Document:

EX-10.33

 Exhibit 10.33 

License, License Assignment and Service Agreement 

20190630 
 Certain identified information marked
with “[***]” has been omitted from this document because it is both (i) not material and (ii) the type that the registrant treats as private or confidential. 

LICENSE, LICENSE ASSIGNMENT AND SERVICE 

AGREEMENT 
 Volvo Car
Corporation 
 and 
 Polestar
Performance AB 
 Development purchased as a service and joint development provided under a license to technology related to the Polestar 3
car model 

 License, License Assignment and Service Agreement 

TABLE OF CONTENTS 
  

							
	1.	 	DEFINITIONS	  	 	3	 
			
	2.	 	SCOPE OF THE AGREEMENT	  	 	8	 
			
	3.	 	SERVICES	  	 	12	 
			
	4.	 	LICENSE GRANT	  	 	14	 
			
	5.	 	INTELLECTUAL PROPERTY RIGHTS	  	 	16	 
			
	6.	 	FEE, PAYMENT TERMS	  	 	18	 
			
	7.	 	AUDITS	  	 	18	 
			
	8.	 	DELIVERY AND ACCEPTANCE	  	 	18	 
			
	9.	 	DELAYS, DEFECTS ETC	  	 	19	 
			
	10.	 	WARRANTIES	  	 	21	 
			
	11.	 	INDEMNIFICATION	  	 	21	 
			
	12.	 	LIMITATION OF LIABILITY	  	 	23	 
			
	13.	 	GOVERNANCE AND CHANGES	  	 	24	 
			
	14.	 	CONFIDENTIAL INFORMATION	  	 	25	 
			
	15.	 	TERM AND TERMINATION	  	 	26	 
			
	16.	 	MISCELLANEOUS	  	 	27	 
			
	17.	 	GOVERNING LAW	  	 	30	 
			
	18.	 	DISPUTE RESOLUTION	  	 	30	 

 APPENDICES 
 Appendix 1 -
Polestar 3 Technical Content 
 Appendix 2 - Fee 
 Appendix 3 -
Governance and Changes Structure 

 License, License Assignment and Service Agreement 

This LICENSE, LICENSE ASSIGNMENT AND SERVICE AGREEMENT (this “Agreement”) is entered into
on    30 June 2019 and made between: 
  

	(1)	 Volvo Car Corporation, Reg. No. 556074-3089, a limited liability company incorporated under the
laws of Sweden (“Volvo Cars”); and 

  

	(2)	 Polestar Performance AB, Reg. No. 556653-3096, a limited liability company incorporated under the
laws of Sweden (“Polestar”). 

 Each of Volvo Cars and Polestar is hereinafter referred to as a
“Party” and jointly as the “Parties”. 
 BACKGROUND 

 

	A.	 Volvo Cars is in the business, among other activities, of developing, manufacturing and selling Volvo branded
cars It is understood that Volvo Cars is not normally a service provider. 

  

	B.	 Polestar is engaged in the development, manufacturing and sale of Polestar branded high- end electric
performance cars. 

  

	C.	 The Parties have agreed to develop certain common technology mainly consisting of a common platform
architecture technology and a common electrified powertrain based on modular electronic powertrain for usage by both Parties. The Parties have agreed to cooperate in the this development project. Both Polestar and Volvo Cars will use the mentioned
platform for multiple tophats offered globally. By sharing the development of the common platform architecture technology and a common electrified powertrain, the investment per tophat can be reduced allowing for more tophats over time. Shared large
volumes on parts also contributes to cost advantages etc. 

  

	D.	 The Parties have also agreed that Volvo Cars will provide certain development services for Polestar relating to
the development of Polestar Unique Technology. 

  

	E.	 In light of the foregoing, the Parties have agreed to execute this Agreement. 

 

	1.	 DEFINITIONS 

For the purpose of this Agreement, the following terms shall have the meanings assigned to them below. All capitalised terms in singular in the
list of definitions shall have the same meaning in plural and vice versa. 
 “Affiliate” means 

 

	 	(a)	 for Polestar, any of the below legal entities (other than Polestar) and any other legal entity that, directly
or indirectly, is controlled (individually or jointly) by: 

  

	 	(i)	 Polestar Automotive (Shanghai) Co., Ltd; 

	 	(ii)	 Polestar New Energy Vehicle Co., Ltd.; 

 

	 	(iii)	 Polestar Holding AB; or 

 

	 	(iv)	 Polestar Performance AB; and 

 

	 	(b)	 for Volvo Cars, Volvo Car AB and any other legal entity that, directly or indirectly, is controlled by Volvo
Car AB, however, for the avoidance of doubt, not Polestar or its Affiliates; 

 “control” for this purpose
meaning ownership or control of at least one-hundred per cent (100%) with regard to Polestar Affiliates, and fifty per cent (50%) with regard to Volvo Cars Affiliates of the voting stock, partnership interest
or other ownership interest of such legal entity. The Parties, however, agree to renegotiate this definition of “Affiliate” in good faith if it in the future does not reflect the Parties’ intention at the time of signing this
Agreement due to a restructuring or reorganisation in relation to either of the Parties. 
 “Agreement” means this License,
License Assignment and Service Agreement including all of its Appendices as amended from time to time. 
 “Appendix” means
the appendices to this Agreement. 
 “Background IP” means the Intellectual Property Rights either; 

 

	 	(a)	 owned by either of the Parties; or 

 

	 	(b)	 created, developed or invented by directors, managers, employees or consultants of either of the Parties to
which the Party has licensed rights instead of ownership and the right to grant a sublicense prior to the execution of this Agreement, and any Intellectual Property Rights developed independently of this Agreement. 

“Common Polestar Technology” means such Polestar Technology, which is specified as Common Polestar Technology (Category 3B) in
Appendix 1 to this Agreement, for which IP is owned by Polestar and which automatically, upon the assignment to Polestar, shall be licensed back to Volvo Cars. 

“Confidential Information” means any and all information regarding the Parties and their respective businesses, whether
commercial or technical, in whatever form or media, including but not limited to information relating to Intellectual Property Rights, concepts, technologies, processes, commercial figures, techniques, strategic plans and budgets, investments,
customers and sales, designs, graphics, CAD models, CAE data, statement of works (including engineering statement of works and any specification), targets, test plans/reports, technical performance data and engineering
sign-off documents and other information of a sensitive nature, that a Party learns from or about the other Party prior to or after the execution of this Agreement. 

  
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 “Data Room” means (if applicable) the information sharing platform agreed
to be used between the Parties for making available the information regarding the Volvo Technology and/or the Polestar Technology to Polestar. 

“Data Room Software” means the information sharing solution agreed to be used between the Parties for making available the
Polestar Technology being software. 
 “Disclosing Party” means the Party disclosing Confidential Information to the
Receiving Party. 
 “Fee” means the fee to be paid by either Party to the other Party hereunder in accordance with what is
set out in Appendix 2 to this Agreement. 
 “Force Majeure Event” shall have the meaning set out in Section 16.1.1
below. 
 “Gates” means the dates agreed between the Parties, and which shall be based on VPDS, when the Volvo Technology
and/or the Polestar Technology, or parts thereof, shall have been delivered to and accepted by Polestar, and which shall, unless otherwise stated in this Agreement, be Program Start (PS), Final Data Judgement (FDJ), Launch Readiness (LR), Launch Sign-off (LS) and Final Status Report (FSR), all described in the VPDS. 
 “Industry Standard”
means the exercise of such professionalism, skill, diligence, prudence and foresight which would normally be expected at any given time from a skilled and experienced actor engaged in a similar type of undertaking as under this Agreement. 

“Intellectual Property Rights” means Patents, Non-patented IP, Know-How and rights in Confidential Information to the extent protected under applicable laws anywhere in the world. For the avoidance of doubt, Trademarks are not comprised by this definition. 

“Job1” means in relation to this Agreement and the Polestar Vehicle, the date on which the production of the Polestar Vehicle
covered by this Agreement starts. 
 “Job1+90” means in relation this Agreement and the Polestar Vehicle, the date of Final
Status Report (FSR), which follows from VPDS and which will take place 90 days after Job1. 
 “Job1+365” means in relation
to this Agreement and the Polestar Vehicle, the date until which variations of the content as specified in Appendix 1 will be introduced to the Polestar Vehicle. 

“Know-How” means confidential and proprietary industrial, technical and commercial
information and techniques in any form including (without limitation) drawings, formulae, test results, reports, project reports and testing procedures, instruction and training manuals, tables of operating conditions, specifications, component
lists, market forecasts, lists and particulars of customers and suppliers. 

  
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 “MEP2” means common electrified powertrain including technical content as
defined in Appendix 1. 
 “Non-patented IP” means copyrights (including rights in
computer software), database rights, semiconductor topography rights, rights in designs, and other intellectual property rights (other than Trademarks and Patents) and all rights or forms of protection having equivalent or similar effect anywhere in
the world, in each case whether registered or unregistered, and registered includes registrations, applications for registration and renewals whether made before, on or after execution of this Agreement. 

“Object Code” means the compiled version of the Source Code including parameter files. 

“Other Polestar Branded Vehicles” means Polestar branded vehicle models other than the Polestar Vehicle. 

“Patent” means any patent, patent application, or utility model, whether filed before, on or after the execution of this
Agreement, along with any continuation, continuation-in-part, divisional, re-examined or
re-issued patent, foreign counterpart or renewal or extension of any of the foregoing. 

“Polestar Supplier License Technology” means the Polestar Technology which is owned by a Third Party and licensed to Volvo
Cars, and which license shall be assisted to Polestar under this Agreement. 
 “Polestar Technology” means technology that
does not exist on any other vehicle than Polestar Vehicle and which shall be provided by Volvo Cars and purchased as a service by Polestar or assigned to Polestar under this Agreement, and which is specified as Polestar Technology (Category 1 and
for the avoidance of doubt Category 3B. Category 3B however not limited to existence in Polestar Vehicle) in Appendix 1 to this Agreement. 

“Polestar Vehicle” means the Polestar branded vehicle model Polestar 3. 

“PS Unique Volvo Technology” means such Volvo Technology which is specified as PS Unique Volvo Technology (Category 2) in
Appendix 1 to this Agreement, for which IP is owned by Volvo Cars and which is licensed exclusively to Polestar including but not limited to access to drawings, specifications, calculations, protocols(including test protocols), software (Object Code
and Source Code), methods, processes and any similar deliverables needed for Polestar to make use of the licensed technology. 

“Results” shall mean any outcome of the Services provided to Polestar under this Agreement (including but not limited to any
IP, technology, patents, designs, software (Object Code and Source Code), methods, processes, deliverables, objects, products, documentation, modifications, improvements, and/or amendments to be carried out by Volvo Cars under the Appendix 1) and
any other outcome or result of the Services to be performed by Volvo Cars as described in the relevant Appendix 1, irrespective of whether the performance of the Services has been completed or not. 

  
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 “Receiving Party” means the Party receiving Confidential Information from
the Disclosing Party. 
 “Services” means the services provided from Volvo Cars to Polestar relating to the Polestar
Technology as specified in Appendix 1 for Category 1. 
 “Source Code” means human-readable program statements written by a
programmer or developer in a high-level or assembly language that are not directly readable by a computer and that need to be compiled into object code before they can be executed by a computer. 

“SPA2” means Volvo Cars modular product architecture that enables integration of hybrid electric vehicles and battery electric
vehicles in the same vehicle model. 
 “Territory” means all countries in the world except China. 

“Third Party” means a party other than any of the Parties and/or an Affiliate of one of the Parties to this Agreement. 

“Trademarks” means trademarks (including part numbers that are trademarks), service marks, logos, trade names, business names,
assumed names, trade dress and get-up, and domain names, in each case whether registered or unregistered, including all applications, registrations, renewals and the like, in each case to the extent they
constitute rights that are enforceable against third parties. 
 “Use” means to make, have made, use (including in a
process, such as use in designing, engineering, testing or assembling products or in their research or development), keep, install, integrate, extract, assemble, reproduce, incorporate, create derivative works of, modify, adapt, improve, enhance,
develop, service or repair, including in the case of installation, integration, assembly, service or repair, the right to have a subcontractor of any tier carry out any of these activities on behalf of the Parties in their capacity as a licensee
hereunder. 
 The right to “have made” is the right of the Parties in their capacity as a licensee hereunder, as applicable, to
have another person (or their subcontractor of any tier) make for the Parties and does not include the right to grant sub-licenses to another person to make for such person’s own use or use other than for
the Parties. 
 “Volvo IP” means Know-How, Intellectual Property Rights and all
other deliverables and/or materials either 
  

	 	(a)	 (i) owned by Volvo Cars, or (ii) created, developed or invented by directors, managers, employees or
consultants of Volvo Cars (to which Volvo Cars has licensed rights instead of ownership and the right to grant a sub-license), during or prior to the execution of this Agreement or during the term of the
Agreement, or 

  
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	 	(b)	 licensed by Volvo Cars from any Third Party to which Volvo Cars has the right to grant a sub-license and/or to assign such license to Polestar. 

 “Volvo Technology”
means the Volvo that shall be licensed to Polestar under this Agreement, and which is specified as Volvo Technology (Category 3 and 4 and for the avoidance of doubt Category 2) in Appendix 1 to this Agreement and for which IP is owned by Volvo
Cars including but not limited to access to drawings, specifications, calculations, protocols (including test protocols), software (Object Code and Source Code), methods, processes and any similar deliverables needed for Polestar to make use of the
licensed technology. 
 “Volvo Supplier License Technology” means the Volvo Technology and Polestar Unique Volvo Technology
which is owned by a Third Party and licensed to Volvo Cars, and which license shall be sublicensed to Polestar under this Agreement. 

“VPDS” means Volvo Cars’ procedures in development projects, ‘Volvo Product Development System’. 

“Way Of Working” means the level of way of working set out in Section 2.2.2 below. 

 

	2.	 SCOPE OF THE AGREEMENT 

 

	2.1	 General 

  

	2.1.1	 The Polestar Vehicle will consist of parts that are unique for Polestar and parts that are common with Volvo
Cars. Before entering into this Agreement the Parties have jointly discussed and specified SPA2 and MEP2 in accordance with the gates described in VPDS. The base assumption has been that SPA2 should serve as a common platform and MEP2 as common
electrified powertrain for both Volvo Cars vehicles and Polestar vehicles, thereby benefitting both Parties. The Parties have in several meetings described according to the VPDS process set prerequisits and from that developed a jointly agreed
technical content (Appendix 1) and agree that Volvo Cars will carry out the R&D work for the common SPA2 and MEP2 components. The Parties have established a joint governance and changes structure (Appendix 3) to follow up on upcoming changes for
common development. Polestar alone will decide on changes on Polestar unique parts. 

  

	2.1.2	 The Parties have agreed that Volvo Cars shall, to some extent based on Volvo IP, provide as a service and a
license to Polestar certain technology related to the Polestar Vehicle and Other Polestar Branded Vehicles. It is acknowledged that such work will be conducted in accordance with the standards that Volvo Cars is using in its internal projects.

  
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	2.1.3	 The Parties have agreed that the Polestar Vehicle is the first car launched based on the Volvo Cars SPA2. The
start of production of SPA2 and the Polestar Vehicle is currently scheduled for [***]. The Polestar Vehicle will be offered with electrified powertrains only. The Polestar Vehicle is a new top-hat, but has a
high degree of shared systems with Volvo Cars vehicles. 

  

	2.1.4	 The Parties have agreed that the Volvo Technology shall be the sole property of Volvo Cars. Volvo Cars shall
grant Polestar certain rights to use the Volvo Technology but also provide as a service and as assignment of supplier owned IP to Polestar the Polestar Technology. Polestar shall automatically grant Volvo Cars a grant-back license to use such parts
of Polestar Technology that are Common Polestar Technology. 

  

	2.1.5	 The Parties acknowledge that the Parties, prior to the signing of this Agreement, have started performing work
in relation to this Agreement and that this Agreement shall govern this work irrespectively when it has been performed. 

  

	2.1.6	 Upon Polestar’s request, the Parties have agreed that the Fee shall be a fixed price. Polestar will pay
the fixed price irrespectively of their actual usage of the Result and licensed technology. 

  

	2.1.7	 The Appendices shall be considered an integral part of this Agreement and any reference to the Agreement shall
include the Appendices. 

  

	2.1.8	 In the event there are any contradictions or inconsistencies between the terms of this Agreement and the
appendices hereto, the Parties agree that they shall prevail over each other in the following order if not specifically stated otherwise in such document or the context or circumstances clearly suggest otherwise: 

 

	 	(a)	 this Agreement; 

  

	 	(b)	 Appendix 1—Polestar 3 Technical Content; 

 

	 	(c)	 Appendix 3—Governance and Changes Structure; 

 

	 	(d)	 Appendix 2—Fee. 

 

	2.2	 Way of Working 

 

	2.2.1	 Before entering into this Agreement, Polestar has been informed about the development and service processes and
procedures that Volvo Cars is applying for its internal work and which Volvo Cars will be using for the development and services under this Agreement. 

  

	2.2.2	 Under this Agreement, Volvo Cars shall use professional, appropriate, qualified and skilled personnel, and
shall ensure that its personnel have been properly educated and trained for the work to be performed, including being fully acquainted with Polestar’s specific requirements. Volvo Cars shall avoid unnecessary changes in the personnel

  
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engaged in performing its undertakings under this Agreement. Volvo Cars shall work according to the same standard of care and professionalism that is done in Volvo Cars’ internal development
projects. Such standard of care and professionalism, as well as Volvo Cars’ performance of its undertakings under this Agreement shall however at all times correspond to Industry Standard. If Volvo Cars uses its Affiliates and/or subcontractors
to perform its responsibilities under this Agreement, the same way of working shall apply as if such performance was made by Volvo Cars itself. 

  

	2.2.3	 Volvo Cars shall ensure that it has sufficient resources to perform its responsibilities under this Agreement.
Furthermore, Volvo Cars undertakes to ensure that any development of the Volvo Technology and/or the Polestar Technology will not be given lower priority than other Volvo Cars internal similar projects. 

 

	2.2.4	 Polestar shall ensure that it has sufficient resources to perform its responsibilities under this Agreement and
in particular provide Volvo Cars timely with necessary instructions and decisions requested by Volvo Cars, as required for Polestar to fulfil its responsibilities under this Agreement. Furthermore, Polestar shall use professional and skilled
personal for the responsibilities to be performed including being adequately acquainted wife Volvo Cars’ specific requirements related to the common development. 

 

	2.3	 The Volvo Technology and the Polestar Technology 

 

	2.3.1	 General 

  

	2.3.1.1	 A commonly agreed specification setting forth, on an overall level, the deliverables to be performed by Volvo
Cars in relation to the Polestar Vehicle is set out in Appendix 1. The details of said specification are available in the Volvo KDP Engineering Database 19w38.1 and in the Volvo Lotus Notes Database 19w38.1. A final specification of the deliverables
shall, subject to good faith and joint discussions between the Parties, be made at Job1+90 as a part of the Final Status Report (FSR) where all agreed deliverables will be finally categorized as Volvo Technology or Polestar Technology jointly by the
Parties. All of the aforementioned specifications shall be considered an integral part of Appendix 1 and consequently also this Agreement. However, for the avoidance of doubt deliverables categorised as Volvo Technology in Appendix 1 will not be
recategorised as Polestar Technology. 

  

	2.3.1.2	 The license to Volvo Technology and the delivery as a service of Polestar Technology shall, in relation to the
Polestar Vehicle and Other Polestar Branded Vehicles, include all Volvo IP, which together with relevant Third Party Intellectual Property Rights not included in Volvo IP is reasonably necessary in order to meet the specification set forth in
Appendix 1 to this Agreement. In case any such Third Party Intellectual Property Rights not included in Volvo IP is reasonably necessary in order to meet the specification set forth in Appendix 1 to this Agreement, Volvo Cars shall indicate that
within the frame of the deliverables under the Volvo Technology. Polestar might thus be required to license Intellectual Property Rights and/or purchase components of Third Parties necessary to produce the Polestar Vehicle. However, Volvo Cars shall
use reasonable efforts to ensure that Third Party Intellectual Property Rights are possible to sublicense or assign to Polestar. 

  
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	2.3.1.3	 For the avoidance of doubt, if any development shall be made in relation to such Polestar Technology to which
Volvo Cars has not been granted a license to, pursuant to Section 4.3 or 4.4, the Parties acknowledge that Volvo Cars has a right to use such Polestar Technology to the extent it is reasonably necessary in order to perform the requested Service
and the agreed common development. 

  

	2.3.2	 General Limitations 

 

	2.3.2.1	 The Volvo Technology and the Polestar Technology that will be delivered under this Agreement is defined and
described m Appendix 1 and that content is the basis for the Fee. The Parties acknowledge and agree that the details of such technology might not have been finalised at the time of entering into this Agreement. The technical functions are defined,
but detailed deliverables will be updated and agreed according to Section 8 below, as the development progresses up until Job1+90 at the latest. 

  

	2.3.2.2	 For the avoidance of doubt, Volvo Cars shall not under this Agreement manufacture the Polestar Vehicle, any
components of the Volvo Technology or the Polestar Technology, or integrate any such components or the Volvo Technology or the Polestar Technology into Polestar’s production of vehicles. 

 

	2.3.2.3	 The Parties further acknowledge and agree that, if it is discovered that something has been classified by
mistake as Volvo Technology under this Agreement, but which should have been classified as Polestar Technology or Common Polestar Technology, and/or vice versa, the Parties agree to in good faith renegotiate and agree on the reclassification
of such technology and any amendment of the Fee to reflect such change. For avoidance of doubt, and as an example, this means that if the Parties agree that certain technology shall be changed from Volvo Technology to Common Polestar Technology, the
terms and conditions herein relating to the latter shall thereafter apply to such technology. If the Parties cannot agree on such a reclassification, the issue shall be escalated in accordance with what is set out in Section 13.1.

  

	2.3.3	 Limitations in relation to the Polestar Supplier License Technology and Volvo Supplier License
Technology 

  

	2.3.3.1	 Assignment of Polestar Supplier Technology. 

Polestar acknowledges that the Polestar Supplier License Technology is owned by Third Parties and that Volvo Cars may not be allowed to assign
its rights thereto without consent from such relevant Third Party. 
 The assignment of Polestar Supplier License Technology is thus subject
to any limitations which may be applicable to the rights granted to Volvo Cars by the Third Party owning the Intellectual Property Rights to such Polestar Supplier License Technology and will, not take effect until Volvo Cars has received the
relevant consent from the Third Party. 

  
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 When Volvo Cars has received the consent from the Third Party such Polestar Supplier License
Technology will be assigned to Polestar. If Volvo Cars has not received the relevant consent from the Third Party within twelve (12) months from the siting date of this Agreement, no assignment of such Polestar Supplier License Technology shall
occur, nor be considered to have occurred, and the Fee shall be reduced corresponding to the the part of the Fee that relates to the Polestar Supplier License Technology to which Volvo Cars has not received relevant consent in time. If such a
reduction is not feasible to determine, it shall be negotiated between the Parties in good faith. 
  

	2.3.3.2	 License to Volvo Supplier License Technolog 

Polestar acknowledges that the Volvo Supplier License Technology is owned by Third Parties and that Volvo Cars may not be allowed to grant a
license without consent from such relevant Third Party. 
 The grant of a license to Volvo Supplier License Technology is thus subject to any
limitations which may be applicable to the rights panted to Volvo Cars by the Third Party owning the Intellectual Property Rights to such Volvo Supplier License Technology, and will not take effect until Volvo Cars has received the relevant consent
from the Third Party. 
 If Volvo Cars has not received the relevant consent from the Third Party within twelve (12) months from the
signing date of this Agreement no license grant to Volvo Supplier License Technology shall occur, nor be considered to have occurred, and the Fee shall be reduced corresponding to the the part of the Fee that relates to the Volvo Supplier License
Technology to which Volvo Cars has not received relevant consent in time. If such a reduction is not feasible to determine, it shall be negotiated between the Parties in good faith. 

 

	3.	 SERVICES 

Volvo Cars undertakes to provide to Polestar the Polestar Technology as a service referred to as Services. The rights and obligations for
providing the Services are covered under this Section 3. 
  

	3.1	 Provision of services 

 

	3.1.1	 Specification of Services 

 

	3.1.1.1	 The Parties have agreed upon the scope and specification of the Services provided under this Agreement in
Category 1 in Appendix 1. The costs for the Services, which constitute a portion of the fixed Fee, have been calculated and set based on i.a. costs and timing. 

 

	3.1.2	 Making available the Results 

 

	3.1.2.1	 Volvo Cars shall make the Results (or if not finalised, any part of the Results that has been finalised)
available to Polestar within the timeframes specified in Appendix 1, but under all circumstances promptly after any part of the Results has been finalised. The Results shall only be made available in a Data Room except for the Object Code and the
Source Code, which shall only be made available in the Data Room Software. 

  
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	3.1.2.2	 The Results (or any finalised part thereof) shall be deemed made available by Volvo Cars to Polestar if such
files have been electronically loaded into and made accessible by Volvo Cars in the Data Room and Data Room Software agreed upon. 

  

	3.1.3	 Subcontractors 

 

	3.1.3.1	 The Parties acknowledge that Volvo Cars may use its Affiliates and/or subcontractors to perform the Services
under this Agreement, provided that Volvo Cars informs Polestar thereof 

  

	3.1.3.2	 Volvo Cars shall however remain responsible for the performance, and any omission to perform or comply with the
provisions in this Section 3, by any Affiliate to Volvo Cars and/or any subcontractor to the same extent as if such performance or omittance was made by Volvo Cars itself. Volvo Cars shall also remain Polestar’s sole point of contact
unless otherwise agreed. 

  

	3.2	 Service Requirements 

 

	3.2.1	 All Services shall be performed in accordance with the requirements set forth in this Agreement, including
Appendix 1. 

  

	3.2.2	 Polestar shall provide Volvo Cars with instructions as reasonably required for Volvo Cars to be able to carry
out the Services. Volvo Cars must continuously inform Polestar of any needs of additional instructions or specifications required to perform the Services. 

  

	3.3	 Intellectual Property Rights 

 

	3.3.1	 Ownership of existing Intellectual Property Rights. 

 

	3.3.1.1	 Each Party remains the sole and exclusive owner of (i) any Background IP and other Intellectual Property
Rights owned prior to the execution of the Services under this Agreement, (ii) any Intellectual Property Rights developed independently of the Services in this Section 3, and (iii) any Intellectual Property Rights which are
modifications, amendments or derivatives of any Intellectual Property Rights already owned by such Party. 

  

	3.3.1.2	 Nothing in this Section 3 shall be deemed to constitute an assignment of, or license to use, any
Trademarks of the other Party. 

  

	3.3.2	 Ownership of Results. 

 

	3.3.2.1	 Polestar shall be the exclusive owner of the Results, including all modifications, amendments and developments
thereof. 

  
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	3.3.2.2	 All Results, including all modifications, amendments and developments thereof, and any Intellectual Property
Rights developed as a result of the Services provided by Volvo Cars (or if applicable, any of its appointed Affiliates or subcontractors), shall consequently automatically upon creation be transferred from Volvo Cars to Polestar. Polestar may freely
modify and assign such Result. However, and for the avoidance of doubt, Source Code and Object Code modifications, amendments and developments after such Source Code and Object Code have been made available by Volvo Cars to Polestar in accordance
with Section 3.1.2 are not governed by this Agreement, but will instead be governed by a separate software sharing agreement. 

  

	4.	 LICENSE GRANT 

 

	4.1	 License grant 

 

	4.1.1	 Volvo Cars undertakes to grant Polestar a license to the Volvo Technology covered by this Agreement. For the
avoidance of doubt any software included in the Volvo Technology the following shall apply: Polestar may use the Object Code in its delivered format, whether modified or unmodified, without limitations. Polestar may not transfer or sublicense the
Source Code to any Third Party, in whole or in part, in any form, whether modified or unmodified. 

  

	4.1.2	 Such license shall, exept for what is set out in Section 4.2 below or unless otherwise agreed in this
Agreement, be non-exclusive, irrevocable, perpetual (however at least fifty (50) years long (however, in no event shall such time exceed the validity period of any Volvo IP included in the license
described hereunder)), non-assignable and give Polestar a right to, within the Territory and only in relation to the Polestar Vehicle and Other Polestar Branded Vehicles; 

 

	(a)	 Use, in whole or in part, the Volvo Technology covered by this Agreement and any Volvo Cars’ Background IP
necessary to make Use of such Volvo Technology; and 

  

	(b)	 design, engineer, make and have made, repair, service, market, sell and make available products and/or services
based on, incorporating or using the Volvo Technology and the Background IP referred to in (a) above (in whole or in part). 

  

	4.1.3	 Nothing in this Agreement shall be construed as to give Polestar any rights, including but not limited to any
license rights (express or implied), to any Volvo IP, except as expressly stated herein. 

  

	4.1.4	 The license to be granted to Polestar in accordance with Section 4.1.1 and 4.1.2 above shall be fully sub-licensable to the Polestar’s Affiliates, but shall not be sub-licensable to any Third Party without prior written consent from Volvo Cars, which shall not be
unreasonably withheld (whereby a sublicense/license to a Third Party which is a competitor of Volvo Cars is an example of what could be deemed unreasonable) or delayed. For the avoidance of doubt, Volvo Cars shall except for what is set out in
Section 4.2 below be free to Use and to grant licenses to Volvo Technology and any Volvo Cars’ Background IP to Volvo Cars’ Affiliates and any Third Parties without prior written consent from Polestar. 

  
 14 

	4.2	 PS Unique Volvo Technolog 

 

	4.2.1	 In addition to what is set forth in Section 4.1 above, what is set forth in this Section 4.2 shall
apply in relation to PS Unique Volvo Technology. 

  

	4.2.2	 Any license granted in Section 4.1.2 above shall, in relation to PS Unique Volvo Technology be exclusive
instead of non-exclusive. As a consequence thereof Volvo Cars shall have no right to make any Use whatsoever of or to grant any further licenses to, any such PS Unique Volvo Technology. 

 

	4.2.3	 In the event Volvo Cars (i) in its sole discretion, determines that the PS Unique Volvo Technology, or
parts thereof, shall no longer be PS Unique Volvo Technology but instead be such ordinary Volvo Technology covered only by Section 4.1 above Volvo Cars should pay Polestar a compensation. The compensation should equal 48% of the amount included
in the Fee for such PS Unique Volvo Technology. In this case the following shall apply. Such PS Unique Volvo Technology shall immediately, upon Volvo Cars’ payment of the compensation, no longer be considered PS Unique Volvo Technology but
instead be considered ordinary Volvo Technology and what is set out in Section 4.1 above shall thus apply instead. For the avoidance of doubt, this inter alia implies that such previous exclusive license granted by Volvo Cars to Polestar
shall instead become non-exclusive. For avoidance of doubt, Volvo Cars’ right under this Section 4.2.3 may be exercised at any time also after the term of this Agreement. 

 

	4.3	 Grant-back license to Common Polestar Technology 

 

	4.3.1	 Polestar undertakes to automatically grant Volvo Cars a license to the Common Polestar Technology.

  

	4.3.2	 Such license shall, be non-exclusive, irrevocable, perpetual (however
at least fifty (50) years long (however, in no event shall such time exceed the validity period of any Polestar Intellectual Property Rights included in the license hereunder)), non-assignable and give
Volvo Cars a right to, within the Territory, for Volvo branded vehicles; 

  

	 	(a)	 Use, in whole or in part, such Common Polestar Technology, and/or 

 

	 	(b)	 design, engineer, make and have made, repair, service, market, sell and make available products and/or services
based on, incorporating or using such Common Polestar Technology (in whole or in part). 

  

	4.3.3	 The license to be granted to Volvo Cars in accordance with Section 4.3.1 and 4.3.2 above shall be fully sub-licensable to Volvo Cars’ Affiliates and to any Third Parties, without prior written consent from Polestar. The Parties further agree that Volvo Cars may further develop such licenced Common Polestar
Technology, either by itself or together with its Affiliates and/or any Third Parties. For the avoidance of doubt, Polestar shall be free to Use the Common Polestar Technology licenced back to Volvo Cars and to license such Common Polestar
Technology to Polestar’s Affiliates and to any Third Parties without prior written consent from Volvo Cars. 

  
 15 

	4.4	 License to Polestar Technology not being Common Polestar Technology 

 

	4.4.1	 In the event Volvo Cars requests that the Polestar Technology not being Common Polestar Technology, or parts
thereof, shall be licensed to Volvo Cars, and Polestar consents, Polestar shall grant to Volvo Cars a license to such Polestar Technology. Such consent from Polestar shall not be unreasonably withheld or delayed. In such a case, Volvo Cars shall pay
a compensation to Polestar. The compensation should equal 85% of the amount included in Fee as regards such Polestar Technology. For the avoidance of doubt, Volvo Cars’ request for a license to Polestar Technology as set out in this
Section 4.4.1 may be exercised at any time also after the term of this Agreement. 

  

	4.4.2	 Such license shall, be non-exclusive, irrevocable, perpetual (however
at least fifty (50) years long (however, in no event shall such time exceed the validity period of any Polestar Intellectual Property Rights included in the license described hereunder)), non-assignable
and give Volvo Cars a right to, within the Territory, for Volvo branded vehicles; 

  

	 	(a)	 Use, in whole or in part, such Polestar Technology, and/or 

 

	 	(b)	 design, engineer, make and have made, repair, service, market, sell and make available products and/or services
based on, incorporating or using such Polestar Technology (in whole or in part). 

  

	4.4.3	 The license to be granted to Volvo Cars in accordance with Section 4.4.1 and 4.4.2 above shall be fully sub-licensable to Volvo Cars’s Affiliates, but shall not be sub-licensable to any Third Party without prior written consent from Polestar, which shall not be unreasonably
withheld (whereby a sublicense/license to a Third Party which is a competitor of Polestar is an example of what could be deemed unreasonable) or delayed. For the avoidance of doubt. Polestar shall be free to Use the Polestar Technology licensed to
Volvo Cars and to license such Polestar Technology to Polestar’s Affiliates and to any Third Parties without prior written consent from Volvo Cars. 

  

	4.5	 Third Party assignments 

If the rights to my subject matter to which a license is granted under this Agreement is assigned by a Party to any Third Party, such Party
shall ensure that said license is binding also upon the Third Party. 
  

	5.	 INTELLECTUAL PROPERTY RIGHTS 

 

	5.1	 Ownership rights 

 

	 	5.1.1	 Other than with regard to Polestar Technology delivered as a service to Polestar, if any, Volvo Cars remains
the owner and holder of all Volvo IP, including any Volvo Technology and Volvo Cars’ Background IP, as well as any and all modifications, amendments and improvements thereof. Nothing in this Agreement shall be deemed an assignment of ownership
of any Volvo IP, including any Volvo Technology and Volvo Cars’ Background IP, from Volvo Cars to Polestar. 

  
 16 

	5.2	 Polestar brand name 

 

	5.2.1	 For sake of clarity, it is especially noted that this Agreement does not include any right to use the
“Polestar” brand name or Trademarks, or refer to “Polestar” in communications or official documents of whatever kind. 

  

	5.2.2	 This means that this Agreement does not include any rights to directly or indirectly use the
“Polestar” brand name or “Polestar” Trademarks, on or for any products or when marketing, promoting and/or selling such products, or in any other contacts with Third Parties, e.g. in presentations, business cards and
correspondence. 

  

	5.3	 Volvo brand name 

 

	5.3.1	 Correspondingly, it is especially noted that this Agreement does not include any right to use the
“Volvo” brand name, or Trademarks, or refer to “Volvo” in communications or official documents of whatever kind. The Parties acknowledge that the “Volvo” Trademarks as well as the “Volvo” name is owned by
Volvo Trademark Holding AB and that the right to use the name and the “Volvo” Trademarks is subject to a license agreement, which stipulates that the name, Trademarks and all thereto related Intellectual Property Rights can only be used by
Volvo Car Corporation and its Affiliates in relation to Volvo products. 

  

	5.3.2	 This means that this Agreement does not include any rights to directly or indirectly use the “Volvo”
brand name or “Volvo” Trademarks, on or for any products or when marketing, promoting and/or selling such products, or in any other contacts with Third Parties, e.g. in presentations, business cards and correspondence.

  

	5.4	 Suspected infringement 

 

	5.4.1	 Either Party shall promptly (upon becoming aware) notify the other Party in writing of: 

 

	 	(a)	 any conduct of a Third Party that such Party reasonably believes to be, or reasonably believes to be likely to
be, an infringement, misappropriation or other violation of any Intellectual Property Rights licensed to such Party hereunder; or 

  

	 	(b)	 any allegations made to such Party by a Third Party that any Intellectual Property Rights licensed hereunder
are invalid, subject to cancellation, unenforceable, or are a misappropriation of any Intellectual Property Rights of a Third Party. 

  
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	5.4.2	 In the event that a Party has provided the other Party a notification pursuant to Section 5.4.1 above, and
the other Party decides not to take any action against the Third Party, the other Party may approve in writing that such Party shall be entitled to itself take action against the Third Party at its own cost. If the other Party approves, it shall
provide reasonable assistance to such Party, as requested by such Party at its own expense. If the other Party does not approve to such Party taking such action, the issue should be escalated to the relevant governance forum on high governance level
for decision. 

  

	5.4.3	 For the avoidance of doubt, Volvo Cars has no responsibility in relation to Polestar in the event the Volvo
Technology and/or the Polestar Technology is alleged to infringe in any Third Party’s Intellectual Property Rights and as a consequence Volvo Cars has no obligation to defend and hold Polestar harmless from and against any alleged
infringements, except as set forth in Section 11.3 below. Likewise, Polestar has no responsibility in relation to Volvo Cars in the event any Polestar Technology licensed back to Volvo Cars hereunder is alleged to infringe in any Third
Party’s Intellectual Property Rights and as a consequence Polestar has no obligation to defend and hold Volvo Cars harmless from and against any alleged infringements, except as set forth in Section 11.2 below. 

 

	6.	 FEE, PAYMENT TERMS 

In consideration of the Services provided, the third party licenses assigend and the licenses granted hereunder and the Parties’
performance of their respective obligations under this Agreement, each Party agrees to pay to the other Party the Fee under the payments terms as described in Appendix 2. 

 

	7.	 AUDITS 

  

	7.1.1	 During the term of this Agreement, Polestar shall have the right to, upon reasonable notice in writing to Volvo
Cars, inspect Volvo Cars’ books and records related to the Volvo Technology and the Polestar Technology and the premises where the work to finalise the Volvo Technology and the Polestar Technology is carried out, in order to conduct quality
controls and otherwise verify the statements rendered in this Agreement. 

  

	7.1.2	 Audits shall be made during regular business hours and be conducted by Polestar or by an independent auditor
appointed by Polestar. Should Polestar during any inspection find that Volvo Cars or the Volvo Technology and/or the Polestar Technology do not fulfil the requirements set forth herein, Polestar is entitled to comment on the identified deviations.
Volvo Cars shall, upon notice from Polestar, take the actions required in order to fulfil the requirements. In the event the Parties cannot agree upon measures to be taken in respect of the audit, each Party shall be entitled to escalate such issue
to relevant governance forum on high governance level. 

  

	8.	 DELIVERY AND ACCEPTANCE 

 

	8.1	 Volvo Cars shall provide the Volvo Technology and the Polestar Technology, covered by this Agreement,
(or if not finalised, any part of the Volvo Technology and the Polestar Technology that has been finalised) to Polestar at the Gates or otherwise promptly after any part of the Volvo Technolog and/or the Polestar Technology has been finalised.

  
 18 

	8.2	 The Volvo Technology and the Polestar Technology (or finalised part thereof) in question shall be
provided by Volvo Cars to Polestar by electronically loading files with the relevant information into the Data Room, except for the Object Code and the Source Code, which shall only be made available in the Data Room Software 

 

	8.3	 Delivery of any Volvo Technology (or parts thereof, covered by this Agreement, occurs when the deliver
at the respective Gates meets the requirements for that Gate set out in this Agreement, however subject to Section 9.2.1 below and that Polestar has accepted such delivery in accordance with what is set out below in this Section 8.

  

	8.4	 Polestar shall accept the delivery of the Volvo Technology and the Polestar Technology, and parts
thereof, at the respective Gates, unless the Volvo Technology and/or the Polestar Technolog upon deliver at that Gate deviates from the requirements set forth in this Agreement. Unless otherwise noted in the minutes from the respective Gate, it is
assumed that Polestar has accepted the delivery. 

  

	8.5	 If the Volvo Technology and the Polestar Technology has been delivered in accordance with this
Section 8, but Polestar has not accepted the delivery in time (i.e. at the Gates or as agreed in this Agreement) nor objected to the delivery due to it deviating from what is set out in Section 9.2.1 below, the deliver shall be
deemed accepted by Polestar. This shall apply at each Gate for each step. 

  

	8.6	 For the avoidance of doubt, no delivery of the Common Polestar Technology shall be made by Polestar to
Volvo Cars, and no acceptance shall hence be made by Volvo Cars of the Common Polestar Technology, since the Common Polestar Technology will continue to be in Volvo Cars’ possession upon the assignment to Polestar considering the automatic
grant-back license set forth in Section 4.3 above. 

  

	9.	 DELAYS, DEFECTS ETC. 

 

	9.1	 Delay 

  

	9.1.1	 Volvo Cars shall be deemed to be in delay when Job1 is not met, unless the delay is caused by Polestar or the
Parties have agreed for an extension of the time for meeting Job1 upon which the new agreed deliver date shall be relevant for determining whether Volvo Cars is in delay. 

 

	9.1.2	 The Polestar Vehicle is based and dependent on SPA2 that is currently being developed. Polestar acknowledges
that the development time plan for SPA2 is directly linked to this Agreement and that any delay in the SPA2 development could have direct implications on the deliverables. The Parties acknowledge the feet that SPA2 development is currently scheduled
for [***]. If SPA2 will be introduced later than [***], Section 9.1.3 below shall apply. 

  
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	9.1.3	 If Volvo Cars is in delay, or at any time believes that Job1 will not, or is unlikely to, be met in time, Volvo
Cars shall inform Polestar of the reasons for and consequences of not meeting Job1 at the agreed date and shall provide additional resources, to ensure that the requirements for Job1 is met as soon as possible. Related costs shall be included in the
Fee. 

  

	9.1.4	 A change in Volvo Cars’ cycle plan that would have an effect on the Polestar Vehicle’s Job1 shall be
agreed between the Parties. 

  

	9.1.5	 The Parties acknowledge that Volvo Cars’ delay may be subject to Section 15.5. 

 

	9.1.6	 No other remedies than as set forth in Sections 9.1.2 - 9.1.5 are available. 

 

	9.2	 Defects in deliver or the performance of development work 

 

	9.2.1	 In the event the Volvo Technology or the Polestar Technology, or any part thereof, after having met a Gate, are
faulty or defective, Volvo Cars shall, if such foult or defect is discovered and/or notified to Volvo Cars before Job1+90, remedy such incompliance, foult or defect as soon as possible. Related costs shall be included in the Fee.

  

	9.2.2	 The Volvo Technology and the Polestar Technology will not be considered faulty or defective if Volvo Cars has
adhered to the Way Of Working when developing it. 

  

	9.2.3	 Polestar shall not be responsible for costs that relate to work that does not meet the standards used by Volvo
Cars when performing similar work for Volvo Cars or work having been performed by personnel not qualified for such work, in breach of Section 2.2.2 above, as long as such costs would not have occurred had the work been properly executed or
performed by qualified personnel. 

  

	9.3	 Effects of Polestar’s actions 

 

	9.3.1	 Notwithstanding what is set out above in this Section 9, Polestar shall be responsible for costs relating
to delays which are due to Polestar’s non-fulfillment of any of its obligations under this Agreement. Further, any such delays which are due to Polestar shall give a corresponding extension of time to
Volvo Cars for meeting any affected Gate. Time plan and cost consequences for Polestar’s requests for changes to the Volvo Technology or the Polestar Technology are to be handled in accordance with Appendix 3. 

 

	9.3.2	 Notwithstanding what is set out above in this Section 9, Polestar shall be responsible for costs
relating to faults and defects which are due to Polestar’s non-fulfillment of any of its obligations under this Agreement. 

  
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	10.	 WARRANTIES 

  

	10.1	 General warranties 

Each Party warrants and represents to the other Party that: 
  

	 	(a)	 it is duly organized, validly existing, and in good standing under the laws of its respective jurisdiction of
incorporation or formation, as applicable; 

  

	 	(b)	 it has fall corporate power and authority to execute and deliver this Agreement and to perform its obligations
hereunder; 

  

	 	(c)	 the execution, delivery and performance of this Agreement have been duly authorized and approved, with such
authorization and approval in full force and effect, and do not and will not (i) violate any laws or regulations applicable to it or (ii) violate its organization documents or any agreement to which it is a party; and

  

	 	(d)	 this Agreement is a legal and binding obligation of it, enforceable against it in accordance with its terms.

  

	11.	 INDEMNIFICATION 

 

	11.1	 General 

  

	11.1.1	 The Parties acknowledge that all Volvo Technology and Polestar Technology, and any Volvo Cars’ Background
IP, is licensed and/or provided as a service to Polestar on an “as is” basis, without any warranties or representations of any kind (except for the warranties in Section 10.1 above), whether implied or express, and in particular any
warranties of suitability, merchantability, description, design and fitness for a particular purpose, non-infringement, completeness, systems integration and accuracy are expressly excluded to the maximum extent permissible by law. However, the
above does not exclude Volvo Cars’ limited undertakings in Section 9.2.1 above. 

  

	11.1.2	 In addition, Volvo Cars does not make any warranties or representations as regards the functionality of any
Volvo Technology, Volvo Cars’ Background IP and/or Polestar Technology in relation to the Polestar Vehicle and/or Other Polestar Branded Vehicles. Polestar hereby releases Volvo Cars from all liability (and accordingly, cannot claim damages,
compensation, price reduction etc.) in respect of errors, defects and deficiencies in any Volvo Technology, Volvo Cars’ Background IP and/or Polestar Technology of whatever kind, whether visible or latent, including but not limited to errors of
fact or law, errors regarding right of disposition, physical defects and deficiencies and damages arising due to product liability after the Volvo Technology and/or the Polestar Technology have been delivered to Polestar, however excluding Volvo
Cars’ limited undertakings in Section 9.2.1 above. 

  

	11.1.3	 The principles set out in this Section 11 is reflected in the Fee and the fact that Volvo Cars is not a
supplier or consultant of systems or technical solutions, such as the Volvo Technology and the Polestar Technology, but merely a car manufacturer which normally only develops technical solutions for its own business purposes. 

  
 21 

	11.1.4	 The principles set forth in this Section 11 are exclusive. Without limiting the generality of the
foregoing in this Section 11, the Parties agree that no other remedy whatsoever under any statute, law or legal principle shall be available to Polestar in relation to the licenses and/or work to be granted and/or performed by Volvo Cars
hereunder. 

  

	11.1.5	 What is set forth in Sections 11.1.1-11.1.4 above shall apply mutatis
mutandis in relation the effectuated grant-back licenses set forth in Sections 4.3 and 4.4 above. 

  

	11.2	 Polestar’s indemnification 

 

	11.2.1	 Polestar shall indemnify and hold harmless Volvo Cars and each of its Affiliates from and against any and all
direct or indirect losses, liabilities, damages, costs, expenses (including all interest, penalties, reasonable legal and other professional fees, costs and expenses), actions, charges, fines, claims and proceedings arising out of or in connection
with Polestar’s use of any Volvo Technology, Volvo Cars’ Background IP and/or Polestar Technology, including but not limited to any Third Party claims on Intellectual Property Rights infringement. 

 

	11.2.2	 Polestar shall indemnify and hold harmless Volvo Cars and each of its Affiliates from and against any and all
direct or indirect losses, liabilities, damages, costs, expenses (including all interest, penalties, reasonable legal and other professional fees, costs and expenses), actions, charges, fines, claims and proceedings substained by any of them,
arising from any Third Party with respect to the death or injury to any person, or damage to property, by whomsoever suffered, resulting or claimed to have resulted from any foult or defect in the Polestar Vehicle or Other Polestar Branded Vehicles.

  

	11.2.3	 Volvo Cars shall after receipt of notice of a claim related to Polestar’s use of any Volvo Technology,
Volvo Cars’ Background IP and/or Polestar Technology from Volvo Cars, or a claim which may reasonably be indemnifiable pursuant to Section 11.2.2 above, notify Polestar of such claim in writing and Polestar shall following receipt of such
notice, to the extent permitted under applicable law, at its own cost conduct negotiations with the Third Party presenting the claim and/or intervene in any suit or action. Polestar shall at all times keep Volvo Cars informed of the status and
progress of the claim and consult with Volvo Cars on appropriate actions to take. If Polestar foils to or chooses not to take actions to defend Volvo Cars within a reasonable time, or at any time ceases to make such efforts, Volvo Cars shall be
entitled to assume control over the defence against such claim and/or over any settlement negotiation at Polestar’s cost. Any settlement proposed by Polestar on its own account must take account of potential implications for Volvo Cars and
shall therefore be agreed in writing with Volvo Cars before settlement. Each Party will at no cost furnish to the other Party all data, records, and assistance within that Party’s control that are of importance in order to properly defend
against a claim. 

  
 22 

	11.3	 Volvo’s indemnification 

 

	11.3.1	 Volvo Cars shall indemnify and hold harmless Polestar and each of its Affiliates from and against any and all
director indirect losses, liabilities, damages, costs, expenses (including all interest, penalties, reasonable legal and other professional fees, costs and expenses), actions, charges, fines, claims and proceedings, arising out of or in connection
with Volvo Cars’ use of any Polestar Technology licensed back to Volvo Cars hereunder, including but not limited to any Third Party claims on Intellectual Property Rights infringement. 

 

	11.3.2	 Volvo Cars shall indemnify and hold harmless Polestar and each of its Affiliates from and against any and all
direct or indirect losses, liabilities, damages, costs, expenses (including all interest, penalties, reasonable legal and other professional fees, costs and expenses), actions, charges, fines, claims and proceedings substained by any of them,
arising from any Third Party with respect to the death or injury to any person, or damage to property, by whomever suffered, resulting or claimed to have resulted from any foult or defect in any Volvo branded vehicle. 

 

	11.3.3	 Polestar shall after receipt of notice of a claim related to Volvo Cars’ use of any Polestar Technology
licensed back to Volvo Cars hereunder from Polestar, or a claim which may reasonably be indemnifiable pursuant to Section 11.3.2 above, notify Volvo Cars of such claim in writing and Volvo Cars shall following receipt of such notice, to the
extent permitted under applicable law, at its own cost conduct negotiations with the Third Party presenting the claim and/or intervene in any suit or action. Volvo Cars shall at all times keep Polestar informed of the status and progress of the
claim and consult with Polestar on appropriate actions to take. If Volvo Cars foils to or chooses not to take actions to defend Polestar within a reasonable time, or at any time ceases to make such efforts, Polestar shall be entitled to assume
control over the defence against such claim and/or over any settlement negotiation at Volvo Cars’ cost. Any settlement proposed by Volvo Cars on its own account must take account of potential implications for Polestar and shall therefore be
agreed in writing with Polestar before settlement. Each Party will at no cost famish to the other Party all data, records, and assistance within that Party’s control that are of importance in order to properly defend against a claim.

  

	12.	 LIMITATION OF LIABILITY 

 

	12.1	 Neither Party shall be responsible for any indirect, incidental or consequential damage or any losses of
production or profit caused by it under this Agreement. 

  

	12.2	 Each Party’s aggregate liability for any direct damage arising out of or in connection with a this
Agreement shall be limited to ten (10) percent of the Fee payable by Polestar to Volvo Cars under this Agreement. 

  

	12.3	 The limitations of liability set out in this Section 12 shall not apply in respect of damage;

  

	 	(a)	 caused by wilful misconduct or gross negligence, or 

 

	 	(b)	 caused by a Party’s breach of the confidentiality undertakings in Section 14 below.

  
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	13.	 GOVERNANCE AND CHANGES 

 

	13.1	 Governance 

  

	13.1.1	 The Parties shall act in good faith in all matters and shall at all times
co-operate in respect of changes to this Agreement, including its Appendices as well as issues and/or disputes arising under this Agreement. 

 

	13.1.2	 The Parties agree that governance in respect of this Agreement shall be handled in accordance with what is set
out in Appendix 3. 

  

	13.1.3	 The governance and co-operation between the Parties in respect of this
Agreement shall primarily be administered on an operational level. In the event that the Parties on an operational level cannot agree, each Party shall be entitled to escalate such issue in accordance with what it set forth in Appendix 3 to this
Agreement. In the event that the Parties cannot agree on a joint solution for handling disablements or disputes, a deadlock situation shall be deemed to have occurred and the procedure set forth in Section 18 shall apply. 

 

	13.2	 Changes and Costs 

 

	13.2.1	 The Parties can request changes to the technical content in Appendix 1 within the time frame set forth in this
Agreement, which shall be handled in accordance with the procedure set forth in Appendix 3. 

  

	13.2.2	 Volvo Cars has an obligation to, upon either Party’s request, handle change management in accordance with
the change management procedure described in Appendix 3 in relation to Results and technologies covered by the licences: 

  

	 	(a)	 included in the technical content as set forth in Appendix 1 (i) for the Job1 deliveries up until Job1+90 days
and (ii) for the Job1+365 deliveries up until Job1+365+90 days. Such change management is included in the Fee; 

  

	 	(b)	 not included in the technical content as set forth in Appendix 1. Such change management is not included in the
Fee; 

  

	 	(c)	 however, 90 days after Job1 and/or Job1+365 deliveries, any changes to the Volvo Technology or the Polestar
Technology in relation to the Polestar Vehicle shall be subject to the Parties entering into a separate change management agreement. Thus, this Agreement shall not apply in relation to any such changes. Further, Volvo Cars shall have no
responsibility for the Volvo Technology or the Polestar Technology 90 days after any Job1 and/or Job1+365 deliveries. 

  
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	14.	 CONFIDENTIAL INFORMATION 

 

	14.1	 All Confidential Information shall only be used for the purposes set forth in this Agreement. Each Party will
keep in confidence any Confidential Information obtained in relation to this Agreement and will not divulge the same to any Third Party, unless the exceptions specifically set forth below in this Section 14.1 below apply, in order to obtain
patent protection or when approved by the other Party in writing, and with the exception of their own officers, employees, consultants or sub-contractors with a need to know as to enable such personnel to
perform their duties hereunder. This provision will not apply to Confidential Information which the Receiving Party can demonstrate: 

  

	 	(a)	 was in the public domain other than by breach of this undertaking, or by another confidentiality undertaking;

  

	 	(b)	 was already in the possession of the Receiving Party before its receipt from the Disclosing Party;

  

	 	(c)	 is obtained from a Third Party who is free to divulge the same; 

 

	 	(d)	 is required to be disclosed by mandatory law, court order, lawful government action or applicable stock
exchange regulations; 

  

	 	(e)	 is reasonably necessary for either Party to utilize its rights and make use of its Intellectual Property
Rights; or 

  

	 	(f)	 is developed or created by one Party independently of the other, without any p^ thereof having been
developed or created with assistance or information received from the other Party. 

  

	14.2	 The Receiving Party shall protect the disclosed Confidential Information by using the same degree of care, but
no less than a reasonable degree of care, to prevent the dissemination to Third Parties or publication of the Confidential Information, as the Receiving Party uses to protect its own Confidential Information of similar nature. Further, each Party
shall ensure that its employees and consultants are bound by a similar duty of confidentiality and that any subcontractors taking part in the fulfilment of that Party’s obligations hereunder, enters into a confidentiality undertaking containing
in essence similar provisions as those set forth in this Section 14. 

  

	14.3	 Any tangible materials that disclose or embody Confidential Information should be marked by the Disclosing
Party as “Confidential,” “Proprietary” or the substantial equivalent thereof Confidential Information that is disclosed orally or visually shall be identified by the Disclosing Party as confidential at the time of disclosure,
with subsequent confirmation in writing within thirty (30) days after disclosure. However, the lack of marking or subsequent confirmation that the disclosed information shall be regarded as “Confidential”, “Proprietary” or
the substantial equivalent thereof does not disqualify the disclosed information from being classified as Confidential Information. 

  

	14.4	 If any Party violates any of its obligations described in this Section 14, the violating Party shall, upon
notification from the other Party, (i) immediately cease to proceed such harmful violation and take all actions needed to rectify said behaviour and (ii) financially compensate for the harm suffered as determined by an arbitral tribunal
pursuant to Section 18.2 below. All legal remedies (compensatory but not punitive in nature) according to law shall apply. 

  
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	14.5	 For the avoidance of doubt, this Section 14 does not permit disclosure of source code to software, and/or
any substantial parts of design documents to software, included in any Volvo Technology to any Third Party, notwithstanding what it set forth above in this Section 14. Any such disclosure to any Third Party is permitted only if approved in
writing by Volvo Cars. 

  

	14.6	 This Section 14 shall survive the expiration or termination of this Agreement without limitation in time.

  

	15.	 TERM AND TERMINATION 

 

	15.1	 This Agreement shall become effective as set forth in the preamble to this Agreement and shall remain in force
during the performance of the Services and the validity of the license period of the license granted to Polestar under this Agreement, unless terminated in accordance with Section 15.2 or 15.4 below or partly cancelled in accordance with
Sections 15.5 or 15.7 below. 

  

	15.2	 Either Party shall be entitled to terminate this Agreement with immediate effect in the event;

  

	 	(a)	 the other Party commits a material breach of the terms of this Agreement, which has not been remedied within
sixty (60) days from written notice from the other Party to remedy such breach (if capable of being remedied); 

  

	 	(b)	 the other Party should become insolvent or enter into negotiations on composition with its creditors or a
petition in bankruptcy should be filed by it or it should make an assignment for the benefit of its creditors; or 

  

	15.3	 For avoidance of doubt, either Party not paying the Fee, without legitimate reasons for withholding payment,
shall be considered a material breach for the purpose of this Agreement. 

  

	15.4	 Polestar is entitled to terminate this Agreement with immediate effect in case Volvo Cars acts in breach of
what is set forth in Sections 9.1 or 9.2 aboveand has not within onehundredtwenty (120) days from written notice from Polestar to remedy such breach (if capable of being remedied), taken necessary measures and/or remedy such incompliance,
delay, fault or defect and after such issue has been escalated in accordance with the escalation principles set out in Section 18.1 below. 

  

	15.5	 None of the Parties shall be entitled to cancel any delivery of Volvo Technology (for the avoidance of doubt
not including PS Unique Volvo Technology) unless both Parties agree on the termination and how to split the costs. 

  
 26 

	15.6	 Polestar shall be entitled to cancel any delivery of Polestar Technology or PS Unique Volvo Technolog by Volvo
Cars under this Agreement for convenience upon thirty (30) days written notice to Volvo Cars. In such event, Volvo Cars shall, upon request from Polestar, promptly make available in the Data Room (if applicable) any and all parts of the Volvo
Technology and/or the Polestar Technology which have been finalised for delivery on the effective date of the cancellation. 

  

	15.7	 In the event Polestar cancels any delivery of the Polestar Technology or PS Unique Volvo Technology in
accordance with Section 15.5 above, the Fee shall correspond to the part of the Fee that relates to (i) Polestar Technology or PS Unique Volvo Technology existing at the execution of this Agreement, (ii) Volvo Cars’ costs for the
work performed under this Agreement up, until and including foe effective date of the cancellation, including the mark-up otherwise applied to calculate the Fee for the Polestar Technology or PS Unique Volvo
Technolog and (iii) any other proven costs Volvo Cars has incurred. 

  

	16.	 MISCELLANEOUS 

 

	16.1	 Force majeure 

 

	16.1.1	 Neither Party shall be liable for any failure or delay in performing its obligations under this Agreement to
the extent that such failure or delay is caused by a Force Majeure Event. A “Force Majeure Event” means any event beyond a Party’s reasonable control, which by its nature could not have been foreseen, or, if it could have been
foreseen, was unavoidable, including strikes, lock-outs or other industrial disputes (whether involving its own workforce or a Third Party’s), failure of energy sources or transport network, restrictions concerning motive force, acts of God,
war, terrorism, insurgencies and riots, civil commotion, mobilization or extensive call ups, interference by civil or military authorities, national or international calamity, currency restrictions, requisitions, confiscation, armed conflict,
malicious damage, breakdown of plant or machinery, nuclear, chemical or biological contamination, sonic boom, explosions, collapse of building structures, fires, floods, storms, stroke of lightning, earthquakes, loss at sea, epidemics or similar
events, natural disasters or extreme adverse weather conditions, or default or delays of suppliers or subcontractors. 

  

	16.1.2	 A non-performing Party, which claims there is a Force Majeure Event,
and cannot perform its obligations under this Agreement as a consequence thereof, shall use all commercially reasonable efforts to continue to perform or to mitigate the impact of its non-performance
notwithstanding the Force Majeure Event and shall continue foe performance of its obligations as soon as the Force Majeure Event ceases to exist. 

  

	16.2	 Notices 

  

	16.2.1	 All notices, demands, requests and other communications to any Party as set forth in, or in any way relating to
the subject matter of, this Agreement must be in legible writing in the English language delivered by personal delivery, email transmission or prepaid overnight courier using an internationally recognized courier service and shall be effective upon
receipt, which shall be deemed to have occurred: 

  

	 	(a)	 in case of personal delivery, at the time and on the date of personal delivery; 

  
 27 

	 	(b)	 if sent by email transmission, at the time and date indicated on a response confirming such successful email
transmission; 

  

	 	(c)	 if delivered by courier, at the time and on the date of delivery as confirmed in the records of such courier
service; or 

  

	 	(d)	 at such time and date as delivery by personal delivery or courier is refused by the addressee upon
presentation; 

 in each case provided that if such receipt occurred on a
non-business day, then notice shall be deemed to have been received on the next following business day; and provided further that where any notice, demand, request or other communication is provided by any
Party by email, such Party shall also provide a copy of such notice, demand, request or other communication by using one of the other methods. 
  

	16.2.2	 All such notices, demands, requests and other communications shall be sent to following addresses:

  

					
		 	 To Volvo Cars:
	  	 Volvo Car Corporation
 56214
Partnerships & Alliances
 Attention: [***]
 SE-405 31 Gothenburg, SWEDEN
  
 Email: [***]

 
 With a copy not constituting notice to:

 
 Volvo Car Corporation

General Counsel
 50090 Group Legal and Corporate Governance

SE-405 31 Gothenburg, SWEDEN
  

Email: legal@volvocars.com

			
		 	 To Polestar:
	  	 Polestar Performance AB
 Polestar Business
Office
 Attention: [***]
 Assar Gabrielssons Väg 9

SE-405 31 Gothenburg, SWEDEN
  

Email: [***]
  

With a copy not constituting notice to:
  

Polestar Performance AB
 Legal Department

Assar Gabrielssons Väg 9

SE-405 31 Gothenburg, SWEDEN
  

Email: legal@polestar.com

  
 28 

	16.3	 Assignment 

  

	16.3.1	 Neither Party may, wholly or partly, assign, pledge or otherwise dispose of its rights and/or obligations under
this Agreement without the other Party’s prior written consent. 

  

	16.3.2	 Notwithstanding the above, each Party may assign this Agreement to an Affiliate without the prior written
consent of the other Party. 

  

	16.4	 Waiver 

Neither Party shall be deprived of any right under this Agreement because of its failure to exercise any right under this Agreement or failure
to notify the infringing Party of a breach in connection with the Agreement. Notwithstanding the foregoing, rules on complaints and limitation periods shall apply. 
  

	16.5	 Severability 

In the event any provision of this Agreement is wholly or partly invalid, the validity of the Agreement as a whole shall not be affected and
the remaining provisions of the Agreement shall remain valid. To the extent that such invalidity materially affects a Party’s benefit from, or performance under, the Agreement, it shall be reasonably amended. 

 

	16.6	 Entire agreement 

All arrangements, commitments and undertakings in connection with the subject matter of this Agreement (whether written or oral) made before
the date of this Agreement are superseded by this Agreement 
  

	16.7	 Amendments 

Any amendment or addition to this Agreement must be made in writing and signed by the Parties to be valid. 

 

	16.8	 Survival 

  

	16.8.1	 If this Agreement is terminated or expires pursuant to Section 15 above, Section 3 {License
Grant), Section 4.3 (Grant-back license to Common Polestar Technology), Section 4.4 (License to Polestar Technology not being Common Polestar Technology), Section 14 (Confidential Information), Section 17
(Governing Law), Section 18 (Dispute Resolution) as well as this Section 16.8, shall survive any termination or expiration and remain in force as between the Parties after such termination or expiration.

  
 29 

	16.8.2	 Notwithstanding Section 16.8.1 above, if this Agreement is terminated due to Polestar not paying the Fee
without legitimate reasons for withholding payment, pursuant to Section 15 above, Section 3 (License Grant) shall not survive termination or remain in force as between the Parties after such termination. 

 

	16.8.3	 Notwithstanding Section 16.8.1 above, if this Agreement is terminated due to Volvo Cars not reducing or
repaying the Fee, or part thereof, without legitimate reasons for doing so, pursuant to Section 15 above, Section 4.3 (Grant-back license to Common Polestar Technology) and Section 4.4 (License to Polestar Technology not
being Common Polestar Technology) shall not survive termination or remain in force as between the Parties after such termination. 

  

	17.	 GOVERNING LAW 

This Agreement and all non-contractual obligations in connection with this Agreement shall be governed
by the substantive laws of Sweden without giving regard to its conflict of laws principles. 
  

	18.	 DISPUTE RESOLUTION 

 

	18.1	 Escalation principles 

 

	18.1.1	 In case the Parties cannot agree on a joint solution for handling disagreements or disputes in the governance
forum Volvo Polestar Executive P&Q Steering Committee, described in Appendix 3, a deadlock situation shall be deemed to have occurred and any of the Parties can notify the other Party hereof by the means of a deadlock notice and simultaneously
send a copy of the notice as set forth in Section 16.2.2 above and this Section. In such deadlock notice the reasons and preferred solution for the deadlock situation shall be stated. Upon the receipt of such a deadlock notice, the receiving
Party shall within ten (10) days of receipt, prepare and circulate to the other Party a statement setting out its position on the matter in dispute and reasons for adopting such position, and simultaneously send a copy of its statement in
accordance with what it set forth this Section 18.1. Each such statement shall be considered by the next regular meeting held by the Volvo Polestar Steering Committee or in a forum meeting specifically called upon by either Party for the
settlement of the issue. 

  

	18.1.2	 The members of the Volvo Polestar Steering Committee shall use reasonable endeavours to resolve a deadlock
situation in good faith. As part thereof, the Volvo Polestar Steering Committee may request the Parties to in good faith develop and agree on a plan to resolve or address the breach, to be presented for the Volvo Polestar Steering Committee without
undue delay. If the Volvo Polestar Steering Committee agrees upon a resolution or disposition of the matter, the Parties shall agree in writing on terms of such resolution or disposition and the Parties shall ensure that such resolution or
disposition is fully and promptly carried into effect. 

  
 30 

	18.1.3	 If the Volvo Polestar Steering Committee cannot settle the deadlock within thirty (30) days from the
deadlock notice, despite using reasonable endeavours to do so, such deadlock will be referred to the respective CEO and CFO of the two owners of Polestar on the signing date of this Agreementfor decision. Should the matter not have been resolved by
the respective CEO and CFO of the two owners of Polestar on the signing date of this Agreement within thirty (30) days counting from when the matter was referred to them, despite using reasonable endeavours to do so, the matter shall be
resolved in accordance with Section Section 18.2 below. 

  

	18.1.4	 All notices and communications exchanged in the course of a deadlock resolution proceeding shall be considered
Confidential Information of each Party and be subject to the confidentiality undertaking in Section 14 above. 

  

	18.1.5	 Notwithstanding the above, the Parties agree that either Party may disregard the time frames set forth in this
Section 18.1 and apply shorter time frames and/or escalate an issue directly to the the respective CEO and CFO of the two owners of Polestar on the signing date of this Agreementin the event the escalated issue is of an urgent character and
where the applicable time frames set out above are not appropriate. 

  

	18.2	 Arbitration 

  

	18.2.1	 Any dispute, controversy or claim arising out of or in connection with this Agreement, or the breach,
termination or invalidity thereof, shall be finally settled by arbitration in accordance with the Arbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce. The seat of arbitration shall be Gothenburg, Sweden, and the
language to be used in the arbitral proceedings shall be English. The arbitral tribunal shall be composed of three arbitrators. 

  

	18.2.2	 Irrespective of any discussions or disputes between the Parties, each Party shall always continue to fulfil its
undertakings under this Agreement unless an arbitral tribunal or court (as the case may be) decides otherwise. 

  

	18.2.3	 In any arbitration proceeding, any legal proceeding to enforce any arbitration award, or any other legal
proceedings between the Parties relating to this Agreement, each Party expressly waives the defence of sovereign immunity and any other defence based on the fact or allegation that it is an agency or instrumentality of a sovereign state. Such waiver
includes a waiver of any defence of sovereign immunity in respect of enforcement of arbitral awards and/or sovereign immunity from execution over any of its assets. 

 

	18.2.4	 All arbitral proceedings as well as any and all information, documentation and materials in any form disclosed
in the proceedings shall be strictly confidential. 

 This Agreement has been signed in two (2) originals, of which the parties have
received one (1) each. The Parties acknowledge that this Agreement shall be binding upon the Parties already upon the signing and exchange of scanned version thereof, including scanned signatures. 

  
 31 

					
	VOLVO CAR CORPORATION	 		 	
			
	 Place: Gothenburg
	 		 	
			
	 /s/ Hans Oscarsson
	 		 	 /s/ Maria Hemberg

	Signature	 		 	Signature
			
	 Hans Oscarsson, CFO
	 		 	 Maria Hemberg, SVP General Counsel

	 Clarification of signature and title
	 		 	 Clarification of signature and title

  

					
	POLESTAR PERFORMANCE AB	 		 	
			
	 Place:
	 		 	
			
	 /s/ Thomas Ingenlath
	 		 	 /s/ Zhang Yi Ian

	Signature	 		 	Signature
			
	 Thomas Ingenlath, CEO
	 		 	 Zhang Yi Ian, CFO

	Clarification of signature and title	 		 	Clarification of signature and title

  
 32 

 APPENDIX I 

POLESTAR 3 TECHNICAL SPECIFICATION 

[***] 

 APPENDIX 2 

FEE 
 [***] 

  
 34 

 Appendix 3 

Governance and Change Structure 
  

	1.	 GENERAL 

  

	1.1	 This Appendix 3 outlines the governance structure for this Agreement between the two Parties as well as how to
handle changes along the development project. 

  

	2.	 DEFINITIONS 

  

	2.1	 Any capitalised terms used but not specifically defined herein shall have the meanings set out for such terms
in the Agreement. In addition, the capitalised terms set out below in this Section 2 shall for the purposes of this Appendix have the meanings described herein. All capitalised terms in singular in the list of definitions shall have the same
meaning in plural and vice versa. 

  

	3.	 GOVERNANCE STRUCTURE 

 

	3.1	 Product Development 

 

	3.1.1	 The governance and co-operation between the Parties in respect of this
Agreement shall primarily be administered on an operational level. The operational level for the product development is defined by the forum called Design Review Meeting (“DRM”). This meeting will handle issues where a decision
regarding deviations from objectives have to be made, for example technical changes, re-categorization of development streams, attribute deviations, time consequences, delays, quality, cost consequences and
prioritisation of development activities or other aspects relating to the co-operation between the Parties. This meeting will also confirm the change management logged as Cross-Brand Service Request in the
Polestar Intake Meeting (“CBSR”) including price effects of change requests, which is further described in Section 4.2. For Polestar Technology and PS Unique Volvo Technology, Polestar has the right for final decision. For Volvo
Technology, Volvo Cars has the right for final decision related to the development. However, the decisions made for the Volvo Technology will consider the Polestar share and Polestar will be involved in the decisions to an extent corresponding to
their share. The participants at the DRM is the Volvo Cars Technical Project Leader and the Polestar Product Manager, as well as relevant experts from both Parties related to the subjects discussed. The DRM is held weekly. 

 

	3.1.2	 If the DRM cannot make the decision or if Polestar objects to a decision or Polestar find that a decision is
not made in time and decides to escalate an issue, the next governance level is the Polestar Program Governance Meeting (“PPGM”). The PPGM is overseeing the project at a high level delivery status, with key item reports and key
activity forecasts. The forum decides on escalated issues and also decides on changes that have a cost impact. Items regarding manufacturing engineering and procurement may also be handled in the PPGM in the event that the item effect Product
Development. The participants at the PPGM is the Volvo Cars Technical Project Leader, Volvo Cars Project Finance Lead and Volvo Cars Vehicle Line Manager and Polestar Project Manager. The PPGM is held weekly, unless the Parties agree otherwise.

	3.1.3	 The next governance level for product development is the Executive P&Q Steering Committee. This Steering
Committee is handling the future direction and strategic relationship between the Parties. The forum decides on escalated issues and changes that have a major cost impact. The participants at the Executive P&Q Steering Committee is Volvo Cars
Head of P&Q and Volvo Cars Head of Global Procurement and Polestar CEO and Polestar Head of R&D, as well as other relevant participants from both Parties related to the subjects discussed. The meeting chair is Volvo Cars Head of P&Q and
the meeting is held monthly. 

  

	3.2	 Joint Governance Level 

 

	3.2.1	 In the event that Polestar objects to decisions made in the Executive P&Q Steering Committee and the
Parties cannot agree on a joint solution for disagreements or disputes handled, the final governance level is the Volvo Polestar Steering Committee. The participants in the Volvo Polestar Steering Committee is Volvo CEO and CFO and Polestar CEO and
CFO, as well as other relevant participants from both Parties related to the subjects discussed. The meeting is held monthly or as otherwise agreed, based on escalated items. 

 

	3.2.2	 If the Volvo Polestar Steering Committee cannot settle the disagreement, such deadlock will be referred to the
respective CEO and CFO of the two owners of Polestar on the signing date of this Agreement, for deadlock resolution, according to the escalation principles described in the Agreement Section 18. 

 

	3.2.3	 The governance structure between Volvo Cars and Polestar is illustrated in a picture at the end of this
appendix. 

  

	4.	 DESCRIPTION CHANGE MANAGEMENT 

 

	4.1	 As defined in the Agreement Section 13.2, Polestar and Volvo Cars can request changes, which shall be
handled in accordance with the procedure set forth in this Appendix 3. Both Parties agree to act in good faith to address and respond to any change request within a reasonable period of time. 

 

	4.2	 A change requested by Polestar or Volvo Cars is to be sent to the CBSR meeting and logged in the already
established SharePoint site. The CBSR will then appoint the request to the responsible function department to investigate the request for consequences of technology, time plan, cost and resources. The request will be reviewed cross functionally,
including tax, before the response is presented to Polestar for decision. Polestar then decides, based on the quotation presented in the CBSR, if the change request will be introduced. The decision is agreed in writing and documented in the
SharePoint site at a CBSR. 

  
 36 

	4.3	 A change requested by Polestar and sent to the CBSR may also be denied, if the request is deemed unable to be
realized due to for instance technical consequences, time schedule or lack of resources. 

  

	4.4	 The Parties acknowledge that Volvo Cars will not perform in accordance with a change request submitted by
Polestar until agreed in writing between the Parties. Until there is an agreement about the requested change, all work shall thus continue in accordance with the existing specification set forth in this Agreement unless Polestar requests Volvo Cars
to pause the work until an agreement is reached. 

  

	4.5	 The cost consequence for a change request will be handled based on the quotation presented in the CBSR, and the
amount will be invoiced to Polestar quarterly added to the payment plan described in Appendix 2. If a change request results in a cost reduction, the fixed price amount defined in Appendix 2 will be deducted with the quoted reduction from the CBSR.

  

	4.6	 For the avoidance of doubt the Parties acknowledge that Volvo Cars will be entitled to make changes to the
Volvo Technology, as long as the specification in Appendix 1 is met. The Parties undertake to act in good faith and to agree on the consequences of any such changes for Polestar. If the Parties cannot agree on such suggested change of Volvo
Technology, Volvo Cars shall still be entitled to carry out said change and the result thereof will be considered Volvo Technology. In this event Polestar may stay with the original technology, which will then be considered PS Unique Volvo
Technology delivered by Volvo Cars to an additional fee. 

  

	4.7	 The costs relating to changes to the development work requested by Polestar shall, in relation to Volvo
Technology, be allocated based on the category of the relevant development (i.e. whether the results shall be considered Volvo Technology or PS Unique Volvo Technology) in accordance with what is set forth in the Agreement (if applicable) and
Appendix 1. Further, the costs relating to changes to the development work requested by Polestar shall, in relation to Polestar Technology, be allocated based on the category of the relevant development (i.e. whether the results shall be considered
Common Polestar Technology or such Polestar Technology not being Common Polestar Technology) in accordance with what is set out in in the Agreement (if applicable) and Appendix 1. 

 

	4.8	 For the avoidance of doubt, the Parties acknowledge that Polestar shall be responsible for all costs relating
to changes requested by Polestar in relation to such Polestar Technology to which Volvo Cars has not been granted a license pursuant to in the Agreement. 

  

	4.9	 For the avoidance of doubt, any changes under this Agreement made in relation to the Polestar Technology after
the effective date of this Agreement, shall automatically upon creation also be delivered as a service to Polestar in accordance with what is set forth in Section 3 in the Agreement. Correspondingly, any changes under this Agreement made to the
Volvo Technology after the effective date of this Agreement, shall automatically upon creation also be included in the license granted to Polestar in Section 4 in the Agreement. Any changes under this Agreement made in relation to the Volvo
Technology or Polestar Technology, respectively, as set forth in this Appendix 1, shall thus upon execution be included in the definition of Volvo Technology or Polestar Technology, as applicable. 

  
 37 

 

 

  
 38 

 Certain identified information marked with “[***]” has been omitted from this document because it
is both (i) not material and (ii) the type that the registrant treats as private or confidential. 
 Side Letter 

201906309 
 SIDE LETTER 

This side letter (“Side Letter”) is entered into on 30 June 2019 and made between: 

Volvo Car Corporation, Reg. No. 556074-3089, a limited liability company incorporated under the laws of Sweden (“Volvo
Cars”); 
 Volvo Cars (China) Investment Co., Ltd. Reg. No. 913101145574653825, a limited liability company incorporated
under the laws of the People’s Republic of China (“Volvo Cars China”); 
 Polestar Performance AB, Reg.
No. 556653-3096, a limited liability company incorporated under the laws of Sweden (“Polestar”); and 
 Polestar New
Energy Vehicle Co. Ltd., Reg. No. 91510100MA6BX1H33P, a limited liability company incorporated under the laws of the People’s Republic of China (“Polestar China”). 

Each of Volvo Cars, Volvo Cars China, Polestar and Polestar China are hereinafter referred to as a “Party” and jointly as the
“Parties”. Volvo Cars and Volvo Cars China are jointly referred to as the “Volvo Cars Entities” and Polestar and Polestar China are jointly referred to as the “Polestar Entities”. 

BACKGROUND 
  

	A.	 The Parties have entered into four separate license and service agreements for the development of the Polestar
Vehicle and related services. 

  

	B.	 The Parties now wish to clarify in writing the contractual setup and the relationship between the four
Agreements, as set out below. 

  

	C.	 It is also noted that the payments to Volvo Cars under the Agreements may be subject to withholding tax
(“WHT”) and Polestar Entities shall compensate Volvo Cars as stated in the Side Letter. 

  

	D.	 Unless otherwise defined in this Side Letter, capitalized terms used herein shall have the meaning ascribed to
them in each of the Agreements. 

	1	 CONTRACTUAL SET-UP 

 

	1.1	 There are four separate agreements that will be signed together with this Side Letter: 

 

	 	(a)	 License and Service Agreement between Volvo Cars and Polestar (“License and Service Agreement
RoW”), 

  

	 	(b)	 License Agreement between Volvo Cars and Polestar China (“License Agreement China”),

  

	 	(c)	 Service Agreement between Volvo Cars and Polestar China (“Service Agreement RoW”),

  

	 	(d)	 Service Agreement between Volvo Cars China and Polestar China (“Service Agreement China”).

 The four agreements in Section l.l(a)-(d) are together referred to as the “Agreements”. 

 

	1.2	 Even though the Agreements are four separate agreements with different parties, the Parties acknowledge that
their intention is that the Agreements actually constitute one and the same agreement. 

  

	2	 FEE 

  

	2.1	 [***] 

  

	2.2	 The Parties agree that the percentages and amounts set out in Appendix 2 to each of the Agreements referenced
in Section 1.1 shall be interpreted in light of the fact that the four Agreements shall actually constitute one and the same agreement. [***] 

  

	2.3	 In the light of the foregoing, the Parties agree that the below mentioned Sections in Appendix 2 to the above
mentioned Agreements shall be interpreted as follows: 

  

	 	(a)	 [***] 

  

	 	(b)	 [***] 

  

	 	(c)	 [***] 

  

	 	(d)	 [***] 

  

	3	 SPLIT OF WHT 

  

	3.1	 [***] 

  

	4	 NO SUB-LICENSING BETWEEN THE POLESTAR ENTITIES

  

	4.1	 The Parties acknowledge that the rights granted to the Polestar Entities is to some extent sub-licensable to inter alia Polestar Affiliates under the Agreements. It is, however, not the intention of the Parties that the Polestar Entities shall be allowed to
sub-license the rights granted under each of the Agreements to each other instead of utilising the rights granted to such Polestar Entity under its own Agreement. In the light of the above, the Polestar
Entities shall thus not be allowed to sub-license any of the rights granted under the Agreements between them, but only to other Polestar Affiliates of them as stipulated in each of the Agreements.

  
 2 

	5	 AMENDMENTS 

  

	5.1	 The Parties agree that, if an amendment is made to one of the Agreements, the Party not being a Party to such
amended Agreement agrees to make the corresponding amendment to the Agreement it is a Party to, unless otherwise agreed between the Parties. 

  

	6	 TERMINATION 

  

	6.1	 A breach of this Side Letter shall be considered a material breach under each of the Agreements.

  

	7	 DISPUTE RESOLUTION 

 

	7.1	 Any dispute, controversy or claim arising out of or in connection with this Side Letter, or the breach,
termination or invalidity thereof, shall be finally settled by arbitration in accordance with the Arbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce. The seat of arbitration shall be Gothenburg, Sweden, and the
language to be used in the arbitral proceedings shall be English. The arbitral tribunal shall be composed of three arbitrators. The Parties’ intention is that the identical arbitration clauses in each of the Agreements, with the exception of
the Service Agreement China, shall function as one and the same arbitration agreement entered into between, on the one hand, Volvo Cars, and, on the other hand, Polestar and Polestar China. Accordingly, the Parties agree that any disputes,
controversies or claims arising out of or in connection with the License and Service Agreement RoW, the License Agreement China, the Service Agreement RoW, and/or this Side Letter, or the breach, termination or invalidity thereof, may upon request
by a party to such agreement be consolidated into one arbitration proceeding. 

  

	8	 MISCELLANEOUS 

 

	8.1	 This Side Letter shall become effective as set forth in the preamble of this Side Letter and shall remain in
force until all tax decisions to be made by authorities regarding the Agreements and this Side Letter are final. 

  

	8.2	 This Side Letter is hereby incorporated to, and shall form an integral part of, in relation to the relevant
Parties, the relevant Agreements. This Side Letter takes precedence over the Agreements if they are contradictory or ambiguous. 

[Signature page follows] 

  
 3 

 This Side Letter has been signed in four (4) originals, of which the parties have
received one (1) each. The Parties acknowledge that this Side Letter shall be binding upon the Parties already upon the signing and exchange of scanned version thereof, including scanned signatures. 

 

					
	 VOLVO CAR CORPORATION
  

Place: Gothenburg
  

/s/ Hans Oscarsson
 Signature

 
 Hans Oscarsson, CFO

Clarification of signature and title
	 		 	 /s/ Maria Hemberg

Signature
  

Maria Hemberg, SVP General Counsel

Clarification of signature and title

	  
 VOLVO CAR (CHINA) INVESTMENT CO. LTD

 
 Place: Gothenburg

 
 /s/ Hans Oscarsson

Signature
  

Hans Oscarsson, CFO

Clarification of signature and title by POA
	 		 	 /s/ Maria Hemberg

Signature
  

Maria Hemberg, SVP General Counsel

Clarification of signature and title by POA

	  
 POLESTAR PERFORMANCE AB

 
 Place:
  

/s/ Thomas Ingenlath

Signature
  

Thomas Ingenlath, CEO

Clarification of signature and title
	 		 	 /s/ Zhang Yi Ian

Signature
  

Zhang Yi IAN, CFO
 Clarification of signature and
title

	  
 POLESTAR NEW ENERGY VEHICLE CO. LTD.

 
 Place:
  

/s/ Thomas Ingenlath

Signature
  

Thomas Ingenlath, CEO

Clarification of signature and title
	 		 	 /s/ Zhang Yi Ian

Signature
  

Zhang Yi Ian, CFO
 Clarification
of signature and title

 AMENDMENT AGREEMENT 

This Amendment Agreement to the License, License Assignment and Service Agreement (“Amendment”) is between Volvo Car Corporation, Reg.
No. 556074-3089, a corporation organized and existing under the laws of Sweden (“Volvo Cars”) and Polestar Performance AB, Reg. No. 556653-3096 a corporation organized and existing under the laws of Sweden (“Polestar”).

 Each of Volvo Cars and Polestar is hereinafter referred to as a “Party” and jointly as the “Parties”. 

BACKGROUND 
  

	A.	 The Parties have entered into a License, License Assignment and Service Agreement on 30 June 2019 (the
“Agreement”). 

  

	B.	 The Parties now wish to amend the Agreement to the extent set out below. 

 

	C.	 Now, therefore, the Parties agree as follows: 

 

	1	 SCOPE OF AMENDMENT 

 

	1.1	 The Agreement will be deemed amended to the extent herein provided and will, except as specifically amended,
continue in full force and effect in accordance with its original terms. In case of any discrepancy between the provisions of this Amendment and the Agreement, the provisions of this Amendment shall prevail. Any definitions used in this Amendment
shall, unless otherwise is stated herein, have the respective meanings set forth in the Agreement. 

  

	1.2	 The amendments to the provisions in the Agreement as stated In Section 2 below, such provisions
highlighted for ease of reference in bold italics, shall come into force on the date this Amendment is signed by the last Party to sign it (as indicated by the date associated with that Party’s signature). 

 

	2	 AMENDMENTS 

  

	2.1	 Section 6.1.3 of Appendix 2 to the Agreement shall be amended
and restated in its entirety as follows: 

 “All amounts and payments referred to in this Agreement shall be paid
in SEK, unless both Parties have agreed that Polestar shall pay any amount and payment referred to in this Agreement in EUR instead. The applicable currency for each amount and payment shall be stated on the invoices issued by Volvo Cars. If to be
paid in EUR, the amount and payment in EUR shall be converted from the SEK amounts stated in this Agreement based on the Bloomberg EUR/SEK Fixing (BFIX) at the conversion date which is determined at Volvo Cars’ sole discretion.” 

	3	 GENERAL PROVISIONS 

 

	3.1	 This Amendment is and should be regarded and interpreted as an amendment to the Agreement. The validity of this
Amendment is therefore dependent upon the validity of the Agreement, 

  

	3.2	 No amendment of this Amendment will be effective unless it is in writing and signed by both Parties. A waiver
of any default is not a waiver of any later default and will not affect the validity of this Amendment. 

  

	3.3	 Sections 17 and 18 of the Agreement shall apply to this Amendment as well, 

 

	3.4	 The Parties may execute this Amendment in counterparts, including electronic copies, which taken together will
constitute one instrument. 

  

 
 [SIGNATURE PAGE
FOLLOWS] 
  

  
 2 

									
	VOLVO CAR CORPORATION	 		 	POLESTAR PERFORMANCE AB
					
	By:	 	 /s/ Maria Hemberg
	 		 	By:	 	 /s/ Ian Zhang

									
	 Printed Name:
	 	Maria Hemberg	 		 	Printed Name:	 	Ian Zhang

									
	Title:	 	SVP, General Counsel	 		 	Title:	 	CFO
	Date:	 	  
	 		 	Date:	 	19/12/2019
					
	By:	 	 /s/ Carla De Geyseleer
	 		 	By:	 	 /s/ Jonathan Goodman

									
	Printed Name:	 	Carla De Geyseleer	 		 	Printed Name:	 	Jonathan Goodman

									
	Title:	 	SVP, CFO	 		 	Title:	 	COO
	Date:	 	  
	 		 	Date:	 	19/12/2019EX-10.34

 Exhibit 10.34 

License Agreement 
 20190630 

Certain identified information marked with “[***]” has been 

omitted from this document because it is both (i) not material and 

(ii) the type that the registrant treats as private or confidential. 

  

 
 LICENSE
AGREEMENT 
  
  

Volvo Car Corporation 
 and 

Polestar New Energy Vehicle Co. Ltd. 
  

 
 Joint
development provided under a license to technology related to the Polestar 3 car model 
  

 License Agreement 

TABLE OF CONTENTS 
  

							
	 1.
	  	DEFINITIONS	  	 	2	 
	 2.
	  	SCOPE OF THE AGREEMENT	  	 	6	 
	 3.
	  	LICENSE GRANT	  	 	9	 
	 4.
	  	INTELLECTUAL PROPERTY RIGHTS	  	 	10	 
	 5.
	  	FEE, PAYMENT TERMS	  	 	12	 
	 6.
	  	AUDITS	  	 	12	 
	 7.
	  	DELIVERY AND ACCEPTANCE	  	 	12	 
	 8.
	  	DELAYS, DEFECTS ETC	  	 	13	 
	 9.
	  	WARRANTIES	  	 	14	 
	 10.
	  	INDEMNIFICATION	  	 	14	 
	 11.
	  	LIMITATION OF LIABILITY	  	 	16	 
	 12.
	  	GOVERNANCE AND CHANGES	  	 	17	 
	 13.
	  	CONFIDENTIAL INFORMATION	  	 	17	 
	 14.
	  	TERM AND TERMINATION	  	 	19	 
	 15.
	  	MISCELLANEOUS	  	 	20	 
	 16.
	  	GOVERNING LAW	  	 	22	 
	 17.
	  	DISPUTE RESOLUTION	  	 	22	 

 APPENDICES 
 Appendix 1
Polestar 3 Technical Content 
 Appendix 2 Fee 
 Appendix 3
Governance and Changes Structure 

					
		  	 	License Agreement 1(22)	 

  

 This LICENSE AGREEMENT (this “Agreement”) is entered into on
30 June 2019 and made between: 
  

	 	(1)	 Volvo Car Corporation, Reg. No. 556074-3089, a limited liability company incorporated under the
laws of Sweden (“Volvo Cars”); and 

  

	 	(2)	 Polestar New Energy Vehicle Co. Ltd., Reg. No. 91510100MA6bXIH33P, a limited liability company
incorporated under the laws of People’s Republic of China (“Polestar”). 

 Each of Volvo Cars and
Polestar is hereinafter referred to as a “Party” and jointly as the “Parties”. 
 BACKGROUND

  

	A.	 Volvo Cars is in the business, among other activities, of developing, manufacturing and selling Volvo branded
cars. 

  

	B.	 Polestar is engaged in manufacturing and sale of Polestar branded
high-end electric performance cars. 

  

	C.	 The Parties have agreed to develop certain common technology mainly consisting of a common platform
architecture technology and a common electrified powertrain based on modular electronic powertrain for usage by both Parties. The Parties have agreed to cooperate in the this development project. Both Polestar and Volvo Cars will use the mentioned
platform for multiple tophats offered globally. By sharing the development of the common platform architecture technology and a common electrified powertrain, the investment per tophat can be reduced allowing for more tophats over time. Shared large
volumes on parts also contributes to cost advantages etc. 

  

	D.	 The Parties have also agreed that Volvo Cars shall deliver and grant licenses to the Volvo Technology to
Polestar in relation to the Polestar Vehicle and Other Polestar Branded Vehicles in China. 

  

	E.	 The license to the Volvo Technology includes all Volvo IP which together with the relevnt Third Party
Intellectual Property Rights not included in the Volvo IP is reasonably necessary in order to meet the specification of Volvo Technology in Appendix 1. 

  

	F.	 The Parties have further agreed that the Volvo Technology is the sole property of Volvo Cars and that Volvo
Cars shall grant Polestar ceratin rights to use the Volvo Technology. 

  

	G.	 The Parties have agreed that the Polestar Vehicle is the first car launched based on the Volvo Cars SPA2. The
stall of production of SPA2 and the Polestar Vehicle is currently scheduled for [***]. The Polestar Vehicle will be offered with electrified powertrains only. The Polestar Vehicle is a new top-hat, but has a
high degree of shared systems with Volvo Cars vehicles. 

					
		  	 	License Agreement 2(22)	 

  

	H.	 The Polestar Vehicle will consist of parts that are unique for Polestar and parts that are common with Volvo
Cars. Before entering into this Agreement the Volvo Cars and Polestar Performance AB have jointly discussed and specified SPA2 and MEP2 in accordance with the gates described in VPDS. The base assumption has been that SPA2 should serve as a common
platform and MEP2 as common electrified powertrain for both Volvo Cars vehicles and Polestar vehicles, thereby benefitting both Volvo Cars and Polestar Performance AB. Volvo Cars and Polestar Performance AB have in meetings described according to
the VPDS process set prerequisits and from that developed a jointly agreed technical content (Appendix 1) and agree that Volvo Cars will carry out the R&D work for the common SPA2 and MEP2 components. Volvo Cars and Polestar Performance AB have
established a joint governance and changes structure (Appendix 3) to follow up on upcoming changes. Polestar alone will decide on changes on Polestar unique parts. 

 

	I.	 In light of the foregoing, the Parties have agreed to execute this Agreement. 

 

	1.	 DEFINITIONS 

For the purpose of this Agreement, the following terms shall have the meanings assigned to them below. All capitalised terms in singular in the
list of definitions shall have the same meaning in plural and vice versa. 
 “Affiliate” means 

 

	 	(a)	 for Polestar, any of the below legal entities (other than Polestar) and any other legal entity that, directly
or indirectly, is controlled (individually or jointly) by: 

  

	 	(i)	 Polestar Automotive (Shanghai) Co., Ltd; 

 

	 	(ii)	 Polestar New Energy Vehicle Co., Ltd.; 

 

	 	(iii)	 Polestar Holding AB; or 

 

	 	(iv)	 Polestar Performance AB; and 

 

	 	(b)	 for Volvo Cars, Volvo Car AB and any other legal entity that, directly or indirectly, is controlled by Volvo
Car AB, however, for the avoidance of doubt, not Polestar or its Affiliates; 

 “control” for this purpose
meaning ownership or control of at least one-hundred per cent (100%) with regard to Polestar Affiliates, and fifty per cent (50%) with regard to Volvo Cars Affiliates of the voting stock, partnership interest
or other ownership interest of such legal entity. The Parties, however, agree to renegotiate this definition of “Affiliate” in good faith if it in the future does not reflect die Parties* intention at the time of signing this Agreement due
to a restructuring or reorganisation in relation to either of the Parties. 
 “Agreement” means this License
Agreement including all of its Appendices as amended from time to time. 

					
		  	 	License Agreement 3(22)	 

  

 “Appendix” means the appendices to this Agreement. 

“Background IP” means the Intellectual Property Rights either; 

 

	 	(a)	 owned by either of the Parties; or 

 

	 	(b)	 created, developed or invented by directors, managers, employees or consultants of either of the Parties to
which the Party has licensed rights instead of ownership and the right to grant a sublicense prior to the execution of this Agreement, and any Intellectual Property Rights developed independently of this Agreement. 

“Confidential Information” means any and all information regarding the Parties and their respective businesses, whether
commercial or technical, in whatever form or media, including but not limited to information relating to Intellectual Property Rights, concepts, technologies, processes, commercial figures, techniques, strategic plans and budgets, investments,
customers and sales, designs, graphics, CAD models, CAE data, statement of works (including engineering statement of works and any specification), targets, test plans/reports, technical performance data and engineering
sign-off documents and other information of a sensitive nature, that a Party learns from or about the other Party prior to or after the execution of this Agreement. 

“Data Room” means (if applicable) the information sharing platform agreed to be used between the Parties for making
available the information regarding the Volvo Technology to Polestar. 
 “Data Room Software” means the information
sharing solution agreed to be used between the Parties for making available the Volvo Technology being software. 
 “Disclosing
Party” means the Party disclosing Confidential Information to the Receiving Party. 
 “Fee” means the
fee to be paid by either Party to the other Party hereunder in accordance with what is set out in Appendix 2 to this Agreement. 

“Force Majeure Event” shall have the meaning set out in Section 15.1.1 below. 

“Gates” means the dates agreed between the Parties, and which shall be based on VPDS, when the Volvo Technology , or
parts thereof, shall have been delivered to and accepted by Polestar, and which shall, unless otherwise stated in this Agreement, be Program Start (PS), Final Data Judgement (FDJ), Launch Readiness (LR), Launch
Sign-off (LS) and Final Status Report (FSR), all described in the VPDS. 
 “Industry
Standard” means the exercise of such professionalism, skill, diligence, prudence and foresight which would normally be expected at any given time from a skilled and experienced actor engaged in a similar type of undertaking as under
this Agreement. 

					
		  	 	License Agreement 4(22)	 

  

 “Intellectual Property Rights” means Patents, Non-patented IP, Know-How and rights in Confidential Information to the extent protected under applicable laws anywhere in the world. For the avoidance of doubt, Trademarks
are not comprised by this definition. 
 “Job1” means in relation to this Agreement and the Polestar Vehicle, the
date on which the production of the Polestar Vehicle covered by this Agreement starts. 
 “Job1+90” means in relation
this Agreement and the Polestar Vehicle, the date of Final Status Report (FSR), which follows from VPDS and which will take place 90 days after Job1. 

“Job1+365” means in relation to this Agreement and the Polestar Vehicle, the date until which variations of the content
as specified in Appendix 1 will be introduced to the Polestar Vehicle. 

“Know-How” means confidential and proprietary industrial, technical and
commercial information and techniques in any form including (without limitation) drawings, formulae, test results, reports, project reports and testing procedures, instruction and training manuals, tables of operating conditions, specifications,
component lists, market forecasts, lists and particulars of customers and suppliers. 
 “MEP2” means common
electrified powertrain including technical content as defined in Appendix 1. 
 “Non-patented
EP” means copyrights (including rights in computer software), database rights, semiconductor topography rights, rights in designs, and other intellectual property rights (other than Trademarks and Patents) and all rights or forms of
protection having equivalent or similar effect anywhere in the world, in each case whether registered or unregistered, and registered includes registrations, applications for registration and renewals whether made before, on or after execution of
this Agreement. 
 “Object Code” means the compiled version of the Source Code including parameter files. 

“Other Polestar Branded Vehicles” means Polestar branded vehicle models other than the Polestar Vehicle. 

“Patent” means any patent, patent application, or utility model, whether filed before, on or after the execution of
this Agreement, along with any continuation, continuation-in-part, divisional, re-examined or
re-issued patent, foreign counterpart or renewal or extension of any of the foregoing. 

“Polestar Technology” means technology that does not exist on any other vehicle than Polestar Vehicle and which shall
be provided by Volvo Cars and purchased as a service by Polestar or assigned to Polestar under this Agreement, and which is specified as Polestar Technology (Category 1 and for the avoidance of doubt Category 3B. Category 3B however not limited to
existence in Polestar Vehicle) in Appendix 1 to this Agreement. 

					
		  	 	License Agreement 5(22)	 

  

 “Polestar Vehicle” means the Polestar branded vehicle model Polestar
3. 
 “PS Unique Volvo Technology” means such Volvo Technology which is specified as PS Unique Volvo Technology
(Categoiy 2) in Appendix 1 to this Agreement, for which IP is owned by Volvo Cars and which is licensed exclusively to Polestar including but not limited to access to drawings, specifications, calculations, protocols(including test protocols),
software (Object Code and Source Code), methods, processes and any similar deliverables needed for Polestar to make use of the licensed technology. 

“Receiving Party” means the Party receiving Confidential Information from the Disclosing Party. 

“Source Code” means human-readable program statements written by a programmer or developer in a high-level or assembly
language that are not directly readable by a computer and that need to be compiled into object code before they can be executed by a computer. 

“SPA2” means Volvo Cars modular product architecture that enables integration of hybrid electric vehicles and battery
electric vehicles in the same vehicle model. 
 “Territory” means China. 

“Third Party” means a party other than any of the Parties and/or an Affiliate of one of the Parties to this Agreement.

 “Trademarks” means trademarks (including part numbers that are trademarks), service marks, logos, trade names,
business names, assumed names, trade dress and get-up, and domain names, in each case whether registered or unregistered, including all applications, registrations, renewals and the like, in each case to the
extent they constitute rights that are enforceable against third parties. 
 “Use” means to make, have made, use
(including in a process, such as use in designing, engineering, testing or assembling products or in their research or development), keep, install, integrate, extract, assemble, reproduce, incorporate, create derivative works of, modify, adapt,
improve, enhance, develop, service or repair, including in the case of installation, integration, assembly, service or repair, the right to have a subcontractor of any tier carry out any of these activities on behalf of the Parties in their capacity
as a licensee hereunder. 
 The right to “have made” is the right of the Parties in their capacity as a licensee hereunder, as
applicable, to have another person (or their subcontractor of any tier) make for the Parties and does not include the right to grant sub-licenses to another person to make for such person’s own use or use
other than for the Parties. 
 “Volvo IP” means Know-How, Intellectual
Property Rights and all other deliverables and/or materials either 
  

	 	(a)	 (i) owned by Volvo Cars, or (ii) created, developed or invented by directors, managers, employees or
consultants of Volvo Cars (to which Volvo Cars has licensed rights instead of ownership and the right to grant a sub-license), during or prior to the execution of this Agreement or din ing the term of the
Agreement, or 

					
		  	 	License Agreement 6(22)	 

  

	 	(b)	 licensed by Volvo Cars from any Third Party to which Volvo Cars has the right to grant a sub-license and/or to assign such license to Polestar. 

 “Volvo
Technology” means the Volvo IP that shall be licensed to Polestar under this Agreement, and which is specified as Volvo Technology (Category 3 and 4) in Appendix 1 to this Agreement and for which IP is owned by Volvo Cars including
but not limited to access to drawings, specifications, calculations, protocols(including test protocols), software (Object Code and Source Code), methods, processes and any similar deliverables needed for Polestar to make use of the licensed
technology. 
 “Volvo Supplier License Technology” means the Volvo Technology and Polestar Unique Volvo Technology
which is owned by a Third Party and licensed to Volvo Cars, and which license shall be sublicensed to Polestar, under this Agreement. 

“VPDS” means Volvo Cars’ procedures in development projects, ‘Volvo Product Development System’. 

“Way Of Working” means the level of way of working set out in Section 2.2.2 below. 

 

	2.	 SCOPE OF THE AGREEMENT 

 

	2.1	 General 

  

	2.1.1	 The Parties acknowledge that the Parties, prior to the signing of this Agreement, have started performing work
in relation to the technology that is licensed this Agreement and that this Agreement shall govern this work irrespectively when it has been performed. 

  

	2.1.2	 Upon Polestar’s request, the Parties have agreed that the Fee shall be a fixed price. Polestar will pay
the fixed price irrespecitvly of their actual usage of the licensed technology. 

  

	2.1.3	 The Appendices shall be considered an integral part of this Agreement and any reference to the Agreement shall
include the Appendices. 

  

	2.1.4	 In the event there are any contradictions or inconsistencies between the terms of this Agreement and the
appendices hereto, the Parties agree that they shall prevail over each other in the following order if not specifically stated otherwise in such document or the context or circumstances clearly suggest otherwise: 

(a) this Agreement; 
 (b) Appendix
1 - Polestar 3 Technical Content; 
 (c) Appendix 3 - Governance and Changes Structure; 

(d) Appendix 2 - Fee. 

					
		  	 	License Agreement 7(22)	 

  

	2.2	 Way of Working 

 

	2.2.1	 Before entering into this Agreement, Polestar has been informed about the development and service processes and
procedures that Volvo Cars is applying for its internal work and which Volvo Cars will be using when performing its obligations under this Agreement. 

  

	2.2.2	 Under this Agreement, Volvo Cars shall use professional, appropriate, qualified and skilled personnel, and
shall ensure that its personnel have been properly educated and trained for the work to be performed, including being fully acquainted with Polestar’s specific requirements. Volvo Cars shall avoid unnecessary changes in the personnel engaged in
performing its undertakings under this Agreement. Volvo Cars shall work according to the same standard of care and professionalism that is done in Volvo Cars’ internal development projects. Such standard of care and professionalism, as well as
Volvo Cars’ performance of its undertakings under this Agreement, shall however at all times correspond to Industry Standard. If Volvo Cars uses its Affiliates and/or subcontractors to perform its responsibilities under this Agreement, the same
way of working shall apply as if such performance was made by Volvo Cars itself. 

  

	2.2.3	 Volvo Cars shall ensure that it has sufficient resources to perform its responsibilities under this Agreement.
Furthermore, Volvo Cars undertakes to ensure that any development of the Volvo Technology will not be given lower priority than other Volvo Cars internal similar projects. 

 

	2.2.4	 The Parties acknowledge that Polestar Performance AB will, on Polestar’s behalf, ensure that it has
sufficient resources to perform its responsibilities under this Agreement and in particular provide Volvo Cars timely with necessary instructions and decisions requested by Volvo Cars, as required for Polestar to fulfil its responsibilities under
this Agreement. Furthermore, Polestar and Polestar Performance AB shall use professional and skilled personal for the responsibilities to be performed including being adequately acquainted with Volvo Cars’ specific requirements related to the
common development. 

  

	2.3	 The Volvo Technology 

 

	2.3.1	 General 

  

	2.3.1.1	 A commonly agreed specification setting forth, on an overall level, the Volvo Technology to be licensed to
Polestar in relation to the Polestar Vehicle and Other Polestar Branded Vehicles is set out in Appendix 1. The details of said specification are available in the Volvo KDP Engineering Database [***] and in the Volvo Lotus Notes Database [***], A
final specification of the Volvo Technology shall, subject to good faith and joint discussions between the Parties, be made at Job1+90 as a part of the Final Status Report (FSR) where all agreed deliverables will be finally categorized as Volvo
Technology or Polestar Technology jointly by the Parties. All of the aforementioned specifications shall be considered an integral part of Appendix 1 and consequently also this Agreement. 

					
		  	 	License Agreement 8(22)	 

  

	2.3.1.2	 The license to Volvo Technology shall, in relation to the Polestar Vehicle and Other Polestar Branded Vehicles,
include all Volvo IP, which together with relevant Third Party Intellectual Property Rights not included in Volvo IP is reasonably necessary in order to meet the specification set forth in Appendix 1 to this Agreement. In case any such Third Party
Intellectual Property Rights not included in Volvo IP is reasonably necessary in order to meet the specification set forth in Appendix 1 to this Agreement, Volvo Cars shall indicate that within the frame of the deliverables under the Volvo
Technology. Polestar might thus be required to license Intellectual Property Rights and/or purchase components of Third Parties necessary to produce the Polestar Vehicle. However, Volvo Cars shall use reasonable efforts to ensure that Third Party
Intellectual Property Rights are possible to sublicense or assign to Polestar. 

  

	2.3.2	 General Limitations 

 

	2.3.2.1	 The Volvo Technology that will be licensed under this Agreement is defined and described in Appendix 1 and that
content is the basis for the Fee. The Parties acknowledge and agree that the details of such technology might not have been finalised at the time of entering into this Agreement. The technical functions are defined, but detailed deliverables will be
updated and agreed according to Section 8, as the development progresses up until Job1+90 at the latest. 

  

	2.3.2.2	 For the avoidance of doubt, Volvo Cars shall not under this Agreement manufacture the Polestar Vehicle, any
components of the Volvo Technology, or integrate any such components or the Volvo Technology into Polestar’s production of vehicles. 

  

	2.3.3	 Limitations in relation to the Volvo Supplier License Technology 

Polestar acknowledges that the Volvo Supplier License Technology is owned by Third Parties and that Volvo Cars may not be allowed to grant a
license without consent from such relevant Third Party. 
 The grant of a license to Volvo Supplier License Technology is thus subject to any
limitations which may be applicable to the rights granted to Volvo Cars by the Third Party owning the Intellectual Property Rights to such Volvo Supplier License Technology, and will not take effect until Volvo Cars has received the relevant consent
from the Third Party. 
 If Volvo Cars has not received the relevant consent from the Third Party within twelve (12) months from the
signing date of this Agreement no license grant to Volvo Supplier License Technology shall occur, nor be considered to have occurred, and the Fee shall be reduced corresponding to the the part of the Fee that relates to the Volvo Supplier License
Technology to which Volvo Cars has not received relevant consent in time. If such a reduction is not feasible to determine, it shall be negotiated between the Parties in good faith. 

					
		  	 	License Agreement 9(22)	 

  

	3.	 LICENSE GRANT 

 

	3.1	 License grant 

 

	3.1.1	 Volvo Cars undertakes to grant Polestar a license to the Volvo Technology covered by this Agreement. For the
avoidance of doubt any software included in the Volvo Technology the following shall apply: Polestar may use the Object Code in its delivered format, whether modified or unmodified, without limitations. Polestar may not transfer or sublicense the
Source Code to any Third Party, in whole or in part, in any form, whether modified or unmodified. 

  

	3.1.2	 Such license shall, exept for what is set out in Section 3.2 below or unless otherwise agreed in this
Agreement, be non-exclusive, irrevocable, perpetual (however at least fifty (50) years long (however, in no event shall such time exceed the validity period of any Volvo IP included in the license
described hereunder)), non-assignable and give Polestar a right to, within the Territory and only in relation to the Polestar Vehicle and Other Polestar Branded Vehicles; 

 

	 	(a)	 Use, in whole or in part, the Volvo Technology covered by this Agreement and any Volvo Cars’ Background IP
necessary to make Use of such Volvo Technology; and 

  

	 	(b)	 design, engineer, make and have made, repair, service, market, sell and make available products and/or services
based on, incorporating or using the Volvo Technology and the Background IP referred to in (a) above (in whole or in part). 

  

	3.1.3	 Nothing in this Agreement shall be construed as to give Polestar any rights, including but not limited to any
license rights (express or implied), to any Volvo IP, except as expressly stated herein. 

  

	3.1.4	 The license to be granted to Polestar in accordance with Section 3.1.1 and 3.1.2 above shall be fully sub-licensable to the Polestar’s Affiliates, but shall not be sub-licensable to any Third Party without prior written consent from Volvo Cars, which shall not be
unreasonably withheld (whereby a sublicense/license to a Third Party which is a competitor of Volvo Cars is an example of what could be deemed unreasonable) or delayed. For the avoidance of doubt, Volvo Cars shall be free to Use and to grant
licenses to Volvo Technology and any Volvo Cars’ Background IP to Volvo Cars’ Affiliates and any Third Parties without prior written consent from Polestar Performance AB. 

 

	3.2	 PS Unique Volvo Technology 

 

	3.2.1	 In addition to what is set forth in Section 3.1, what is set forth in this Section 3.2 shall apply in
relation to PS Unique Volvo Technology. 

  

	3.2.2	 Any license granted in Section 3.1.2 shall, in relation to PS Unique Volvo Technology be exclusive instead
of non-exclusive. As a consequence thereof Volvo Cars shall have no right to make any Use whatsoever of, or to grant any further licenses to, any such PS Unique Volvo Technology. With the exception of what is
set out in this Section 3.2, Section 3.1 shall apply to PS Unique Volvo Technology. 

					
		  	 	License Agreement 10(22)	 

  

	3.2.3	 In the event Volvo Cars (i) in its sole discretion, determines that the PS Unique Volvo Technology, or
parts thereof, shall no longer be PS Unique Volvo Technology but instead be such ordinary Volvo Technology covered only by Section 3.1 above Volvo Cars should pay Polestar a compensation. The compensation should equal [***] of the amount
included in the Fee for such PS Unique Volvo Technology. In this case the following shall apply. Such PS Unique Volvo Technology shall immediately, upon Volvo Cars’ payment of the compensation, no longer be considered PS Unique Volvo Technology
but instead be considered ordinary Volvo Technology and what is set out in Section 3.1 above shall thus apply instead. For the avoidance of doubt, this inter alia implies that such previous exclusive license granted by Volvo Cars to
Polestar shall instead become non-exclusive. For avoidance of doubt, Volvo Cars’ right under this Section 3.2.3 may be exercised at any time also after the term of this Agreement.

  

	3.3	 Third Party assignments 

If the rights to any subject matter to which a license is granted under this Agreement is assigned by a Party to any Third Party, such Party
shall ensure that said license is binding also upon the Third Party. 
  

	4.	 INTELLECTUAL PROPERTY RIGHTS 

 

	4.1	 Ownership rights 

 

	4.1.1	 Each Party remains the sole and exclusive owner of (i) any Background IP and other Intellectual Property
Rights owned, developed or otherwise acquired prior to the execution of this Agreement, (ii) any Intellectual Property Rights developed independently of this Agreement, and (iii) any Intellectual Property Rights which are modifications,
amendments or derivatives of any Intellectual Property Rights already owned by such Party 

  

	4.1.2	 Volvo Cars remains the owner and holder of all Volvo IP, including any Volvo Technology and Volvo Cars’
Background IP, as well as any and all modifications, amendments and improvements thereof. Nothing in this Agreement shall be deemed an assignment of ownership of any Volvo IP, including any Volvo Technology and Volvo Cars’ Background IP, from
Volvo Cars to Polestar. 

  

	4.2	 Polestar brand name 

 

	4.2.1	 For sake of clarity, it is especially noted that this Agreement does not include any right to use the
“Polestar” brand name or Trademarks, or refer to “Polestar” in communications or official documents of whatever kind. 

  

	4.2.2	 This means that this Agreement does not include any rights to directly or indirectly use the
“Polestar” brand name or “Polestar” Trademarks, on or for any products or when marketing, promoting and/or selling such products, or in any other contacts with Third Parties, e.g. in presentations, business cards and
correspondence. 

					
		  	 	License Agreement 11(22)	 

  

	4.3	 Volvo brand name 

 

	4.3.1	 Correspondingly, it is especially noted that this Agreement does not include any right to use the
“Volvo” brand name, or Trademarks, or refer to “Volvo” in communications or official documents of whatever kind. The Parties acknowledge that the “Volvo” Trademarks as well as the “Volvo” name is owned by
Volvo Trademark Holding AB and that the right to use the name and the “Volvo” Trademarks is subject to a license agreement, which stipulates that the name, Trademarks and all thereto related Intellectual Property Rights can only be used by
Volvo Car Corporation and its Affiliates in relation to Volvo products. 

  

	4.3.2	 This means that this Agreement does not include any rights to directly or indirectly use the “Volvo”
brand name or “Volvo” Trademarks, on or for any products or when marketing, promoting and/or selling such products, or in any other contacts with Third Parties, e.g. in presentations, business cards and correspondence.

  

	4.4	 Suspected infringement 

 

	4.4.1	 Either Party shall promptly (upon becoming aware) notify the other Party in writing of: 

 

	 	(a)	 any conduct of a Third Party that such Party reasonably believes to be, or reasonably believes to be likely to
be, an infringement, misappropriation or other violation of any Intellectual Property Rights licensed to such Party hereunder; or 

  

	 	(b)	 any allegations made to such Party by a Third Party that any Intellectual Property Rights licensed hereunder
are invalid, subject to cancellation, unenforceable, or are a misappropriation of any Intellectual Property Rights of a Third Party. 

  

	4.4.2	 In the event that a Party has provided the other Party a notification pursuant to Section above, and the other
Party decides not to take any action against the Third Party, the other Party may approve in writing that such Party shall be entitled to itself take action against the Third Party at its own cost. If the other Party approves, it shall provide
reasonable assistance to such Party, as requested by such Party at its own expense. If the other Party does not approve to such Party taking such action, the issue should be escalated to the relevant governance forum on high governance level for
decision. 

  

	4.4.3	 For the avoidance of doubt, Volvo Cars has no responsibility in relation to Polestar in the event the Volvo
Technology is alleged to infringe in any Third Party’s Intellectual Property Rights and as a consequence Volvo Cars has no obligation to defend and hold Polestar harmless from and against any alleged infringements, except as set forth in
Section 10.3 below. 

					
		  	 	License Agreement 12(22)	 

  

	5.	 FEE, PAYMENT TERMS 

 

	5.1	 Fee 

  

	5.1.1	 In consideration of the licenses granted hereunder and the Parties’ performance of their respective
obligations under this Agreement, each Party agrees to pay to the other Party the Fee under the payments terms as described in Appendix 2. 

  

	6.	 AUDITS 

  

	6.1.1	 During the term of this Agreement, Polestar shall have the right to, upon reasonable notice in writing to Volvo
Cars, inspect Volvo Cars’ books and records related to the Volvo Technology and the premises where the work to finalise the Volvo Technology is carried out, in order to conduct quality controls and otherwise verify the statements rendered in
this Agreement. 

  

	6.1.2	 Audits shall be made during regular business hours and be conducted by Polestar or by an independent auditor
appointed by Polestar. Should Polestar during any inspection find that Volvo Cars or the Volvo Technology do not fulfil the requirements set forth herein, Polestar is entitled to comment on the identified deviations. Volvo Cars shall, upon notice
from Polestar, take the actions required in order to fulfil the requirements. In the event the Parties cannot agree upon measures to be taken in respect of the audit, each Party shall be entitled to escalate such issue to relevant governance forum
on high governance. 

  

	7.	 DELIVERY AND ACCEPTANCE 

 

	7.1	 Volvo Cars shall provide the Volvo Technology, covered by this Agreement, (or if not finalised, any part
of the Volvo Technology that has been finalised) to Polestar at the Gates or otherwise promptly after any part of the Volvo Technology has been finalised. 

  

	7.2	 The Volvo Technology (or finalised part thereof) in question shall be provided by Volvo Cars to Polestar
by electronically loading files with the relevant information into the Data Room, except for the Object Code and the Source Code, which shall only be made available in the Data Room Software 

 

	7.3	 Delivery of any Volvo Technology (or parts thereof), covered by this Agreement, occurs when the delivery
at the respective Gates meets the requirements for that Gate set out in this Agreement, however subject to Section 8.2.1 and that Polestar has accepted such delivery in accordance with what is set out below in this Section 7.

  

	7.4	 Polestar shall accept the delivery of the Volvo Technology, and parts thereof, at the respective Gates,
unless the Volvo Technology upon delivery at that Gate deviates from the requirements set forth in this Agreement. Unless otherwise noted in the minutes from the respective Gate, it is assumed that Polestar has accepted the delivery.

  

	7.5	 If the Volvo Technology has been delivered in accordance with this Section 7, but Polestar has not
accepted the delivery in time (j.e. at the Gates or as agreed in this Agreement) nor objected to the delivery due to it deviating from what is set out in Section 8.2.1, the delivery shall be deemed accepted by Polestar. This shall apply
at each Gate for each step. 

					
		  	 	License Agreement 13(22)	 

  

	8.	 DELAYS, DEFECTS ETC. 

 

	8.1	 Delay 

  

	8.1.1	 Volvo Cars shall be deemed to be in delay when Job1 is not met, unless the delay is caused by Polestar or the
Parties have agreed for an extension of the time for meeting Job1 upon which the new agreed delivery date shall be relevant for determining whether Volvo Cars is in delay. 

 

	8.1.2	 The Polestar Vehicle is based and dependent on SPA2 that is currently being developed. Polestar acknowledges
that the development time plan for SPA2 is directly linked to this Agreement and that any delay in the SPA2 development could have direct implications on the deliverables. The Parties acknowledge the fact that SPA2 development is currently scheduled
for [***]. If SPA2 will be introduced later than [***], 

 Section 8.1.3 below shall apply. 

 

	8.1.3	 If Volvo Cars is in delay, or at any time believes that Job1 will not, or is unlikely to, be met in time, Volvo
Cars shall inform Polestar of the reasons for and consequences of not meeting Job1 at the agreed date and shall provide additional resources, to ensure that the requirements for Job1 is met as soon as possible. Related costs shall be included in the
Fee. 

  

	8.1.4	 A change in Volvo Cars’ cycle plan that would have an effect on the Polestar Vehicle’s Job1 shall be
agreed between the Volvo Cars and Polestar Performance AB. 

  

	8.1.5	 The Parties acknowledge that Volvo Cars’ delay may be subject to Section 14.4. 

 

	8.1.6	 No other remedies than as set forth in Sections 8.1.2—8.1.5 are available. 

 

	8.2	 Defects in delivery 

 

	8.2.1	 In the event the Volvo Technology, or any part thereof, after having met a Gate, are faulty or defective, Volvo
Cars shall, if such fault or defect is discovered and/or notified to Volvo Cars before Job1+90, remedy such incompliance, fault or defect as soon as possible. Related costs shall be included in the Fee. 

 

	8.2.2	 The Volvo Technology will not be considered faulty or defective if Volvo Cars has adhered to the Way Of Working
when developing it. 

  

	8.2.3	 Polestar shall not be responsible for costs that relate to work that does not meet the standards used by Volvo
Cars when performing similar work for Volvo Cars or work having been performed by personnel not qualified for such work, in breach of Section 2.2.2, as long as such costs would not have occurred had the work been properly executed or performed
by qualified personnel. 

					
		  	 	License Agreement 14(22)	 

  

	8.3	 Effects of Polestar’s actions 

 

	8.3.1	 Notwithstanding what is set out above in this Section 8, Polestar shall be responsible for costs relating
to delays which are due to Polestar’s non-fulfillment of any of its obligations under this Agreement. Further, any such delays which are due to Polestar shall give a corresponding extension of time to
Volvo Cars for meeting any affected Gate. Time plan and cost consequences for Polestar’s requests for changes to the Volvo Technology are to be handled in accordance with Appendix 3. 

 

	8.3.2	 Notwithstanding what is set out above in this Section 8, Polestar shall be responsible for costs relating
to faults and defects which are due to Polestar’s non-fulfillment of any of its obligations under this Agreement. 

 

	9.	 WARRANTIES 

  

	9.1	 General warranties 

Each Party warrants and represents to the other Party that: 
  

	 	(a)	 it is duly organized, validly existing, and in good standing under the laws of its respective jurisdiction of
incorporation or formation, as applicable; 

  

	 	(b)	 it has full corporate power and authority to execute and deliver this Agreement and to perform its obligations
hereunder; 

  

	 	(c)	 the execution, delivery and performance of this Agreement have been duly authorized and approved, with such
authorization and approval in full force and effect, and do not and will not (i) violate any laws or regulations applicable to it or (ii) violate its organization documents or any agreement to which it is a party; and

  

	 	(d)	 this Agreement is a legal and binding obligation of it, enforceable against it in accordance with its terms.

  

	10.	 INDEMNIFICATION 

 

	10.1	 General 

  

	10.1.1	 The Parties acknowledge that all Volvo Technology, and any Volvo Cars’ Background IP, is licensed to
Polestar on an “as is” basis, without any warranties or representations of any kind (except for the warranties in Section 9.1 above), whether implied or express, and in particular any warranties of suitability, merchantability,
description, design and fitness for a particular purpose, non-infringement, completeness, systems integration and accuracy are expressly excluded to the maximum extent permissible by law. However, the above
does not exclude Volvo Cars’ limited undertaking in Section 8.2.1 above. 

  

	10.1.2	 In addition, Volvo Cars does not make any warranties or representations as regards the functionality of any
Volvo Technology, Volvo Cars’ Background IP in relation to the Polestar Vehicle and/or Other Polestar Branded Vehicles. Polestar hereby releases Volvo Cars from all liability (and accordingly, cannot claim damages, compensation,

					
		  	 	License Agreement 15(22)	

  

	 	
price reduction etc.) in respect of errors, defects and deficiencies in any Volvo Technology, Volvo Cars’ Background IP of whatever kind, whether visible or latent, including but not limited
to errors of fact or law, errors regarding right of disposition, physical defects and deficiencies and damages arising due to product liability after the Volvo Technology have been delivered to Polestar, however excluding Volvo Cars’ limited
undertakings in Section 8.2.1 above. 

  

	10.1.3	 The principles set out in this Section 10 is reflected in the Fee and the fact that Volvo Cars is not a
supplier or consultant of systems or technical solutions, such as the Volvo Technology, but merely a car manufacturer which normally only develops technical solutions for its own business purposes. 

 

	10.1.4	 The principles set forth in this Section 10 are exclusive. Without limiting the generality of the
foregoing in this Section 10, the Parties agree that no other remedy whatsoever under any statute, law or legal principle shall be available to Polestar in relation to the licenses and/or work to be granted and/or performed by Volvo Cars
hereunder. 

  

	10.2	 Polestar’s indemnification 

 

	10.2.1	 Polestar shall indemnify and hold harmless Volvo Cars and each of its Affiliates from and against any and all
direct or indirect losses, liabilities, damages, costs, expenses (including all interest, penalties, reasonable legal and other professional fees, costs and expenses), actions, charges, fines, claims and proceedings arising out of or in connection
with Polestar’s use of any Volvo Technology and/or Volvo Cars’ Background IP, including but not limited to any Third Party claims on Intellectual Property Rights infringement. 

 

	10.2.2	 Polestar shall indemnify and hold harmless Volvo Cars and each of its Affiliates from and against any and all
direct or indirect losses, liabilities, damages, costs, expenses (including all interest, penalties, reasonable legal and other professional fees, costs and expenses), actions, charges, fines, claims and proceedings sustained by any of them, arising
from any Third Party with respect to the death or injury to any person, or damage to property, by whomsoever suffered, resulting or claimed to have resulted from any fault or defect in the Polestar Vehicle or Other Polestar Branded Vehicles.

  

	10.2.3	 Volvo Cars shall after receipt of notice of a claim related to Polestar’s use of any Volvo Technology
and/or Volvo Cars’ Background IP from Volvo Cars, or a claim which may reasonably be indemnifiable pursuant to Section 10.2.2 above, notify Polestar of such claim in writing and Polestar shall following receipt of such notice, to the
extent permitted under applicable law, at its own cost conduct negotiations with the Third Party presenting the claim and/or intervene in any suit or action. Polestar shall at all times keep Volvo Cars informed of the status and progress of the
claim and consult with Volvo Cars on appropriate actions to take. If Polestar fails to or chooses not to take actions to defend Volvo Cars within a reasonable time, or at any time ceases to make such efforts, Volvo Cars shall be entitled to assume
control over the defence against such claim and/or over any settlement negotiation at Polestar’s cost. Any settlement proposed by Polestar on its own account must take account of potential implications for Volvo Cars and shall therefore be
agreed in writing with Volvo Cars before settlement. Each Party will at no cost furnish to the other Party all data, records, and assistance within that Party’s control that are of importance in order to properly defend against a claim.

					
		  	 	License Agreement 16(22)	 

  

	10.3	 Volvo’s indemnification 

 

	10.3.1	 Volvo Cars shall indemnify and hold harmless Polestar and each of its Affiliates from and against any and all
direct or indirect losses, liabilities, damages, costs, expenses (including all interest, penalties, reasonable legal and other professional fees, costs and expenses), actions, charges, fines, claims and proceedings sustained by any of them, arising
from any Third Party with respect to the death or injury to any person, or damage to property, by whomever suffered, resulting or claimed to have resulted from any fault or defect in any Volvo branded vehicle. 

 

	10.3.2	 Polestar shall after receipt of notice of a claim which may reasonably be indemnifiable pursuant to
Section 10.3.1 above, notify Volvo Cars of such claim in writing and Volvo Cars shall following receipt of such notice, to the extent permitted under applicable law, at its own cost conduct negotiations with the Third Party presenting the claim
and/or intervene in any suit or action. Volvo Cars shall at all times keep Polestar informed of the status and progress of the claim and consult with Polestar on appropriate actions to take. If Volvo Cars fails to or chooses not to take actions to
defend Polestar within a reasonable time, or at any time ceases to make such efforts, Polestar shall be entitled to assume control over the defence against such claim and/or over any settlement negotiation at Volvo Cars’ cost. Any settlement
proposed by Volvo Cars on its own account must take account of potential implications for Polestar and shall therefore be agreed in writing with Polestar before settlement. Each Party will at no cost furnish to the other Party all data, records, and
assistance within that Party’s control that are of importance in order to properly defend against a claim. 

  

	11.	 LIMITATION OF LIABILITY 

 

	11.1	 Neither Party shall be responsible for any indirect, incidental or consequential damage or any losses of
production or profit caused by it under this Agreement. 

  

	11.2	 Each Party’s aggregate liability for any direct damage arising out of or in connection with a this
Agreement shall be limited to ten (10) percent of the Fee payable by Polestar to Volvo Cars under this Agreement. 

  

	11.3	 The limitations of liability set out in this Section 11 shall not apply in respect of damage;

  

	 	(a)	 caused by wilful misconduct or gross negligence, or 

 

	 	(b)	 caused by a Party’s breach of the confidentiality undertakings in Section 13 below.

					
		  	 	License Agreement 17(22)	 

  

	12.	 GOVERNANCE AND CHANGES 

 

	12.1	 Governance 

  

	12.1.1	 The Parties shall act in good faith in all matters and shall at all times
co-operate in respect of changes to this Agreement, including its Appendices as well as issues and/or disputes arising under this Agreement. 

 

	12.1.2	 The Parties agree that governance in respect of this Agreement shall be handled in accordance with what is set
out in Appendix 3. 

  

	12.1.3	 The governance and co-operation between the Parties in respect of this
Agreement shall primarily be administered on an operational level. In the event that the Parties on an operational level cannot agree, each Party shall be entitled to escalate such issue in accordance with what it set forth in Appendix 3 to this
Agreement. In the event that the Parties cannot agree on a joint solution for handling disagreements or disputes, a deadlock situation shall be deemed to have occurred and the procedure set forth in Section 17 shall apply.

  

	12.2	 Changes and Costs 

 

	12.2.1	 The Parties can request changes to the technical content in Appendix 1 within the time frame set forth in this
Agreement, which shall be handled in accordance with the procedure set forth in the Appendix 3. 

  

	12.2.2	 Volvo Cars has an obligation to, upon either Party’s request, handle change management in accordance with
the change management procedure described in Appendix 3 in relation to technologies covered by the licences: 

  

	 	(a)	 included in the technical content as set forth in Appendix 1 (i) for the Job1 deliveries up until Job1+90 days
and (ii) for the Job1+365 deliveries up until Job1+365+90 days. Such change management is included in the Fee; 

  

	 	(b)	 not included in the technical content as set forth in Appendix 1. Such change management is not included in the
Fee; 

  

	 	(c)	 however, 90 days after Job1 and/or Job1+365 deliveries, any changes to the Volvo Technology in relation to the
Polestar Vehicle shall be subject to the Parties entering into a separate change management agreement. Thus, this Agreement shall not apply in relation to any such changes. Further, Volvo Cars shall have no responsibility for the Volvo Technology 90
days after any Job1 and/or Job1+365 deliveries. 

  

	13.	 CONFIDENTIAL INFORMATION 

 

	13.1	 All Confidential Information shall only be used for the purposes set forth in this Agreement. Each Party
will keep in confidence any Confidential Information obtained in relation to this Agreement and will not divulge the same to any Third Party, unless the exceptions specifically set forth below in this Section 13.1 below apply, in order to
obtain patent protection or when approved by the other Party in writing, and with the exception of their own officers, employees, consultants or sub-contractors with a need to know as to enable such personnel
to perform their duties hereunder. This provision will not apply to Confidential Information which the Receiving Party can demonstrate: 

  

	 	(a)	 was in the public domain other than by breach of this undertaking, or by another confidentiality undertaking;

					
		  	 	License Agreement 18(22)	 

  

	 	(b)	 was already in the possession of the Receiving Party before its receipt from the Disclosing Party;

  

	 	(c)	 is obtained from a Third Party who is free to divulge the same; 

 

	 	(d)	 is required to be disclosed by mandatory law, court order, lawful government action or applicable stock
exchange regulations; 

  

	 	(e)	 is reasonably necessary for either Party to utilize its rights and make use of its Intellectual Property
Rights; or 

  

	 	(f)	 is developed or created by one Party independently of the other, without any part thereof having been developed
or created with assistance or information received from the other Party. 

  

	13.2	 The Receiving Party shall protect the disclosed Confidential Information by using the same degree of
care, but no less than a reasonable degree of care, to prevent the dissemination to Third Parties or publication of the Confidential Information, as the Receiving Party uses to protect its own Confidential Information of similar nature. Further,
each Party shall ensure that its employees and consultants are bound by a similar duty of confidentiality and that any subcontractors taking part in the fulfilment of that Party’s obligations hereunder, enters into a confidentiality undertaking
containing in essence similar provisions as those set forth in this Section 13. 

  

	13.3	 Any tangible materials that disclose or embody Confidential Information should be marked by the
Disclosing Party as “Confidential,” “Proprietary” or the substantial equivalent thereof. Confidential Information that is disclosed orally or visually shall be identified by the Disclosing Party as confidential at the time of
disclosure, with subsequent confirmation in writing within thirty (30) days after disclosure. However, the lack of marking or subsequent confirmation that the disclosed information shall be regarded as “Confidential”,
“Proprietary” or the substantial equivalent thereof does not disqualify the disclosed information from being classified as Confidential Information. 

 

	13.4	 If any Party violates any of its obligations described in this Section 13, the violating Party shall, upon
notification from the other Party, (i) immediately cease to proceed such harmful violation and take all actions needed to rectify said behaviour and (ii) financially compensate for the harm suffered as determined by an arbitral tribunal
pursuant to Section 17.2 below. All legal remedies (compensatory but not punitive in nature) according to law shall apply. 

  

	13.5	 For the avoidance of doubt, this Section 13 does not permit disclosure of source code to software,
and/or any substantial parts of design documents to software, included in any Volvo Technology to any Third Party, notwithstanding what it set forth above in this Section 13. Any such disclosure to any Third Party is permitted only if approved
in writing by Volvo Cars. 

					
		  	 	License Agreement 19(22)	 

  

	13.6	 This Section 13 shall survive the expiration or termination of this Agreement without limitation in
time. 

  

	14.	 TERM AND TERMINATION 

 

	14.1	 This Agreement shall become effective as set forth in the preamble to this Agreement and shall remain in
force during the validity of the license period of the license granted to Polestar under this Agreement, unless terminated in accordance with Section 14.2 or 14.4 below or partly cancelled in accordance with Sections 0 or 14.8 below.

  

	14.2	 Either Party shall be entitled to terminate this Agreement with immediate effect in the event;

  

	 	(a)	 the other Party commits a material breach of the terms of this Agreement, which has not been remedied within
sixty (60) days from written notice fr om the other Party to remedy such breach (if capable of being remedied); 

  

	 	(b)	 the other Party should become insolvent or enter into negotiations on composition with its creditors or a
petition in bankruptcy should be filed by it or it should make an assignment for the benefit of its creditors; or 

  

	14.3	 For avoidance of doubt, either Party not paying the Fee, without legitimate reasons for withholding
payment, shall be considered a material breach for the purpose of this Agreement. 

  

	14.4	 Polestar is entitled to terminate this Agreement with immediate effect in case Volvo Cars acts in breach
of what is set forth in Sections 8.1 or 8.2 and has not within onehundredtwenty (120) days from written notice from Polestar to remedy such breach (if capable of being remedied), taken necessary measures and/or remedy such incompliance, delay,
fault or defect and after such issue has been escalated in accordance with the escalation principles set out in Section 17.1 below. 

  

	14.5	 None of the Parties shall be entitled to cancel any delivery of Volvo Technology (for the avoidance of
doubt not including PS Unique Volvo Technology) unless both Parties agree on the termination and how to split the costs. 

  

	14.6	 

  

	14.7	 Polestar shall be entitled to cancel any delivery of PS Unique Volvo Technology by Volvo Cars under this
Agreement for convenience upon thirty (30) days written notice to Volvo Cars. In such event, Volvo Cars shall, upon request from Polestar, promptly make available in the Data Room (if applicable) any and all parts of the Volvo Technology which
have been finalised for delivery on the effective date of the cancellation. 

  

	14.8	 In the event Polestar cancels any delivery of the PS Unique Volvo Technology in accordance with Section 0
above, the Fee shall correspond to the part of the Fee that relates to (i) PS Unique Volvo Technology existing at the execution of this Agreement, (ii) Volvo Cars’ costs for the work performed under this Agreement up, until and
including the effective date of the cancellation, including the mark-up otherwise applied to calculate the Fee for the PS Unique Volvo Technology and (iii) any other proven costs Volvo Cars has incurred.

					
		  	 	License Agreement 20(22)	 

  

	15.	 MISCELLANEOUS 

 

	15.1	 Force majeure 

 

	15.1.1	 Neither Party shall be liable for any failure or delay in performing its obligations under this Agreement to
the extent that such failure or delay is caused by a Force Majeure Event. A “Force Majeure Event” means any event beyond a Party’s reasonable control, which by its nature could not have been foreseen, or, if it could
have been foreseen, was unavoidable, including strikes, lock-outs or other industrial disputes (whether involving its own workforce or a Third Party’s), failure of energy sources or transport network, restrictions concerning motive force, acts
of God, war, terrorism, insurgencies and riots, civil commotion, mobilization or extensive call ups, interference by civil or military authorities, national or international calamity, currency restrictions, requisitions, confiscation, armed
conflict, malicious damage, breakdown of plant or machinery, nuclear, chemical or biological contamination, sonic boom, explosions, collapse of building structures, fires, floods, storms, stroke of lightning, earthquakes, loss at sea, epidemics or
similar events, natural disasters or extreme adverse weather conditions, or default or delays of suppliers or subcontractors. 

  

	15.1.2	 A non-performing Party, which claims there is a Force Majeure Event,
and cannot perform its obligations under this Agreement as a consequence thereof, shall use all commercially reasonable efforts to continue to perform or to mitigate the impact of its non-performance
notwithstanding the Force Majeure Event and shall continue the performance of its obligations as soon as the Force Majeure Event ceases to exist. 

  

	15.2	 Notices 

  

	15.2.1	 All notices, demands, requests and other communications to any Party as set forth in, or in any way relating to
the subject matter of, this Agreement must be in legible writing in the English language delivered by personal delivery, email transmission or prepaid overnight courier using an internationally recognized courier service and shall be effective upon
receipt, which shall be deemed to have occurred: 

  

	 	(a)	 in case of personal delivery, at the time and on the date of personal delivery; 

 

	 	(b)	 if sent by email transmission, at the time and date indicated on a response confirming such successful email
transmission; 

  

	 	(c)	 if delivered by courier, at the time and on the date of delivery as confirmed in the records of such courier
service; or 

  

	 	(d)	 at such time and date as delivery by personal delivery or courier is refused by the addressee upon
presentation; 

					
		  	 	License Agreement 21(22)	 

  

 in each case provided that if such receipt occurred on a
non-business day, then notice shall be deemed to have been received on the next following business day; and provided further that where any notice, demand, request or other communication is provided by any
Party by email, such Party shall also provide a copy of such notice, demand, request or other communication by using one of the other methods. 
  

	15.2.2	 All such notices, demands, requests and other communications shall be sent to following addresses:

  

					
	        	  	To Volvo Cars:	  	 Volvo Car Corporation
 56214
Partnerships & Alliances
 Attention: [***]
 SE-405 31 Gothenburg, SWEDEN
 Email: [***]

With a copy not constituting notice to:
 Volvo Car Corporation

General Counsel
 50090 Group Legal and Corporate Governance

SE-405 31 Gothenburg, SWEDEN

Email: legal@volvocars.com

			
		  	To Polestar:	  	 Polestar Performance AB
 Polestar Business
Office
 Attention: [***]
 Assar Gabrielssons Väg 9

SE-405 31 Gothenburg, SWEDEN

Email: [***]

			
		  		  	With a copy not constituting notice to:
			
		  		  	 Polestar Performance AB
 Legal Department

Assar Gabrielssons Väg 9

SE-405 31 Gothenburg, SWEDEN

Email: legal@polestar.com

  

	15.3	 Assignment 

  

	15.3.1	 Neither Party may, wholly or partly, assign, pledge or otherwise dispose of its rights and/or obligations under
this Agreement without the other Party’s prior written consent. 

  

	15.3.2	 Notwithstanding the above, each Party may assign this Agreement to an Affiliate without the prior written
consent of the other Party. 

  

	15.4	 Waiver 

Neither Party shall be deprived of any right under this Agreement because of its failure to exercise any right under this Agreement or failure
to notify the infringing Party of a breach in connection with the Agreement. Notwithstanding the foregoing, rules on complaints and limitation periods shall apply. 

					
		  	 	License Agreement 22(22)	 

  

	15.5	 Severability 

In the event any provision of this Agreement is wholly or partly invalid, the validity of the Agreement as a whole shall not be affected and
the remaining provisions of the Agreement shall remain valid. To the extent that such invalidity materially affects a Party’s benefit from, or performance under, the Agreement, it shall be reasonably amended. 

 

	15.6	 Entire agreement 

All arrangements, commitments and undertakings in connection with the subject matter of this Agreement (whether written or oral) made before
the date of this Agreement are superseded by this Agreement. 
  

	15.7	 Amendments 

Any amendment or addition to this Agreement must be made in writing and signed by the Parties to be valid. 

 

	15.8	 Survival 

  

	15.8.1	 If this Agreement is terminated or expires pursuant to Section 14 above, Section 3 (License
Grant), Section 13 (Confidential Information), Section 16 (Governing Law), Section 17 (Dispute Resolution) as well as this Section 15.8, shall survive any termination or expiration and remain in force as
between the Parties after such termination or expiration. 

  

	15.8.2	 Notwithstanding Section 15.8.1 above, if this Agreement is terminated due to Polestar not paying the Fee
without legitimate reasons for withholding payment, pursuant to Section 14 above, Section 3 (License Grant) shall not survive termination or remain in force as between the Parties after such termination. 

 

	16.	 GOVERNING LAW 

This Agreement and all non-contractual obligations in connection with this Agreement shall be governed
by the substantive laws of Sweden without giving regard to its conflict of laws principles. 
  

	17.	 DISPUTE RESOLUTION 

 

	17.1	 Escalation principles 

 

	 	17.1.1	 In case the Parties cannot agree on a joint solution for handling disagreements or disputes in the governance
forum Volvo Polestar Executive P&Q Steering Committee, described in Appendix 3, a deadlock situation shall be deemed to have occurred and any of the Parties can notify the other Party hereof by the means of a deadlock notice and simultaneously
send a copy of the notice as set forth in Section 15.2.2 above and 

					
		  	 	License Agreement 23(22)	 

  

	 	
this Section. In such deadlock notice the reasons and preferred solution for the deadlock situation shall be stated. Upon the receipt of such a deadlock notice, the receiving Party shall within
ten (10) days of receipt, prepare and circulate to the other Party a statement setting out its position on the matter in dispute and reasons for adopting such position, and simultaneously send a copy of its statement in accordance with what it
set forth this Section 17.1. Each such statement shall be considered by the next regular meeting held by the Volvo Polestar Steering Committee or in a forum meeting specifically called upon by either Party for the settlement of the issue.

  

	17.1.2	 The members of the Volvo Polestar Steering Committee shall use reasonable endeavours to resolve a deadlock
situation in good faith. As part thereof, the Volvo Polestar Steering Committee may request the Parties to in good faith develop and agree on a plan to resolve or address the breach, to be presented for the Volvo Polestar Steering Committee without
undue delay. If the Volvo Polestar Steering Committee agrees upon a resolution or disposition of the matter, the Parties shall agree in writing on terms of such resolution or disposition and the Parties shall ensure that such resolution or
disposition is folly and promptly carried into effect. 

  

	17.1.3	 If the Volvo Polestar Steering Committee cannot settle the deadlock within thirty (30) days from the deadlock
notice, despite using reasonable endeavours to do so, such deadlock will be referred to the respective CEO and CFO of the two owners of Polestar on the signing date of this Agreementfor decision. Should the matter not have been resolved by the
respective CEO and CFO of the two owners of Polestar on the signing date of this Agreementwithin thirty (30) days counting from when the matter was referred to them, despite using reasonable endeavours to do so, the matter shall be resolved in
accordance with Section 17.2 below. 

  

	17.1.4	 All notices and communications exchanged in the course of a deadlock resolution proceeding shall be considered
Confidential Information of each Party and be subject to the confidentiality undertaking in Section 13 above. 

  

	17.1.5	 Notwithstanding the above, the Parties agree that either Party may disregard the time frames set forth in this
Section 17.1 and apply shorter time frames and/or escalate an issue directly to the respective CEO and CFO of the two owners of Polestar on the signing date of this Agreementin the event the escalated issue is of an urgent character and where
the applicable time frames set out above are not appropriate. 

  

	17.2	 Arbitration 

  

	17.2.1	 Any dispute, controversy or claim arising out of or in connection with this Agreement, or the breach,
termination or invalidity thereof, shall be finally settled by arbitration in accordance with the Arbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce. The seat of arbitration shall be Gothenburg, Sweden, and the
language to be used in the arbitral proceedings shall be English. The arbitral tribunal shall be composed of three arbitrators. 

  

	17.2.2	 Irrespective of any discussions or disputes between the Parties, each Party shall always continue to fulfil its
undertakings under this Agreement unless an arbitral tribunal or court (as the case may be) decides otherwise. 

					
		  	 	License Agreement 24(22)	 

  

	17.2.3	 In any arbitration proceeding, any legal proceeding to enforce any arbitration award, or any other legal
proceedings between the Parties relating to this Agreement, each Party expressly waives the defence of sovereign immunity and any other defence based on the fact or allegation that it is an agency or instrumentality of a sovereign state. Such waiver
includes a waiver of any defence of sovereign immunity in respect of enforcement of arbitral awards and/or sovereign immunity from execution over any of its assets. 

 

	17.2.4	 All arbitral proceedings as well as any and all information, documentation and materials in any form disclosed
in the proceedings shall be strictly confidential. 

 This Agreement has been signed in two (2) originals, of which the parties have
received one (1) each. The Parties acknowledge that this Agreement shall be binding upon the Parties already upon the signing and exchange of scanned version thereof, including scanned signatures. 

 

	VOLVO	 CAR CORPORATION 

Place: Gothenburg 
  

									
	 Signature:
	 	 /s/ Hans Oscarsson
	 		 	 Signature:
	 	 /s/ Maria Hemberg

			
	Hans Oscarsson, CFO	 		 	Maria Hemberg, SVP General Counsel
	 Clarification of signature and title
	 		 	 Clarification of signature and title

 POLESTAR NEW ENERGY VEHICLE CO. LTD. 

Place: 
  

									
	 Signature:
	 	 /s/ Thomas Ingenlath
	 		 	 Signature:
	 	 /s/ Zhang Yi Ian

			
	Thomas Ingenlath, CEO	 		 	Zhang Yi Ian, CFO
	 Clarification of signature and title
	 		 	 Clarification of signature and title

 APPENDIX I 

POLESTAR 3 TECHNICAL SPECIFICATION 

 [***] 

 APPENDIX 2 

FEE 
 [***] 

 Appendix 3 

Governance and Change Structure 
  

	1.	 GENERAL 

  

	1.1	 This Appendix 3 outlines the governance structure for this Agreement between the two Parties as well as how to
handle changes along the development project. 

  

	2.	 DEFINITIONS 

  

	2.1	 Any capitalised terms used but not specifically defined herein shall have the meanings set out for such terms
in the Agreement. In addition, the capitalised terms set out below in this Section 2 shall for the purposes of this Appendix have the meanings described herein. All capitalised terms in singular in the list of definitions shall have the same
meaning in plural and vice versa. 

  

	3.	 GOVERNANCE STRUCTURE 

 

	3.1	 Product Development 

 

	3.1.1	 The governance and co-operation between the Parties in respect of this
Agreement shall primarily be administered on an operational level. The operational level for the product development is defined by the forum called Design Review Meeting (“DRM”). This meeting will handle issues where a
decision regarding deviations from objectives have to be made, for example technical changes, re-categorization of development streams, attribute deviations, time consequences, delays, quality, cost
consequences and prioritisation of development activities or other aspects relating to the cooperation between the Parties. This meeting will also confirm the change management logged as Cross Brand Service Request in the Polestar Intake Meeting
(“CBSR”) including price effects of change requests, which is further described in Section 4.2. For Polestar Technology and PS Unique Volvo Technology, Polestar has the right for final decision. For Volvo Technology,
Volvo Cars has the right for final decision related to the development. However, the decisions made for the Volvo Technology will consider the Polestar share and Polestar will be involved in the decisions to an extent corresponding to their share.
The participants at the DRM is the Volvo Cars Technical Project Leader and the Polestar Product Manager, as well as relevant experts from both Parties related to the subjects discussed. The DRM is held weekly. 

 

	3.1.2	 If the DRM cannot make the decision or if Polestar objects to a decision or Polestar find that a decision is
not made in time and decides to escalate an issue, the next governance level is the Polestar Program Governance Meeting (“PPGM”). The PPGM is overseeing the project at a high level delivery status, with key item reports and
key activity forecasts. The forum decides on escalated issues and also decides on changes that have a cost impact. Items regarding manufacturing engineering and procurement may also be handled in the PPGM in the event that the item effect Product
Development. The participants at the PPGM is the Volvo Cars Technical Project Leader, Volvo Cars Project Finance Lead and Volvo Cars Vehicle Line Manager and Polestar Project Manager. The PPGM is held weekly, unless the Parties agree otherwise.

	3.1.3	 The next governance level for product development is the Executive P&Q Steering Committee. This Steering
Committee is handling the future direction and strategic relationship between the Parties. The forum decides on escalated issues and changes that have a major cost impact. The participants at the Executive P&Q Steering Committee is Volvo Cars
Head of P&Q and Volvo Cars Head of Global Procurement and Polestar CEO and Polestar Head of R&D, as well as other relevant participants from both Parties related to the subjects discussed. The meeting chair is Volvo Cars Head of P&Q and
the meeting is held monthly. 

  

	3.2	 Joint Governance Level 

 

	3.2.1	 In the event that Polestar objects to decisions made in the Executive P&Q Steering Committee and the
Parties cannot agree on a joint solution for disagreements or disputes handled, the final governance level is the Volvo Polestar Steering Committee. The participants in the Volvo Polestar Steering Committee is Volvo CEO and CFO and Polestar CEO and
CFO, as well as other relevant participants from both Parties related to the subjects discussed. The meeting is held monthly or as otherwise agreed, based on escalated items. 

 

	3.2.2	 If the Volvo Polestar Steering Committee cannot settle the disagreement, such deadlock will be referred to the
respective CEO and CFO of the two owners of Polestar on the signing date of this Agreement, for deadlock resolution, according to the escalation principles described in the Agreement Section 18. 

 

	3.2.3	 The governance structure between Volvo Cars and Polestar is illustrated in a picture at the end of this
appendix. 

  

	4.	 DESCRIPTION CHANGE MANAGEMENT 

 

	4.1	 As defined in the Agreement Section 13.2, Polestar and Volvo Cars can request changes, which shall be
handled in accordance with the procedure set forth in this Appendix 3. Both Parties agree to act in good faith to address and respond to any change request within a reasonable period of time. 

 

	4.2	 A change requested by Polestar or Volvo Cars is to be sent to the CBSR meeting and logged in the already
established SharePoint site. The CBSR will then appoint the request to the responsible function department to investigate the request for consequences of technology, time plan, cost and resources. The request will be reviewed cross-functionally,
including tax, before the response is presented to Polestar for decision. Polestar then decides, based on the quotation presented in the CBSR, if the change request will be introduced. The decision is agreed in writing and documented in the
SharePoint site at a CBSR. 

  

	4.3	 A change requested by Polestar and sent to the CBSR may also be denied, if the request is deemed unable to be
realized due to for instance technical consequences, time schedule or lack of resources. 

  

	4.4	 The Parties acknowledge that Volvo Cars will not perform in accordance with a change request submitted by
Polestar until agreed in writing between the Parties. Until there is an agreement about the requested change, all work shall thus continue in accordance with the existing specification set forth in this Agreement unless Polestar requests Volvo Cars
to pause the work until an agreement is reached. 

	4.5	 The cost consequence for a change request will be handled based on the quotation presented in the CBSR, and the
amount will be invoiced to Polestar quarterly added to the payment plan described in Appendix 2. If a change request results in a cost reduction, the fixed price amount defined in Appendix 2 will be deducted with the quoted reduction from the CBSR.

  

	4.6	 For the avoidance of doubt the Parties acknowledge that Volvo Cars will be entitled to make changes to the
Volvo Technology, as long as the specification in Appendix 1 is met. The Parties undertake to act in good faith and to agree on the consequences of any such changes for Polestar. If the Parties cannot agree on such suggested change of Volvo
Technology, Volvo Cars shall still be entitled to carry out said change and the result thereof will be considered Volvo Technology. In this event Polestar may stay with the original technology, which will then be considered PS Unique Volvo
Technology delivered by Volvo Cars to an additional fee. 

  

	4.7	 The costs relating to changes to the development work requested by Polestar shall, in relation to Volvo
Technology, be allocated based on the category of the relevant development (i.e. whether the results shall be considered Volvo Technology or PS Unique Volvo Technology) in accordance with what is set forth in the Agreement (if applicable) and
Appendix 1. Further, the costs relating to changes to the development work requested by Polestar shall, in relation to Polestar Technology, be allocated based on the category of the relevant development (i.e. whether the results shall be considered
Common Polestar Technology or such Polestar Technology not being Common Polestar Technology) in accordance with what is set out in in the Agreement (if applicable) and Appendix 1. 

 

	4.8	 For the avoidance of doubt, the Parties acknowledge that Polestar shall be responsible for all costs relating
to changes requested by Polestar in relation to such Polestar Technology to which Volvo Cars has not been granted a license pursuant to in the Agreement. 

  

	4.9	 For the avoidance of doubt, any changes under this Agreement made in relation to the Polestar Technology after
the effective date of this Agreement, shall automatically upon creation also be delivered as a service to Polestar in accordance with what is set forth in Section 3 in the Agreement. Correspondingly, any changes under this Agreement made to the
Volvo Technology after the effective date of this Agreement, shall automatically upon creation also be included in the license granted to Polestar in Section 4 in the Agreement. Any changes under this Agreement made in relation to the Volvo
Technology or Polestar Technology, respectively, as set forth in this Appendix 1, shall thus upon execution be included in the definition of Volvo Technology or Polestar Technology, as applicable. 

 

 

 Certain identified information marked with “[***]” has been omitted from this document because it
is both (i) not material and (ii) the type that the registrant treats as private or confidential. 
 Side Letter 

201906309 
 SIDE LETTER 

This side letter (“Side Letter”) is entered into on 30 June 2019 and made between: 

Volvo Car Corporation, Reg. No. 556074-3089, a limited liability company incorporated under the laws of Sweden (“Volvo
Cars”); 
 Volvo Cars (China) Investment Co., Ltd. Reg. No. 913101145574653825, a limited liability company incorporated
under the laws of the People’s Republic of China (“Volvo Cars China”); 
 Polestar Performance AB, Reg.
No. 556653-3096, a limited liability company incorporated under the laws of Sweden (“Polestar”); and 
 Polestar New
Energy Vehicle Co. Ltd., Reg. No. 91510100MA6BX1H33P, a limited liability company incorporated under the laws of the People’s Republic of China (“Polestar China”). 

Each of Volvo Cars, Volvo Cars China, Polestar and Polestar China are hereinafter referred to as a “Party” and jointly as the
“Parties”. Volvo Cars and Volvo Cars China are jointly referred to as the “Volvo Cars Entities” and Polestar and Polestar China are jointly referred to as the “Polestar Entities”. 

BACKGROUND 
  

	A.	 The Parties have entered into four separate license and service agreements for the development of the Polestar
Vehicle and related services. 

  

	B.	 The Parties now wish to clarify in writing the contractual setup and the relationship between the four
Agreements, as set out below. 

  

	C.	 It is also noted that the payments to Volvo Cars under the Agreements may be subject to withholding tax
(“WHT”) and Polestar Entities shall compensate Volvo Cars as stated in the Side Letter. 

  

	D.	 Unless otherwise defined in this Side Letter, capitalized terms used herein shall have the meaning ascribed to
them in each of the Agreements. 

  

	1	 CONTRACTUAL SET-UP 

 

	1.1	 There are four separate agreements that will be signed together with this Side Letter: 

 

	 	(a)	 License and Service Agreement between Volvo Cars and Polestar (“License and Service Agreement
RoW”), 

	 	(b)	 License Agreement between Volvo Cars and Polestar China (“License Agreement China”),

  

	 	(c)	 Service Agreement between Volvo Cars and Polestar China (“Service Agreement RoW”),

  

	 	(d)	 Service Agreement between Volvo Cars China and Polestar China (“Service Agreement China”).

 The four agreements in Section l.l(a)-(d) are together referred to as the “Agreements”. 

 

	1.2	 Even though the Agreements are four separate agreements with different parties, the Parties acknowledge that
their intention is that the Agreements actually constitute one and the same agreement. 

  

	2	 FEE 

  

	2.1	 [***] 

  

	2.2	 The Parties agree that the percentages and amounts set out in Appendix 2 to each of the Agreements referenced
in Section 1.1 shall be interpreted in light of the fact that the four Agreements shall actually constitute one and the same agreement. [***] 

  

	2.3	 In the light of the foregoing, the Parties agree that the below mentioned Sections in Appendix 2 to the above
mentioned Agreements shall be interpreted as follows: 

  

	 	(a)	 [***] 

  

	 	(b)	 [***] 

  

	 	(c)	 [***] 

  

	 	(d)	 [***] 

  

	3	 SPLIT OF WHT 

  

	3.1	 [***] 

  

	4	 NO SUB-LICENSING BETWEEN THE POLESTAR ENTITIES

  

	4.1	 The Parties acknowledge that the rights granted to the Polestar Entities is to some extent sub-licensable to inter alia Polestar Affiliates under the Agreements. It is, however, not the intention of the Parties that the Polestar Entities shall be allowed to
sub-license the rights granted under each of the Agreements to each other instead of utilising the rights granted to such Polestar Entity under its own Agreement. In the light of the above, the Polestar
Entities shall thus not be allowed to sub-license any of the rights granted under the Agreements between them, but only to other Polestar Affiliates of them as stipulated in each of the Agreements.

  
 2 

	5	 AMENDMENTS 

  

	5.1	 The Parties agree that, if an amendment is made to one of the Agreements, the Party not being a Party to such
amended Agreement agrees to make the corresponding amendment to the Agreement it is a Party to, unless otherwise agreed between the Parties. 

  

	6	 TERMINATION 

  

	6.1	 A breach of this Side Letter shall be considered a material breach under each of the Agreements.

  

	7	 DISPUTE RESOLUTION 

 

	7.1	 Any dispute, controversy or claim arising out of or in connection with this Side Letter, or the breach,
termination or invalidity thereof, shall be finally settled by arbitration in accordance with the Arbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce. The seat of arbitration shall be Gothenburg, Sweden, and the
language to be used in the arbitral proceedings shall be English. The arbitral tribunal shall be composed of three arbitrators. The Parties’ intention is that the identical arbitration clauses in each of the Agreements, with the exception of
the Service Agreement China, shall function as one and the same arbitration agreement entered into between, on the one hand, Volvo Cars, and, on the other hand, Polestar and Polestar China. Accordingly, the Parties agree that any disputes,
controversies or claims arising out of or in connection with the License and Service Agreement RoW, the License Agreement China, the Service Agreement RoW, and/or this Side Letter, or the breach, termination or invalidity thereof, may upon request
by a party to such agreement be consolidated into one arbitration proceeding. 

  

	8	 MISCELLANEOUS 

 

	8.1	 This Side Letter shall become effective as set forth in the preamble of this Side Letter and shall remain in
force until all tax decisions to be made by authorities regarding the Agreements and this Side Letter are final. 

  

	8.2	 This Side Letter is hereby incorporated to, and shall form an integral part of, in relation to the relevant
Parties, the relevant Agreements. This Side Letter takes precedence over the Agreements if they are contradictory or ambiguous. 

[Signature page follows] 

  
 3 

 This Side Letter has been signed in four (4) originals, of which the parties have received one (1) each. The
Parties acknowledge that this Side Letter shall be binding upon the Parties already upon the signing and exchange of scanned version thereof, including scanned signatures. 

					
			
	VOLVO CAR CORPORATION	 		 	
			
	Place: Gothenburg	 		 	
			
	/s/ Hans Oscarsson	 		 	/s/ Maria Hemberg
	Signature	 		 	Signature
			
	Hans Oscarsson, CFO	 		 	Maria Hemberg, SVP General Counsel
	Clarification of signature and title	 		 	Clarification of signature and title

					
			
	VOLVO CAR (CHINA) INVESTMENT CO. LTD	 		 	
			
	Place: Gothenburg	 		 	
			
	/s/ Hans Oscarsson	 		 	/s/ Maria Hemberg
	Signature	 		 	Signature
			
	Hans Oscarsson, CFO	 		 	Maria Hemberg, SVP General Counsel
	Clarification of signature and title	 		 	Clarification of signature and title
	by POA	 		 	by POA
			
	POLESTAR PERFORMANCE AB	 		 	
			
	Place:	 		 	
	/s/ Thomas Ingenlath	 		 	/s/ Zhang Yi Ian
	Signature	 		 	Signature
			
	Thomas Ingenlath, CEO	 		 	Zhang Yi IAN, CFO
	Clarification of signature and title	 		 	Clarification of signature and title
			
	POLESTAR NEW ENERGY VEHICLE CO. LTD.	 		 	
			
	Place:	 		 	
	/s/ Thomas Ingenlath	 		 	/s/ Zhang Yi Ian
	Signature	 		 	Signature
			
	Thomas Ingenlath, CEO	 		 	Zhang Yi Ian, CFO
	Clarification of signature and title	 		 	Clarification of signature and title

					
		  	 	Agreement No.: PS20-086	 

  

 Novation Agreement 

This Novation Agreement (the “Agreement”) is entered into by and among the following parties on 8 December, 2020. 

Polestar New Energy Vehicle Co., Ltd./

, registration number (USCC) 91310000MA1FL17P99, a limited liability company duly incorporated and validly existing under the Laws of People’s Republic of China (the “Transferor”) 

Polestar Automotive China Distribution Co., Ltd./

, registration number (USCC) 91310000MA1GWM6F9C, a limited liability company duly incorporated and validly existing under the Laws of People’s Republic of China (the “Transferee”); and 

Volvo Car Corporation, registration number 556074-3089, a limited liability company duly incorporated and validly existing under the Laws of Swedish
(the “Volvo Cars”). 
 The above parties shall be hereinafter referred to as a “Party” individually and as the
“Parties” collectively. 
 WHEREAS: 
  

	(1)	 The Transferor and Volvo Cars entered into a License Agreement in relation to joint development provided under
a license to technology related to Polestar 3 car model (the “Original Agreement”) on 30 June, 2019; 

  

	(2)	 The Transferor and Volvo Cars also entered into an Amendment Agreement to the Original Agreement in December
2019. 

  

	(3)	 The Transferor agrees to transfer all of the rights and outstanding obligations under the Original Agreement to
the Transferee and the Transferee agrees to accept such transfer. 

 NOW, THEREFORE, the Parties hereby agree as follows: 

 

	Article	 1 Transfer of Rights and Obligations 

 

	1.1	 The Parties hereby agree, by execution of this Agreement and subject to the terms and conditions contained
herein, that the Transferor hereby transfers all of its rights and outstanding obligations under the Original Agreement to the Transferee, and the Transferee agrees to substitute the Transferor as a party to the Original Agreement, and shall acquire
all of the rights of the Transferor under the Original Agreement and undertake all of the outstanding obligations of the Transferor thereunder on the Effective Date (as defined below). 

 

	1.2	 As of the Effective Date of the Agreement, the Transferor shall not be severally liable for any liability of
the Transferee to perform its obligations under the Original Agreement. 

  

	1.3	 The Transferee confirms that it can fully perform all obligations as they exist under the Original Agreement.

			
		  	Agreement No.: PS20-086

  

	Article	 2     Taxes, Costs and Expenses 

The Parties shall be responsible for any taxes, costs and expenses incurred by them respectively in connection with the rights and obligation transfer
according to this Agreement. 
  

	Article	 3     Effectiveness 

This Agreement shall become effective on the date that it is duly executed by all the Parties (the “Effective Date”). 

 

	Article	 4     Governing Law and Dispute Resolution 

Sections 16 and 17 of the Original Agreement shall apply to this Agreement as well. 
  

	Article	 5     Language and Originals 

This Agreement shall be made in English and in three originals with each Party keeping one original. 

[Signature pages to follow] 

  
 2 

					
		  	 	Agreement No.: PS20-086	 

  

 IN WITNESS whereof the Parties hereto have executed the Agreement as of the date first above written. 

The Transferor: Polestar New Energy Vehicle Co., Ltd./

 
  

	
	(Seal)
	
	/s/ Lars Danielson
	Legal Representative: Lars DANIELSON

 The Transferee: Polestar Automotive China Distribution Co., Ltd./

 
  

	
	(Seal)
	
	/s/ Lars Danielson
	Legal Representative: Lars DANIELSON

 Volvo Cars: Volvo Car Corporation 
  

									
					
	By:	 	/s/ Maria Hemberg	 		 	By:	 	/s/ Carla De Geyseleer

									
	Printer Name:	 	Maria Hemberg	 		 	Printed Name:	 	Carla De Geyseleer

									
	Title:	 	 General Counsel
	 		 	Title:	 	CFO

									
	Date:	 	17 Dec. 2020	 		 	Date:	 	17 Dec. 2020

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