Document:

EX-10.2

 Exhibit 10.2 

Execution Version 

MEMBER SUPPORT AGREEMENT 

This MEMBER SUPPORT AGREEMENT (this “Agreement”) is dated as of December 5, 2022 (the “Effective
Date”), by and among Ares Acquisition Corporation, a Cayman Islands exempted company (which shall domesticate as a Delaware corporation prior to the Closing) (the “Purchaser”), the Persons set forth on Schedule I to
this Agreement (the “Company Members”) and X-Energy Reactor Company, LLC, a Delaware limited liability company (the “Company”). Capitalized terms used but not defined in this
Agreement shall have the respective meanings given to such terms in the Business Combination Agreement. 
 WHEREAS, as of the Effective
Date, the Company Members are the holders of such number of Company Units as are indicated opposite each of their names on Schedule I attached to this Agreement (collectively, the “Subject Securities”); 

WHEREAS, contemporaneously with the execution and delivery of this Agreement, the Purchaser and the Company have entered into the Business
Combination Agreement (as it may be amended, supplemented, restated or otherwise modified from time to time in accordance with its terms, the “Business Combination Agreement”), dated as of the Effective Date, by and among the
Purchaser, the Company and, solely for purposes of Section 1.01(f), Section 6.25, and Article IX of the Business Combination Agreement, each of The Kamal S. Ghaffarian Revocable Trust, IBX Company Opportunity Fund 1, LP, a
Delaware limited partnership, IBX Company Opportunity Fund 2, LP, a Delaware limited partnership, IBX Opportunity GP, Inc., a Delaware corporation, GM Enterprises LLC, a Delaware limited liability company, and
X-Energy Management, LLC, a Delaware limited liability company. Pursuant to the Business Combination Agreement, among other transactions, the Purchaser and the Company intend to consummate a business
combination; and 
 WHEREAS, as an inducement to the Purchaser and the Company to enter into the Business Combination Agreement and to
consummate the Transactions, the parties to this Agreement desire to agree to certain matters. 
 NOW, THEREFORE, the parties to this
Agreement agree as follows: 
 ARTICLE I 

VOTING AND SUPPORT AGREEMENT; COVENANTS 

Section 1.1 Binding Effect of Business Combination Agreement. Each Company Member acknowledges that such Person has read the
Business Combination Agreement and this Agreement and has had the opportunity to consult with such Person’s tax and legal advisors. Each Company Member shall be bound by, be subject to and comply with Section 6.06 (No Solicitation),
Section 6.15 (Public Announcements) and Section 6.16 (Confidential Information) of the Business Combination Agreement (and any relevant definitions contained in any such Sections) as if such Company Member was an original
signatory to the Business Combination Agreement with respect to such provisions. 
 Section 1.2 No Transfer. 

(a) Unless otherwise deemed a Permitted Transfer, during the period commencing on the Effective Date and ending on the earliest of:
(i) the Closing; (ii) such date and time as the Business Combination Agreement shall be terminated in accordance with Section 8.01 (Termination) of the Business Combination Agreement (the earlier of (i) and (ii), the
“Expiration Time”); and (iii) the liquidation of the Company, without the prior written consent of the Purchaser and the Company, no Company Member shall: (A) sell, offer to sell, contract or agree to sell, hypothecate or
pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, 

 
directly or indirectly, any Subject Securities; (B) enter into any swap or other arrangement that transfers to another any of the economic consequences of ownership of any Subject
Securities; (C) take any action in furtherance of any of the matters described in the foregoing clause (A) or (B); or (D) publicly announce any intention to effect any transaction specified in the foregoing clause
(A) or (B) (each, a “Transfer”). 
 (b) “Permitted Transfer” means any Transfer of the
Subject Securities: (i) to any Affiliate or family member of a Company Member; (ii) to any members or partners of a Company Member or their Affiliates and funds or accounts advised or managed by a Company Member or its Affiliates;
(iii) in the case of an individual, by gift to a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s family, an Affiliate of such person or to a charitable
organization; (iv) in the case of an individual, by virtue of laws of descent and distribution upon death of such individual; (v) in the case of an individual, pursuant to a qualified domestic relations order; (vi) in the case of an
entity that is a trust, Transfers to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust; (vii) to a nominee or custodian of a Person to whom a Transfer would be permitted under clauses (i) through
(vi); (viii) if such Company Member is not an individual, by virtue of such Company Member’s organizational documents upon liquidation or dissolution of such Company Member; (ix) in the event of the Company’s liquidation prior
to the completion of the Transactions; (x) in the event of completion of a liquidation, merger, share exchange or other similar transaction that results in all of the members of the Company having the right to exchange their Company Units for
cash, securities or other property subsequent to the completion of the Transactions; or (xi) to the Purchaser or the Company in connection with the consummation of the Transactions. Notwithstanding the foregoing, in the case of clauses
(i) through (x), as a precondition to such Transfer, such transferee must enter into a written agreement with the Company and the Purchaser agreeing to assume all of the obligations under this Agreement with respect to such Subject
Securities and to be bound by the restrictions set forth in this Agreement. No Transfer permitted under this Section 1.2 shall relieve the applicable Company Member of such Person’s obligations under this Agreement.

 Section 1.3 New Shares. If: (a) any Company Units or other equity securities of the Company are issued to a Company
Member after the Effective Date pursuant to any dividend, split, recapitalization, reclassification, combination or exchange of or similar transaction with respect to, on or affecting the Company Units owned by such Company Member or otherwise
(including in connection with the Recapitalization); (b) a Company Member purchases or otherwise acquires beneficial ownership of any Company Units after the Effective Date; or (c) a Company Member acquires the right to vote or share in
the voting of any Company Units or other equity securities of the Company after the Effective Date (such Company Units or other equity securities of the Company, collectively, the “New Securities”), then such New Securities acquired
or purchased by such Company Member shall be subject to the terms of this Agreement to the same extent as if they constituted the Subject Securities owned by such Company Member as of the Effective Date. 

Section 1.4 Closing Date Deliverables. On the Closing Date, each of the Company Members shall deliver: 

(a) a duly executed copy of the A&R Registration Rights Agreement; 

  
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 (b) a duly executed copy of the Company Fifth A&R Operating Agreement; 

(c) a duly executed copy of the Company Lock-Up Agreement; and 

(d) a duly executed copy of the Tax Receivable Agreement. 

Section 1.5 Company Member Agreements. In all circumstances in which the vote, consent or other approval of the members of the
Company is sought, each of the Company Members shall: (a) appear at each such meeting, in person or by proxy, or otherwise cause all of such Person’s Subject Securities that are entitled to vote to be counted as present at such meeting for
purposes of calculating a quorum; and (b) vote (or cause to be voted), or execute and deliver a written consent (or cause a written consent to be executed and delivered) covering, all of such Person’s Subject Securities that are entitled
to vote: 
 (i) to approve and adopt the Business Combination Agreement and the consummation of the Transactions, including
the Recapitalization; 
 (ii) against any Alternative Transaction or any proposal relating to an Alternative Transaction;

 (iii) against any merger agreement or merger (other than the Business Combination Agreement and the Transactions),
consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up of or by the Company; 

(iv) against any change in the business, management or board of directors of the Company (other than pursuant to the Business
Combination Agreement or the Ancillary Documents); and 
 (v) against any proposal, action or agreement that would:
(I) impede, interfere, frustrate, prevent or nullify any provision of this Agreement, the Business Combination Agreement or the Transactions; (II) result in a breach in any respect of any covenant, representation, warranty or any other
obligation or agreement of the Company under the Business Combination Agreement; (III) result in any of the conditions set forth in Article VII (Closing Conditions) of the Business Combination Agreement not being fulfilled;
(IV) result in a breach of any covenant, representation or warranty or other obligation or agreement of such Company Member contained in this Agreement; or (V) change in any manner the dividend policy or capitalization of, including the
voting rights of any class of capital stock of, the Company. 
 No Company Member shall commit or agree to take any action inconsistent with
the foregoing. 
 Section 1.6 No Challenges. Each Company Member agrees not to commence, join in, facilitate, assist or
encourage, and agrees to take all actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against the Purchaser, the Company or any of their respective successors or directors:
(a) challenging the validity of, or seeking to enjoin the operation of, any provision of this Agreement; or (b) alleging a breach of any fiduciary duty of any person in connection with the evaluation, negotiation or entry into this
Agreement, the Business Combination Agreement or the Transactions. 

  
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 Section 1.7 Further Assurances. Each Company Member shall take, or cause to be
taken, all actions and do, or cause to be done, all things reasonably necessary under applicable Laws, or as reasonably requested by the Purchaser or the Company, to effect the actions set forth in this Agreement and to consummate the transactions
contemplated by this Agreement on the terms and subject to the conditions set forth in this Agreement and the Transactions on the terms and subject to the conditions set forth in the Business Combination Agreement. 

Section 1.8 No Inconsistent Agreement. Each Company Member represents and covenants that such Company Member has not entered into,
and shall not enter into, any agreement that would restrict, limit or interfere with the performance of such Company Member’s obligations under this Agreement. Each Company Member agrees to reasonably promptly notify the Purchaser in writing of
any updates to Schedule I to this Agreement after the Effective Date and prior to Closing. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1 Representations and Warranties of the Company Members. Each Company Member, severally and not jointly, represents and
warrants as of the Effective Date to the Purchaser and the Company, in each case, only with respect to itself, as follows: 
 (a)
Organization; Due Authorization. If the Company Member is an individual, such Person has all the requisite power and authority and has taken all action necessary in order to execute and deliver this Agreement, to perform such Person’s
obligations under this Agreement and to consummate the transactions contemplated by this Agreement. If the Company Member is not an individual: (i) such Person is duly organized, validly existing and in good standing under the Laws of the
jurisdiction in which such Person is incorporated, formed, organized or constituted; and (ii) the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement are within such
Company Member’s corporate, limited liability company or similar organizational powers and have been duly authorized by all necessary corporate, limited liability company or similar organizational actions on the part of such Company Member.
This Agreement has been duly executed and delivered by such Company Member. Assuming the due authorization, execution and delivery by the other parties to this Agreement, this Agreement constitutes a legally valid and binding obligation of such
Company Member. Except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity affecting the availability of specific performance and other equitable remedies, this
Agreement is enforceable against such Company Member in accordance with its terms. If this Agreement is being executed in a representative or fiduciary capacity, the Person signing this Agreement has full power and authority to enter into this
Agreement on behalf of such Company Member. 

  
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 (b) Ownership. Such Company Member is the record and beneficial owner (as defined in
Rule 13d-3 of the Exchange Act) of, and has good title to, all of such Person’s respective Subject Securities. There exist no Liens or any other limitation or restriction (including any restriction on the
right to vote, sell or otherwise dispose of such Subject Securities (other than transfer restrictions under the Securities Act)) affecting any such Subject Securities, other than Liens pursuant to: (i) this Agreement; (ii) the
Company’s Organizational Documents; (iii) the Business Combination Agreement; (iv) if the Company Member is not an individual, the Company Member’s Organizational Documents; or (v) any applicable securities Laws. Such
Company Member’s Subject Securities are the only equity securities of the Company owned of record or beneficially by such Company Member on the Effective Date. Except as provided under this Agreement, none of such Subject Securities are subject
to any proxy, voting trust or other agreement or arrangement with respect to the voting of such Subject Securities. Other than the Subject Securities, such Company Member does not hold or own any rights to acquire (directly or indirectly) any equity
securities of the Company or any equity securities convertible into, or which can be exchanged for, equity securities of the Company. 
 (c)
No Conflicts. The execution and delivery of this Agreement by such Company Member does not, and the performance by such Company Member of such Person’s obligations under this Agreement will not: (i) if such Company Member is not an
individual, conflict with or result in a violation of the organizational documents of such Company Member; or (ii) require any consent or approval that has not been given or other action that has not been taken by any Person (including under
any Contract binding upon such Company Member or such Company Member’s Subject Securities), in each case, to the extent such consent, approval or other action would prevent, enjoin or materially delay the performance by such Company Member of
such Person’s obligations under this Agreement. 
 (d) Adequate Information. Such Company Member has been furnished or given
access to adequate information concerning the business and financial condition of the Purchaser and the Company to make an information decision regarding this Agreement and the Transactions. Such Company Member has independently and without reliance
upon the Purchaser or the Company and based on such information as such Company Member has deemed appropriate, made such Person’s own analysis and decision to enter into this Agreement. Such Company Member acknowledges that the Purchaser and
the Company have not made and do not make any representation or warranty, whether express or implied, of any kind or character except as expressly set forth in this Agreement. Such Company Member acknowledges that the agreements contained in this
Agreement with respect to the Subject Securities held by such Company Member are irrevocable. 
 (e) Litigation. There are no Legal
Proceedings pending against such Company Member or to the knowledge of such Company Member threatened against such Company Member, before (or, in the case of threatened Legal Proceedings, that would be before) any arbitrator or any Governmental
Authority, that in any manner challenge or seek to prevent, enjoin or materially delay the performance by such Company Member of such Person’s obligations under this Agreement. 

(f) Brokerage Fees. No broker, finder, financial advisor, investment banker or other Person is entitled to any brokerage fee,
finders’ fee or other commission in connection with the Transactions based upon arrangements made by such Company Member, for which the Company or any of such Person’s Affiliates may become liable. 

  
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 (g) Acknowledgement. Such Company Member understands and acknowledges that each of
the Purchaser and the Company is entering into the Business Combination Agreement in reliance upon the Company Members’ execution and delivery of this Agreement. 

ARTICLE III 

MISCELLANEOUS 

Section 3.1 Termination. This Agreement and all of its provisions shall terminate and be of no further force or effect upon the
earliest of: (a) the Expiration Time; (b) the liquidation of the Company; and (c) the written agreement of the Company Members, the Purchaser and the Company. Upon such termination of this Agreement: (i) all obligations of the
parties under this Agreement will terminate, without any liability or other obligation on the part of any party to this Agreement to any Person with respect to this Agreement or the transactions contemplated by this Agreement; and (ii) no party
to this Agreement shall have any claim against another (and no Person shall have any rights against such party), whether under contract, tort or otherwise, with respect to the subject matter of this Agreement. Notwithstanding the foregoing, the
termination of this Agreement shall not relieve any party to this Agreement from liability arising in respect of any breach of this Agreement prior to such termination. This Article III shall survive the termination of this Agreement. 

Section 3.2 No Recourse. This Agreement may only be enforced against, and any action for breach of this Agreement may only be made
against, the parties to this Agreement. No claims of any nature whatsoever (whether in tort, contract or otherwise) arising under or relating to this Agreement, the negotiation of this Agreement or its subject matter, or the transactions
contemplated by this Agreement shall be asserted against any Non-Party Affiliate. Except to the extent liable in such Person’s capacity as a party to this Agreement, no
Non-Party Affiliates shall have any liability arising out of or relating to this Agreement, the negotiation of this Agreement or its subject matter, or the transactions contemplated by this Agreement,
including: (a) with respect to any claim (whether in tort, contract or otherwise) for breach of this Agreement; (b) in respect of any written or oral representations made or alleged to be made in connection with this Agreement; (c) as
expressly provided in this Agreement; or (d) for any actual or alleged inaccuracies, misstatements or omissions with respect to any information or materials of any kind furnished in connection with this Agreement, the negotiation of this
Agreement or the transactions contemplated by this Agreement. “Non-Party Affiliate” means: (i) any officer, director, employee, partner, member, manager, direct or indirect equityholder
or Affiliate of each of the Company, the Purchaser, the Sponsor or any Company Member; and (ii) each of the former, current or future Affiliates, Representatives, successors or permitted assigns of any of the Persons referred to in the
immediately preceding clause (i) (other than the parties to this Agreement). 
 Section 3.3 Assignment. This Agreement
and all of the provisions of this Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their respective heirs, successors and permitted assigns. Neither this Agreement nor any of the rights, interests or
obligations under this Agreement will be assigned (including by operation of law) without the prior written consent of the parties to this Agreement. Any assignment without such consent shall be null and void. 

  
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 Section 3.4 Specific Performance. The parties to this Agreement acknowledge and
agree that irreparable damage may occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. In addition to any other remedy to which such party is entitled
at law or in equity, the parties to this Agreement shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement. In the event that any action shall be
brought in equity to enforce the provisions of this Agreement, no party shall allege, and each party waives the defense, that there is an adequate remedy at law. Each party agrees to waive any requirement for the securing or posting of any bond in
connection with such action. 
 Section 3.5 Jurisdiction. Any Legal Proceeding based upon, arising out of or related to this
Agreement or the transactions contemplated by this Agreement must be brought in the Court of Chancery of the State of Delaware and any State of Delaware appellate court therefrom (or, but only to the extent the Court of Chancery declines to accept
jurisdiction over a particular matter, any state or federal court within the State of Delaware). Each of the parties irrevocably: (i) submits to the exclusive jurisdiction of each such court in any such Legal Proceeding; (ii) waives any
objection such party may now or after this Agreement have to personal jurisdiction, venue or to convenience of forum; (iii) agrees that all claims in respect of the Legal Proceeding shall be heard and determined only in any such court; and
(iv) agrees not to bring any Legal Proceeding arising out of or relating to this Agreement or the transactions contemplated by this Agreement in any other court. Nothing in this Agreement shall be deemed to affect the right of any party to
serve process in any manner permitted by Law or to commence Legal Proceedings or otherwise proceed against any other party in any other jurisdiction, in each case, to enforce judgments obtained in any Legal Proceeding brought pursuant to this
Section 3.5. 
 Section 3.6 Amendment. This Agreement may not be amended, changed, supplemented,
waived or otherwise modified or terminated, except upon the execution and delivery of a written agreement executed by the Purchaser, the Company and the Company Members. 

Section 3.7 Miscellaneous. Sections 9.02 (Notices), 9.05 (Governing Law), 9.07 (Waiver of Jury Trial),
9.09 (Severability), 9.11 (Entire Agreement), 9.12 (Interpretation), 9.13 (Counterparts) and 9.15 (Waiver of Claims Against Trust) of the Business Combination Agreement are each incorporated into this Agreement
(including any relevant definitions contained in any such Sections), mutatis mutandis. 
 Section 3.8 Liability. The liability
of any Company Member under this Agreement is several (and not joint). Notwithstanding any other provision of this Agreement, in no event will any Company Member be liable for any other Company Member’s breach of such other Company
Member’s obligations under this Agreement. 
 Section 3.9 Disclosure. Each Company Member authorizes the Purchaser and the
Company to publish and disclose in any announcement or disclosure relating to the Transactions, including any such announcement or disclosure required or requested by the SEC (or as otherwise required or requested pursuant to any applicable Laws or
any other Governmental Authorities), such Company Member’s identity and ownership of the Subject Securities, the nature 

  
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of such Company Member’s obligations under this Agreement and a copy of this Agreement, if reasonably deemed appropriate by the Purchaser and the Company. Each Company Member will promptly
provide any information reasonably requested in writing by the Purchaser or the Company for any regulatory application or filing made or approval sought in connection with the transactions contemplated by the Business Combination Agreement
(including filings with the SEC). 
 [The remainder of this page is intentionally blank] 

  
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 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be duly executed
on such Person’s behalf as of the date first written above. 
  

			
	PURCHASER:
	
	ARES ACQUISITION CORPORATION
		
	By:	 	 /s/ David B. Kaplan

	Name: David B. Kaplan
	Title: Chief Executive Officer and Co-Chairman

  
 [Signature Page to
Member Support Agreement] 

 
			
	COMPANY:
	
	X-ENERGY REACTOR COMPANY, LLC
		
	By:	 	 /s/ J. Clay Sell

	Name: J. Clay Sell
	Title:   Chief Executive Officer

  
 [Signature Page to
Member Support Agreement] 

 
			
	 COMPANY MEMBER:
  

EBEN MULDER 

 
			
		
	By:	 	 /s/ Eben Mulder

 
			
		
	Email:	 	  

 
			
	Address:	 	  

		 	  

  
 [Signature Page to
Member Support Agreement] 

 
			
	COMPANY MEMBER:
	
	C5 ENERGY INVESTORS LLC
	BY: C5 CAPITAL USA LLC, ITS MANAGER 

 
			
		
	By:	 	 /s/ Kurt Scherer

 
			
		
	Name:	 	 Kurt Scherer

	Title:	 	 Managing Partner

	Email:	 	  

 
			
	Address:	 	  

		 	  

  
 [Signature Page to
Member Support Agreement] 

 
			
	COMPANY MEMBER:
	
	C5 IMPACT HPW LLC
	BY: C5 CAPITAL USA LLC, ITS MANAGER 

 
			
		
	By:	 	 /s/ Kurt Scherer

 
			
		
	Name:	 	 Kurt Scherer

	Title:	 	 Managing Partner

	Email:	 	  

 
			
	Address:	 	  

		 	  

  
 [Signature Page to
Member Support Agreement] 

 
			
	COMPANY MEMBER:
	
	THE KAMAL S. GHAFFARIAN REVOCABLE TRUST 

 
			
		
	By:	 	 /s/ Kamal Ghaffarian

			
		
	Name:	 	 Kamal Ghaffarian

	Title:	 	 CEO

	Email:	 	  

 
			
	Address:	 	  

		 	  

  
 [Signature Page to
Member Support Agreement] 

 
			
	COMPANY MEMBER:
	
	IBX COMPANY OPPORTUNITY FUND 1, LP
	
	BY: IBX OPPORTUNITY GP, INC., ITS GENERAL PARTNER 

			
		
	By:	 	 /s/ Kamal Ghaffarian

			
		
	Name:	 	 Kamal Ghaffarian

	Title:	 	 CEO

	Email:	 	  

 
			
	Address:	 	  

		 	  

  
 [Signature Page to
Member Support Agreement] 

 
			
	COMPANY MEMBER:
	
	IBX COMPANY OPPORTUNITY FUND 2, LP
	
	BY: IBX OPPORTUNITY GP, INC., ITS GENERAL PARTNER 

			
		
	By:	 	 /s/ Kamal Ghaffarian

			
		
	Name:	 	 Kamal Ghaffarian

	Title:	 	 CEO

	Email:	 	  

 
			
	Address:	 	  

		 	  

  
 [Signature Page to
Member Support Agreement] 

 
			
	COMPANY MEMBER:
	
	IBX OPPORTUNITY GP, INC.

 
			
		
	By:	 	 /s/ Kamal Ghaffarian

			
		
	Name:	 	 Kamal Ghaffarian

	Title:	 	 CEO

	Email:	 	  

 
			
	Address:	 	  

		 	  

  
 [Signature Page to
Member Support Agreement] 

 
			
	COMPANY MEMBER:
	
	GM ENTERPRISES, LLC

 
			
		
	By:	 	 /s/ Kamal Ghaffarian

			
		
	Name:	 	 Kamal Ghaffarian

	Title:	 	 CEO

	Email:	 	  

 
			
	Address:	 	  

		 	  

  
 [Signature Page to
Member Support Agreement] 

 
			
	COMPANY MEMBER:
	
	ZACHRY INVESTMENTS, LLC

 
			
		
	By:	 	 /s/ C. Ryan Frames

			
		
	Name:	 	 C. Ryan Frames

	Title:	 	 Vice President

	Email:	 	  

 
			
	Address:	 	  

		 	  

  
 [Signature Page to
Member Support Agreement] 

 
			
	COMPANY MEMBER:
	
	JOHN SHOFFNER

 
			
		
	By:	 	 /s/ John Shoffner

 

			
		
	Email:	 	  

 
			
	Address:	 	  

		 	  

  
 [Signature Page to
Member Support Agreement] 

 
			
	COMPANY MEMBER:
	
	XE-1, LTD.

 
			
		
	By:	 	 /s/ Larry Connor

 
			
		
	Name:	 	 Larry Connor

	Title:	 	 Manager

	Email:	 	  

 
			
	Address:	 	  

		 	  

  
 [Signature Page to
Member Support Agreement] 

 
			
	COMPANY MEMBER:
	
	BURNS & MCDONNELL PROJECT INVESTMENTS, LLC

 

			
		
	By:	 	 /s/ Raymond J. Kowalik

			
		
	Name:	 	 Raymond J. Kowalik

	Title:	 	 CEO

	Email:	 	  

 
			
	Address:	 	  

		 	  

  
 [Signature Page to
Member Support Agreement] 

 
			
	COMPANY MEMBER:
	
	SABRA BRAVEHEART LLC

 
			
		
	By:	 	 /s/ Vladimir Kitaygorodsky

			
		
	Name:	 	 Vladimir Kitaygorodsky

	Title:	 	 Managing Partner

	Email:	 	  

 
			
	Address:	 	  

		 	  

  
 [Signature Page to
Member Support Agreement] 

 SCHEDULE I 

Company Members 
  

																	
	 Company Member
	  	Class A
Common
Units	 	  	Class B
Common
Units	 	  	Series A
Preferred
Units	 	  	Series B
Preferred
Units	 
	 Eben Mulder
	  	 	2,085,351	 	  	 	—  	 	  	 	—  	 	  	 	—  	 
	 Kamal Ghaffarian Revocable Trust
	  	 	—  	 	  	 	—  	 	  	 	55,343,915	 	  	 	—  	 
	 IBX Company Opportunity Fund 1, LP
	  	 	—  	 	  	 	—  	 	  	 	9,661,210	 	  	 	548,474	 
	 IBX Company Opportunity Fund 2, LP
	  	 	—  	 	  	 	—  	 	  	 	16,183,949	 	  	 	—  	 
	 IBX Opportunity GP, Inc.
	  	 	—  	 	  	 	—  	 	  	 	1,020	 	  	 	—  	 
	 GM Enterprises, LLC
	  	 	—  	 	  	 	—  	 	  	 	9,435,494	 	  	 	—  	 
	 C5 Energy Investors LLC
	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	1,437,000	 
	 C5 Impact HPW LLC
	  				  	 	—  	 	  	 	—  	 	  	 	537,504	 
	 Zachry Investments, LLC
	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	1,218,828	 
	 John Shoffner
	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	1,767,302	 
	 Burns & McDonnell Project Investments, LLC
	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	1,096,948	 
	 XE-1, Ltd.
	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	1,194,451	 
	 Sabra Braveheart LLC
	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	1,096,948	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	 	2,085,351	 	  	 	—  	 	  	 	90,625,588	 	  	 	6,606,056	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 [Schedule I to Member Support Agreement]EX-10.3

 Exhibit 10.3 

AAC HOLDINGS II LP 
 2000 AVENUE OF
THE STARS 
 SUITE 1200 
 LOS
ANGELES, CA 90067 
 December 5, 2022 
 X-Energy Reactor Company, LLC 
 801 Thompson Ave., Suite 400 

Rockville, Maryland 20852 
 Ares Acquisition Corporation 

245 Park Avenue, 44th Floor 
 New York, New York 

Re: Commitment Letter 
 Ladies and Gentlemen:

 Reference is made to the Business Combination Agreement, dated on or about the date of this Letter (the “Business Combination
Agreement”), by and between Ares Acquisition Corporation (“SPAC”) and X-Energy Reactor Company, LLC (the “Company”). Subject to the terms of the Business
Combination Agreement, SPAC and the Company will, among other things, consummate a business combination transaction. Capitalized terms used but not defined in this commitment letter (this “Letter”) have the meanings given to them in
the Business Combination Agreement and Exhibit A (the “Term Sheet”) attached to this Letter. 

1.    Commitment. 

(a)    Subject to the terms and conditions set forth in this Letter and on the basis of the representations, warranties and
agreements contained in a subscription, purchase or similar agreement in form and substance reasonably satisfactory to AAC Holdings II LP, a Delaware limited partnership (the “Investor”), the Company and SPAC (the
“Series A Subscription Agreement”) (and upon the terms and subject to the conditions of such subscription agreements), the Investor shall purchase, or shall cause the purchase of, and the SPAC shall issue and sell to the Investor,
an aggregate of 45,000 shares of Series A preferred stock, par value $0.0001 per share, of SPAC following the Domestication (“Series A Preferred Stock”). The Series A Preferred Stock shall have the rights, preferences and privileges
set forth in a Certificate of Designation in a form reasonably agreed to by the Investor, the Company and SPAC reflecting the terms set forth in the Term Sheet (the “Certificate of Designation”), for a purchase price of $1000.00 per
share for an aggregate purchase price of $45,000,000 (as such amount may be reduced in accordance with Section 1(c) and Section 1(d) of this Letter, the “Series A Commitment”). The
Series A Subscription Agreement and the Certificate of Designation shall be negotiated in good faith by each of the Investor, the Company and SPAC as promptly as practicable following the date of this Letter and in any event prior to the Closing
Date. 
 (b)    Notwithstanding anything to the contrary set forth in Section 1(a), if SPAC
enters into one or more subscription, purchase or similar agreements (“Other Subscription Agreements”) with one or more unaffiliated third parties (“Other Investors”) pursuant to which such Other Investors agree to
purchase from SPAC, and SPAC agrees to issue and sell to the Other Investors, either shares of Class A common stock, shares of one or more series of preferred stock, convertible debt securities or any other security convertible into or
exchangeable or exercisable for, equity securities of SPAC (such securities, the “Alternative  

 
Securities”) substantially concurrently with the Closing, then the obligations set forth in Section 1(a) shall be null and void. In such event and
concurrently with the entry into the Other Subscription Agreements by the Other Investors, the Investor shall enter into a subscription, purchase or similar agreement having the same terms and conditions as the Other Subscription Agreements (the
“Alternative Securities Subscription Agreement” and, together with the Series A Subscription Agreement, the “Investor Subscription Agreement”). Pursuant to the Alternative Securities Subscription Agreements, the
Investor shall purchase, and the SPAC shall issue and sell to the Investor, substantially concurrently with the consummation of the transactions contemplated by the Other Subscription Agreements, a number of Alternative Securities on the terms and
subject to the conditions set forth in the Other Subscription Agreements having an aggregate purchase price of $45,000,000 (as such amount may be reduced in accordance with Section 1(c) and
Section 1(d) of this Letter, the “Alternative Securities Commitment” and, together with the Series A Commitment, the “Commitment”). 

(c)    The Commitment shall be reduced on a
dollar-for-dollar basis by the amount by which (i) the sum of (A) the amount of cash available in the Trust Account immediately prior to the Closing,
less amounts required for the Redemptions (to the extent not already paid); plus (B) the aggregate proceeds, if any, actually received by SPAC from the PIPE Investment (including any amount actually funded pursuant to this Letter);
plus (C) the aggregate amount actually funded to the Company in connection with any Permitted Financing prior to January 15, 2023, exceeds (ii) $400,000,000. Notwithstanding the foregoing, in no event shall any reduction to the
Commitment pursuant to this Section 1(c) exceed $25,000,000 in the aggregate. 

(d)    Notwithstanding anything to the contrary in this Letter, at any time and from time to time, the Company and the
Investor may mutually agree to reduce the Commitment. 
 (e)    Under no circumstances shall the Investor be obligated
to purchase equity, debt or other securities of SPAC in any amount in excess of the Commitment. 
 (f)    The Investor
reserves the right to assign all or a portion of the Commitment to its Affiliates or designees. No such assignment shall relieve the Investor of its obligations under this Letter until such Affiliate or designee has funded the Commitment in
accordance with the terms of this Letter. 
 (g)    Notwithstanding anything in Section 1(a)
or Section 1(b), at any time on or after the date of this Letter and on or prior to January 15, 2023, the Investor or its Affiliates or designees may elect to enter into one or more securities purchase agreements with
the Company (the “Additional Securities Purchase Agreements” and, together with the Investor Subscription Agreement, the “Commitment Documentation”). The Additional Securities Purchase Agreement shall be in the form
of the Existing Securities Purchase Agreement, pursuant to which any one or more of the Investor or its Affiliates purchase from the Company, and the Company issues and sells to any one or more of such Persons, $45,000,000 or more in aggregate
principal amount of the Company’s Series C-2 Convertible/Exchangeable Promissory Notes (the “Convertible Notes”). The purchase of such Convertible Notes pursuant to the terms of the
Additional Securities Purchase Agreements shall be deemed to satisfy the Commitment, and this Letter shall terminate in accordance with Section 6(d) without any further action of the Investor, the Company or SPAC. If the
Investor or its Affiliates or designees elect to enter into Additional Securities Purchase Agreements for purposes of satisfying the Commitment pursuant to this Section 1(g), the Company shall execute and deliver or cause
to be executed and delivered the Additional Securities Purchase Agreements and to consummate the sale of such Convertible Notes to the Investor or its Affiliates or designees, as applicable. For purposes of this Agreement, “Existing
Securities Purchase Agreement” means the Securities Purchase Agreement, dated as of December 5, 2022, by and among the Company, Investor and the other investors thereto, pursuant to which Investor agreed to purchase from the Company,
and the Company agreed to issue and sell to Investor, $30,000,000 in aggregate principal amount of Convertible Notes. 

 2.    Conditions. The obligation of the Investor to fund its
portion of the Commitment is subject to: (a) the execution and delivery of the Business Combination Agreement by each of the parties to the Business Combination Agreement; (b) the satisfaction of each of the conditions to SPAC’s and
the Company’s respective obligations to consummate the Transactions as set forth in Article VII of the Business Combination Agreement, other than any conditions that by their nature are to be satisfied at the Closing, but subject to the
substantially concurrent satisfaction of such conditions; (c) the satisfaction (or waiver by the Investor, at or prior to the Closing) of each of the other conditions set forth in the Investor Subscription Agreement; and (d) the
substantially simultaneous occurrence of the Closing. 
 3.    Covenants. The Investor and the SPAC agree, acting
in good faith: (i) to use commercially reasonable efforts to cause the Investor’s purchase of the Series A Preferred Stock in accordance with this Letter, taken together with the PIPE Investment and the transfers to the SPAC to be made on
the Closing Date by the Series A Parties and the holders of the Convertible Notes (the “Contributions”), to qualify for nonrecognition treatment under Section 351(a) of the Internal Revenue Code of 1986, as amended (the
“Code” and such tax treatment, the “Intended Tax Treatment”), (ii) to file all tax returns on a basis consistent with the Intended Tax Treatment (including attaching the statement described in Treasury Regulations Section 1.351-3, as applicable), (iii) to take no position inconsistent with the Intended Tax Treatment (whether in audits, tax returns or otherwise), in the case of each of clauses (i) and (ii), unless
otherwise required by a governmental entity as a result of a “determination” within the meaning of Section 1313(a) of the Code, (iv) not to take any action or knowingly fail to take any action where such action or failure to act
would reasonably be expected to prevent the Contributions from qualifying for the Intended Tax Treatment and (v) to use commercially reasonable efforts to cause the Domestication to occur at least one day prior to the Closing Date. 

4.    Confidentiality. This Letter is delivered to SPAC and the Company upon the condition that neither this Letter
nor any of its contents shall be disclosed by the Investor, SPAC, the Company or any of their respective Affiliates to any other Person, directly or indirectly, without the consent of the other parties to this Letter (such consent not to be
unreasonably withheld, conditioned or delayed). Notwithstanding the foregoing, this Letter or any of its contents may be disclosed: (a) as may be compelled in a judicial or administrative proceeding, by any regulatory administration, or as
otherwise required by law or regulation or compulsory legal process; (b) to protect the Investor’s, SPAC’s or the Company’s rights under, or to enforce the terms of, this Letter; or (c) as requested by a governmental or
regulatory authority, including filings with the Securities and Exchange Commission or other regulatory bodies in the ordinary course of business. 

The confidentiality obligations under this Section 4 shall automatically terminate and be superseded by any
confidentiality provisions in the Commitment Documentation upon the execution and delivery of the Commitment Documentation and in any event shall terminate upon the second anniversary of the date of this Letter. 

5.    Enforcement. The funding of the Commitment that is the subject of this Letter may only be enforced by SPAC or
the Company. 
 6.    Termination. This Letter and the transactions contemplated by this Letter (including the
Commitment) will terminate automatically and immediately upon the earliest to occur of: 
 (a)    the termination of the
Business Combination Agreement in accordance with its terms; 
 (b)    the Closing (provided that the Commitment has
been funded in full, as such amount may be reduced pursuant to the terms in this Letter); 

 (c)    other than a claim by the Company against the Investor or
Guarantor for the remedies expressly permitted by Section 17 (and then, subject to the terms and conditions of this Letter), the Company or any of its Affiliates or any other Person claiming by, through or for the benefit
of any of them, directly or indirectly, instituting any Legal Proceeding or bringing any other claim, against any Investor Party or any of their respective Representatives; and 

(d)    such time as the Investor or its Affiliates or designees have purchased $75,000,000 or more in aggregate principal
amount of Convertible Notes pursuant to the Existing Securities Purchaser Agreement and any Additional Securities Purchase Agreements in accordance with Section 1(g). 

Upon termination of this Letter, the Investor shall not have any further obligations or liabilities under this Letter. Other than as
explicitly set forth in this Letter or the Commitment Documentation, neither the Investor nor any of its respective Affiliates shall have any liability to any Person in connection with the Business Combination Agreement, this Letter or the
Commitment Documentation, whether based upon contract, tort or any other claim or legal theory and whether at law or in equity. Notwithstanding the previous two sentences, nothing herein will relieve any party from liability for any breach of this
Letter prior to the time of termination of this Letter. The foregoing three sentences and Section 10, Section 11, Section 14, Section 15,
Section 17 and Section 18 shall survive any termination of this Letter. 

7.    Amendment; Waiver. This Letter may be amended, supplemented or modified only by execution of a written
instrument signed by SPAC, the Company and the Investor. The failure of any party to this Letter to assert any of its rights under this Agreement shall not constitute a waiver of such rights. 

8.    Entire Agreement. This Letter, including any exhibits and schedules attached to this Letter, which exhibits
and schedules are incorporated by reference, embody the entire agreement and understanding of the parties to this Letter in respect of the subject matter contained in this Letter. There are no restrictions, promises, representations, warranties,
covenants or undertakings, other than those expressly set forth or referred to in this Letter, which collectively supersede all prior agreements and the understandings among the parties to this letter with respect to the subject matter contained in
this Letter. 
 9.    Parties in Interest; Third-Party Beneficiaries. 

(a)    This Letter is for the sole benefit of the parties to this Letter. 

(b)    Whether express or implied, nothing in this Letter is intended to or shall confer upon any Person, other than the
parties to this Letter, any legal or equitable right, benefit or remedy of any nature whatsoever. Neither SPAC’s nor the Company’s creditors shall have the right to enforce, or cause such Person to enforce, this Letter. 

10.    Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a)    This Letter, and any claim, controversy or dispute arising under or in relation to this Letter or the relationship
of the parties, shall be governed by and construed in accordance with the Laws of the State of Delaware, without regard to any conflict of Laws principles (whether of the State of Delaware or another jurisdiction) that would require or permit the
application of the Law of another jurisdiction. The preceding sentence shall apply to all matters involving the validity, construction, effect, performance and remedies with respect to this Letter. 

(b)    Any claim arising out of or based upon this Letter, the transactions contemplated by this Letter or the legal
relationships of the parties created under this Letter may be instituted solely in the Court of Chancery of the State of Delaware and any State of Delaware appellate court therefrom or, but only to the extent the Court of Chancery declines to accept
jurisdiction over a particular matter, any state or federal court within the State of Delaware (collectively, the “Chosen Courts”). Each party irrevocably submits to the exclusive jurisdiction of the Chosen Courts in any such suit,
action or proceeding. Service of process, 

 
summons, notice or other document in accordance with Section 11 shall be effective service of process for any claim brought in any Chosen Court. The parties irrevocably
and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in the Chosen Courts and irrevocably waive and agree not to plead or claim in any Chosen Court that any such claim brought in any such court has
been brought in an inconvenient forum. Any final and non-appealable judgment against a party in any proceeding described in this 10(b) shall be conclusive and may be enforced in any other jurisdiction
within or outside of the United States by suit on such judgment. A certified copy of any such judgment shall be conclusive evidence of the fact and amount of such judgment. Any party may file an original counterpart or copy of this 10(b) with
any court as written evidence of the irrevocable waiver of objections to venue or convenience of forum. 

(c)    Each of the parties acknowledges and agrees that any controversy that may arise under this Letter is likely to
involve complicated and difficult issues, and therefore each such party irrevocably and unconditionally waives any right such party may have to a trial by jury in respect of any litigation directly or indirectly arising or relating to this Letter or
the transactions contemplated by this Letter. A judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law. 

11.    Notices. All notices, consents, waivers and other communications under this Letter shall be in writing and
shall be deemed to have been duly given: (i) when delivered, if delivered in person; (ii) when sent, if sent by electronic mail or other electronic means (provided that no “bounce back” or similar message is received); (iii) one
Business Day after being sent, if sent by reputable, nationally recognized overnight courier service; or (iv) three Business Days after being mailed, if sent by registered or certified mail, pre-paid and
return receipt requested, to the applicable party to this Letter at the following addresses (or at such other address for a party as shall be specified by like notice): 
  

			
	If to the Company:	  	 X-Energy Reactor Company, LLC 
801 Thompson Avenue, Suite 400

Rockville, MD 20852
 Attn: Steve Miller 
Email: smiller@x-energy.com

		
	With a copy (which shall not constitute notice) to:	  	 Latham & Watkins LLP 
555 Eleventh Street, NW, Suite 1000

Washington, D.C. 20004
 Attn: Paul Sheridan; Nicholas P.
Luongo
 Email:
paul.sheridan@lw.com;
            nick.luongo@lw.com

			
	If to SPAC:	  	 Ares Acquisition Corporation 
245 Park Avenue, 44th Floor

New York, New York
 Attn: Allyson Satin; Anton Feingold; Eric
Waxman
  
 and

 
 Ares Acquisition Corporation 
2000 Avenue of the Stars

Suite 1200
 Los Angeles, CA 90067

Attn: Allyson Satin; Anton Feingold; Eric Waxman
 Email:
asatin@aresmgmt.com
             afeingold@aresmgmt.com

            ewaxman@aresmgmt.com

		
	With a copy (which shall not constitute notice) to:	  	 Kirkland & Ellis LLP 
2049 Century Park East, Suite 3700 
Los Angeles, CA 90067 
Attn: Monica J. Shilling, P.C.; Dov Kogen

Email: monica.shilling@kirkland.com

            dov.kogen@kirkland.com

		
	If to the Investor:	  	 AAC Holdings II LP
 2000 Avenue of the Stars

Suite 1200
 Los Angeles, CA 90067

Attn: Allyson Satin; Anton Feingold; Eric Waxman 
Email: asatin@aresmgmt.com

            afeingold@aresmgmt.com

            ewaxman@aresmgmt.com

		
	With a copy (which shall not constitute notice) to:	  	 Kirkland & Ellis LLP 
2049 Century Park East, Suite 3700 
Los Angeles, CA 90067 
Attn: Monica J. Shilling, P.C.; Dov Kogen

Email: monica.shilling@kirkland.com

            dov.kogen@kirkland.com

 12.    No Assignment. This Letter shall and all of the provisions of this Letter
shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. Except as otherwise set forth in this Letter, this Letter shall not be assigned by operation of Law or otherwise without the prior
written consent of the parties. Any assignment without such consent that is not otherwise permitted pursuant to the terms of this Letter shall be null and void. No such assignment shall relieve the assigning party of its obligations under this
Letter. 

 13.    Counterparts. This Letter may be executed and delivered
(including by electronic transmission) in one or more counterparts, each of which shall be deemed an original but all of which taken together shall constitute one and the same instrument. 

14.    Severability. In case any provision in this Letter shall be held invalid, illegal or unenforceable by any
court of competent jurisdiction, such provision shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable. The validity, legality and enforceability of the remaining
provisions contained in this Letter shall not in any way be affected or impaired nor shall the validity, legality or enforceability of such provision be affected in any other jurisdiction. Upon such determination that any term or other provision is
invalid, illegal or incapable of being enforced, the parties to this Letter will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the
intent and purpose of such invalid, illegal or unenforceable provision. 
 15.    Specific Performance. Each
party to this Letter: (i) acknowledges that the rights of each party to this Letter to consummate the transactions contemplated by this Letter are unique; (ii) recognizes and affirms that if this Letter is breached by any party to this
Letter, money damages may be inadequate and the non-breaching parties to this Letter may have no adequate remedy at law; and (iii) agrees that irreparable damage would occur if any of the provisions of
this Letter were not performed by an applicable party to this Letter in accordance with their specific terms or were otherwise breached. Accordingly, each party to this Letter shall be entitled to seek an injunction or restraining order to prevent
breaches of this Letter and to seek to enforce specifically the terms and provisions of this Letter, without the requirement to post any bond or other security or to prove that money damages would be inadequate. The foregoing is in addition to any
other right or remedy to which such party to this Letter may be entitled under this Letter, at law or in equity. 

16.    Representations and Warranties of the Company. The Company represents and warrants that: (a) all
information (excluding the Projections (as defined below), industry-specific information and information of a general economic nature) (all such non-excluded information, the “Information”)
that has been or will be made available to the Investor by or on behalf of the Company or any of its respective representatives in connection with the Transactions is or will be, when furnished, complete and correct in all material respects and does
not or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such
statements are made; and (b) the financial projections, budgets, estimates, forecasts and other forward-looking information with respect to the Company and its subsidiaries (after giving effect to the Transactions) (the
“Projections”) that have been or will be made available to the Investor by or on behalf of the Company or any of its representatives in connection with the Transactions have been or will be prepared in good faith using
management’s best estimates (it being understood that Projections are not to be viewed as facts or a guarantee of performance and are subject to significant uncertainties and contingencies, many of which are beyond your control, and that no
assurance can be given that such Projections will be realized and that actual results may differ from the projected results and such differences may be material). You agree that if at any time prior to the Closing Date, any of the representations in
the preceding sentence would be incorrect in any material respect if the Information and Projections were being furnished, and such representations were being made, at such time, then you will promptly supplement (or, in the case of any Information
and Projections furnished by the Company or its representatives, use commercially reasonable efforts to cause to be supplemented) the Information and the Projections so that such representations will be correct in all material respects under those
circumstances. 

 17.    No Recourse. Notwithstanding anything that may be
expressed or implied in this Letter or any document or instrument delivered in connection with this Letter, and notwithstanding the fact that the Investor may be a partnership: 

(a)    no Person other than the Investor, SPAC and the Company has any obligations under this Letter and no recourse shall
be had with respect to any other Person under this Letter or under any document or instrument delivered in connection with this Letter, or for any claim based on, in respect of or by reason of, such obligations or their creation, in each case, other
than pursuant to, but subject to the terms of, the Letter of Guaranty, dated as of the date of this Letter, delivered by Ares Investments Holdings LLC, a Delaware limited liability company (“Guarantor”), in favor of the Company (the
“Guaranty”); 
 (b)    no personal liability shall attach to any of Investor’s Affiliates (other
than SPAC and, subject to the terms of the Guaranty, Guarantor) or any of their respective Representatives, whether by or through attempted piercing of the corporate veil, by or through a claim against any Investor Party, by the enforcement of any
assessment or by any legal or equitable proceeding, by virtue of any Law or otherwise; and 
 (c)    recourse against
the Investor for specific performance or actual monetary damages in an amount (in the aggregate) not in excess of the Commitment pursuant to this Letter shall be the sole and exclusive remedy of SPAC and the Company against the Investor or any of
its Affiliates (other than SPAC and Sponsor) (each, an “Investor Party”) in respect of any liabilities or obligations arising under, or in connection with, this Letter or the abandonment of the obligations of the Investor under this
Letter in a manner other than a termination in accordance with the terms of this Letter. None of the Company, SPAC or any of their respective Affiliates will have any other remedy against any Investor Party. Except for actual monetary damages in an
amount (in the aggregate) not in excess of the Commitment, the foregoing limitation on such Person’s remedies against the Investor Parties under this Letter shall preclude any recovery for any damages, including lost profits, lost revenues,
lost opportunities, loss of reputation, diminution in value, damages based on any type of multiple and consequential, speculative, indirect, punitive or other special damages. The limitation on remedies set forth in this
Section 17 shall apply without regard to whether any claim or action sounds in contract, tort or any other claim or legal theory and whether at law or equity arising under, or in connection with, this Letter or the
transactions contemplated by this Letter or in respect of any oral representations or warranties made or alleged to have been made in connection with this Letter or the transactions contemplated by this Letter. If the Company or any of their
Affiliates institute any Legal Proceeding or bring any other claim: (a) to recover under any circumstances, more than the Commitment from the Investor under or in connection with this Letter or the transactions contemplated by this Letter;
(b) asserting that the provisions of this Section 17 are illegal, invalid or unenforceable, in whole or in part; or (c) asserting any theory of liability against any Investor Party with respect to this Letter,
then in any such case: (i) the obligations of the Investors under this Letter shall terminate ab initio and be null and void and of no force or effect; (ii) if the Investors have previously made any payments under this Letter, the
applicable Investors shall be entitled to recover such payments from SPAC or the Company, as applicable, and their respective successors and permitted assigns; and (iii) no Investor party shall have any liability or obligation of any kind or
nature to SPAC or the Company with respect to this Letter. SPAC and the Company acknowledge that the Investors are agreeing to enter into this Letter in reliance on the provisions set forth in this Section 17, which shall
survive termination of this Letter. The foregoing shall not apply to any claims of the Company against SPAC pursuant to the Business Combination Agreement or the Non-Disclosure Agreement, claims of the Company
against Sponsor under the Sponsor Support Agreement or claims of the Company pursuant to the Guaranty. 

 18.    Waiver of Claims Against Trust. The Company and the
Investor acknowledge that SPAC is a blank check company with the powers and privileges to effect a Business Combination. The Company and the Investor further acknowledge that, as described in the IPO Prospectus available at www.sec.gov,
substantially all of SPAC’s assets consist of the cash proceeds of SPAC’s initial public offering and private placements of its securities. Substantially all of those proceeds have been deposited in the Trust Account for the benefit of
SPAC, SPAC Shareholders and the underwriters of SPAC’s initial public offering. The Company and the Investor acknowledge that they have been advised by SPAC that SPAC may disburse monies from the Trust Account only in the express circumstances
described in the IPO Prospectus. The Company and the Investor, on behalf of itself and its Affiliates, acknowledge and agree that, notwithstanding anything to the contrary in this Letter, no such Person: (a) now has or shall at any time after
the Signing Date have any right, title, interest or claim of any kind in or to any monies in the Trust Account or distributions from the Trust Account; or (b) may make any claim against the Trust Account (including any distributions from the
Trust Account), regardless of whether such claim arises as a result of, in connection with or relating in any way to, this Letter or any proposed or actual business relationship between SPAC or its Representatives, on the one hand, and any such
Person or its Representatives, on the other hand, or any other matter, and regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability (any such claims are collectively referred to as, the
“Released Claims”). For and in consideration of SPAC entering into this Letter, the receipt and sufficiency of which are acknowledged, the Company and the Investor irrevocably waives on behalf of itself and its Affiliates, the
Released Claims and any right, title, interest or claim of any kind they have or may have in the future in or to any monies in the Trust Account. The Company and the Investor agree, on behalf of itself and its Affiliates, not to seek recourse
against the Trust Account or any funds distributed from the Trust Account as a result of, or arising out of, this Letter and any negotiations, Contracts or agreements with SPAC (including any distributions to SPAC Shareholders in respect of deferred
underwriting commissions from the IPO). Notwithstanding the foregoing, nothing in this Letter shall serve to limit or prohibit the Company’s or the Investor’s right to pursue a claim against SPAC for legal relief against monies or other
assets held outside the Trust Account, for specific performance or other equitable relief in connection with the consummation of the Commitment so long as such claim would not affect SPAC’s ability to fulfill its obligation to effectuate the
Redemptions or for Fraud. Nothing in this Section 18 shall serve to limit or prohibit any claims that the Company or the Investor may have in the future against SPAC’s assets or funds that are not held in the Trust
Account (including any funds that have been released from the Trust Account to SPAC and any assets that have been purchased or acquired with any such funds). This paragraph will survive the termination of this Letter for any reason. 

19.    Patriot Act. Pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (as amended, the “Patriot Act”), the Investor may be required to obtain, verify and record information that identifies SPAC or the Company. Such
information includes the name, address and tax identification number and other information regarding SPAC or the Company that will allow the Investor to identify SPAC or the Company in accordance with the Patriot Act. This notice is given in
accordance with the requirements of the Patriot Act and is effective as to the Investor. 
 20.    No Fiduciary
Relationship. SPAC and the Company acknowledge that: (a) the Investor is acting solely as a purchaser of securities pursuant to the Commitment; (b) the Investor and its Affiliates and managed funds and accounts may be investing in, or
providing debt financing, equity capital or other services to, other companies with which SPAC and the Company may have conflicting interests; and (c) the Investor is acting pursuant to a contractual relationship created by this Letter that was
entered into on an arm’s length basis. In no event do the parties intend that the Investor act or be responsible as a fiduciary to SPAC or the Company or any of their respective subsidiaries, stockholders or creditors or any other Person in
connection with any activity that the Investor may undertake or has undertaken in furtherance of the purchase of securities, either before or after the date of this Letter. The Investor expressly disclaims any fiduciary or similar obligations to any
such Person, either in connection with the purchase of securities or 

 
this Letter or any matters leading up to either to the extent related to the purchase of securities or this Letter. Each of SPAC and the Company confirm their understanding and agreement to that
effect. SPAC, the Company and the Investor are each responsible for making their own independent judgments with respect to the transactions contemplated by the Commitment. Any opinions or views expressed by the Investor to SPAC or the Company
regarding such transactions, including any opinions or views with respect to the price or market for equity or debt securities of SPAC or the Company, do not constitute advice or recommendations to SPAC or the Company or any of their respective
subsidiaries. Each of SPAC and the Company and their respective Affiliates and subsidiaries, waive and release, to the fullest extent permitted by law, any claims that SPAC and the Company and their respective subsidiaries and Affiliates may have
against the Investor with respect to any breach or alleged breach of any fiduciary or similar duty in connection with the transactions contemplated by this Letter or any matters leading up to the execution of this Letter. 

21.    Miscellaneous. The parties to this Letter have each been represented by counsel during the negotiation and
execution of this Letter and have participated jointly in the drafting of this Letter. Consequently, each of the parties to this Letter waive the application of any Law, holding or rule of construction providing that ambiguities in an agreement or
other document will be construed against the party drafting such agreement or document. The descriptive headings in this Letter are inserted for convenience and identification purposes only and are not intended to be a part of or to describe,
interpret, define or limit the scope, extent or intent of this Letter or any provision of this Letter. As used in this Letter, the Investor, on the one hand, and SPAC, on the other hand, shall not be deemed to be Affiliates of each other. 

[SIGNATURE PAGE FOLLOWS] 

 
			
	Very truly yours,
	
	AAC HOLDINGS II LP
		
	By:	 	 /s/ Anton Feingold

	Name:	 	Anton Feingold
	Title:	 	Assistant Secretary

 [Signature Page to Commitment Letter] 

			
	 Agreed to and accepted:

 
 ARES ACQUISITION CORPORATION

		
	 By:
	 	 /s/ David B. Kaplan

	Name:	 	David B. Kaplan
	Title:	 	Chief Executive Officer and Co-Chairman

 [Signature Page to Commitment Letter] 

			
	 Agreed to and accepted:
  

X-ENERGY REACTOR COMPANY, LLC

		
	By:	 	 /s/ J. Clay Sell

	Name:	 	J. Clay Sell
	Title:	 	Chief Executive Officer

 [Signature Page to Commitment Letter] 

 Exhibit A 

Term Sheet 
 [See
attached.] 
 [Exhibit A] 

 Summary of Principal Terms and Conditions 

Unless otherwise defined, terms used in this term sheet shall have the meanings assigned to such terms in the commitment letter to which
this exhibit is attached, including the other exhibits thereto (the “Commitment Letter”). 
  

			
	Issuer:	  	 X-Energy, Inc., the public company of the AAC SPAC Transaction (the “Company”).

 
 “AAC SPAC Transaction” means the potential business combination between
Ares Acquisition Corporation (“AAC”), directly or indirectly, and X-energy Reactor Company, LLC (“X-energy”)

		
	Investor:	  	AAC Holdings II LP and its affiliates (the “Investor”).
		
	PIPE Commitment:	  	 An aggregate amount (the “PIPE Commitment”) equal to the lesser of (i) $45.0 million (the “Initial Commitment
Amount”), as reduced as described below, and (ii) such amount as mutually agreed between the Company and the Investor.
  

The Initial Commitment Amount will be reduced on a dollar-for-dollar basis by
the amount by which (i) the sum of (A) the amount of cash available in the Trust Account immediately prior to the Closing, less amounts required for the Redemptions (to the extent not already paid); plus (B) the
aggregate proceeds, if any, actually received by SPAC from the PIPE Investment (including any amount actually funded pursuant to this Letter); plus (C) the aggregate amount actually funded to the Company in connection with any Permitted
Financing prior to January 15, 2023, exceeds (ii) $400,000,000. In no event will any reduction to the Commitment exceed $25,000,000 in the aggregate.

		
	Securities:	  	At the Closing, the Investor will invest the PIPE Commitment amount set forth above in convertible Series A preferred stock, par value $0.0001 per share, of the Company (the “Preferred Stock”), having the rights,
preferences and privileges set forth in the Certificate of Designation and as further described below. The Preferred Stock shall rank senior to all classes or series of equity securities of the Company with respect to dividend rights and rights on
liquidation.
		
	Purchase Price:	  	$1,000 per share of Preferred Stock (the “Stated Value”).
		
	Conversion Price:	  	The Investor may at any time convert all or a portion of the Preferred Stock into Class A common stock, par value $0.0001 per share, of the Company (“Common Stock”). Each share of Preferred Stock will be
convertible into a number of shares of Common Stock equal to the Stated Value of such share of Preferred Stock plus Accrued Dividends thereon divided by the Conversion Price. The Conversion Price will be $10.00 per share.
		
	Anti-Dilution:	  	The Conversion Price will be subject to proportional adjustment for any stock split, reclassification, stock dividend or similar event.

			
	Dividends:	  	 Dividends will accrue on a quarterly basis at a rate equal to 8.00% per annum, whether or not declared, and such dividends will accrue daily
and compound on a quarterly basis, unless paid in cash (such accrued amounts, the “Accrued Dividends”), plus the Preferred Stock will fully participate, on an as-converted basis, in any cash
dividends paid to the holder of Company common stock.
  
 Upon conversion, all accrued
and unpaid dividends from the end of last relevant quarter to the conversion date will be paid in cash.

		
	Liquidation Preference:	  	 In the event of any liquidation or winding up of the Company, the holder of each share of the Preferred Stock will receive in preference to
the holders of the common stock of the Company (or any junior preferred stock) a per share amount equal to the greater of (i) the Stated Value, plus Accrued Dividends and (ii) the amount such holders would be entitled to receive at such
time if the Preferred Stock were converted into Common Stock.
  
 For the avoidance of
doubt, a merger, acquisition, change of control or sale of all or substantially all of the assets of the Company will not be deemed to be a liquidation or winding up.

		
	Conversion at Option of the Company:	  	If at any time after the 2-year anniversary of the closing of the AAC SPAC Transaction, the closing price of the Common Stock exceeds $12.50 per share for each of the 75 trading days within a
90 consecutive trading day period, the Company may convert all (but not less than all) of the then-outstanding shares of Preferred Stock into a number of shares of Common Stock equal to the Stated Value of such shares plus Accrued Dividends
thereon, divided by the Conversion Price.
		
	Redemption at Option of the Investor:	  	At any time after the 7-year anniversary of the closing of the AAC SPAC Transaction, the Investor may require the Company to redeem any or all of the then-outstanding shares of Preferred Stock for cash consideration equal to the
Stated Value, plus Accrued Dividends.
		
	Change of Control / Bankruptcy or Insolvency / Default under Material Debt:	  	Upon a Change of Control (as defined in the Business Combination Agreement) of the Company, a voluntary bankruptcy or insolvency event or a default under a material debt agreement, the Company will be required to immediately make an
offer to repurchase all of the then-outstanding shares of Preferred Stock for cash consideration per share equal to the greater of (i) 100% of the Stated Value, plus Accrued Dividends and (ii) the amount such holders would be entitled to
receive at such time if the Preferred Stock were converted into Common Stock.
		
	Voting Rights:	  	The Preferred Stock will vote together with the common stock of the Company on all matters and not as a separate class (except as specifically provided in this term sheet or as otherwise required by law) on an as-converted basis.
		
	Information Covenant:	  	At such time as the Company is no longer subject to periodic reporting requirements as required by the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company will furnish customary information
(including annual financial, quarterly financial and operating reports) to the Investor.

			
	Minority Protections:	  	 During the period in which any shares of Preferred Stock remain outstanding, the consent of the holders of a majority of the Preferred Stock
shall be required to:
  
 (i) alter or
change the rights, preferences or privileges of the Preferred Stock;
  

(ii)  increase or decrease the authorized number of shares of Preferred Stock;

 
 (iii)  issue any additional shares of
Preferred Stock;
  
 (iv) create (by
reclassification or otherwise) any new class or series of shares having rights, preferences or privileges senior to or on parity with the Preferred Stock;
  

(v)   amend the Company’s certificate of incorporation or bylaws in a manner that materially
and adversely affects the Preferred Stock;
  

(vi) issue any debt instrument of the Company that is convertible into equity of the Company; or

 
 (vii) provide for the payment of any
dividend on, or the redemption or repurchase of any junior equity security.

		
	 Registration

Rights:
	  	Investor will receive customary transferable demand, piggyback and shelf registration rights pertaining to the shares of Common Stock issuable upon the conversion of the Preferred Stock. The Company will file a resale registration
statement following the Closing covering all of the shares of Common Stock issuable upon the conversion of such Preferred Stock. All reasonable expenses of such registrations, including the fees and expenses of one counsel on behalf of the Investor,
will be borne by the Company.
		
	Subscription Agreement:	  	The subscription agreement with respect to the Preferred Stock will be substantially in the form attached as Exhibit B to the Commitment Letter.
		
	Closing Conditions:	  	The Investor’s purchase of the Preferred Stock will be subject to satisfaction of the conditions specified in Section 2 of the Commitment Letter.

			
	Tax Matters:	  	 The Investor agrees to provide to the Company a properly executed Internal Revenue Service Form W-9
certifying such Investor’s status as a United States Person and such Investor’s exemption from backup withholding. To the extent the Investor has delivered such forms, and the Preferred Shares are held by the Investor, absent a change in
law that affects the withholding obligations of the Company, the Company (and any applicable withholding agent) shall not withhold U.S. tax from any payment (including deemed payments) made on or with respect to the Preferred Shares. Without
limiting the foregoing, if the Company determines that an amount is required to be deducted and withheld in respect of any payment made on or with respect to the Preferred Shares, the Company shall be entitled to withhold taxes on all payments made
to the relevant Investor with respect to the Preferred Shares in the form of cash or otherwise treated, in the Company’s reasonable discretion, as a dividend for U.S. federal tax purposes, in each case, to the extent the Company or its paying
agent is required to deduct and withhold tax on payments to the relevant Investor under applicable law; provided that the Company shall, at least five (5) business days prior to the date the applicable payment is scheduled to be made, provide
the Investor with (i) written notice of the intent to deduct and withhold, which notice shall include the basis for the withholding and an estimate of the amount proposed to be deducted and withheld, and (ii) a reasonable opportunity to
provide forms or other evidence that would exempt such amounts from withholding.
  
 The
Company and the Investor agree that it is their intention that (i) the Preferred Stock shall be treated as stock that is not “preferred stock” within the meaning of Section 305 of the Internal Revenue Code of 1986, as amended
(the “Code”), and the Treasury Regulations issued thereunder and (ii) absent the issuance of any other preferred equity security or debt instrument of the Company that is convertible into equity of the Company (and, in each
case, cash or other distributions or payments by the Company with respect thereof) after the closing of the Transactions, the Investor shall not be required to include in income as a dividend for U.S. federal income tax purposes under
Section 305(c) of the Code any income or gain in respect of the Preferred Shares on account of the accrual of dividends thereon (including any deemed dividends or any increase in the Stated Value) unless and until such dividends are declared
and paid in cash. The Company and the Investor agree to take no positions or actions inconsistent with such treatment, unless otherwise required by a change in applicable law after the date hereof. The Company and the Investor agree to take no
positions or actions inconsistent with such treatment, unless otherwise required by a change in applicable law after the date hereof.
  

The Company shall use commercially reasonable efforts to cooperate with the Investor to structure any redemption of the Preferred Shares permitted hereunder to
be treated as a payment in exchange for stock pursuant to Section 302 of the Code.

		
	Governing Law:	  	State of Delaware.

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