Document:

Document

Exhibit 10.1

SECOND AMENDMENT TO TRANSACTION SUPPORT AGREEMENT

This Second Amendment, dated as of December 20, 2022 (this “Amendment”), to that certain Transaction Support Agreement, dated as of October 20, 2022 (as amended prior to the date hereof, the “Transaction Support Agreement”), is by and among (i) Diebold Nixdorf, Incorporated, an Ohio corporation (the “Company”), and the other guarantors under the Existing Documents as set forth in the signature page to the Transaction Support Agreement (each such party listed in this clause (i), a “Company Party” and, such parties collectively, the “Company Parties”) and (ii) each undersigned Consenting Party that has executed and delivered counterpart signature pages to this Amendment.  Each Company Party and each undersigned Consenting Party is referred to herein individually as a “Party”, and collectively as the “Parties.”  Except as otherwise expressly provided herein, capitalized terms used in this Amendment shall have the respective meanings attributed to such terms in the Transaction Support Agreement.
RECITALS
WHEREAS, the Company Parties and the Consenting Parties are parties to that certain Transaction Support Agreement;
WHEREAS, the Company Parties and certain Consenting Parties have engaged in arm’s length, good faith negotiations and reached an agreement regarding certain modifications to the Transaction Support Agreement, as reflected in this Amendment; and
WHEREAS, the Parties wish to amend the Transaction Support Agreement pursuant to the terms hereof and to take such actions as may be necessary to give effect to this Amendment.
NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
AMENDMENT
1.Amendment.  Effective as of the Amendment Effective Date (as defined below), the Transaction Support Agreement is hereby amended as follows:
(a)    The Term Sheet attached as Exhibit A to the Transaction Support Agreement is hereby amended by replacing any reference to “83.4%” therein with a reference to “81.3%”. 
(b)    The section titled “Governance” in the Term Sheet attached as Exhibit A to the Transaction Support Agreement is hereby amended by replacing the words “Prior to the Closing Date” therein with “On or prior to January 15, 2023”. 
2.Mutual Representations and Warranties.  Each Party, severally and not jointly, represents and warrants to each of the other Parties that, as of the date hereof:  (a) such Party is duly organized, validly existing, and in good standing (where such concept is recognized) under the laws of the jurisdiction of its organization, and has all requisite corporate, partnership, limited liability company or other organizational power and authority to enter into this Amendment; (b) the execution, delivery, and performance of this Amendment by such Party does not and shall not (i) violate any provision of law, rule, or regulation applicable to it or any of its subsidiaries or its organizational documents or those of any of its subsidiaries, or (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under its 

organizational documents or any material contractual obligations to which it or any of its subsidiaries is a party; (c) such Party has no actual knowledge of any event that, due to any fiduciary or similar duty to any other Person or entity, would prevent it from taking any action required of it under this Amendment; and (d) this Amendment is a legally valid and binding obligation of such Party, enforceable against it in accordance with its terms.
3.Amendment Effective Date.  This Amendment shall become effective and binding upon each of the Parties upon the occurrence of each of the following events (the date on which such events occur, the “Amendment Effective Date”):
a)execution and delivery of counterpart signature pages to this Amendment by the Company Parties and the Majority Consenting Parties; and
b)the Company Parties shall have paid all unpaid fees, costs and out-of-pocket expenses of the Advisors in accordance with their respective engagement letters and/or fee letters entered into with the Company (if any) to the extent invoiced at least one Business Day prior to the Amendment Effective Date.
4.Effect on Original Terms; Ratification.  Each of the Parties hereby acknowledges and agrees that:  (a) except as expressly set forth in this Amendment, all terms of the Transaction Support Agreement shall remain unmodified and shall continue in full force and effect in accordance with its terms from and as of the date hereof, which terms are hereby ratified, confirmed and reaffirmed in all respects; (b) except as expressly set forth in this Amendment, the execution, delivery and effectiveness hereof shall not operate as a waiver of any right, power or remedy of the Parties to the Transaction Support Agreement; and (c) each reference to the Transaction Support Agreement, and words of similar import in the Transaction Support Agreement, shall be a reference to the Transaction Support Agreement as amended by this Amendment and as the same may be further amended, supplemented and otherwise modified and in effect from time to time.
5.Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York without regard to any choice of law provision that would require the application of the laws of another jurisdiction. Section 21 of the Transaction Support Agreement is hereby incorporated herein by reference.
6.Counterparts; Execution.  This Amendment may be executed in one or more counterparts, each of which, when so executed, shall constitute one and the same instrument, and the counterparts may be delivered by facsimile transmission or by electronic mail in portable document format (PDF) or by DocuSign.  This Amendment may be executed on behalf of one or more Consenting Parties by such Consenting Party’s investment manager or advisor, which is a signatory hereto solely in its capacity as the investment manager or advisor of such Consenting Party.
7.Successors.  This Amendment is intended to bind and inure to the benefit of the Parties and their respective permitted successors, assigns, heirs, executors, estates, administrators, and representatives.  
8.Severability.  The invalidity or unenforceability at any time of any provision hereof in any jurisdiction shall not affect or diminish in any way the continuing validity and enforceability of the remaining provisions hereof or the continuing validity and enforceability of such provision in any other jurisdiction; provided that, after excluding the provision that is declared to be invalid or unenforceable, the remaining terms provide for the consummation of the 
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Transactions contemplated by the Transaction Support Agreement in substantially the same manner as originally set forth at the date hereof.
9.Entire Agreement.  This Amendment, including all of the exhibits attached hereto, if any, constitutes the entire agreement of the Parties with respect to the subject matter of this Amendment, and supersedes all other prior negotiations, agreements and understandings, whether written, oral, or implied, among the Parties with respect to the subject matter of this Amendment.
10.Headings.  The headings of the sections, paragraphs, and subsections of this Amendment are included for convenience only and shall not affect the interpretation of the provisions contained herein.
 [Signature Pages Follow]
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IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as of the date first set forth above.

												
	DIEBOLD NIXDORF, INCORPORATED
		
	By	/s/ Jonathan Leiken	
		Name:	Jonathan Leiken	
		Title:	EVP, Chief Legal Officer and Secretary	

												
	DIEBOLD GLOBAL FINANCE CORPORATION
		
	By	/s/ Jonathan Leiken	
		Name:	Jonathan Leiken	
		Title:	President	

												
	DIEBOLD HOLDING COMPANY, LLC
		
	By	/s/ Jonathan Leiken	
		Name:	Jonathan Leiken	
		Title:	President	

												
	DIEBOLD SST HOLDING COMPANY, LLC
		
	By	/s/ Jonathan Leiken	
		Name:	Jonathan Leiken	
		Title:	President	

[Signature Page to Second Amendment to Transaction Support Agreement]

												
	GRIFFIN TECHNOLOGY INCORPORATED
		
	By	/s/ Jonathan Leiken	
		Name:	Jonathan Leiken	
		Title:	President	

[Signature Page to Second Amendment to Transaction Support Agreement]

												
	DIEBOLD SELF-SERVICE SYSTEMS
		
	By	/s/ Jonathan Leiken	
		Name:	Jonathan Leiken	
		Title:	President	

												
	DIEBOLD NIXDORF DUTCH HOLDING B.V.
		
	By	/s/ Elizabeth Christine Radigan	
		Name:	Elizabeth Christine Radigan	
		Title:	Director A	

												
	
		
	By	/s/ Hendrik Roelof Schouten	
		Name:	Hendrik Roelof Schouten	
		Title:	Director B	

[Signature Page to Second Amendment to Transaction Support Agreement]

[Consenting Parties’ signature pages on file with the Company]

[Signature Page to Second Amendment to Transaction Support Agreement]Exhibit 10.1

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED
FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. [*
* *] INDICATES THAT INFORMATION HAS BEEN REDACTED.

 

AMENDMENT NO. 4

to

JOINT DEVELOPMENT AGREEMENT

between

 

BMW OF NORTH AMERICA, LLC

300 Chestnut Ridge Road

Woodcliff Lake, NJ 07677

USA

hereinafter referred to as “BMW”

 

and

 

SOLID POWER OPERATING, INC.

486 S. Pierce Ave., Suite E

Louisville, CO 80027

USA

hereinafter referred to as “Solid Power”

 

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The Joint Development Agreement (“JDA”)
entered into as of July 1, 2017 and amended on February 18, 2021 (“Amendment No. 1”), March 22,
2021 (“Amendment No. 2”) and November 01, 2021 (“Amendment No. 3”) by and between
Solid Power Operating, Inc. (f/k/a Solid Power, Inc.), with a principal place of business at 486 S. Pierce Ave., Suite E,
Louisville, CO 80027, USA (“Solid Power”), and BMW of North America, LLC, a Delaware limited liability company with
a principal place of business at 300 Chestnut Ridge Road, Woodcliff Lake, NJ 07677, USA (“BMW”), collectively the
 “Parties,” shall be amended as set forth in this amendment (“Amendment No. 4”) to the JDA.

 

The terms and conditions of the Previously Amended
JDA remain unchanged and in full force and effect, including the industrialization roadmap and methodology as set out in Amendment No. 2
of the JDA. This Amendment No. 4 shall only establish additional terms and conditions for an additional Know-How Transfer Work Package
further defined below.

 

Unless specified differently in this Amendment
No. 4, the capitalized terms shall have the meaning as defined in the Previously Amended JDA. If the context requires otherwise,
references to the singular also include the plural and vice versa.

 

For this Amendment No. 4 the following
RECITALS shall additionally apply:

 

WHEREAS, Solid Power develops, among other
things, solid state cell technology as part of the JDA Automotive Product development and operates two solid state cell pilot lines;

 

WHEREAS, BMW and its Affiliates intend
to ramp up its solid state cell competency and to set up an solid state prototype line (the “BMW Pilot Line”);

 

WHEREAS, it is the common understanding
of the Parties that the rights of use granted in Sect. 3 of the Previously Amended JDA include the rights of each Party and any
of its Affiliates to conduct their own research and development activities in the field of solid state cell technology;

 

WHEREAS, the Parties intend to further
accelerate the development of the solid state cell technology by strengthening the collaboration among the Parties and their Affiliates;

 

WHEREAS, BMW and its Affiliates seek Solid
Power’s support to accelerate their know-how ramp up (i.e., at BMW and at BMW’s Affiliates) in the field of solid state cell
technology, particularly regarding research and development including prototype production of solid state cells;

 

WHEREAS, Solid Power offered to BMW and
its Affiliates to support their know-how ramp up in solid state cell technology by an extensive know-how transfer;

 

WHEREAS, the Parties seek to carry out
an additional work package considered as part of the JDA Project with the aim of transferring certain know-how from Solid Power to BMW
and its Affiliates that relates to the development as well as prototype and pilot production of solid state cells [* * *]; and

 

WHEREAS, BMW and its Affiliates will support
the development at Solid Power by sending qualified personnel [* * *] to Solid Power;

 

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NOW, THEREFORE, for good and valuable
consideration, receipt of which is hereby acknowledged, the Parties agree as follows:

 

		1.	Scope

 

The subject-matters of this Amendment No. 4
are

 

(i) the implementation of an additional
work package having the purpose of transferring the Solid Power Know-How and publicly available information related thereto from Solid
Power to BMW and its Affiliates with the aim to

 

(A) enable BMW and its Affiliates
to ramp up their know-how in the field of solid state cell technology, particularly in the area of Solid Power Know-How, and to support
Solid Power’s solid-state cell technology development beyond the present scope of the JDA by sending BMW personnel to Solid Power
and

 

(B) allow BMW and its Affiliates
to participate and assist in the development activities at Solid Power,

 

the activities of this Section 1
(i)  being the “Know-How Transfer Work Package”;

 

(ii) the allowance for BMW and its Affiliates
to purchase, on a non-exclusive basis, electrolyte supply from Solid Power for the BMW Pilot Line; and

 

(iii) the enablement of BMW and Solid Power
to engage in joint development at multiple locations.

 

		2.	Definitions

 

		2.1	“Previously Amended JDA”
                                            means the JDA and Annexes to the JDA as amended by Amendments No. 1, 2 and 3.

 

		2.2	“BMW Know-How Transfer Personnel”
                                            means personnel of BMW or any of its Affiliates working at the Colorado sites of Solid Power
                                            pursuant to Section 5.2.

 

		2.3	“Solid Power Know-How”
                                            means the information related to the development as well as prototype and pilot production
                                            of solid state cells utilizing sulfide-based solid electrolytes; said information a) has
                                            either actual or potential independent economic value by virtue of not being generally known,
                                            b) has value to others who cannot legitimately obtain the information, and c) is subject
                                            to reasonable efforts to maintain its secrecy.

 

		2.4	“Subcontractors” means
                                            any third party working on behalf of a Party or any of its Affiliates and being bound by
                                            the same or similar confidentiality obligations as the Parties and shall not include any
                                            entities in direct competition with the business of the other Party. [* * *]

 

		2.5	“BMW Improvements” means
                                            the Sole Foreground IP owned by BMW or any of its Affiliates that is directed to technical
                                            improvements (in whole or in part) on the use of the Solid Power Know-How.

 

		2.6	“Sole Foreground IP” means
                                            (a) the Intellectual Property that is first developed and reduced to practice within
                                            the activities and during the term of this Amendment No. 4 solely by employees or Subcontractors
                                            of a Party or by employees or Subcontractors of any of its Affiliates, and (b) all associated
                                            Intellectual Property Rights protecting the foregoing Intellectual Property.

 

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		2.7	“Joint Foreground IP” means
                                            (a) the Intellectual Property that is first developed and reduced to practice within
                                            the activities and during the term of this Amendment No. 4 jointly by employees of both
                                            Parties or their respective Subcontractors or their respective Affiliates, and (b)
all associated Intellectual Property Rights protecting the foregoing Intellectual Property.

 

		2.8	“Joint Onsite Foreground IP”
                                            means (a) the Intellectual Property conceived or developed during the know-how transfer
                                            onsite at the premises of Solid Power jointly by employees of both Parties or their respective
                                            Subcontractors or their respective Affiliates, and (b) all associated Intellectual Property
                                            Rights protecting the foregoing Intellectual Property.

 

		3.	Details of the Know-How Transfer
                                            Work Package

 

		3.1	Know-How Transfer. Solid Power shall
                                            provide to BMW and its Affiliates extensive information (including but not limited to the
                                            information listed in Section A of Annex 1 and Annex 2) relating directly or indirectly
                                            to the Solid Power Know-How,

 

that

 

[* * *]

 

independent of whether such information:

 

a) is considered to be Solid Power’s
Sole Foreground IP or Joint Foreground IP or Solid Power’s Background IP; or

 

b) is not protected by an Intellectual
Property Right; or

 

c) constitutes know-how, technical
information, trade secrets, work products, methods, processes, schematics, or other forms of technology; or

 

d) constitutes publicly available
information.

 

The Know-How Transfer under this Section 3.1
shall not include information relating to the Solid Power proprietary electrolyte itself, and no rights in the Solid Power proprietary
electrolyte itself or any Intellectual Property Rights protecting the Solid Power proprietary electrolyte itself are granted to BMW or
its Affiliates.

 

		3.2	[* * *]

 

		3.3	Updates to Solid Power Know-How. During
                                            the term of this Amendment No. 4, Solid Power will provide to BMW and its Affiliates
                                            any information relating to any change, optimization or advancements to the Solid Power Know-How,
                                            which shall be governed by this Amendment No. 4 (e.g. Section 6.1 of this Amendment
                                            No. 4 will apply to ownership and Section 3.4 and Section 6.2 will apply for
                                            use rights).

 

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		3.4	License to information provided by Solid
                                            Power within the Know-How Transfer Work Package.

 

		(i)	Solid Power hereby grants to BMW a non-exclusive,
                                            non-transferrable, irrevocable, worldwide, royalty-free license to use the information provided
                                            by Solid Power within the Know-How Transfer Work Package and to use any Intellectual Property
                                            and any Intellectual Property Right protecting said information. The license under the preceding
                                            sentence shall be limited solely to research and development activities of BMW or its Affiliates
                                            in the field of solid state cell technology.

 

		(ii)	[* * *]

 

		(iii)	[* * *]

 

For the avoidance of doubt, BMW or any of its
Affiliates are allowed to use royalty-free, at any time and without any permission and for any purpose any publicly available information
provided by Solid Power within the Know-How Transfer Work Package to BMW or any of its Affiliates if and to the extent said information
is not protected by an Intellectual Property Right.

 

		3.5	BMW Improvements.

 

		(i)	BMW and its Affiliates shall disclose
                                            to Solid Power the BMW Improvements and any invention contained in the BMW Improvements conceived
                                            or reduced to practice during the term of this Amendment No. 4 but only if and to the
                                            extent BMW and its Affiliates are entitled under applicable commitments with third parties
                                            (including but not limited to commitments with funding authorities of public funded projects
                                            and/or with co-owners) to disclose said BMW Improvements to Solid Power.

 

		(ii)	BMW or any of its Affiliates (the granting
                                            entity is at BMW’s discretion) shall grant to Solid Power a non-exclusive, non-transferrable,
                                            irrevocable, worldwide, royalty-free license to use the BMW Improvements. [* * *]

 

		(iii)	Said license to be granted under Section 3.5
                                            (ii) shall be limited solely to research and development activities of Solid Power in
                                            the field of solid state cell technology.

 

		(iv)	Upon Solid Power’s request, BMW
                                            or any of its Affiliates (the granting entity is at BMW’s discretion) shall grant to
                                            Solid Power a non-exclusive, non-transferable, irrevocable, worldwide and royalty-bearing
                                            license to use the BMW Improvements. [* * *]. The details of the foregoing
                                            commercial license will be negotiated in good faith on commercially-reasonable terms and
                                            will be the subject of a separate agreement.

 

		(v)	For the avoidance of doubt: Solid Power
                                            shall not have the right to sublicense the foregoing license without BMW’s written
                                            prior consent.

 

		3.6	No Liability, Warranty. Solid Power
                                            makes no representation or warranty, and assumes no liability, with respect to the Solid
                                            Power Know-How or BMW’s or its Affiliates’ use thereof. BMW, on behalf of itself
                                            and its Affiliates, expressly accepts the Solid Power Know-How on an “AS IS”
                                            basis without any warranty or liability to Solid Power.

 

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BMW makes no representation or warranty,
and assumes no liability, with respect to the any information and/or use right provided by BMW, its Affiliates and/or its Subcontractors
for Solid Power’ or its Affiliates’ use thereof. Solid Power, on behalf of itself and its Affiliates, expressly accepts any
information and/or use right provided by BMW, its Affiliates and/or its Subcontractors on an “AS IS” basis without any warranty
or liability to BMW, its Affiliates and/or its Subcontractors.

 

		3.7	Retention of Documentation. Subject
                                            to the restrictions on use of the Solid Power Know-How by BMW and its Affiliates specified
                                            in this Amendment No. 4 (see, e.g., Sect. 3.4 and 3.7), any documentation included in
                                            the Know-How Transfer Work Package that is handed over to BMW and its Affiliates will remain
                                            with BMW and its Affiliates after Termination. Solid Power is not entitled to ask for said
                                            documentation back.

 

		4.	Electrolyte Supply

 

		4.1	Short-Term Pilot Line Electrolyte Supply.
                                            [* * *] Not later than [* * *], Solid Power and BMW shall enter into a non-exclusive supply
                                            agreement for the supply of Solid Power’s sulfide-based electrolyte powder to BMW and
                                            its Affiliates at the required volumes and quality to effectively operate the BMW Pilot Line
                                            upon commissioning. Each of Solid Power and BMW shall use commercially reasonable efforts
                                            and good faith to negotiate and consummate the short-term supply agreement. Commercial terms
                                            and conditions of such supply agreement shall be negotiated in good faith prior to the first
                                            delivery (see Sect. B of Annex 1). The Parties agree that any electrolyte provided
                                            pursuant to this Sect. 4.1 shall not be considered JDA Automotive Product under the JDA.

 

		4.2	Long-Term Electrolyte Requirements for
                                            Industrialization. In connection with any decision by BMW or its Affiliates to commercialize
                                            sulfide-based solid state battery technology based in whole or in part on Solid Power Know-How,
                                            Solid Power and BMW intend to collectively define electrolyte performance, quality, and other
                                            applicable requirements that support the needed cell performance and manufacturing targets
                                            as set out in the tender process in the Previously Amended JDA (“Electrolyte Requirements”).
                                            BMW will state the required BMW volumes of electrolyte to be provided by Solid Power to ensure
                                            Solid Power has the needed production capacity to meet the Electrolyte Requirements.

 

		5.	Development Collaboration

 

		5.1	Support, Training, and Joint Development.
                                            In connection with the transfer of Solid Power Know-How, Solid Power and BMW and its Affiliates
                                            will undertake the support ([* * *]) and joint development activities. The undertaken support
                                            and the joint development activities include the activities set forth in the statement of
                                            work in Sect. C of Annex 1 and any subsequent amendments or supplements thereto agreed
                                            to by the Parties.

 

		5.2	BMW Know-How Transfer Personnel. BMW
                                            or its Affiliates will send the BMW Know-How Transfer Personnel to Solid Power to (i) carry
                                            out certain of the activities contemplated by the statement of work set forth in Sect.
                                            C of Annex 1 and (ii) collaborate on development activities at Solid Power. [* *
                                            *]

 

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		6.	Intellectual Property

 

		6.1	Ownership of Intellectual Property.

 

		(i)	Each Party or any of its Affiliates
                                            shall solely and exclusively own its Sole Foreground IP.

 

		(ii)	The Parties shall jointly own Joint
                                            Foreground IP unless said Joint Foreground IP is Joint Onsite Foreground IP.

 

		(iii)	Joint Onsite Foreground IP shall be
                                            owned solely and exclusively by Solid Power. BMW or its Affiliates shall assign all right,
                                            title, and interest in their share in any and all Joint Onsite Foreground IP to Solid Power
                                            [* * *].

 

		6.2	Use Rights in Intellectual Property

 

		(i)	[* * *]

 

		(ii)	[* * *]

 

		(iii)	[* * *]

 

		(iv)	[* * *]

 

		(v)	[* * *]

 

		7.	Confidentiality

 

For the avoidance of doubt, the Solid Power Know-How
constitutes Confidential Information under the NDA.

 

		8.	Industrialization

 

[* * *]

 

		9.	Compensation

 

Solid Power’s activities and obligations
under this Amendment No. 4, as well as the grant of the use rights by Solid Power to BMW and/or any of its Affiliates under this
Amendment No. 4 shall be fully compensated by BMW paying the total amount of US $20 million to Solid Power according to the schedule
and milestones as defined in Sect. E of Annex 1 of this Amendment No. 4.

 

		10.	Export Control Matters

 

As a foreign national (non-U.S. citizen without
U.S. permanent resident, refugee, or asylee status), BMW understands access to the Solid Power Know-How constitutes an export of technical
data/software from the United States and is governed by U.S. export control laws, including the Export Administration Regulations (“EAR”).

 

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BMW agrees to, and agrees to compel its Affiliates
to, comply with the EAR as they pertain to any technical data or computer software to which BMW or its Affiliates has access. BMW, on
behalf of itself and its Affiliates, hereby certifies that, without U.S. Government authorization, neither BMW nor its Affiliates shall
knowingly disclose, export, or reexport directly or indirectly, any such technical data/computer software, and in particular neither
BMW nor its Affiliates will export it without prior U.S. Government authorization to any of the following nations or nationals thereof:

 

Country Group E:1/E:2 (Cuba, Iran,
North Korea, Syria) or the Crimea Region, or

 

Country Group D:1
(Armenia, Azerbaijan, Belarus, Burma/Myanmar, Cambodia, China (PRC including Hong Kong), Georgia, Iraq, Kazakhstan, North Korea,
Kyrgyzstan, Laos, Libya, Macau, Moldova, Mongolia, Russia, Tajikistan, Turkmenistan, Ukraine, Uzbekistan, Venezuela, Vietnam, Yemen).

 

BMW, on behalf of itself and its Affiliates,
agrees to be bound by future modifications of the foregoing list by amendments to the EAR or other U.S. laws and regulations.

 

In addition, BMW acknowledges, on behalf of itself
and its Affiliates, certain software BMW or its Affiliates has access to during the term of this Amendment No. 4 may contain encryption
functionality controlled for Encryption Item (“EI”) purposes by the EAR, which is subject to additional export control
restrictions. Neither BMW nor its Affiliates will use such software for any purpose other than internal company use, which includes the
development of new software products. Unless notified of the appropriate authorization, neither BMW nor its Affiliates will export, re-export,
or transfer such software to any other destination or end-user outside the United States or Canada.

 

		11.	Term

 

The Parties agree that this Amendment No. 4
shall become effective upon signature by both Parties and have retroactive effect as of 1st November, 2022 (“Effective
Date”).

 

For the avoidance of doubt, the term as set out
in the Previously Amended JDA shall also apply to this Amendment No. 4.

 

Sections 3.2, 3.4, 3.5, 3.7 and 6 shall survive
the termination of the Amendment No. 4 and/or the termination of the Previously Amended JDA.

 

		12.	Conflicts

 

To the extent that any provisions of this Amendment
No. 4 conflict with provisions in the Previously Amended JDA, the provisions of this Amendment No. 4 shall prevail.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, each of the parties
has caused its duly authorized representative to execute this Amendment No. 4 to the Agreement as of the Effective Date.

 

	Solid Power
    Operating, Inc.	 	BMW of North
    America, LLC
	 	 	 
	/s/ David B. Jansen	 	/s/ Raymond
    Wittmann
	Signature	 	Signature
	 	 	 
	David B. Jansen	 	Raymond
    Wittmann
	Printed Name	 	Printed Name
	 	 	 
	President	 	CFO 
	Title	 	Title
	 	 	 
	December 16, 2022	 	December 20, 2022
	Date Signed	 	Date Signed
	 	 	 
	/s/ Derek C. Johnson	 	/s/ Sebastian
    Mackensen
	Signature	 	Signature
	 	 	 
	Derek C. Johnson, PhD	 	Sebastian
    Mackensen
	Printed Name	 	Printed Name
	 	 	 
	Chief Operating Officer	 	President
    & CEO 
	Title	 	Title
	 	 	 
	December 16, 2022	 	December 20, 2022
	Date Signed	 	Date Signed

 

     

     

    

 

Annex 1

 

		A.	Solid Power Know-How

 

The information contained in the following Dossiers
constitutes Solid Power’s Know-How being provided to BMW. In addition, information obtained, whether written or oral, by BMW personnel
deployed under Section D of Annex 1 at Solid Power can be considered Solid Power Know-How that can be practiced by BMW as outlined
in this Amendment No. 4.

 

	Dossier ID 	Document
    Package Title 	Revision
    Date 	Date
Provided or

Finalized Version To Be 

Provided

	[*
    * *]	[* * *]	[* * *]	[* * *]
	[*
    * *]	[* * *]	[* * *]	[* * *]
	[*
    * *]	[* * *]	[* * *]	[* * *]
	[*
    * *]	[* * *]	  	[* * *]
	[*
    * *]	[* * *]	  	[* * *]
	[*
    * *]	[* * *]	  	[* * *]
	[*
    * *]	[* * *]	  	[* * *]
	[*
    * *]	[* * *]	  	[* * *]

 

Detailed list of information to be contained
in the above-mentioned Dossers has been prepared by BMW personnel and are contained in Annex 2. The Dossiers have, at a minimum the BMW
requested information, and contain additional Solid Power Know-How that will be provided to BMW as governed by this Amendment 4.

 

		B.	Short-Term Electrolyte Supply Agreement
                                            (§5)

 

High-level supply agreement terms are as follows:

 

		i)	[* * *] to ensure Solid Power can supply
                                            said electrolyte powder from Solid Power’s electrolyte prototype line at SP2.

 

		ii)	Pricing as well as [* * *] will be negotiated
                                            in good faith before [* * *]. Supply of electrolyte to commence upon commissioning of the
                                            BMW Pilot Line.

 

		iii)	Initial electrolyte specifications
                                            will be provided by Solid Power to BMW and modifications to the specification will be discussed
                                            and implemented based on learnings and cell performance data collected as part of the activities
                                            contemplated by this Amendment No. 4. The initial specification and mutually agreed
                                            upon modifications to the initial specification will be the basis for negotiating the Electrolyte
                                            Requirements as referenced in section 4.2.

 

    Annex 1 - 1

     

    

 

		C.	Support to BMW and Development Collaboration
                                            Activities

 

Objectives:

 

[* * *]

 

BMW Roles and Responsibilities:

 

[* * *]

 

Solid Power Roles and Responsibilities:

 

[* * *]

 

Joint Roles and Responsibilities:

 

[* * *]

 

Deliverable Schedule

 

[* * *]

 

		D.	BMW Know-How Transfer Personnel

 

BMW or its Affiliates will embed the following
personnel at Solid Power:

 

[* * *]

 

		E.	Compensation

 

BMW shall pay the following amounts to Solid
Power upon the completion of the success criteria highlighted below on or before the dates listed assuming said criteria are successfully
achieved:

 

	Due Date	 	Payment Amount	 	 	Success Criteria
	December 31, 2022	 	$	6,000,000	 	 	•[* * *]
	January 1, 2023 – December 31, 2023	 	$	9,500,000	 	 	•[* * *]
	January 1, 2024 – June 30, 2024	 	$	4,500,000	 	 	•[* * *]

 

    Annex 1 - 2

     

    

 

Annex 2

 

[ * * * ]

 

    Annex 2 - 1

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