Document:

Exhibit 10.2

 

AGREED FORM

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of [●], 2021, is made and entered into by and among (i)
FREYR Battery, a company organized under the laws of Luxembourg (the “Company“), (ii) Alussa Energy Sponsor
LLC, a Delaware limited liability company (the “Sponsor”), (iii) certain shareholders of FREYR AS (“FREYR”),
a company incorporated under the laws of Norway, set forth on Schedule 1 hereto (the “FREYR Holders”) and (iv)
the undersigned parties listed on the signature page hereto (each such party, together with the Sponsor, the FREYR Holders and
any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, a
“Holder” and collectively the “Holders”).

 

RECITALS

 

WHEREAS, Alussa
Energy Acquisition Corp. (“Alussa Energy”) and the Sponsor are party to that certain registration rights agreement,
dated November 25, 2019 (the “Original RRA”);

 

WHEREAS, the
Company has entered into that certain business combination agreement, dated as of [●], 2021 (the “Business Combination
Agreement”), by and between, among others, Alussa Energy, the Sponsor and FREYR;

 

WHEREAS, pursuant
to the Business Combination Agreement, the parties thereto will consummate a series of transactions, pursuant to which, among
others, (i) ordinary shares of FREYR held by shareholders of FREYR, including the FREYR Holders, will be converted into ordinary
shares of the Company, par value $0.01 per share (“Ordinary Shares”), (ii) 7,187,500 class B ordinary shares
of Alussa Energy held by the Sponsor will be converted into 7,187,500 Ordinary Shares (the “Founder Shares”),
(iii) private placement warrants of Alussa Energy held by the Sponsor will be converted into warrants of the Company (the “Private
Placement Warrants”). and (iv) [[●] working capital warrants of Alussa Energy held by the Sponsor will be converted
into [●] warrants of the Company (the “Working Capital Warrants”)]1.

 

WHEREAS, certain
investors (the “PIPE Shareholders”) committed, or have an option, to purchase Ordinary Shares (the “PIPE
Shares”) in a transaction exempt from registration under the Securities Act pursuant to the respective subscription agreements,
each dated on or about [●], 2021, entered into by and between the Company, Alussa and each of the PIPE Shareholders (each,
a “Subscription Agreement” and, collectively, the “Subscription Agreements”);

 

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

 

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

 

Article I

DEFINITIONS

 

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

 

 

 

		1	Note: to be included to the extent working capital warrants
are issued between signing and closing

 

     

    AGREED FORM

    

 

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

 

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

 

“Alussa
Energy” shall have the meaning given in the Recitals.

 

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

 

“Business
Combination” shall have the meaning given in the Recitals.

 

“Business
Combination Agreement” shall have the meaning given in the Recitals.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

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

 

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

 

“Demanding
Holder” shall have the meaning given in subsection 2.1.1.

 

“Effectiveness
Deadline” shall have the meaning given in subsection 2.1.6.

 

“Encompass
Holders” shall have the meaning given in subsection 5.6.

 

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

 

“Form S-1”
shall have the meaning given in subsection 2.1.1.

 

“Form S-3”
shall have the meaning given in subsection 2.3.

 

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

 

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

 

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

 

“FREYR
Shareholder Lock-Up Agreements” shall mean the lock-up agreements, dated on or about [●], 2021, between the
Company, Alussa Energy, the Sponsor and the applicable FREYR Holder, and each a “FREYR Shareholder Lock-Up Agreement”.

 

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

 

“Lock-Up
Agreements” shall mean the FREYR Shareholder Lock-Up Agreements and the Sponsor Lock-Up Agreement, and each, a “Lock-Up
Agreement”.

 

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

 

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

 

    2

    AGREED FORM

    

 

“Ordinary
Shares” shall have the meaning given in the Recitals.

 

“Ordinary
Shares Lock-up Period” shall mean, with respect to the Founder Shares and the Ordinary Shares held by the FREYR Holders,
the lock-up period set forth in the applicable Lock-Up Agreement.

 

“Original
RRA” shall have the meaning given in the Recitals.

 

“Permitted
Transferees” shall mean a person or entity to whom a Holder of Registrable Securities is permitted to transfer such
Registrable Securities prior to the expiration of the Ordinary Shares Lock-up Period or Private Placement Lock-up Period, as the
case may be, under the applicable Lock-Up Agreement, this Agreement, and any other applicable agreement between such Holder and
the Company, and to any transferee thereafter.

 

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

 

“PIPE Shareholders”
shall have the meaning given in the Recitals.

 

“PIPE Shares”
shall have the meaning given in the Recitals.

 

“Private
Placement Lock-up Period” shall mean, with respect to Private Placement Warrants, the lock-up period set forth in
the Sponsor Lock-Up Agreement.

 

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

 

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

 

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

 

“Registrable
Security” shall mean (a) any outstanding Ordinary Shares or any other equity security (including warrants to purchase
Ordinary Shares and the Ordinary Shares issued or issuable upon the exercise of any other equity security) of the Company held
by a Holder immediately following the Second Closing, (b) any Private Placement Warrants (including any Ordinary Shares issued
or issuable upon the exercise of any such Private Placement Warrants), (c) any Working Capital Warrants (including the Ordinary
Shares issued or issuable upon the exercise of any such Working Capital Warrants), (d) any outstanding Ordinary Shares or any other
equity security (including the Ordinary Shares issued or issuable upon the exercise of any other equity security) of the Company
held by a Holder as of the date of this Agreement and (e) any other equity security of the Company issued or issuable with respect
to any such Ordinary Shares by way of a share dividend or share split or in connection with a combination of shares, recapitalization,
merger, consolidation or reorganization; provided, however, that, as to any particular Registrable Security, such
securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged
in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for
such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public
distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased
to be outstanding; (D) such securities may be sold without registration pursuant to Rule 144 promulgated under the Securities Act
(or any successor rule promulgated thereafter by the Commission) (but with no volume or other restrictions or limitations); or
(E) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities
transaction.

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the
requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement
becoming effective.

 

    3

    AGREED FORM

    

 

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

 

(a) all
registration and filing fees (including fees with respect to filings required to be made with the Financial Industry
Regulatory Authority, Inc.) and any securities exchange on which the Ordinary Shares are then listed;

 

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

 

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

 

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

 

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

 

(f)
reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders
initiating a Demand Registration to be registered for offer and sale in the applicable Registration.

 

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

 

“Requesting
Holder” shall have the meaning given in subsection 2.1.1.

 

“Resale
Shelf Registration Statement” shall have the meaning given in subsection 2.1.6.

 

“Second
Closing” shall have the meaning given in the Business Combination Agreement.

 

“Second
Closing Date” shall have the meaning given in the Business Combination Agreement.

 

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

 

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

 

“Sponsor
Lock-Up Agreement” shall mean the lock-up agreement, dated [●], 2021, between the Company and the Sponsor.

 

“Subscription
Agreement” shall have the meaning given in the Recitals.

 

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

 

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

 

“Working
Capital Warrants” shall have the meaning given in the Recital hereto.

 

    4

    AGREED FORM

    

 

Article II

REGISTRATIONS

 

2.1 Demand
Registration.

 

2.1.1 Request
for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, at any
time and from time to time on or after the Second Closing Date, any Holder of Registrable Securities (the
“Demanding Holder”) may make a written demand for Registration under the Securities Act of all or
part of their Registrable Securities, which written demand shall describe the amount and type of securities to be included in
such Registration and the intended method(s) of distribution thereof (such written demand a “Demand
Registration”). The Company shall, within ten (10) days of the Company’s receipt of the Demand
Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable
Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a Registration
pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder’s Registrable
Securities in such Registration, a “Requesting Holder”) shall so notify the Company, in writing,
within five (5) days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such
written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have
their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect, as
soon thereafter as practicable, but not more than forty five (45) days immediately after the Company’s receipt of the
Demand Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders
pursuant to such Demand Registration. Under no circumstances shall the Company be obligated to effect more than an aggregate
of three (3) Registrations pursuant to a Demand Registration under this subsection 2.1.1 with respect to any or
all Registrable Securities; provided, however, that a Registration shall not be counted for such purposes
unless a Form S-1 or any similar long-form registration statement that may be available at such time (“Form
S-1”) has become effective and all of the Registrable Securities requested by the Requesting Holders to be
registered on behalf of the Requesting Holders in such Form S-1 Registration have been sold, in accordance with Section 3.1
of this Agreement.

 

2.1.2 Effective
Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of this Agreement, a
Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration
Statement filed with the Commission with respect to a Registration pursuant to a Demand Registration has been declared
effective by the Commission and (ii) the Company has complied with all of its obligations under this Agreement with respect
thereto; provided, further, that if, after such Registration Statement has been declared effective, an offering
of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop
order or injunction of the Commission, federal or state court or any other governmental agency the Registration Statement
with respect to such Registration shall be deemed not to have been declared effective, unless and until, (i) such stop order
or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders
initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly notify
the Company in writing, but in no event later than five (5) days, of such election; and provided, further, that
the Company shall not be obligated or required to file another Registration Statement until the Registration Statement that
has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is
subsequently terminated.

 

2.1.3 Underwritten
Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if a
majority-in-interest of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of
the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the
right of such Demanding Holder or Requesting Holder (if any) to include its Registrable Securities in such Registration shall
be conditioned upon such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s
Registrable Securities in such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute
their Registrable Securities through an Underwritten Offering under this subsection 2.1.3 shall enter into an
underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the
majority-in-interest of the Demanding Holders initiating the Demand Registration.

 

    5

    AGREED FORM

    

 

2.1.4 Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a
Demand Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing
that the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any)
desire to sell, taken together with all other Ordinary Shares or other equity securities that the Company desires to sell and
the Ordinary Shares, if any, as to which a Registration has been requested pursuant to separate written contractual
piggy-back registration rights held by any other shareholders who desire to sell, exceeds the maximum dollar amount or
maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed
offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar
amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”),
then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the
Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that
each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the
aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in
such Underwritten Registration (such proportion is referred to herein as “Pro Rata”)) that can be
sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clause (i), the Registrable Securities of Holders (Pro Rata, based on the
respective number of Registrable Securities that each Holder has so requested) exercising their rights to register their
Registrable Securities pursuant to subsection 2.2.1 hereof, without exceeding the Maximum Number of Securities;
and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (i) and (ii), the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold
without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (i), (ii) and (iii), the Ordinary Shares or other equity securities of
other persons or entities that the Company is obligated to register in a Registration pursuant to separate written
contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities.

 

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

 

2.1.6 Shelf
Registration. The Company agrees that, within thirty (30) calendar days following the Second Closing Date, the Company
will submit to or file with the Commission a registration statement for a shelf registration on Form S-1 or Form S-3 (if the
Company is then eligible to use a Form S-3 shelf registration) (the “Resale Shelf Registration
Statement”), in each case, covering the resale of the Registrable Shares and the Company shall use its
commercially reasonable efforts to have the Resale Shelf Registration Statement declared effective as soon as practicable
after the filing thereof, but no later than the earlier of (i) the 90th calendar day following the filing date thereof if the
Commission notifies the Company that it will “review” the Resale Shelf Registration Statement and (ii) the 10th
business day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that the
Resale Shelf Registration Statement will not be “reviewed” or will not be subject to further review (such earlier
date, the “Effectiveness Deadline”); provided, however, that the Company obligations to include the
Registrable Shares in the Resale Shelf Registration Statement are contingent upon the applicable Holder furnishing in writing
to the Company such information regarding the Holder, the Registrable Shares held by such Holder and the intended method of
disposition of the Registrable Shares (which shall be limited to non-underwritten public offerings) as shall be reasonably
necessary and requested by the Company to effect the registration of the Registrable Shares, and such Holder shall execute
such documents in connection with such registration as the Company may reasonably request that are customary of a
selling shareholder in similar situations, including providing that the Company shall be entitled to postpone and suspend the
effectiveness or use of the Resale Shelf Registration Statement, if applicable, during any customary blackout or similar
period or as permitted hereunder; provided that such Holder 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
Registrable Shares (other than the Lock-Up Agreements).

 

    6

    AGREED FORM

    

 

2.2 Piggyback
Registration.

 

2.2.1 Piggyback
Rights. If, at any time on or after the Second Closing Date, the Company proposes to file a Registration Statement under
the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or
exchangeable for, or convertible into equity securities, for its own account or for the account of shareholders of the
Company (or by the Company and by the shareholders of the Company including, without limitation, pursuant to Section 2.1
hereof), other than a Registration Statement (i) filed in connection with any employee share option or other benefit plan,
(ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders, (iii) for an
offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the
Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as
practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement, which notice
shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution,
and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the
Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such
Holders may request in writing within five (5) days after receipt of such written notice (such Registration a
“Piggyback Registration”). The Company shall, in good faith, cause such Registrable Securities to
be included in such Piggyback Registration and shall use its best efforts to cause the managing Underwriter or
Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to
this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions as any similar
securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their
Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an
underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company.

 

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

 

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

 

(b) If
the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the
Company shall include in any such Registration (A) first, the Ordinary Shares or other equity securities, if any, of such
requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the
Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable
Securities pursuant to subsection 2.2.1, pro rata based on the number of Registrable Securities that each Holder
has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the
Holders have requested to be included in such Underwritten Registration, which can be sold without exceeding the Maximum
Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (A) and (B), the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold
without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other equity securities for the
account of other persons or entities that the Company is obligated to register pursuant to separate written contractual
arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities.

 

    7

    AGREED FORM

    

 

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

 

2.2.4 Unlimited
Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2
hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1
hereof.

 

2.3 Registrations
on Form S-3. The Holders of Registrable Securities may at any time, and from time to time,
request in writing that the Company, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated
thereafter by the Commission), register the resale of any or all of their Registrable Securities on Form S-3 or any similar
short form registration statement that may be available at such time (“Form S-3”); provided, however,
that the Company shall not be obligated to effect such request through an Underwritten Offering. Within five (5) days of the
Company’s receipt of a written request from a Holder or Holders of Registrable Securities for a Registration on Form
S-3, the Company shall promptly give written notice of the proposed Registration on Form S-3 to all other Holders of
Registrable Securities, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such
Holder’s Registrable Securities in such Registration on Form S-3 shall so notify the Company, in writing, within ten
(10) days after the receipt by the Holder of the notice from the Company. As soon as practicable thereafter, but not more
than twelve (12) days after the Company’s initial receipt of such written request for a Registration on Form S-3, the
Company shall register all or such portion of such Holder’s Registrable Securities as are specified in such written
request, together with all or such portion of Registrable Securities of any other Holder or Holders joining in such request
as are specified in the written notification given by such Holder or Holders; provided, however, that the
Company shall not be obligated to effect any such Registration pursuant to Section 2.3 hereof if (i) a Form S-3
is not available for such offering; or (ii) the Holders of Registrable Securities, together with the Holders of any other
equity securities of the Company entitled to inclusion in such Registration, propose to sell the Registrable Securities and
such other equity securities (if any) at any aggregate price to the public of less than $10,000,000.

 

2.4 Restrictions
on Registration Rights. If (A) during the period starting with the date sixty (60) days
prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred and twenty
(120) days after the effective date of, a Company initiated Registration and provided that the Company has delivered written
notice to the Holders prior to receipt of a Demand Registration pursuant to subsection 2.1.1 and it continues to
actively employ, in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective;
(B) the Holders have requested an Underwritten Registration and the Company and the Holders are unable to obtain the
commitment of underwriters to firmly underwrite the offer; or (C) in the good faith judgment of the Board such Registration
would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the filing of
such Registration Statement at such time, then in each case the Company shall furnish to such Holders a certificate signed by
the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the
Company for such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing
of such Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not more
than thirty (30) days.

 

    8

    AGREED FORM

    

 

Article III

COMPANY
PROCEDURES

 

3.1 General
Procedures. If at any time after the Second Closing Date the Company is required to effect
the Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the
sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the
Company shall, as expeditiously as possible:

 

3.1.1 prepare and
file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use
its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all
Registrable Securities covered by such Registration Statement have ceased to be Registrable Securities;

 

3.1.2 prepare and
file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to
the Prospectus, as may be requested by the Holders or any Underwriter of Registrable Securities or as may be required by the
rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules
and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such
Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement
or supplement to the Prospectus;

 

3.1.3 prior to
filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the
Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal
counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration
Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus
included in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters
and the Holders of Registrable Securities included in such Registration or the legal counsel for any such Holders may request
in order to facilitate the disposition of the Registrable Securities owned by such Holders;

 

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

 

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

 

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

 

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

 

    9

    AGREED FORM

    

 

3.1.8 at least five
(5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or
Prospectus, furnish a copy thereof to each seller of such Registrable Securities or its counsel;

 

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

 

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

 

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

 

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

 

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

 

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

 

3.1.15 if the
Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use its
reasonable efforts to make available senior executives of the Company to participate in customary “road show”
presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; and

 

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

 

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

 

    10

    AGREED FORM

    

 

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

 

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

 

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

 

Article IV

INDEMNIFICATION
AND CONTRIBUTION

 

4.1 Indemnification.

 

4.1.1 The Company
agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and
each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages,
liabilities and expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact
contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto
or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the
Company by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors
and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in
the foregoing with respect to the indemnification of the Holder.

 

    11

    AGREED FORM

    

 

4.1.2 In connection
with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to
the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such
Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and
officers and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses,
claims, damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any
untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any
amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any
information or affidavit so furnished in writing by such Holder expressly for use therein; provided, however,
that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and
the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds
received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of
Registrable Securities shall indemnify the Underwriters, their officers, directors and each person who controls such
Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to
indemnification of the Company.

 

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

 

4.1.4 The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall
survive the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also
agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the
event the Company’s or such Holder’s indemnification is unavailable for any reason.

 

4.1.5 If the
indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to
hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein,
then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by
the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is
appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant
equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by 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; provided, however, that the
liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received
by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the
losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2
and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any
investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to
this subsection 4.1.5 were determined by pro rata allocation or by any other method of allocation, which does not
take account of the equitable considerations referred to in this subsection 4.1.5. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to
this subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation.

 

    12

    AGREED FORM

    

 

Article V

MISCELLANEOUS

 

5.1 Notices.
Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail,
addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii)
delivery in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic
mail, or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above
shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day
following the date on which it is mailed and, in the case of notices delivered by courier service, hand delivery, electronic
mail, telecopy, telegram or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the
affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or
communication under this Agreement must be addressed, if to the Company, to: 412 F, route d’Esch L-2086 Luxembourg or
contract-notifications@freyrbattery.com, and, if to any Holder, at such Holder’s address or contact information as set
forth in the Company’s books and records. Any party may change its address for notice at any time and from time to time
by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after
delivery of such notice as provided in this Section 5.1.

 

5.2 Assignment;
No Third Party Beneficiaries.

 

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

 

5.2.2 Prior to the
expiration of the Ordinary Shares Lock-up Period or the Private Placement Lock-up Period, as the case may be, no Holder may
assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, except in
connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee but only if such Permitted
Transferee agrees to become bound by the transfer restrictions set forth in this Agreement. After the expiration of the
Ordinary Shares Lock-up Period or the Private Placement Lock-up Period, as the case may be, the Holder may assign or delegate
such Holder’s rights, duties or obligations under this Agreement, in whole or in part, to any transferee.

 

5.2.3 This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its
successors and the permitted assigns of the Holders, which shall include Permitted Transferees.

 

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

 

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

 

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

 

5.4 Governing
Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE
PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE
STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW
YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION TAKEN WITH
RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK.

 

    13

    AGREED FORM

    

 

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

 

5.6 Other
Registration Rights. The Company represents and warrants that no person, other than (a) the
PIPE Shareholders who have registration rights with respect to their PIPE Shares pursuant to their respective Subscription
Agreements, (b) Encompass Capital Master Fund LP and BEMAP Master Fund LP (together, the “Encompass
Holders”), who have registration rights pursuant to the preferred share acquisition agreement, dated [●],
2021, between and among, the Encompass Holders, FREYR, Alussa Energy and the Company, pursuant to which agreement they will
acquire Ordinary Shares, (c) shareholders of FREYR immediately prior to the transactions contemplated to occur on the Second
Closing Date who have registration rights pursuant to the Business Combination Agreement and (d) a Holder of Registrable
Securities, has any right to require the Company to register any securities of the Company for sale or to include such
securities of the Company in any Registration filed by the Company for the sale of securities for its own account or for the
account of any other person. Further, the Company represents and warrants that this Agreement supersedes any other
registration rights agreement or agreement with similar terms and conditions and in the event of a conflict between any such
agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

 

5.7 Term.
This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this Agreement or (ii) the date
as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior
to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule
promulgated thereafter by the Commission)) or (B) the Holders of all Registrable Securities are permitted to sell the
Registrable Securities under Rule 144 (or any similar provision) under the Securities Act without limitation on the amount of
securities sold or the manner of sale. The provisions of Section 3.5 and Article IV shall survive any
termination.

 

5.8 Termination
of Original RRA. Alussa Energy and the Sponsor agree that the Original RRA shall terminate on the Second Closing
Date.

 

 

[SIGNATURE PAGES FOLLOW]

 

    14

    AGREED FORM

    

 

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

 

	 	COMPANY:
	 	 	 
	 	FREYR BATTERY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	ALUSSA ENERGY SPONSOR LLC
	 	 
	 	By:	 
	 	 	Name:	Daniel Barcelo
	 	 	Title:	Managing Member
	 	 
	 	 
	 	[SIG BLOCKS TO COME FOR ALL FREYR
HOLDERS]

 

 

[Signature Page to Registration Rights Agreement]

 

    15

    AGREED FORM

    

 

Schedule I

 

[List of FREYR Major Shareholders with
registration rights under RRA to come]

 

 

[Signature Page to Registration Rights Agreement]Exhibit 10.3

 

	Execution Version	 

 

		Dated	[●]
January 2021

 

		(1)	ALUSSA
                                         ENERGY ACQUISITION CORP.

 

		(2)	FREYR
                                         AS

 

		(3)	[●]

 

 

 

 

 

 

 

VOTING
AND SUPPORT AGREEMENT

 

 

 

 

 

 

 

Cayman
office

71 Fort Street

PO Box 190

Grand Cayman KY1-1104

Cayman Islands

445844.0002

 

     

     

    

 

CONTENTS

 

	Clause	Page
	1.	Definitions and Interpretation	2
	2.	Voting; Grant and Appointment of Proxy	3
	3.	Representations and Warranties	5
	4.	Covenants	7
	5.	Restrictions on Disposals	8
	6.	Specific Performance	9
	7.	Termination	9
	8.	Entire Agreement	9
	9.	Amendment and Variation	9
	10.	No Assignment	9
	11.	Waiver	10
	12.	Severance	10
	13.	Notices	10
	14.	Waiver of Immunity	11
	15.	Appointment of Process Agent	11
	16.	Counterparts	11
	17.	Governing Law and Jurisdiction	11
	SCHEDULE
1          SHARES	12
	SCHEDULE
2          WARRANTS	13
	SIGNATORIES	14

 

    i

     

    

 

	THIS AGREEMENT is dated	2021

 

PARTIES

 

		(1)	ALUSSA
                                         ENERGY ACQUISITION CORP., an exempted company incorporated under the laws of the
                                         Cayman Islands (Company);

 

		(2)	FREYR
                                         AS, a limited liability company incorporated under the laws of Norway (FREYR);

 

		(3)	[●],
                                         a limited partnership organised under the laws of [●] (Shareholder).

 

BACKGROUND

 

		(A)	WHEREAS,
                                         the Company desires and intends to effect a business combination transaction in accordance
                                         with the terms of that certain Business Combination Agreement to be entered into on or
                                         around the date hereof by and among, amongst others, the Company, FREYR, FREYR Battery,
                                         a corporation in the form of a public limited liability company under the laws of Luxembourg
                                         (Pubco), Norway Sub 1 AS, a private limited liability company under the laws of
                                         Norway (Norway Merger Sub 1), Norway Sub 2 AS, a private limited liability company
                                         under the laws of Norway (Norway Merger Sub 2) and Adama Charlie Sub, an exempted
                                         company incorporated under the laws of the Cayman Islands (Cayman Merger Sub)
                                         (as may be amended, supplemented or otherwise modified, the Business Combination Agreement)
                                         whereby (a) the Company will merge with and into Cayman Merger Sub, with the Company
                                         continuing as the surviving entity (the Cayman Merger), (b) FREYR will merge with
                                         and into Norway Merger Sub 2, with Norway Merger Sub 2 continuing as the surviving entity
                                         (the Norway Merger) and (c) Norway Merger Sub 1 will merge with and into Pubco,
                                         with Pubco continuing as the surviving entity (the Cross-Border Merger and, together
                                         with the Cayman Merger and the Norway Merger, the Mergers and, together with the
                                         other transactions contemplated by the Business Combination Agreement and ancillary documents
                                         referred to therein, the Transaction).

 

		(B)	WHEREAS,
                                         as of the date hereof, the Shareholder is the owner of record and the beneficial owner
                                         of the Class A ordinary shares par value $0.0001 each of the Company set forth next to
                                         Shareholder’s name on Schedule I hereto (the Shares and, together with any
                                         other Shares acquired (whether beneficially or of record) by the Shareholder after the
                                         date hereof and prior to the earlier of the Cayman Effective Time (as defined herein)
                                         and the termination of all of the Shareholder’s obligations under this agreement,
                                         including any Shares acquired by means of purchase, dividend or distribution, or issued
                                         upon the exercise of any warrants or the conversion of any convertible securities or
                                         otherwise, being collectively referred to herein as the Subject Shares).

 

		(C)	WHEREAS,
                                         as a condition to the completion of the Transaction under the Business Combination Agreement,
                                         the shareholders of the Company must approve the Resolutions (as defined herein) at a
                                         special meeting of the shareholders of the Company.

 

		(D)	WHEREAS,
                                         in connection with the consummation of the Transaction and as a material inducement to
                                         the willingness of the Company and FREYR to enter into the Business Combination Agreement,
                                         the Shareholder has agreed to enter into this agreement and to undertake to vote the
                                         Subject Shares as set forth herein.

 

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		(E)	NOW,
                                         THEREFORE, in consideration of the foregoing, the mutual covenants and agreements
                                         set forth herein, and other good and valuable consideration, the receipt and sufficiency
                                         of which is hereby acknowledged, the parties hereto agree as follows:

 

AGREED
TERMS

 

		1.	Definitions
                                         and Interpretation

 

		1.1	The
                                         following words and expressions shall have the following meanings, unless the context
                                         requires otherwise:

 

Alternative
Transaction: a transaction (other than the Transaction) concerning a Business Combination involving the Company.

 

Business
Combination: a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination involving
the Company, with one or more businesses or entities.

 

Cayman
Effective Time: has the meaning given to it in the Business Combination Agreement.

 

Cayman
Plan of Merger: the plan of merger in the form approved by the board of directors of the Company and to be filed with the
Registrar of Companies of the Cayman Islands in accordance with the Companies Law.

 

Companies
Law: the Companies Act (2021 Revision), as amended, of the Cayman Islands.

 

Derivative
Transaction: any swap transaction, option, warrant, forward purchase or sale transaction, futures transaction, cap transaction,
floor transaction, collar transaction or any other similar transaction (including any option with respect to any such transaction)
or combination of any such transactions, in each case involving any Subject Shares and which (a) has, or would reasonably be expected
to have, the effect of reducing or limiting the Shareholder’s economic interest in the Subject Shares and/or (b) grants
a third party the right to vote or direct the voting of the Subject Shares.

 

Governmental
Authority: any federal, state, local, foreign or other governmental, quasi-governmental or administrative body, instrumentality,
department or agency or any court, tribunal, administrative hearing body, arbitration panel, commission, regulatory body or other
similar regulatory or dispute-resolving panel or body.

 

Resolutions:
together: (i) the approval of the Business Combination Agreement and the Transaction, (ii) the approval of the Cayman Merger
and the Cayman Plan of Merger; and (iii) the approval of the adoption of a new amended and restated memorandum and articles of
association of the Company in the form approved by the board of directors of the Company in connection with the consummation of
the Transaction (the New Memorandum and Articles).

 

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SEC:
the United States Securities and Exchange Commission.

 

Securities
Act: the United States Securities Act of 1933, as amended.

 

Transfer:
with respect to any security, to sell (constructively or otherwise), offer, lend, gift, transfer, assign, tender in any tender
or exchange offer, pledge, grant, encumber, hypothecate or similarly dispose of by merger, testamentary disposition, operation
of law or otherwise, or the taking of any other action which would result in another person obtaining any beneficial ownership,
or agree or commit to do any of the foregoing, and Transferred shall have a correlative meaning.

 

		1.2	In
                                         this agreement, unless the context requires otherwise, a reference to

 

		(a)	any
                                         statute or statutory provision includes a reference to that statute or statutory
                                         provision as from time to time amended, extended, re-enacted or consolidated and all
                                         statutory instruments or orders made pursuant to it;

 

		(b)	an
                                         authorisation includes an authorisation, consent, approval, resolution, exemption,
                                         filing, notarisation, registration and licence;

 

		(c)	a
                                         clause is a reference to a clause to this agreement;

 

		(d)	a
                                         reference to any party shall include that party’s personal representatives,
                                         successors and permitted assigns;

 

		(e)	a
                                         person includes any individual, firm, company, corporation, partnership, association,
                                         organisation, government, state, agency, trust or other entity (in each case whether
                                         or not having separate legal personality) and that person’s personal representatives,
                                         successors, permitted transferees and permitted assigns; and

 

		(f)	words
                                         denoting the singular include the plural and vice versa and words importing
                                         any gender include every gender.

 

		1.3	In
                                         this agreement all obligations, covenants, agreements, undertakings, representations
                                         and warranties on the part of two or more persons are entered into, given or made by
                                         such persons jointly and severally and shall be construed accordingly.

 

		1.4	The
                                         index to and the headings in this agreement are for convenience only and shall not affect
                                         the construction or interpretation of this agreement.

 

		2.	Voting;
                                         Grant and Appointment of Proxy

 

		2.1	From
                                         and after the date hereof until the earlier of (a) the Cayman Effective Time and (b)
                                         the termination of the Business Combination Agreement in accordance with its terms (such
                                         earlier time, the Expiration Time), the Shareholder irrevocably and unconditionally
                                         hereby agrees that at any meeting (whether annual or special and each adjourned or postponed
                                         meeting) of the shareholders of the Company, however called, or in connection with any
                                         written resolution of the shareholders of the Company, the Shareholder shall:

 

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		(a)	attend
                                         such meeting (in person or by proxy) or otherwise cause the Subject Shares to be counted
                                         as present thereat for purposes of determining whether a quorum is present; and

 

		(b)	vote
                                         or cause to be voted (including by proxy or written resolution, if applicable) all of
                                         the Subject Shares:

 

		(i)	for
                                         approval of the Resolutions;

 

		(ii)	for
                                         approval of such other matters as the Company and FREYR shall hereafter mutually determine
                                         to be necessary or appropriate in order to effect the Transaction, provided that such
                                         matters are consistent with the terms of the Business Combination Agreement;

 

		(iii)	for
                                         approval of any adjournment or postponement of any meeting of the shareholders of the
                                         Company as may be requested by the chairman of the meeting;

 

		(iv)	against
                                         any Alternative Transaction, without regard to the terms of such Alternative Transaction,
                                         or any other transaction, proposal, agreement or action made in opposition to approval
                                         of the Business Combination Agreement and the Transaction or in competition or inconsistent
                                         with the Transaction;

 

		(v)	against
                                         any other action, agreement or transaction that is intended, that could reasonably be
                                         expected, or the effect of which could reasonably be expected, to materially impede,
                                         interfere with, delay, postpone, discourage or adversely affect the Transaction or any
                                         of the other transactions or matters contemplated by the Business Combination Agreement
                                         or this agreement or the performance by Shareholder of its obligations under this agreement,
                                         including, without limitation: (A) any extraordinary corporate transaction, such as a
                                         scheme of arrangement, merger, consolidation or other business combination involving
                                         the Company (other than the Cayman Merger and the Transaction); (B) a sale, lease or
                                         transfer of a material amount of assets of the Company or a reorganisation, recapitalization
                                         or liquidation of the Company (other than the Transaction); (C) an election of new members
                                         to the board of directors of the Company, other than nominees to the board of directors
                                         of the Company who are serving as directors of the Company on the date of this agreement
                                         or as otherwise provided in the Business Combination Agreement; or (D) any material change
                                         in the present capitalisation or dividend policy of the Company or any amendment or other
                                         change to the Company’s memorandum or articles of association (other than the adoption
                                         of the New Memorandum and Articles); and

 

		(vi)	against
                                         any action, proposal, transaction or agreement that would reasonably be expected to result
                                         in a breach in any respect of any covenant, representation or warranty or any other obligation
                                         or agreement of the Company contained in the Business Combination Agreement, or of the
                                         Shareholder contained in this agreement.

 

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		2.2	The
                                         Shareholder hereby irrevocably appoints each director and officer of the Company (acting
                                         individually) as its proxy and attorney-in-fact (with full power of substitution), to
                                         vote or cause to be voted (including by proxy or written resolution, if applicable) the
                                         Subject Shares in accordance with clause 2.1 at any annual or special meeting of the
                                         shareholders of the Company, however called, including any adjournment or postponement
                                         thereof, at which any of the matters described in clause 2.1 is to be considered. The
                                         Shareholder represents that all proxies, powers of attorney, instructions or other requests
                                         given by the Shareholder prior to the execution of this agreement in respect of the voting
                                         of the Subject Shares, if any, are not irrevocable and the Shareholder hereby revokes
                                         (or causes to be revoked) any and all previous proxies, powers of attorney, instructions
                                         or other requests with respect to the Subject Shares. The Shareholder shall take such
                                         further action or execute such other instruments as may be necessary to effectuate the
                                         intent of this proxy.

 

		2.3	The
                                         Shareholder affirms that the irrevocable proxy and power of attorney set forth in clause
                                         2.2 is given in connection with the execution of the Business Combination Agreement,
                                         and that such irrevocable proxy and power of attorney is given to secure the performance
                                         of the duties of the Shareholder under this agreement. The Shareholder further affirms
                                         that the irrevocable proxy and power of attorney is coupled with an interest and, except
                                         as set forth in clause 2.2, is intended to be irrevocable prior to the Expiration Time.
                                         If for any reason the proxy and power of attorney granted herein is not irrevocable,
                                         then the Shareholder agrees to vote the Subject Shares in accordance with clause 2.1
                                         above.

 

		2.4	The
                                         Shareholder acknowledges receipt and review of a copy of the Business Combination Agreement.

 

		3.	Representations
                                         and Warranties

 

		3.1	The
                                         Shareholder represents and warrants to the Company and FREYR as follows:

 

		(a)	as
                                         of the date hereof, the Shareholder has beneficial ownership (as defined in Rule 13d-3
                                         under the US Securities Exchange Act of 1934) over the type and number of the Shares
                                         set forth next to the Shareholder’s name on Schedule I hereto, is the lawful owner
                                         of such Shares, has the sole power to vote or cause to be voted such Shares, and has
                                         good and valid title to such Shares, free and clear of any and all pledges, mortgages,
                                         encumbrances, charges, proxies, voting agreements, liens, adverse claims, options, security
                                         interests and demands of any nature or kind whatsoever, other than those imposed by this
                                         agreement, the Business Combination Agreement or applicable securities laws, as in effect
                                         on the date hereof. There are no claims for finder’s fees or brokerage commission
                                         or other like payments in connection with this agreement or the transactions contemplated
                                         hereby payable by the Shareholder pursuant to arrangements made by the Shareholder. Except
                                         for the Shares and other securities of the Company set forth next to the Shareholder’s
                                         name on Schedule I and Schedule 2 hereto, as of the date of this agreement, the Shareholder
                                         is not a beneficial owner or record holder of any: (i) equity securities of the Company,
                                         (ii) securities of the Company having the right to vote on any matters on which the holders
                                         of equity securities of the Company may vote or which are convertible into or exchangeable
                                         for, at any time, equity securities of the Company or (iii) options, warrants or other
                                         rights to acquire from the Company, any equity securities or securities convertible into
                                         or exchangeable for equity securities of the Company;

 

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		(b)	the
                                         Shareholder has full legal right, power, capacity and authority to execute and deliver
                                         this agreement, to perform the Shareholder’s obligations hereunder and to consummate
                                         the transactions contemplated hereby;

 

		(c)	the
                                         Shareholder has made its own independent decision to enter into this agreement based
                                         upon its own judgment and upon advice from such independent advisers as the Shareholder
                                         has deemed necessary;

 

		(d)	this
                                         agreement has been duly executed and delivered by the Shareholder and the execution,
                                         delivery and performance of this agreement by the Shareholder and the consummation of
                                         the transactions contemplated hereby have been duly authorised by all necessary action
                                         on the part of the Shareholder and no other actions or proceedings on the part of the
                                         Shareholder are necessary to authorise this agreement or to consummate the transactions
                                         contemplated hereby;

 

		(e)	this
                                         agreement constitutes the valid and binding agreement of the Shareholder, enforceable
                                         against the Shareholder in accordance with its terms;

 

		(f)	the
                                         execution and delivery of this agreement by the Shareholder does not, and the consummation
                                         of the transactions contemplated hereby and the compliance with the provisions hereof
                                         will not, (i) conflict with or violate any law or agreement binding upon the Shareholder
                                         or the Subject Shares, (ii) require any authorisation, consent or approval of, or filing
                                         with, any Governmental Authority (other than filings that may be required to be made
                                         by the Shareholder with the SEC), or (iii) result in any breach of, or constitute a default
                                         (or an event which, with notice or lapse of time or both, would become a default) under,
                                         or give to others any rights of termination, amendment, acceleration or cancellation
                                         of, or result in the creation of a lien on any property or asset of the Shareholder pursuant
                                         to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit,
                                         franchise or other instrument or obligation to which the Shareholder is a party or by
                                         which such Shareholder or any of its Shares are bound;

 

		(g)	except
                                         for such transfer restrictions of general applicability as may be provided under the
                                         Securities Act and the “blue sky” laws of the various states of the United
                                         States, as applicable, the Shareholder owns, beneficially and of record, or controls
                                         all of the Subject Shares, and all of the Subject Shares are free and clear of any proxy,
                                         voting restriction, adverse claim or other lien (other than any restrictions created
                                         by this agreement), and has sole voting power and power of disposition with respect to
                                         the Subject Shares, with no restrictions on the Shareholder’s rights of voting
                                         or disposition pertaining thereto, and no person other than the Shareholder has any right
                                         to direct or approve the voting or disposition of any of the Subject Shares;

 

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		(h)	the
                                         Shareholder has not Transferred any Subject Shares pursuant to any Derivative Transaction;
                                         and

 

		(i)	as
                                         of the date hereof, there is no action, suit, investigation or proceeding pending against,
                                         or, to the knowledge of the Shareholder, threatened against the Shareholder or any of
                                         the Shareholder’s properties or assets (including, but not limited to, the Shares)
                                         that could reasonably be expected to prevent, materially delay or impair the ability
                                         of the Shareholder to perform its obligations under this agreement or consummate any
                                         of the Transactions.

 

		3.2	The
                                         Shareholder understands and acknowledges that the Company and FREYR are entering into
                                         the Business Combination Agreement in reliance on the representations, warranties, covenants
                                         and other agreements of the Shareholder set forth in this agreement and would not enter
                                         into the Business Combination Agreement if the Shareholder did not enter into this agreement.

 

		4.	Covenants

 

		4.1	The
                                         Shareholder hereby agrees:

 

		(a)	prior
                                         to the Expiration Time, not to take any action that would make any representation or
                                         warranty of the Shareholder contained herein untrue or incorrect or have or could have
                                         the effect of preventing, impeding or interfering with or adversely affecting the performance
                                         by the Shareholder of its obligations under this agreement;

 

		(b)	prior
                                         to the Expiration Time, to not permit to exist any lien of any nature whatsoever on the
                                         Subject Shares (other than those imposed by this agreement, the Business Combination
                                         Agreement or applicable securities laws);

 

		(c)	to
                                         promptly notify the Company of the number of any new Shares acquired by the Shareholder
                                         after the date hereof and prior to the Expiration Time;

 

		(d)	to
                                         permit the Company, FREYR or Pubco to publish and disclose in any proxy statement, shareholder
                                         meeting circular, press release or any filing with the SEC, the Shareholder’s identity
                                         and ownership of Subject Shares or other equity securities of the Company and the nature
                                         of the Shareholder’s commitments, arrangements and understandings under this agreement.
                                         Prior to filing any such disclosure naming the Shareholder, the Company, FREYR or Pubco
                                         (as applicable) shall use reasonable efforts to provide the Shareholder with an opportunity
                                         to review and comment on such disclosure referring to the Shareholder, and shall use
                                         reasonable efforts to incorporate such comments. The Shareholder also agrees to promptly
                                         provide any information reasonably requested by the Company for any regulatory application
                                         or filing made or approval sought in connection with the Transaction (including filings
                                         with the SEC); and

 

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		(e)	that,
                                         upon the request of the Company and FREYR, the Shareholder shall, in its capacity as
                                         a shareholder of the Company, execute and deliver any additional documents, consents
                                         or instruments and take such further actions as may reasonably be deemed by the Company
                                         or FREYR to be necessary or desirable to carry out the provisions of this agreement,
                                         provided that the request for the execution of such additional documents, consents, instruments
                                         or for the taking of such further actions are consistent with the terms of the Business
                                         Combination Agreement.

 

		4.2	The
                                         Shareholder hereby irrevocably waives, and agrees not to exercise, any rights of appraisal
                                         or rights of dissent from the Cayman Merger that the Shareholder may have with respect
                                         to the Subject Shares (including without limitation any rights under Section 238 of the
                                         Companies Law) prior to the Expiration Time.

 

		5.	Restrictions
                                         on Disposals

 

Except
as provided for in the Business Combination Agreement or with the prior written approval of the Company and Freyr, the Shareholder
hereby agrees that, from the date hereof until the Expiration Time, the Shareholder shall not, directly or indirectly:

 

		(a)	redeem
                                         any Subject Shares;

 

		(b)	Transfer,
                                         either voluntarily or involuntarily, or enter into any contract, option or other arrangement
                                         or understanding with respect to the Transfer of any Subject Shares, including, without
                                         limitation, pursuant to any Derivative Transaction; provided that the Shareholder may
                                         Transfer any Subject Shares to (i) an affiliate of Shareholder, (ii) if Shareholder is
                                         a natural person, to a member of Shareholder’s immediate family, or (iii) to any
                                         trust, the beneficiaries of which include only the persons named in the preceding clause
                                         (ii), to the extent that any such person under clause (i), (ii) or (iii) agrees in writing
                                         to be bound by and subject to the terms of this Agreement in connection with such Transfer
                                         as a Shareholder hereunder; provided further that Shareholder shall provide the Company
                                         and FREYR notice of any such Transfer prior to effecting such Transfer; provided, further
                                         that if the price of the Subject Shares (as may be adjusted for any stock split, stock
                                         dividend or other changes in the Subject Shares) is equal to or greater than $20 per
                                         share following the execution of the Business Combination Agreement, then, for so long
                                         as the trading price of such Subject Shares exceeds $20 per share, the Shareholder may
                                         Transfer such Subject Shares to a third party; provided further that in the event any
                                         such Transfer results in the Shareholder (together with its respective Affiliates) holding
                                         less than 5% of the voting equity securities of the Company, Shareholder shall be released
                                         from the obligations set forth under clause 2 hereunder (while, for clarity, continuing
                                         to be bound by the other rights and obligations set forth in this agreement);

 

		(c)	deposit
                                         any Subject Shares into a voting trust or enter into a voting agreement or arrangement
                                         or grant any proxy or power of attorney with respect thereto that is inconsistent with
                                         this agreement;

 

		(d)	convert
                                         or exchange, or take any action which would result in the conversion or exchange, of
                                         any Subject Shares; or

 

		(e)	agree
                                         (whether or not in writing) to take any of the actions referred to in the foregoing clauses
                                         (a) to (d).

 

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		6.	Specific
                                         Performance

 

The
Shareholder acknowledges that monetary damages would not be an adequate remedy in the event that any covenant or agreement in
this agreement is not performed in accordance with its terms, and it is therefore agreed that, in addition to and without limiting
any other remedy or right the Company or FREYR may have, the Company and FREYR will have the right to an injunction, temporary
restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically
the terms and provisions hereof. The Shareholder agrees not to oppose the granting of such relief in the event a court determines
that such a breach has occurred, and to waive any requirement for the securing or posting of any bond in connection with such
remedy. All rights, powers, and remedies provided under this agreement or otherwise available in respect hereof at law or in equity
shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by the Company or FREYR
shall not preclude the simultaneous or later exercise of any other such right, power or remedy by it.

 

		7.	Termination

 

This
agreement shall terminate and be of no further force or effect upon the earlier to occur of (a) the Cayman Effective Time and
(b) the date of termination of the Business Combination Agreement in accordance with its terms. Notwithstanding the preceding
sentence, this clause 7 and clauses 8 to 17 shall survive any termination of this agreement. Nothing in this clause 7 shall relieve
or otherwise limit any party’s liability for any breach of this agreement prior to termination or any wilful breach of this
agreement.

 

		8.	Entire
                                         Agreement

 

This
agreement and the documents referred to herein constitute the entire agreement between the parties and supersedes and extinguishes
all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or
oral, relating to its subject matter.

 

		9.	Amendment
                                         and Variation

 

No
variation, release, discharge, supplement, modification, amendment or restatement of this agreement shall be effective unless
it is in writing and signed by the parties (or their authorised representatives).

 

		10.	No
                                         Assignment

 

Except
as otherwise contemplated by this agreement, no party may assign any rights, or transfer any obligations, whether voluntarily
or otherwise, under this agreement, without the prior written agreement of the parties. Any purported assignment or transfer in
violation of this clause is void.

 

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		11.	Waiver

 

		11.1	A
                                         waiver of any right or remedy under this agreement or by law is only effective if given
                                         in writing and shall not be deemed a waiver of any subsequent breach or default.

 

		11.2	A
                                         failure or delay by a party to exercise any right or remedy provided under this agreement
                                         or by law shall not constitute a waiver of that or any other right or remedy, nor shall
                                         it prevent or restrict any further exercise of that or any other right or remedy. No
                                         single or partial exercise of any right or remedy provided under this agreement or by
                                         law shall prevent or restrict the further exercise of that or any other right or remedy.

 

		11.3	A
                                         party that waives a right or remedy provided under this agreement or by law in relation
                                         to one party, or takes or fails to take any action against that party, does not affect
                                         its rights in relation to any other party.

 

		12.	Severance

 

		12.1	If
                                         at any time any provision or part-provision of this agreement is or becomes invalid,
                                         illegal or unenforceable in any respect, it shall be deemed modified to the minimum extent
                                         necessary to make it valid, legal and enforceable. If such modification is not possible,
                                         the relevant provision or part-provision shall be deemed deleted. Any modification to
                                         or deletion of a provision or part-provision under this clause shall not affect the validity
                                         and enforceability of the rest of this agreement.

 

		12.2	If
                                         any provision or part-provision of this agreement is invalid, illegal or unenforceable,
                                         the parties shall negotiate in good faith to amend such provision so that, as amended,
                                         it is legal, valid and enforceable, and, to the greatest extent possible, achieves the
                                         intended commercial result of the original provision.

 

		13.	Notices

 

		13.1	Any
                                         communication in connection with this agreement must be in writing (in the English language)
                                         and, unless otherwise stated, may be given in person, by post or by email. All communications
                                         hereunder shall be delivered to the address or email address set forth on the signature
                                         pages hereto under each party’s name, or pursuant to such other instructions as
                                         may be designated in writing by the party to receive such notice.

 

		13.2	Except
                                         as provided below, any communication in connection with this agreement will be deemed
                                         to be given as follows:

 

		(a)	if
                                         delivered in person, at the time of delivery;

 

		(b)	if
                                         posted, three days after being deposited in the post, postage prepaid, in a correctly
                                         addressed envelope; and

 

		(c)	if
                                         by email, when sent (except where the sender receives a failed delivery message).

 

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		13.3	To
                                         prove service, it is sufficient to prove that the notice was transmitted by email to
                                         the email address of the party or, in the case of post, that the envelope containing
                                         the notice was properly addressed and posted.

 

		13.4	This
                                         clause does not apply to the service of any proceedings or other documents in any legal
                                         action or, where applicable, any arbitration or other method of dispute resolution.

 

		14.	Waiver
                                         of Immunity

 

To
the extent that any party may, in any jurisdiction, claim for itself or its assets or revenues immunity from suit, execution,
attachment (whether in aid of execution, before judgment or otherwise) or other legal process and to the extent that in any such
jurisdiction there may be attributed to itself, its assets or revenues such immunity (whether or not claimed), the parties irrevocably
agree not to claim, and irrevocably waive, such immunity to the full extent permitted by the laws of such jurisdiction.

 

		15.	RESERVED

 

		16.	Counterparts

 

This
agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate
original, but all counterparts shall together constitute the one agreement.

 

		17.	Governing
                                         Law and Jurisdiction

 

		17.1	This
                                         agreement shall be governed and construed in all respects by Cayman Islands law.

 

		17.2	Any
                                         dispute arising under or in connection with this agreement shall be subject to the non-exclusive
                                         jurisdiction of the Cayman Islands courts to which the parties to this agreement hereby
                                         submit and each party hereby waives any objection to proceedings in such courts on the
                                         grounds of venue or on the grounds that the proceedings have been brought in an inconvenient
                                         forum.

 

 

IN
WITNESS WHEREOF the parties have duly executed this agreement as a deed on the date stated at the beginning of it.

 

 

[Signature
pages follow after Schedule]

 

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Schedule
1          SHARES

 

	Name
    of Shareholder	Number
    and Class of Shares
	[●]	[●]
    Class A ordinary shares par value $0.0001 each

 

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Schedule
2          WARRANTS

 

	Name
    of Shareholder	Number
    of Warrants
	[●]	[●]
    whole warrants, each warrant entitling the holder thereof to purchase one (1) Class A ordinary share of par value $0.0001
    each at a purchase price of $11.50 per share

 

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SIGNATORIES

 

	EXECUTED AND DELIVERED AS A DEED by ALUSSA ENERGY ACQUISITION CORP. 	 	)	 	 
	 	)	 	 
	 	)	 	 
	 	 	 	 	
        Name:

        Title:

        Address: c/o Appleby Global Services
(Cayman) Limited,

71 Fort Street, PO Box 500,

KY1–1106 Grand Cayman,

Cayman Islands

        Email: [●]

 

 

	EXECUTED AND DELIVERED AS A DEED by FREYR A/S in the presence of:	 	)	 	 
	 	)	 	 
	 	)	 	 
	 	 	 	 	
        Name:

        Title:

        Address: [●]

        Email: [●]

	
        Witness signature

         

        Name:

        Address:
	 	 	 	 

 

 

	EXECUTED AND DELIVERED AS A DEED	 	)	 	 
	by [●]	 	)	 	 
	By [●]	 	)	 	 
	 	 	 	 	
        Name: Larry Kassman

        Title: Chief Financial Officer

        Address: [●]

        Email: [●]

 

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