding the foregoing, any restatement, revision or other modification of the SEC’s “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition
Companies” on April 12, 2021 (the “SEC Statement”) will not be deemed “material” for purposes of this Section 5(i).g. 

  
 7 

 h.    Except for such matters as have not had and would not be
reasonably likely to have, individually or in the aggregate, a SPAC Material Adverse Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending, or, to the knowledge of the
SPAC, threatened against the SPAC or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against the SPAC. 

i.    As of the date of this Subscription Agreement and as of immediately prior to the Subscription Closing, the
authorized capital stock of the SPAC consists of 100,000,000 shares of Class A Common Stock, 10,000,000 shares of Class B common stock, par value $0.0001 per share (“Class B Common Stock” and together
with the Class A Common Stock, “Common Stock”), and 1,000,000 shares of the SPAC’s preferred stock, par value $0.0001 per share (“Preferred Stock”). As of the date of this Subscription Agreement: (i)
23,000,000 shares of Class A Common Stock, 5,750,000 shares of Class B Common Stock and no shares of Preferred Stock are issued and outstanding; (ii) 5,750,000 public warrants and 8,800,000 private placement warrants (collectively, the
“Warrants”), each exercisable to purchase one share of Class A Common Stock at $11.50 per share, are issued and outstanding; and (iii) no shares of Common Stock are subject to issuance upon exercise of outstanding options.
No Warrants are exercisable on or prior to the Subscription Closing. All (i) issued and outstanding Common Stock has been duly authorized and validly issued, is fully paid and non-assessable and is not
subject to preemptive rights and (ii) outstanding Warrants have been duly authorized and validly issued, are fully paid and are not subject to preemptive rights. As of the date of this Subscription Agreement, except as set forth above and
pursuant to the Transaction Agreement, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the SPAC any Common Stock or other equity interests in the SPAC (collectively, “SPAC Equity
Interests”) or securities convertible into or exchangeable or exercisable for SPAC Equity Interests. There are no securities or instruments issued by or to which the SPAC is a party containing anti-dilution or similar provisions that will
be triggered by the issuance of (i) the Shares pursuant to this Subscription Agreement, or (ii) the Shares to be issued pursuant to any Other Subscription Agreement. As of the date of this Subscription Agreement, the SPAC has no
subsidiaries and does not own, directly or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated. 

j.    Other than the Other Subscription Agreements, the SPAC has not entered into any side letter or similar agreement
with any Other Subscriber in connection with such Other Subscriber’s direct or indirect investment in the Company or with or any other investor, and such Other Subscription Agreements have not been amended in any material respect following the
date of this Subscription Agreement and reflect the same Per Share Price and terms that are no more favorable to any such Other Subscriber thereunder than the terms of this Subscription Agreement. The SPAC shall not release any Other Subscriber (or
any of its affiliates) under any Other Subscription Agreement from any of its material obligations thereunder or any other agreements (including side letters or similar agreements in respect thereof) with any Other Subscriber (or any of its
affiliates) under any Other Subscription Agreement unless it offers a similar release to the undersigned with respect to any similar obligation it has hereunder. The SPAC has not agreed and will not agree to issue any warrants to any person in
connection with the Transaction other than to exchange warrants outstanding on the date hereof for new warrants qualifying for classification as equity instruments (rather than liabilities). 

  
 8 

 k.    Neither the SPAC, nor any person acting on its behalf has,
directly or indirectly, made any offers or sales of any SPAC or Company security or solicited any offers to buy any security, under circumstances that would adversely affect reliance by the SPAC or the Company on Rule 4(a)(2) under the Securities
Act for the exemption from registration for the transactions contemplated hereby or would require registration of the Shares under the Securities Act. 

l.    Neither the SPAC nor any person acting on its behalf has conducted any general solicitation or general advertising
(as those terms are used in Regulation D of the Securities Act) in connection with the offer or sale of any of the Shares, and assuming the accuracy of the representations and warranties of the undersigned herein and the representations and
warranties of the Other Subscribers in the Other Subscription Agreements, the Shares are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. 

m.    The SPAC is not, and immediately after receipt of payment for the Shares will not be, an “investment
company” within the meaning of the Investment Company Act of 1940, as amended. 
 n.     Neither the SPAC, nor any
person acting on its behalf has entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor or other person to any broker’s or finder’s fee or any other commission or similar fee in
connection with the transactions contemplated by this Subscription Agreement for which the undersigned could become liable. Other than the Placement Agents (as defined below), no person has been or will be paid (directly or indirectly) remuneration
for solicitation of purchasers in connection with the sale of any Shares. 
 o.    The SPAC and, to the knowledge of the
SPAC, the officers, directors, employees, and agents of the SPAC, in each case, acting on behalf of the SPAC, have been in compliance in all material respects with all applicable Anti-Corruption Laws (as herein defined), (ii) the SPAC has not been
convicted of violating any Anti-Corruption Laws or, to the knowledge of the SPAC, subjected to any investigation by a governmental authority for violation of any applicable Anti-Corruption Laws, (iii) the SPAC has not conducted or initiated any
internal investigation or made a voluntary, directed, or involuntary disclosure to any governmental authority regarding any alleged act or omission arising under or relating to any noncompliance with any Anti-Corruption Laws and (iv) the SPAC
has not received any written notice or citation from a governmental authority for any actual or potential noncompliance with any applicable Anti-Corruption Laws. As used in this Subscription Agreement, “Anti-Corruption Laws” means any
applicable laws relating to corruption and bribery, including the U.S. Foreign Corrupt Practices Act of 1977 (as amended), the UK Bribery Act 2010, and any similar law that prohibits bribery or corruption. 

  
 9 

 (ii) Company Representations and Warranties. The Company represents
and warrants to the undersigned that: 
 a.    The Company has been duly organized and is validly existing under the
laws of the Netherlands, with corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement. 

b.    The Shares have been duly authorized and, when issued and delivered to the undersigned against full payment therefor
in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable, free and clear of any liens, charges or encumbrances (other than restrictions
under applicable securities laws) and will not have been issued in violation of or subject to any preemptive or similar rights created under the Company’s organizational documents (as in effect immediately prior to the Transaction Closing) or
under the laws of the Netherlands, or otherwise. 
 c.    This Subscription Agreement and the Transaction Agreement have
been duly authorized, executed and delivered by the Company and are enforceable in accordance with their respective terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity. 

d.    The issuance of the Shares and the compliance by the Company with all of the provisions of this Subscription
Agreement and the consummation of the transactions herein will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien,
charge or encumbrance upon any of the property or assets of the Company pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Company is a party or by which the
Company is bound or to which any of the property or assets of the Company are subject, which would have a material adverse effect on the business, properties, financial condition, stockholders’ equity or results of operations of the Company (a
“Company Material Adverse Effect”) or materially affect the validity of the Shares or the legal authority of the Company to comply in all material respects with the terms of this Subscription Agreement; (ii) result in any
violation of the provisions of the organizational documents of the Company; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having
jurisdiction over the Company or any of its properties that would have a Company Material Adverse Effect or materially affect the validity of the Shares or the legal authority of the Company to comply with this Subscription Agreement. 

e.    The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make
any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection with the execution, delivery and performance of this Subscription Agreement
(including, without limitation, the issuance of the Shares), other than (i) filings with the Commission, (ii) filings required by applicable state securities laws, (iii) filings required to consummate the Transaction as provided under
the definitive documents relating to the 

  
 10 

 
Transaction, (iv) filings required by NYSE or Nasdaq in connection with the listing of the Shares, and (v) where the failure of which to obtain would not reasonably be expected to have
a Company Material Adverse Effect or have a material adverse effect on the Company’s ability to consummate the transactions contemplated hereby, including the issuance and sale of the Shares. 

f.    The Company has not received any written communication from a governmental entity that alleges that the Company is
not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation would not be reasonably be expected to have, individually or in the aggregate,
a Company Material Adverse Effect. 
 g.    As of the Transaction Closing, the Ordinary Shares will be registered
pursuant to Section 12(b) of the Exchange Act and will be listed for trading on the NYSE or Nasdaq. There is no suit, action, proceeding or investigation pending or, to the knowledge of the Company, threatened against the Company by the NYSE,
Nasdaq or the Commission with respect to any intention by such entity to deregister the Ordinary Shares or prohibit or terminate the listing of Ordinary Shares on the NYSE or Nasdaq. 

h.    Assuming the accuracy of the undersigned’s representations and warranties set forth in
Section 6 of this Subscription Agreement, no registration under the Securities Act is required for the offer, issuance and sale of the Shares by the Company to the undersigned or to any Other Subscriber pursuant to the
Other Subscription Agreements. The Shares offered hereby and pursuant to each Other Subscription Agreement (i) were not offered by any form of general solicitation or general advertising (within the meaning of Regulation D of the Securities
Act) and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. 

i.    Except for such matters as have not had and would not be reasonably likely to have, individually or in the
aggregate, a Company Material Adverse Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending, or, to the knowledge of the Company, threatened against the Company or
(ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against the Company. 

j.    As of the date of this Subscription Agreement, the issued share capital of the Company consists of ten
(10) Class A ordinary shares of the Company with a nominal value of €0.12 per share. As of the date of this Subscription Agreement, other than pursuant to (i) the Other Subscription Agreements, and (ii) the Transaction
Agreement, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Company any Common Stock or other equity interests in the Company (collectively, “Company Equity Interests”) or
securities convertible into or exchangeable or exercisable for Company Equity Interests. Other than Merger Sub, as of the date of this Subscription Agreement, the Company has no subsidiaries and does not own, directly or indirectly, interests or
investments (whether equity or debt) in any person, whether incorporated or unincorporated. There are no stockholder agreements, voting trusts or other agreements or understandings to which the Company is a party or by which it is bound relating to
the voting of any securities of the Company other than as set forth in the SEC Documents and as contemplated by the Transaction Agreement. 

  
 11 

 k.    Other than the Other Subscription Agreements, the Company has not
entered into any side letter or similar agreement with any Other Subscriber in connection with such Other Subscriber’s direct or indirect investment in the Company or with or any other investor, and such Other Subscription Agreements have not
been amended following the date of this Subscription Agreement and reflect the same Per Share Price and terms that are no more favorable to any such Other Subscriber thereunder than the terms of this Subscription Agreement. The Company shall not
release any Other Subscriber (or any of its affiliates) under any Other Subscription Agreement from any of its material obligations thereunder or any other agreements (including side letters or similar agreements in respect thereof) with any Other
Subscriber (or any of its affiliates) under any Other Subscription Agreement unless it offers a similar release to the undersigned with respect to any similar obligations it has hereunder. Other than pursuant to the Transaction Agreement, the
Company has not agreed and will not agree to issue any warrants to any person in connection with the Transaction. 

l.    Neither the Company, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of
any SPAC or Company security or solicited any offers to buy any security, under circumstances that would adversely affect reliance by the Company or the SPAC on Rule 4(a)(2) under the Securities Act for the exemption from registration for the
transactions contemplated hereby or would require registration of the Shares under the Securities Act. 
 m.    Neither
the Company nor any person acting on its behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation D of the Securities Act) in connection with the offer or sale of any of the Shares, and assuming the
accuracy of the representations and warranties of the undersigned herein and the representations and warranties of the Other Subscribers in the Other Subscription Agreements, the Shares are not being offered in a manner involving a public offering
under, or in a distribution in violation of, the Securities Act, or any state securities laws. 
 n.    The Company is
not, and immediately after receipt of payment for the Shares will not be, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

o.    Neither the Company, nor any person acting on its behalf has entered into any agreement or arrangement entitling any
agent, broker, investment banker, financial advisor or other person to any broker’s or finder’s fee or any other commission or similar fee in connection with the transactions contemplated by this Subscription Agreement for which the
undersigned could become liable. Other than the Placement Agents, no person has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Shares. 

  
 12 

 p.    The Company, and, to the knowledge of the Company, the officers,
directors, employees, and agents of the Company, in each case, acting on behalf of the Company, have been in compliance in all material respects with all applicable Anti-Corruption Laws, (ii) the Company has not been convicted of violating any
Anti-Corruption Laws or, to the knowledge of the Company, subjected to any investigation by a governmental authority for violation of any applicable Anti-Corruption Laws, (iii) the Company has not conducted or initiated any internal
investigation or made a voluntary, directed, or involuntary disclosure to any governmental authority regarding any alleged act or omission arising under or relating to any noncompliance with any Anti-Corruption Laws and (iv) the Company has not
received any written notice or citation from a governmental authority for any actual or potential noncompliance with any applicable Anti-Corruption Laws. 

6.    Subscriber Representations and Warranties. Each of the undersigned, severally and not jointly, represents and
warrants to the SPAC and the Company that: 
 a.    The undersigned is (i) a “qualified institutional
buyer” (as defined under the Securities Act) or (ii) an institutional “accredited investor” (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the requirements set forth on Schedule A,
and is acquiring the Shares only for its own account and not for the account of others, and not on behalf of any other account or person or with a view to, or for offer or issuance in connection with, any distribution thereof in violation of the
Securities Act (and shall provide the requested information on Schedule A following the signature page hereto). Accordingly, the undersigned understands that the offering of the Shares meets the exemptions from filing under FINRA Rule
5123(b)(1)(C) or (J). The undersigned is not an entity formed for the specific purpose of acquiring the Shares. 

b.    The undersigned (i) is an institutional account as defined in FINRA Rule 4512(c), (ii) is a sophisticated
investor, experienced in investing in private equity transactions and capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities and
(iii) has exercised independent judgment in evaluating its participation in the subscription for and acceptance of the Shares. Accordingly, the undersigned understands that the offering of Shares to the undersigned hereunder meets (x) the
exemptions from filing under FINRA Rule 5123(b)(1)(A) and (y) the institutional customer exemption under FINRA Rule 2111(b). 

c.    The undersigned understands that the Shares are being offered in a transaction not involving any public offering
within the meaning of the Securities Act and that the Shares have not been registered under the Securities Act. The undersigned understands that the Shares may not be resold, transferred, pledged or otherwise disposed of by the undersigned absent an
effective registration statement under the Securities Act except (i) to the Company, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of
Regulation S under the Securities Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and in each of cases (i) and (iii) in accordance with any applicable securities laws of the
states and other jurisdictions of the United States, and that any certificates or book-entry positions representing the Shares shall contain a legend to such effect. The undersigned acknowledges that the Shares will not initially be eligible for
resale 

  
 13 

 
pursuant to Rule 144A promulgated under the Securities Act. The undersigned understands and agrees that the Shares will be subject to the foregoing transfer restrictions and, as a result of these
transfer restrictions, the undersigned may not be able to readily resell the Shares and may be required to bear the financial risk of an investment in the Shares for an indefinite period of time. The undersigned understands that it has been advised
to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Shares. 
 d.    The
undersigned understands and agrees that the undersigned is subscribing and accepting Shares directly issued from the Company. The undersigned further acknowledges that there have been no representations, warranties, covenants and agreements made to
the undersigned by the SPAC or the Company, or any of their officers or directors, expressly or by implication, other than those representations, warranties, covenants and agreements included in this Subscription Agreement. 

e.    Either (i) the undersigned is not a Benefit Plan Investor as contemplated by the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), or (ii) the undersigned’s subscription and acceptance and holding of the Shares will not constitute or result in a non-exempt prohibited
transaction under Section 406 of ERISA, Section 4975 of the Internal Revenue Code of 1986, as amended, or any applicable similar law. 

f.    The undersigned acknowledges and agrees that the undersigned has received, and has had an adequate opportunity to
review, such financial and other information as the undersigned deems necessary in order to make an investment decision with respect to the Shares, the SPAC, the Company and (the business of) Wallbox and made its own assessment and is satisfied
concerning the relevant tax and other economic considerations relevant to the undersigned’s investment in the Shares. Without limiting the generality of the foregoing, the undersigned acknowledges that it has reviewed the documents provided to
the undersigned by the SPAC and the Company. The undersigned represents and agrees that the undersigned and the undersigned’s professional advisor(s), if any, have had the opportunity to ask such questions, receive such answers and obtain such
information as the undersigned and such undersigned’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Shares. 

g.    The undersigned became aware of this offering of the Shares solely by means of direct contact between the
undersigned and the SPAC, the Company or a representative of the SPAC or the Company, and the Shares were offered to the undersigned solely by direct contact between the undersigned and the SPAC, the Company or a representative of the SPAC or the
Company. The undersigned did not become aware of this offering of the Shares, nor were the Shares offered to the undersigned, by any other means. The undersigned acknowledges that the Company represents and warrants that the Shares (i) were not
offered by any form of general solicitation or general advertising and (ii) to the knowledge of the undersigned, the Shares are not being offered in a manner involving a public offering under, or in a distribution in violation of, the
Securities Act, or any state securities laws. 

  
 14 

 h.    The undersigned acknowledges that it is aware that there are
substantial risks incident to the issuance and ownership of the Shares. The undersigned is able to fend for itself in the transactions contemplated herein, has such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of an investment in the Shares and has the ability to bear the economic risks of such investment in the Shares and can afford a complete loss of such investment. The undersigned has sought such accounting, legal and
tax advice as the undersigned has considered necessary to make an informed investment decision. 
 i.    In making its
decision to subscribe for and accept the Shares, the undersigned has relied solely upon independent investigation made by the undersigned and the representations, warranties, covenants and agreements contained herein. Without limiting the generality
of the foregoing, the undersigned has not relied on any statements or other information provided by the Placement Agents (as defined below) or any of their respective affiliates or their respective control persons, officers, directors or employees
concerning the SPAC, the Company, Wallbox or the Shares or the offer and issuance of the Shares. 
 j.    The
undersigned understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Shares or made any findings or determination as to the fairness of this investment. 

k.    The undersigned has been duly formed or incorporated and is validly existing in good standing under the laws of its
jurisdiction of incorporation or formation. 
 l.    The execution, delivery and performance by the undersigned of this
Subscription Agreement are within the powers of the undersigned, have been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or regulation of any court or other tribunal or of any
governmental commission or agency, or any agreement or other undertaking, to which the undersigned is a party or by which the undersigned is bound, which, in each case, would reasonably be expected to have a material adverse effect on the legal
authority of the undersigned to enter into and timely perform its obligations under this Subscription Agreement, and, if the undersigned is not an individual, will not violate any provisions of the undersigned’s charter documents, including,
without limitation, its incorporation or formation papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription Agreement is genuine, and the signatory has been duly authorized to
execute the same, and this Subscription Agreement constitutes a legal, valid and binding obligation of the undersigned, enforceable against the undersigned in accordance with its terms. 

m.    Neither the due diligence investigation conducted by the undersigned in connection with making its decision to
acquire the Shares nor any representations and warranties made by the undersigned herein shall modify, amend or affect the undersigned’s right to rely on the truth, accuracy and completeness of the SPAC’s and the Company’s
representations and warranties contained herein. 

  
 15 

 n.    The undersigned is not (i) a person or entity named on the
List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued by the President of the United States and
administered by OFAC (“OFAC List”), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a “Prohibited Investor”). The undersigned agrees to
provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided, however, that the undersigned is permitted to do so under applicable law. If the undersigned is a financial institution
subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively, the
“BSA/PATRIOT Act”), the undersigned maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required, the undersigned maintains policies and
procedures reasonably designed (a) for the screening of its investors against the OFAC sanctions programs, including the OFAC List, and (b) to ensure that the funds held by the undersigned and used to issue the Shares were legally derived.

 o.    To the undersigned’s knowledge, no disclosure or offering document has been prepared by UBS Securities LLC
or Barclays Capital Inc. (together, the “Placement Agents”) or any of their respective affiliates in connection with the offer and sale of the Shares. 

p.    The Placement Agents and their respective directors, officers, employees, representatives and controlling persons
have made no independent investigation with respect to the SPAC, the Company or the Shares or the accuracy, completeness or adequacy of any information supplied to the undersigned by the SPAC or the Company. 

q.    As of the date of this Subscription Agreement the undersigned does not have, and during the thirty (30) day
period immediately prior to the date of this Subscription Agreement the undersigned has not entered into, any “put equivalent position” as such term is defined in Rule 16a-1 under the Exchange Act or
Short Sale positions with respect to the securities of the Company or the SPAC. For purposes of this Subscription Agreement, “Short Sales” shall include, without limitation, all “short sales” as defined in Rule 200 promulgated
under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and
similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. Notwithstanding the foregoing, in case the undersigned
is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Subscriber’s assets, the representation set forth above in this paragraph shall only apply with respect to the portion of assets managed
by the portfolio manager that made the investment decision to purchase the Shares covered by this Subscription Agreement. 

r.    In connection with the issue and purchase of the Shares, the Placement Agents have not acted as the
undersigned’s financial advisor or fiduciary or as an underwriter, initial purchaser, dealer or in any other such capacity. The Placement Agents shall not, nor shall 

  
 16 

 
any of their respective affiliates or their respective control persons, officers, directors or employees, be liable to the undersigned for any action heretofore or hereafter taken or omitted to
be taken by any of them in connection with the undersigned’s subscription and acceptance of the Shares. The Subscriber agrees and acknowledges that, and unconditionally waives any conflicts of interest with respect to the fact that,
(i) the Placement Agents are acting as the Company’s placement agents in connection with the transactions contemplated by this Subscription Agreement, (ii) Barclays Capital Inc. is acting as advisor to Wallbox in connection with the
Transaction, (iii) UBS Securities LLC is acting as advisor to the SPAC in connection with the Transaction and (iv) neither Placement Agent is and neither has acted as the Subscriber’s financial advisor or fiduciary. 

s.    Neither Placement Agent has made, nor will it make, any representation or warranty, whether express or implied, of
any kind or character, nor has it provided any advice or recommendation to the undersigned in connection with the transactions contemplated hereby. The Placement Agents will have no responsibility with respect to (A) any representations,
warranties or agreements made by any person or entity under or in connection with the transactions contemplated hereby or any of the documents furnished pursuant thereto or in connection therewith, or the execution, legality, validity or
enforceability (with respect to any person) of any thereof, or (B) the financial condition, business, or any other matter concerning the Company or the transactions contemplated hereby. 

t.    If the undersigned is a resident of Canada, the undersigned hereby declares, represents, warrants and agrees as set
forth in the attached Schedule B. 
 u.    The Subscriber acknowledges and agrees that the SPAC continues to
review the SEC Statement and its implications, including on the financial statements and other information included in its SEC Documents, and any restatement, revision or other modification of the SEC Documents relating to or arising from such
review, any subsequent related agreements or other guidance from the Staff of the SEC shall be deemed not material for purposes of Section 5(i).g. 

7.    Additional Subscriber Agreement. The undersigned hereby agrees that, from the date of this Subscription
Agreement and until the Subscription Closing, no person or entity, while acting in connection with this Transaction and on behalf of the undersigned or any of its controlled affiliates or pursuant to any understanding in connection with this
Transaction with the undersigned or any of its controlled affiliates, will engage in any Short Sales with respect to securities of the Company or the SPAC. For purposes hereof, “Short Sales” shall include, without limitation, all
“short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act. Solely for purposes of this paragraph, subject to the undersigned’s compliance with its obligations under the U.S. federal securities laws
and the undersigned’s internal policies, the restrictions set forth above in this paragraph shall not apply to any employees, subsidiaries, desks, groups, or affiliates of the undersigned that are effectively walled off by appropriate
“fire wall” information barriers approved by the undersigned’s legal or compliance department. Notwithstanding the foregoing, if the undersigned is a multi-managed investment vehicle whereby separate portfolio managers manage separate
portions of such Subscriber’s assets, this Section 7 shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this
Subscription Agreement. 

  
 17 

 8.    Registration Rights. 

a.    In the event that the Shares are not registered in connection with the consummation of the Transaction, the Company
agrees that, within thirty (30) calendar days after the consummation of the Transaction (the “Filing Deadline”), the Company will file with the Commission (at the Company’s sole cost and expense) a registration statement
(the “Registration Statement”) registering the resale of the Shares, and the Company shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing
thereof, but no later than the earlier of (i) 60 calendar days (or 120 calendar days if the Commission notifies the Company that it will “review” the Registration Statement) following
the Filing Deadline, and (ii) five (5) business days after the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be subject to further
review (such earlier date, the “Effectiveness Date”); provided, however, that the Company’s obligations to include the Shares in the Registration Statement are contingent upon the undersigned furnishing in writing
to the Company such information regarding the undersigned, the securities of the Company held by the undersigned and the intended method of disposition of the Shares as shall be reasonably requested in writing by the Company to effect the
registration of the Shares, and the undersigned shall execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations, including providing that the
Company shall be entitled to postpone and suspend the use of the Registration Statement as permitted hereunder; provided, further, however, that the undersigned shall not in connection with the foregoing be required to
execute any lock-up or similar agreement or otherwise be subject to any contractual restriction on the ability to transfer the Shares. With respect to the information to be provided by the undersigned pursuant
to this Section 8, the Company shall request such information at least ten (10) business days prior to the anticipated initial filing date of the Registration Statement. The Company will provide a draft of the
Registration Statement to the undersigned for review at least two (2) business days in advance of its anticipated initial filing date. Notwithstanding the foregoing, if the Commission prevents the Company from including any or all of the shares
proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Shares by the applicable stockholders or otherwise, such Registration Statement shall register for
resale such number of Shares which is equal to the maximum number of Shares as is permitted by the Commission. In such event, the number of Shares to be registered for each selling stockholder named in the Registration Statement shall be reduced pro
rata among all such selling stockholders, and as promptly as practicable after being permitted to register additional Shares under Rule 415 under the Securities Act, the Company shall file a new Registration Statement to register such Shares not
included in the initial Registration Statement and cause such Registration Statement to become effective as promptly as practicable consistent with the terms of this Section 8. In no event shall the undersigned be
identified as a statutory underwriter in the Registration Statement unless in response to a comment or request from the staff of the Commission or another regulatory agency; provided, however, that if the Commission requests that the
undersigned be identified as a statutory underwriter in the 

  
 18 

 
Registration Statement, the undersigned will have an opportunity to withdraw from the Registration Statement. The Company will use its commercially reasonable efforts to maintain the continuous
effectiveness of the Registration Statement until the earliest of (i) the date on which the Shares subscribed for by the undersigned hereunder may be resold without volume or manner of sale limitations pursuant to Rule 144 promulgated under the
Securities Act and without the requirement for the Company to be in compliance with the current public information required under Rule 144(c)(2) (or Rule 144(i)(2), if applicable), (ii) the date on which all Shares subscribed for by the undersigned
hereunder have actually been sold and (iii) the date which is three (3) years after the initial Registration Statement filed hereunder is declared effective (the “Effectiveness Period”). For as long as the Registration
Statement shall remain effective pursuant to the immediately preceding sentence, the Company will use commercially reasonable efforts to file all reports, and provide all customary and reasonable cooperation, necessary to enable the undersigned to
resell the Shares pursuant to the Registration Statement or Rule 144 of the Securities Act (when Rule 144 of the Securities Act becomes available to the undersigned), as applicable, qualify the Shares for listing on NYSE, Nasdaq or other applicable
stock exchange on which the Ordinary Shares are then listed, and update or amend the Registration Statement as necessary to include the Shares. For purposes of clarification, any failure by the Company to file the Registration Statement by the
Filing Deadline or to effect such Registration Statement by the Effectiveness Date shall not otherwise relieve the Company of its obligations to file or effect the Registration Statement set forth in this Section 8. The
undersigned shall not be entitled to use the Registration Statement for an underwritten offering of Shares and notwithstanding anything to the contrary in this Subscription Agreement, the Company shall not have any obligation to prepare any
prospectus supplement, participate in any due diligence, execute any agreements or certificates or deliver legal opinions or obtain comfort letters in connection with any sales of the Shares under the Registration Statement. For purposes of this
Section 8, “Shares” shall mean, as of any date of determination, the Shares acquired by the undersigned pursuant to this Subscription Agreement and any other equity security issued or issuable with respect to such Shares by way of
stock split, dividend, distribution, recapitalization, merger, exchange, replacement or similar event, and “undersigned” shall include any affiliate of the undersigned to which the rights under this Section 8 have
been duly assigned. 
 b.    In the case of the registration, qualification, exemption or compliance effected by the
Company pursuant to this Subscription Agreement, the Company shall inform the undersigned as to the status of such registration, qualification, exemption and compliance. At its expense the Company shall: 

 

	 	i.	 advise the undersigned within two (2) business days: 

(1)     when a Registration Statement or any amendment thereto has been filed with the Commission and when such
Registration Statement or any post-effective amendment thereto has become effective; 
 (2)    of any request by the
Commission for amendments or supplements to any Registration Statement or the prospectus included therein or for additional information; 

  
 19 

 (3)    of the issuance by the Commission of any stop order suspending
the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose; 
 (4)    of the
receipt by the Company of any notification with respect to the suspension of the qualification of the Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 

(5)    subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making
of any changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the
case of a prospectus, in the light of the circumstances under which they were made) not misleading. 
 Notwithstanding anything to the contrary set forth
herein, the Company shall not, when so advising the undersigned of such events, provide the undersigned with any material, nonpublic information regarding the Company other than to the extent that providing notice to the undersigned of the
occurrence of the events listed in (1) through (5) above constitutes material, nonpublic information regarding the Company and the undersigned is notified that such events are material, nonpublic information at the time of notification; 

 

	 	ii.	 use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any
Registration Statement as soon as reasonably practicable; 

  

	 	iii.	 upon the occurrence of any event contemplated in Section 8.b.i(5) above, except for
such times as the Company is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use its commercially reasonable efforts to as soon as reasonably practicable prepare
a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Shares included therein, such prospectus will not include
any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

 

	 	iv.	 use its commercially reasonable efforts to cause all Shares to be listed on each securities exchange or market,
if any, on which the Ordinary Shares have been listed; 

  

	 	v.	 use its commercially reasonable efforts to file all reports and other materials required to be filed by the
Exchange Act until the expiry of the Effectiveness Period; and 

  
 20 

	 	vi.	 if in the opinion of counsel to the Company, it is then permissible to remove the restrictive legend from the
Shares pursuant to Rule 144 under the Securities Act, then at Subscriber’s request, the Company will request its transfer agent to remove the legend set forth in Section 6.c. above. In the event that the undersigned
and its broker(s) provide any certifications requested by the Company or its counsel, the Company shall use its commercially reasonable efforts to have the legend removal referenced above apply to all shares held by the Subscriber in a single
transaction. 

 c.    Notwithstanding anything to the contrary in this Subscription Agreement, the
Company shall be entitled to delay or postpone the effectiveness of the Registration Statement, and from time to time to require any Subscriber not to sell under the Registration Statement or to suspend the effectiveness thereof, if the negotiation
or consummation of a transaction by the Company or its subsidiaries is pending or an event has occurred, which negotiation, consummation or event, the Company’s board of directors reasonably believes, upon the advice of legal counsel, would
require additional disclosure by the Company in the Registration Statement of material information that the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which in
the Registration Statement would be expected, in the reasonable determination of the Company’s board of directors, upon the advice of legal counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements
(each such circumstance, a “Suspension Event”); provided, however, that (x) the Company may not delay or suspend the Registration Statement on more than two (2) occasions, for more than sixty
(60) consecutive calendar days, or for more than ninety (90) total calendar days, in each case during any twelve-month period and (y) the Company shall use commercially reasonable efforts to make such registration statement available
for the sale by the undersigned of such securities as soon as practicable thereafter. Upon receipt of any written notice from the Company of the happening of any Suspension Event (which notice shall not contain material non-public information) during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a
material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the prospectus) not misleading, each of the
undersigned agrees that (i) it will immediately discontinue offers and sales of the Shares under the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until the undersigned receives copies of a
supplemental or amended prospectus (which the Company agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise
notified by the Company that it may resume such offers and sales, and (ii) it will maintain the confidentiality of any information included in such written notice delivered by the Company except (A) for disclosure to the undersigned’s
employees, agents and professional advisers who need to know such information and are obligated to keep it confidential, and (B) as otherwise required by law or subpoena. Notwithstanding anything to the contrary, after the Effectiveness Date,
the Company shall cause its transfer agent to deliver unlegended Shares to a transferee of the undersigned in connection with any sale of 

  
 21 

 
Shares with respect to which the undersigned has entered into a contract for sale prior to the undersigned’s receipt of the notice of a Suspension Event and which has not yet settled. If so
directed by the Company, each of the undersigned will deliver to the Company or, in the undersigned’s sole discretion destroy, all copies of the prospectus covering the Shares in its possession; provided, however, that this
obligation to deliver or destroy all copies of the prospectus covering the Shares shall not apply (i) to the extent the undersigned is required to retain a copy of such prospectus (a) in order to comply with applicable legal, regulatory,
self-regulatory or professional requirements or (b) in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival servers as a result of
automatic data back-up. 
 d.    Subscriber may deliver written notice
(including via email) (an “Opt-Out Notice”) to the Issuer requesting that Subscriber not receive notices from the Issuer otherwise required by this Section 8;
provided, however, that Subscriber may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless and until
subsequently revoked), (i) neither the SPAC nor the Company shall deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the rights associated with any such notice and (ii) each time prior to Subscriber’s
intended use of an effective registration statement, Subscriber will notify the SPAC or the Company, as applicable, in writing at least two (2) business days in advance of such intended use, and if a notice of a Suspension Event was previously
delivered (or would have been delivered but for the provisions of this Section 8.d) and the related suspension period remains in effect, the SPAC or the Company, as applicable will so notify Subscriber, within one
(1) business day of Subscriber’s notification, by delivering to Subscriber a copy of such notice of Suspension Event that would have been provided, and thereafter will provide Subscriber with the related notice of the conclusion of such
Suspension Event immediately upon its availability, and Subscriber shall comply with any restrictions on using such Registration Statement during such Suspension Event. 

e.    The Company shall, notwithstanding any termination of this Subscription Agreement, indemnify, defend and hold
harmless the undersigned (to the extent a seller under the Registration Statement), the officers, directors, employees, investment advisers and agents of each of them, and each person who controls the undersigned (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable
attorneys’ fees) and expenses (collectively, “Losses”), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any prospectus
included in the Registration Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be
stated therein or necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, or (ii) any violation or alleged
violation by the Company of the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the performance of its obligations under this Section 8, except to the
extent, but only to the extent, that such untrue statements, alleged untrue statements, omissions or alleged omissions are based 

  
 22 

 
upon information regarding such Subscriber furnished in writing to the Company by such Subscriber expressly for use therein or such Subscriber has omitted a material fact from such information
provided, however, that the Company shall not be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance upon and in conformity with written information furnished by a
Subscriber, (B) in connection with any failure of such person to deliver or cause to be delivered a prospectus made available by the Company in a timely manner (to the extent a prospectus was required to be delivered by Subscriber under
applicable law), (C) as a result of offers or sales effected by or on behalf of any person by means of a free writing prospectus (as defined in Rule 405 of the Securities Act) that was not authorized in writing by the Company, or (D) in
connection with any offers or sales effected by or on behalf of a Subscriber in violation of Section 8 hereof. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an
indemnified party and shall survive the transfer of the Shares by such Subscriber. 
 f.    Each of the undersigned
shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees, and each person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of
the Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any
prospectus included in the Registration Statement or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to
be stated therein or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the
extent, that such untrue statements or omissions are based upon information regarding such Subscriber furnished in writing to the Company by such Subscriber expressly for use therein. In no event shall the liability of any of the undersigned be
greater in amount than the dollar amount of the net proceeds received by the undersigned upon the sale of the Shares giving rise to such indemnification obligation. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of an indemnified party and shall survive the transfer of the Shares by such Subscriber. 

g.    Any person entitled to indemnification pursuant to this Section 8 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 prejudiced the indemnifying party) and (ii) 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 (which consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who 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 legal counsel to any indemnified party a
conflict of interest exists between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the 

  
 23 

 
consent of the indemnified party, consent to the entry of any judgment or enter into any settlement for which indemnification could be sought hereunder 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. 
 h.    If the indemnification provided
under this Section 8 from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any Losses, in lieu of indemnifying the indemnified party shall contribute to the amount
paid or payable by the indemnified party as a result of such Losses 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 reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or 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. 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 this
Section 8, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. 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 Section 8 from any person who was not guilty of such fraudulent misrepresentation. Each indemnifying party’s obligation to
make a contribution pursuant to this Section 8.h. shall be individual, not joint and several, and in no event shall the liability of the Subscriber hereunder be greater in amount than the dollar amount of the net proceeds
received by the Subscriber upon the sale of the Shares giving rise to such indemnification or contribution obligation. 

9.    Termination. This Subscription Agreement shall terminate and be void and of no further force or effect, and
all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) such 

time as the Company notifies the undersigned or publicly discloses that the parties do not intend to consummate the Transaction, (b) such date and time as
the Transaction Agreement is terminated in accordance with its terms without the Transaction being consummated, (c) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (d) if any of the
conditions to the Subscription Closing set forth in Section 3 of this Subscription Agreement are not satisfied or waived on or prior to the Subscription Closing and, as a result thereof, the transactions contemplated by
this Subscription Agreement are not consummated at the Subscription Closing, or (e) if the consummation of the Transaction shall not have occurred by the 270th day after the date this Subscription Agreement is accepted by the SPAC and the
Company (and if such 270th day shall not be a business day, then the next following business day); provided, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and
each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach. The Company shall promptly notify the undersigned of the termination of the Transaction Agreement after the
termination of such agreement. 

  
 24 

 10.    Trust Account Waiver. The undersigned acknowledges that
the SPAC is a blank check company with the powers and privileges to effect a merger, asset acquisition, reorganization or similar business combination involving the SPAC and one or more businesses or assets. The undersigned further acknowledges
that, as described in the SPAC’s prospectus relating to its initial public offering dated February 25, 2021 (the “Prospectus”) available at www.sec.gov, substantially all of the SPAC’s assets consist of the cash
proceeds of the SPAC’s initial public offering and private placements of its securities, and substantially all of those proceeds have been deposited in a trust account (the “Trust Account”) for the benefit of the SPAC, its
public stockholders and the underwriters of the SPAC’s initial public offering. For and in consideration of the SPAC entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby
irrevocably waives any and all right, title and interest, or any claim of any kind it has or may have in the future, in or to any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account, in each case, as a result
of, or arising out of, this Subscription Agreement; provided, that nothing in this Section 10 shall be deemed to limit the undersigned’s right, title, interest or claim to the Trust Account by virtue of the
undersigned’s record or beneficial ownership of shares of Class A Common Stock, if any. 

11.    Miscellaneous. 

a.    All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and
shall be deemed to have been duly given upon receipt) by delivery in person, by e-mail or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following
addresses or e-mail addresses (or at such other address or email address for a party as shall be specified in a notice given in accordance with this Section 11.a): 

If to the SPAC, to it at: 

Kensington Capital Acquisition Corp. II 

1400 Old Country Road, Suite 301 

Westbury, NY 11590 
 Attention:
Justin Mirro 
 Email: justin@kensington-cap.com 

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

Hughes Hubbard & Reed LLP 

One Battery Park Plaza 
 New
York, NY 10004 
 Attention: Charles A. Samuelson 

Email: chuck.samuelson@hugheshubbard.com 

  
 25 

 If to the Company, to it at: 

Wallbox B.V. 

Carrer del Foc, 68 

Barcelona, Spain 08038 

Attention: Enric Asuncion Sousa 

Email: enric@wallbox.com 

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

Latham & Watkins LLP 

811 Main Street 

Suite 3700 

Houston, TX 77002 

United States 

Attention: Ryan Maierson 

Email: Ryan.Maierson@lw.com 

Plaza de la Independencia 6 

28001 Madrid 

Spain 

Attention: José Antonio Sánchez 

Email: Jose.Sanchez@lw.com 

and 

Hughes Hubbard & Reed LLP 

One Battery Park Plaza 

New York, NY 10004 

Attention: Charles A. Samuelson 

Email: chuck.samuelson@hugheshubbard.com 

If to the undersigned, to the address or email address set forth for the undersigned on the signature page hereof. 

b.    All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall
survive the Subscription Closing. 
 c.    If any term or other provision of this Subscription Agreement is invalid,
illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Subscription Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good
faith to modify this Subscription Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the
fullest extent possible. 

  
 26 

 d.    This Subscription Agreement constitutes the entire agreement among
the parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof. This Subscription Agreement shall not be
assigned (whether pursuant to a merger, by operation of law or otherwise), by any party without the prior express written consent of the other parties hereto except that (i) this Subscription Agreement and any of the Subscriber’s rights
and obligations hereunder may be assigned to any fund or account managed by the same investment manager as the Subscriber or by an “affiliate” (as defined in Rule 12b-2 under the Exchange Act) of
such investment manager without the prior consent of the SPAC or the Company and (ii) the Subscriber’s rights under Section 8 are deemed to be assigned to an assignee or transferee of the Shares, provided,
that such assignee will be deemed to have made each of the representations, warranties and covenants of the Subscriber set forth in Section 6 as of the date of such assignment and as of the Subscription Closing, and no such
assignment by the Subscriber will relieve the Subscriber of its obligations under this Subscription Agreement and the Subscriber will remain secondarily liable under this Subscription Agreement for the obligations of the assignee hereunder. 

e.    This Subscription Agreement shall be binding upon and inure solely to the benefit of each party hereto, and except
as otherwise expressly set forth in subsection (q) of this Section 11, nothing in this Subscription Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy of
any nature whatsoever under or by reason of this Subscription Agreement. 
 f.    This Subscription Agreement shall be
governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed in and to be performed in that State. All legal actions and proceedings arising out of or relating to this Subscription Agreement shall
be heard and determined exclusively in any Supreme Court of the State of New York; provided, however, that if jurisdiction is not then available in the Supreme Court of the State of New York, then any such legal action may be brought
in any federal court located in the State of New York or any other New York state court. The parties hereto hereby (a) irrevocably submit to the exclusive jurisdiction of the aforesaid courts for themselves and with respect to their respective
properties for the purpose of any action arising out of or relating to this Subscription Agreement brought by any party hereto, and (b) agree not to commence any action relating thereto except in the courts described above in New York, other
than actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in New York as described herein. Each of the parties further agrees that notice as provided herein shall constitute sufficient
service of process and the parties further waive any argument that such service is insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or
otherwise, in any action arising out of or relating to this Subscription Agreement or the transactions contemplated hereby, (a) any claim that it is not personally subject to the jurisdiction of the courts in New York as described herein for
any reason, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution
of judgment, execution of judgment or otherwise) and (c) that (i) the action in any such court is brought in an inconvenient forum, (ii) the venue of such action is improper or (iii) this Subscription Agreement, or the subject matter
hereof, may not be enforced in or by such courts. 

  
 27 

 g.     EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS SUBSCRIPTION AGREEMENT. EACH OF THE PARTIES HERETO (I) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.G. 

h.    The descriptive headings contained in this Subscription Agreement are included for convenience of reference only and
shall not affect in any way the meaning or interpretation of this Subscription Agreement. 
 i.    This Subscription
Agreement may be executed and delivered (including by facsimile or portable document format (pdf) transmission) in counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement. 
 j.    The parties hereto agree
that irreparable damage would occur in the event any provision of this Subscription Agreement was not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to
any other remedy at law or in equity. Each of the parties hereby further waives (a) any defense in any action for specific performance that a remedy at law would be adequate and (b) any requirement under any law to post security or a bond
as a prerequisite to obtaining equitable relief. 
 k.    Except as otherwise provided herein, all costs and expenses
incurred in connection with this Subscription Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the transactions contemplated hereby are consummated. 

l.    This Subscription Agreement may be amended in writing by the parties hereto at any time prior to the Subscription
Closing. This Subscription Agreement may not be amended except by an instrument in writing signed by each of the parties hereto. 

m.    At any time, the Company may (a) extend the time for the performance of any obligation or other act of the
undersigned, (b) waive any inaccuracy in the representations and warranties of the undersigned contained herein or in any document delivered by the undersigned pursuant hereto and (c) waive compliance with any agreement of the undersigned
or 

  
 28 

 
any condition to its own obligations contained herein. At any time, the undersigned may (a) extend the time for the performance of any obligation or other act of the Company, (b) waive
any inaccuracy in the representations and warranties of the Company contained herein or in any document delivered by the Company pursuant hereto and (c) waive compliance with any agreement of the Company or any condition to its own obligations
contained herein. Any such extension or waiver shall be valid if set forth in an instrument in writing signed by the party or parties to be bound thereby. 

n.    The language used in this Subscription 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. 
 o.    The SPAC shall, no
later than 9:00 a.m., New York City time, on the first (1st) business day immediately following the date of this Subscription Agreement, issue one or more press releases or file with the Commission one or more Current Reports on Form 8-K (collectively, the “Disclosure Document”) disclosing all material terms of the transactions contemplated hereby and by the Other Subscription Agreements, the Transaction and any other material,
nonpublic information that the SPAC, the Company, Wallbox, or any of their respective officers, directors, employees or agents (including the Placement Agents) has provided to the undersigned or any of the undersigned’s affiliates, attorneys,
agents or representatives at any time prior to the filing of the Disclosure Document. From and after the issuance of the Disclosure Document, the undersigned shall not be in possession of any material,
non-public information received from the SPAC, the Company, Wallbox, or any of their respective officers, directors, employees or agents (including the Placement Agents). Notwithstanding anything in this
Subscription Agreement to the contrary, each party hereto acknowledges and agrees that the undersigned, without the prior written consent of the SPAC and the Company, will not publicly make reference to the SPAC, the Company or any of their
affiliates, and the SPAC and the Company, without the prior written consent of the undersigned, will not, and will cause their representatives, including the Placement Agents and their respective representatives, not to, publicly make reference to
the undersigned or its affiliates, in each case (i) in connection with the Transaction or this Subscription Agreement (provided, that the undersigned may disclose its entry into this Subscription Agreement and the Subscription Price) or
(ii) in any press release, promotional materials, media, or similar circumstances, or filings with the Commission or any regulatory agency or trading agency except, in each case, as required by law or regulation or at the request of the Staff
of the Commission or regulatory agency or under the regulations of NYSE, including, in the case of the SPAC and the Company (a) as required by the federal securities law in connection with the Registration Statement, (b) the filing of this
Subscription Agreement (or a form of this Subscription Agreement) with the Commission and (c) the filing of a registration statement on Form S-4 or F-4, as
applicable, or a proxy statement containing the information specified in Schedule 14A, and related materials to be filed by the Company with respect to the Transaction (collectively, the “Proxy Statement”). Furthermore, the
undersigned hereby consents to the disclosure with the Commission in connection with the execution and delivery of the Transaction Agreement and the Proxy Statement, to the extent required by the federal securities laws or the Commission or any
other securities authorities, of the undersigned’s identity and beneficial ownership of the Shares and the nature of the undersigned’s commitments, arrangements 

  
 29 

 
and understandings under and relating to this Subscription Agreement. The undersigned will promptly provide any information reasonably requested by the SPAC or the Company for any regulatory
application or filing made or approval sought in connection with the Transactions (including filings with the Commission), in each case to the extent within the undersigned’s possession and control or otherwise readily available to the
undersigned. 
 p.    The Company may request from the undersigned such additional information as the Company may deem
necessary to evaluate the eligibility of the undersigned to acquire the Shares, and the undersigned shall provide such information as may reasonably be requested, to the extent readily available and to the extent consistent with its internal
policies and procedures. 
 q.    The undersigned acknowledges that the SPAC, the Company and the Placement Agents
(pursuant to the ultimate sentence of this paragraph) will rely on the undersigned’s acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. The SPAC and the Company each
acknowledges that the undersigned will rely on the SPAC’s and the Company’s acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to the Subscription Closing, each of
the parties agrees to promptly notify the other parties if (i) any of such party’s acknowledgments, understandings, agreements, representations and warranties (other than any such representations and warranties that are qualified by
materiality) made herein are no longer accurate in any material respect or (ii) any of such party’s representations and warranties made herein that are qualified by materiality are no longer accurate in any respect. Each of the parties
agrees that the purchase by the undersigned of Shares from the Company and the issuance of Shares by the Company to the undersigned will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations and warranties
herein (as modified by any such notice) by such party as of the time of such subscription and/or purchase. The undersigned further acknowledges and agrees that the Placement Agents are third-party beneficiaries of the representations and warranties
of the undersigned contained in Sections 6.a, 6.b, 6.c, 6.f, 6.g, 6.h, 6.i., 6.o, 6.p, 6.q, 6.r, 6.s, 6.t and 6.u of this Subscription Agreement. 

r.    Each of the SPAC, the Company and the undersigned is entitled to rely upon this Subscription Agreement and is
irrevocably authorized to produce this Subscription Agreement or a copy hereof when required by law, regulatory authority, NYSE or Nasdaq, as applicable, to do so in any administrative or legal proceeding or official inquiry with respect to the
matters covered hereby. 
 12.    Separate Obligations. The obligations of the Subscriber under this Subscription
Agreement are several and not joint with the obligations of any Other Subscriber or any other investor under the Other Subscription Agreements, and the Subscriber shall not be responsible in any way for the performance of the obligations of any
Other Subscriber under the Other Subscription Agreements. The decision of the Subscriber to purchase the Shares pursuant to this Subscription Agreement has been made by the Subscriber independently of any Other Subscriber or any other investor and
independently of any information, materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition 

  
 30 

 
(financial or otherwise) or prospects of the SPAC, the Company or Wallbox or any of their subsidiaries which may have been made or given by any Other Subscriber or other investor or by any agent
or employee of any Other Subscriber or other investor, and neither the Subscriber nor any of its agents or employees shall have any liability to any Other Subscriber or other investor (or any other person) relating to or arising from any such
information, materials, statements or opinions. Nothing contained herein or in any Other Subscription Agreement, and no action taken by the Subscriber or any Other Subscriber or other investor pursuant hereto or thereto, shall be deemed to
constitute the Subscriber, on the one hand, and any Other Subscriber or other investor, on the other hand, as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Subscriber and any Other
Subscriber or other investor are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Subscription Agreement and the Other Subscription Agreements; provided, that it is acknowledged
that the Subscriber may be under common management with one or more Other Subscribers. Subscriber acknowledges that no Other Subscriber has acted as agent for the Subscriber in connection with making its investment hereunder and no Other Subscriber
will be acting as agent of the Subscriber in connection with monitoring its investment in the Shares or enforcing its rights under this Subscription Agreement. Subscriber shall be entitled to independently protect and enforce its rights, including
without limitation the rights arising out of this Subscription Agreement, and it shall not be necessary for any Other Subscriber or investor to be joined as an additional party in any proceeding for such purpose. 

[SIGNATURE PAGES FOLLOW] 

  
 31 

 IN WITNESS WHEREOF, the undersigned has executed or caused this Subscription
Agreement to be executed by its duly authorized representative as of the date set forth below. 
  

					
	Name of Investor:	  	        State/Country of Formation or Domicile:
			
	By:	  	  
	  	
			
	Name:	  	  
	  	
			
	Title:	  	  
	  	

  

			
	 Name in which shares are to be registered (if different):
	  	 Date:
                            , 2021

		
	 Investor’s EIN:
	  	
		
	 Business Address-Street:
	  	 Mailing Address-Street (if different):

		
	 City, State, Zip:
	  	 City, State, Zip:

		
	
Attn:                  
               
	  	
Attn:                  
              

		
	 Telephone No.:
	  	 Telephone No.:

		
	 Facsimile No.:
	  	 Facsimile No.:

		
	 Number of Shares subscribed for:
	  	
		
	 Aggregate Subscription Amount: $
	  	 Price Per Share: $10.00

 You must pay the Subscription Amount by wire transfer of United States dollars in immediately available funds
to the account specified by the Company in the Closing Notice. 

  
 32 

 IN WITNESS WHEREOF, each of Kensington Capital Acquisition Corp. II and Wallbox B.V.
has accepted this Subscription Agreement as of the date set forth below. 
  

			
	KENSINGTON CAPITAL ACQUISITION CORP. II

 
			
	  
 By:
	 	  

		
	Name:	 	  

		
	Title:	 	  

 
			
	  
 WALLBOX
B.V.

 
			
	  
 By:
	 	  

		
	Name:	 	  

		
	Title:	 	  

 Date:
                        , 2021 

  
 33 

 SCHEDULE A 

ELIGIBILITY REPRESENTATIONS OF THE INVESTOR 
  

	A.	 QUALIFIED INSTITUTIONAL BUYER STATUS 

(Please check the applicable subparagraphs): 
  

	 	1.	 ☐ We are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act).

  

	B.	 INSTITUTIONAL ACCREDITED INVESTOR STATUS 

(Please check the applicable subparagraphs): 
  

	 	1.	 ☐ We are an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act)
for one or more of the following reasons (Please check the applicable subparagraphs): 

  

	 	☐	 Any bank, registered broker or dealer, insurance company, registered investment company, business development
company, small business investment company, private business development company, or rural business investment company; 

  

	 	☐	 Any investment adviser registered pursuant to section 203 of the Investment Advisers Act or registered pursuant
to the laws of a state; 

  

	 	☐	 Any investment adviser relying on the exemption from registering with the Commission under section 203(l) or
(m) of the Investment Advisers Act; 

  

	 	☐	 Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of
a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; 

  

	 	☐	 Any employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974
(“ERISA”), if (i) the investment decision is made by a plan fiduciary, as defined in section 3(21) of ERISA, which is either a bank, a savings and loan association, an insurance company, or a registered investment adviser,
(ii) the employee benefit plan has total assets in excess of $5,000,000 or, (iii) such plan is a self-directed plan, with investment decisions made solely by persons that are “accredited investors”; 

 

	 	☐	 Any (i) corporation, limited liability company or partnership, (ii) Massachusetts or similar business
trust, or (iii) organization described in section 501(c)(3) of the Internal Revenue Code, in each case that was not formed for the specific purpose of acquiring the securities offered and that has total assets in excess of $5,000,000;

  
 Schedule A 

	 	☐	 Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the
securities offered, whose subscription/purchase is directed by a sophisticated person as described in Section 230.506(b)(2)(ii) of Regulation D under the Securities Act; 

 

	 	☐	 Any entity, other than an entity described in the categories of “accredited investors” above, not
formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000; 

  

	 	☐	 Any “family office,” as defined under the Investment Advisers Act that satisfies all of the following
conditions: (i) with assets under management in excess of $5,000,000, (ii) that is not formed for the specific purpose of acquiring the securities offered, and (iii) whose prospective investment is directed by a person who has such
knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment; 

 

	 	☐	 Any “family client,” as defined under the Investment Advisers Act, of a family office meeting the
requirements in the previous paragraph and whose prospective investment in the issuer is directed by such family office pursuant to the previous paragraph and that is an institution; or 

 

	 	☐	 We are an entity in which all of the equity owners are accredited investors (Please check the applicable
subparagraphs): 

  

	 	☐	 Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or
any director, executive officer, or general partner of a general partner of that issuer; 

  

	 	☐	 Any natural person whose individual net worth, or joint net worth with that person’s spouse or spousal
equivalent, exceeds $1,000,000. For purposes of calculating a natural person’s net worth: (a) the person’s primary residence shall not be included as an asset; (b) indebtedness that is secured by the person’s primary
residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, 

  
 Schedule A 

	 	
shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding 60 days before such time, other
than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (c) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value
of the primary residence at the time of the sale of securities shall be included as a liability; 

  

	 	☐	 Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or
joint income with that person’s spouse or spousal equivalent in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; 

 

	 	☐	 Any natural person holding in good standing one or more professional certifications or designations or
credentials from an accredited educational institution that the Commission has designated as qualifying an individual for accredited investor status; or 

  

	 	☐	 Any natural person who is a “knowledgeable employee,” as defined in the Investment Company Act, of
the issuer of the securities being offered or sold where the issuer would be an investment company, as defined in section 3 of such act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of such act. 

 

	C.	 AFFILIATE STATUS 

(Please check the applicable box) 

THE INVESTOR: 

☐    is: 

☐    is not: 

an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

 This page should be completed by the Investor. 

  
 Schedule A 

					
	Name of Investor:	  	State/Country of Formation or Domicile:
			
	By:	 	  
	  	
			
	Name:	 	  
	  	
			
	Title:	 	  
	  	

  
 Schedule A 

 SCHEDULE B 

ELIGIBILITY REPRESENTATIONS OF THE INVESTOR (Canadian Investors Only) 

 

	1.	 We hereby declare, represent and warrant that: 

 

	 	(a)	 we are subscribing for the Shares as principal for our own account, or are deemed to be subscribing for the
Shares as principal for our own account in accordance with applicable Canadian securities laws, and not as agent for the benefit of another investor; 

  

	 	(b)	 we are residents in or subject to the laws of one of the provinces or territories of Canada;

  

	 	(c)	 we are entitled under applicable securities laws to subscribe and accept the Shares without the benefit of a
prospectus qualified under such securities laws and, without limiting the generality of the foregoing, are both: 

  

	 	a.	 an “accredited investor” as defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions (“NI 45-106”) or section 73.3(2) of the Securities Act (Ontario) by virtue of satisfying the indicated criterion in
Section 11 below, and we are not a person created or used solely to purchase or hold securities as an “accredited investor” as described in paragraph (m) of the definition of “accredited investor” in section 1.1 of NI 45-106; and 

  

	 	b.	 a “permitted client” as defined in section 1.1 of National Instrument
31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”) by virtue of satisfying the indicated criterion in
Section 12 below. 

  

	 	(d)	 we have received, reviewed and understood, this Subscription Agreement and certain disclosure materials
relating to the placing of Shares in Canada and, are basing our investment decision solely on this Subscription and the materials provided by the Company and not on any other information concerning the Company or the offering of the Shares;

  

	 	(e)	 the acquisition of Shares does not and will not contravene any applicable Canadian securities laws, rules or
policies of the jurisdiction in which we are resident and does not trigger (i) any obligation to prepare and file a prospectus or similar document or (ii) any registration or other similar obligation on the part of any person;

  

	 	(f)	 we will execute and deliver within the applicable time periods all documentation as may be required by
applicable Canadian securities laws to permit the subscription for the Shares on the terms set forth herein and, if required by applicable Canadian securities laws, will execute, deliver and file or assist the Company in obtaining and filing such
reports, undertakings and other documents relating to the 

  
 Schedule B 

	 	
subscription for the Shares as may be required by any applicable Canadian securities laws, securities regulator, stock exchange or other regulatory authority; and 

 

	 	(g)	 neither we nor any party on whose behalf we are acting has been established, formed or incorporated solely to
acquire or permit the subscription of Shares without a prospectus in reliance on an exemption from the prospectus requirements of applicable Canadian securities laws. 

 

	2.	 We are aware of the characteristics of the Shares, the risks relating to an investment therein and agree that
we must bear the economic risk of its investment in the Shares. We understand that we will not be able to resell the Shares under applicable Canadian securities laws except in accordance with limited exemptions and compliance with other requirements
of applicable law, and we (and not the Company) are responsible for compliance with applicable resale restrictions or hold periods and will comply with all relevant Canadian securities laws in connection with any resale of the Shares.

  

	3.	 We hereby undertake to notify the Company immediately of any change to any declaration, representation,
warranty or other information relating to us set forth herein which takes place prior to the closing of the subscription and acceptance of the Shares applied for hereby. 

 

	4.	 We understand and acknowledge that (i) the Company is not a reporting issuer in any province or territory
in Canada and its securities are not listed on any stock exchange in Canada and there is currently no public market for the Shares in Canada; and (ii) the Company currently has no intention of becoming a reporting issuer in Canada and the
Company is not obligated to file and has no present intention of filing a prospectus with any securities regulatory authority in Canada to qualify the resale of the Shares to the public, or listing the Company’s securities on any stock exchange
in Canada and thus the applicable restricted period or hold period may not commence and the Shares may be subject to an unlimited hold period or restricted period in Canada and in that case may only be sold pursuant to limited exemptions under
applicable securities legislation. 

  

	5.	 We confirm we have reviewed applicable resale restrictions under relevant Canadian legislation and regulations.

  

	6.	 It is acknowledged that we should consult our own legal and tax advisors with respect to the tax consequences
of an investment in the Shares in our particular circumstances and with respect to the eligibility of the Shares for investment by us and resale restrictions under relevant Canadian legislation and regulations, and that we have not relied on the
Company or on the contents of the disclosure materials provided by the Company, for any legal, tax or financial advice. 

  

	7.	 If we are a resident of Quebec, we acknowledge that it is our express wish that all documents evidencing or
relating in any way to the sale of the Shares be drawn in the 

  
 Schedule B 

	 	
English language only. Si nous sommes résidents de la province de Québec, nous reconnaissons par les présentes que c’est notre volonté expresse que tous les
documents faisant foi ou se rapportant de quelque manière à la vente des engagements soient rédigés en anglais seulement. 

  

	8.	 We understand and acknowledge that we are making the representations, warranties and agreements contained
herein with the intent that they may be relied upon by the Company and the agents in determining our eligibility to subscribe for the Shares, including the availability of exemptions from the prospectus requirements of applicable Canadian securities
laws in connection with the issuance of the Shares. 

  

	9.	 We consent to the collection, use and disclosure of certain personal information for the purposes of meeting
legal, regulatory, self-regulatory, security and audit requirements (including any applicable tax, securities, money laundering or anti-terrorism legislation, rules or regulations) and as otherwise permitted or required by law, which disclosures may
include disclosures to tax, securities or other regulatory or self-regulatory authorities in Canada and/or in foreign jurisdictions, if applicable, in connection with the regulatory oversight mandate of such authorities. 

 

	10.	 If we are an individual resident in Canada, we acknowledge that: (A) the Company or the agents may be
required to provide personal information pertaining to us as required to be disclosed in Schedule I of Form 45-106F1 Report of Exempt Distribution (“Form
45-106F1”) under NI 45-106 (including its name, email address, address, telephone number and the aggregate Subscription Price paid by the subscriber)
(“personal information”) to the securities regulatory authority or regulator in the local jurisdiction (the “Regulator”); (B) the personal information is being collected indirectly by the Regulator under the authority granted to
it in securities legislation; and (C) the personal information is being collected for the purposes of the administration and enforcement of the securities legislation; and by subscribing/purchasing the securities, we shall be deemed to have
authorized such indirect collection of personal information by the Regulator. Questions about the indirect collection of information should be directed to the Regulator in the local jurisdiction, using the contact information set out below:

  

	 	(a)	 in Alberta, the Alberta Securities Commission, Suite 600, 250 - 5th Street SW, Calgary, Alberta T2P 0R4,
Telephone: (403) 297-6454, toll free in Canada: 1-877-355-0585; 

 

	 	(b)	 in British Columbia, the British Columbia Securities Commission, P.O. Box 10142, Pacific Centre, 701 West
Georgia Street, Vancouver, British Columbia V7Y 1L2, Inquiries: (604) 899-6581, toll free in Canada:
1-800-373-6393, Email: inquiries@bcsc.bc.ca; 

 

	 	(c)	 in Manitoba, The Manitoba Securities Commission, 500 - 400 St. Mary Avenue, Winnipeg, Manitoba R3C 4K5,
Telephone: (204) 945-2548, toll free in Manitoba 1-800-655-5244; 

  
 Schedule B 

	 	(d)	 in New Brunswick, Financial and Consumer Services Commission (New Brunswick), 85 Charlotte Street, Suite 300,
Saint John, New Brunswick E2L 2J2, Telephone: (506) 658-3060, toll free in Canada:
1-866-933-2222, Email: info@fcnb.ca; 

  

	 	(e)	 in Newfoundland and Labrador, Government of Newfoundland and Labrador, Financial Services Regulation Division,
P.O. Box 8700, Confederation Building, 2nd Floor, West Block, Prince Philip Drive, St. John’s, Newfoundland and Labrador, A1B 4J6, Attention: Director of Securities, Telephone: (709) 729-4189,

  

	 	(f)	 in the Northwest Territories, the Government of the Northwest Territories, Office of the Superintendent of
Securities, P.O. Box 1320, Yellowknife, Northwest Territories X1A 2L9, Attention: Deputy Superintendent, Legal & Enforcement, Telephone: (867) 920-8984; 

 

	 	(g)	 in Nova Scotia, the Nova Scotia Securities Commission, Suite 400, 5251 Duke Street, Duke Tower, P.O. Box 458,
Halifax, Nova Scotia B3J 2P8, Telephone: (902) 424-7768; 

  

	 	(h)	 in Nunavut, Government of Nunavut, Department of Justice, Legal Registries Division, P.O. Box 1000, Station
570, 1st Floor, Brown Building, Iqaluit, Nunavut X0A 0H0, Telephone: (867) 975-6590; 

  

	 	(i)	 in Ontario, the Inquiries Officer at the Ontario Securities Commission, 20 Queen Street West, 22nd Floor,
Toronto, Ontario M5H 3S8, Telephone: (416) 593-8314, toll free in Canada: 1-877-785-1555,
Email: exemptmarketfilings@osc.gov.on.ca; 

  

	 	(j)	 in Prince Edward Island, the Prince Edward Island Securities Office, 95 Rochford Street, 4th Floor Shaw
Building, P.O. Box 2000, Charlottetown, Prince Edward Island C1A 7N8, Telephone: (902) 368-4569; 

  

	 	(k)	 in Québec, the Autorité des marchés financiers, 800, Square Victoria, 22e étage,
C.P. 246, Tour de la Bourse, Montréal, Québec H4Z 1G3, Telephone: (514) 395-0337 or
1-877-525-0337, Email:financementdessocietes@lautorite.qc.ca (For corporate finance issuers),
fonds_dinvestissement@lautorite.qc.ca (For investment fund issuers); 

  

	 	(l)	 in Saskatchewan, the Financial and Consumer Affairs Authority of Saskatchewan, Suite 601 - 1919 Saskatchewan
Drive, Regina, Saskatchewan S4P 4H2, Telephone: (306) 787-5879; and 

  

	 	(m)	 in Yukon, Government of Yukon, Department of Community Services, Law Centre, 3rd Floor, 2130 Second Avenue,
Whitehorse, Yukon Y1A 5H6, Telephone: (867) 667-5314. 

  
 Schedule B 

	11.	 We hereby represent, warrant, covenant and certify that we are, or any party on whose behalf we are acting is,
an “accredited investor” as defined in NI 45-106 or section 73.3(1) of the Securities Act (Ontario) by virtue of satisfying the indicated criterion below: 

Please check the category that applies: 
  

					
	 ☐
	 		  	a Canadian financial institution or a Schedule III bank of the Bank Act (Canada),
			
	 ☐
	 		  	the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada),
			
	 ☐
	 		  	a subsidiary of any person or company referred to in paragraphs (a) or (b) if the person or company owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors
of that subsidiary,
			
	 ☐
	 		  	a person or company registered under the securities legislation of a province or territory of Canada as an adviser or dealer, except as otherwise prescribed by the regulations,
			
		 		  	[omitted]
			
		 	(e.1)	  	[omitted]
			
	 ☐
	 		  	the Government of Canada, the government of a province or territory of Canada, or any Crown corporation, agency or wholly-owned entity of the Government of Canada or of the government of a province or territory of
Canada,
			
	 ☐
	 		  	a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l’île de Montréal or an intermunicipal management board in
Québec,
			
	 ☐
	 		  	any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government,
			
	 ☐
	 	(i)	  	a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada) or a pension commission or similar regulatory authority of a province or territory of Canada,
			
		 		  	[omitted]
			
	 ☐
	 	(j.1)	  	an individual who beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds CAD$5,000,000,
			
		 		  	[omitted]
			
		 		  	[omitted]

  
 Schedule B 

					
	 ☐
	 		  	a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements,
			
	 ☐
	 		  	an investment fund that distributes or has distributed its securities only to
			
		 		  	a person that is or was an accredited investor at the time of the distribution,
			
		 		  	a person that acquires or acquired securities in the circumstances referred to in sections 2.10 of NI 45-106 [Minimum amount investment], or 2.19 of
NI 45-106 [Additional investment in investment funds], or
			
		 	        	  	a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 of NI 45-106 [Investment fund reinvestment],
			
	 ☐
	 		  	an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt,
			
	 ☐
	 		  	a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting
on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be,
			
	 ☐
	 		  	a person acting on behalf of a fully managed account1 managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under
the securities legislation of a jurisdiction of Canada or a foreign jurisdiction,
			
	 ☐
	 		  	a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the
registered charity to give advice on the securities being traded,
			
	 ☐
	 		  	an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) through (d) or paragraph (i) in form and function,
			
	 ☐
	 		  	a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors,
			
	 ☐
	 	        	  	an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser,

 
  

	1.	 A “fully managed account” means an account of a client for which a person makes the investment
decisions if that person has full discretion to trade in securities for the account without requiring the client’s express consent to a transaction. 

  
 Schedule B 

					
			
	 ☐
	 	        	  	a person that is recognized or designated by the Commission as an accredited investor,
			
	 ☐
	 		  	a trust established by an accredited investor for the benefit of the accredited investor’s family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited
investor’s spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor’s spouse or of that accredited investor’s former
spouse.

  

	12.	 We hereby represent, warrant, covenant and certify that we are, or any party on whose behalf we are acting is,
a “permitted client” by virtue of the criterion indicated below, 

 Please check the category that applies:

  

					
			
	 ☐
	 	(a)	  	a Canadian financial institution or a Schedule III bank;
			
	 ☐
	 	(b)	  	the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada);
			
	 ☐
	 	(c)	  	a subsidiary of any person or company referred to in paragraph (a) or (b), if the person or company owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of
the subsidiary;
			
	 ☐
	 	(d)	  	a person or company registered under the securities legislation of a jurisdiction of Canada as an adviser, investment dealer, mutual fund dealer or exempt market dealer;
			
	 ☐
	 	(e)	  	a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions or a pension commission or similar regulatory authority of a jurisdiction of Canada or a wholly-owned subsidiary of such a pension
fund;
			
	 ☐
	 	(f)	  	an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) through (e);
			
	 ☐
	 	(g)	  	the Government of Canada or a jurisdiction of Canada, or any Crown corporation, agency or wholly-owned entity of the Government of Canada or a jurisdiction of Canada;
			
	 ☐
	 	(h)	  	any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government;
			
	 ☐
	 	(i)	  	a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l’île de Montréal or an intermunicipal management board in
Quebec;
			
	 ☐
	 	(j)	  	a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on
behalf of a managed account managed by the trust company or trust corporation, as the case may be;

  
 Schedule B 

					
			
	 ☐
	 	(k)	  	a person or company acting on behalf of a managed account managed by person or company, if the person or company is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a
jurisdiction of Canada or a foreign jurisdiction;
			
	 ☐
	 	(l)	  	an investment fund if one or both of the following apply:
			
		 		  	(i) the fund is managed by a person or company registered as an investment fund manager under the securities legislation of a jurisdiction of Canada;
			
		 		  	(ii) the fund is advised by a person or company authorized to act as an adviser under the securities legislation of a jurisdiction of Canada;
			
	 ☐
	 	(m)	  	in respect of a dealer, a registered charity under the Income Tax Act (Canada) that obtains advice on the securities to be traded from an eligibility adviser or an adviser registered under the securities legislation of the
jurisdiction of the registered charity;
			
	 ☐
	 	(n)	  	in respect of an adviser, a registered charity under the Income Tax Act (Canada) that is advised by an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered
charity;
			
	 ☐
	 	(o)	  	a registered charity under the Income Tax Act (Canada) that obtains advice on the securities to be traded from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered
charity;
			
	 ☐
	 	(p)	  	an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5 million;
			
	 ☐
	 	(q)	  	a person or company that is entirely owned by an individual or individuals referred to in paragraph (o), who holds the beneficial ownership interest in the person or company directly or through a trust, the trustee of which is a
trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction;
			
	 ☐
	 	(r)	  	a person or company, other than an individual or an investment fund, that has net assets of at least Cad$25,000,000 as shown on its most recently prepared financial statements; or
			
	 ☐
	 	(s)	  	a person or company that distributes securities of its own issue in Canada only to persons or companies referred to in paragraphs (a) through (r).

  
 Schedule BEX-10.5

 Exhibit 10.5 

EMPLOYEE LOCK-UP AGREEMENT 

June     , 2021 

Kensington Capital Acquisition Corp. II 
 1400 Old Country Road,
Suite 301 
 Westbury, NY 11590 
 Attention: Justin Mirro 

Ladies and Gentlemen: 
 The undersigned signatory (the
“Employee”) of this lock-up agreement (this “Letter Agreement”) understands that Kensington Capital Acquisition Corp. II, a Delaware corporation
(“KCAC”), is entering into the Business Combination Agreement (as the same may be amended from time to time, the “BCA”), dated as of the date hereof, with Orion Merger Sub Corp., a Delaware corporation
(“Merger Sub”), Wallbox B.V., a private company with limited liability incorporated under the Laws of the Netherlands (besloten vennootschap met beperkte aansprakelijkheid), having its official seat in Amsterdam, the
Netherlands (“Holdco”) and Wallbox Chargers, S.L., a Spanish limited liability company (sociedad limitada) (the “Company”), pursuant to which, among other things, the shares of KCAC and the
Company will be exchanged for ordinary shares in Holdco upon the terms and subject to the conditions set forth in the BCA and in accordance with applicable law (the “Business Combination”) upon the consummation of the
Business Combination (the “Effective Time”). 
 As a material inducement to the parties hereto to enter into the BCA and to support,
vote in favor of and consummate the Business Combination and the other transactions contemplated by the BCA, and for other good and valuable consideration, the Employee agrees as follows: 

 

	1.	 Definitions 

  

	 	(a)	 “Lock-up Period” shall mean the period
commencing upon the Effective Time and ending on the earlier of (1) one year from the Closing Date, (2) the last consecutive trading day where the sale price of the Holdco Ordinary Shares equals or exceeds $12.00 per share (as adjusted for
stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Effective Time, or (3) the
date on which a lock-up release is granted to any party to that certain Registration Rights and Lock-up Agreement the form of which is attached as an exhibit to the BCA.

  

	 	(b)	 “Holdco Ordinary Shares” shall mean any shares of Class A ordinary shares or
Class B ordinary shares of Holdco as in effect upon the consummation of the Business Combination. 

  

	 	(c)	 “Shares” shall mean the (1) Holdco Ordinary Shares owned of record or beneficially
by the Employee as of the Effective Time, including Holdco Ordinary Shares issued to the Employee pursuant to the BCA, plus (2) Holdco Ordinary Shares which may be issued upon exercise of a stock option or other convertible or exercisable
security owned of record or beneficially by the Employee as of the 

	 	
Effective Time, plus (3) Holdco Ordinary Shares granted or issued by Holdco to the Employee following the Effective Time, plus (4) Holdco Ordinary Shares which may be issued upon
exercise of a stock option or other convertible or exercisable security granted or issued by Holdco to the Employee following the Effective Time. For the avoidance of doubt, “Shares” shall not include Holdco Ordinary Shares
acquired on the open market or under the Holdco Employee Stock Purchase Plan following the Effective Time. 

  

	 	(d)	 “Transfer” shall mean the (a) sale, transfer, hypothecation, pledge, grant of any
option to purchase or other disposition of, offer to sell, contract or agreement to sell, transfer, hypothecate, pledge, grant of any option to purchase or otherwise dispose of, directly or indirectly, or establishment or increase of a put
equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder with respect to, any of the Shares, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Shares, whether any such transaction is to
be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b). 

 

	2.	 Lock-up Restrictions. Subject to the exceptions set forth in
this Letter Agreement, without the unanimous approval of the board of directors of Holdco (the “Board”), the Employee will not Transfer any of the Shares during the Lock-up Period.

  

	3.	 Permitted Transfers. Notwithstanding the restrictions set forth above, Transfers of Shares shall be
permitted (a) by gift to a member of the Employee’s immediate family or to a trust, the beneficiary of which is a member of the Employee’s immediate family, an affiliate of such individual or to a charitable organization; (b) by
virtue of laws of descent and distribution upon death of the Employee; (c) pursuant to a qualified domestic relations order; (d) to satisfy tax withholding obligations in connection with the exercise of options to purchase shares of KCAC
Common Stock or the vesting of stock-based awards (provided such newly acquired shares are substituted for such Shares); (e) in payment on a “net exercise” or “cashless” basis of the exercise or purchase price with respect to the
exercise of options to purchase shares of KCAC Common Stock (provided such newly acquired shares are substituted for such Shares); (f) upon termination of employment of such Employee; or (g) after 180 days from the Closing Date, to the extent
required to cover tax obligations; provided, however, that in the case of clauses (a) through (c), the relevant permitted transferee(s) must enter into a written agreement with KCAC agreeing to be bound by the transfer restrictions herein
(including for the avoidance of doubt this Section 3). 

  

	4.	 General. 

  

	 	(a)	 The Employee hereby represents and warrants that the Employee has full right and power, without violating any
agreement to which it is bound, to enter into this Letter Agreement. 

  
 2 

	 	(b)	 This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of
the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated
hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto. Notwithstanding the foregoing,
the Board may waive the restrictions contained in this Letter Agreement in its sole discretion; provided, however, except in circumstances of hardship or emergency as determined by the Board, any waiver must apply to all Employees with
Letter Agreements on the same pro rata basis. 

  

	 	(c)	 This Letter Agreement shall be binding on the Employee and its successors, heirs and assigns and permitted
transferees. Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Letter Agreement. All agreements contained in
this Letter Agreement shall be for the sole benefit of the parties hereto and their successors and assigns. 

  

	 	(d)	 This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or
provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there
shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

 

	 	(e)	 This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State
of Delaware, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. 

  

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

 

	 	(g)	 In addition, this Letter Agreement shall automatically terminate and be of no further force and effect on the
date, if any, the BCA is terminated for any reason prior to the closing of the Merger. 

 [Signature Page Follows]

  
 3 

 
			
	Sincerely,

 
			
		
	By:	 	  

 [Signature Page to Lock-Up Agreement] 

 Acknowledged and Agreed: 

Kensington Capital Acquisition Corp. II 
  

			
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Lock-Up Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}]]