Document:

EX-10.12

 Exhibit 10.12 

Car Model Assignment and License Agreement 

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 
 CAR MODEL ASSIGNMENT AND LICENSE AGREEMENT 

Volvo Car Corporation 
 and 

Polestar New Energy Vehicle Co. Ltd. 

Assignment of and license to technology related to Polestar 1 and Polestar 2 

 Car Model Assignment and License Agreement 

TABLE OF CONTENTS 
  

							
	1.	  	DEFINITIONS	  	 	3	 
	2.	  	AGREEMENT	  	 	3	 
	3.	  	VOLVO TECHNOLOGY	  	 	4	 
	4.	  	LICENSE GRANT	  	 	4	 
	5.	  	ASSIGNMENT	  	 	4	 
	6.	  	FEE AND PAYMENT TERMS	  	 	5	 
	7.	  	 DEVIATIONS FROM THE FRAMEWORK ASSIGNMENT AND LICENSE AGREEMENT
	  	 	5	 
	8.	  	TERM AND TERMINATION	  	 	5	 

 APPENDICES 
 Appendix
1–Polestar 1 and Polestar 2 specification 
 Appendix 1.1–Volvo Technology 

Appendix 2–Framework Assignment and License Agreement 

Appendix 3–Fee 

			
		  	Car Model Assignment and License Agreement 3(4)

  

 This CAR MODEL ASSIGNMENT AND LICENSE AGREEMENT (this “Car Model Assignment and License
Agreement”) is entered into on 31 October 2018 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. 91510100MA6BX1H33P, a limited liability company
incorporated under the laws of People’s Republic of China (“Polestar”). 

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

BACKGROUND 
  

	A.	 The Parties have entered into the Framework Assignment and License Agreement attached hereto as Appendix 2 (the
“Framework Assignment and License Agreement”) setting out the general terms and conditions in relation to licenses to certain technology to be granted by Volvo Cars to Polestar under separate car model
assignment and license agreements. 

  

	B.	 Polestar now wishes to obtain such licenses in relation to the Polestar Vehicle (as defined in Section 1.2
below). 

  

	C.	 In light of the foregoing, the Parties have agreed to execute this Car Model Assignment and License Agreement.

  

	1.	 DEFINITIONS 

  

	1.1	 To the extent not defined herein, all capitalised terms shall have the meaning ascribed to them in the
Framework Assignment and License Agreement. Capitalised terms in singular shall have the same meaning in plural and vice versa. 

  

	1.2	 In addition, for the purposes of this Car Model Assignment and License Agreement, the term
“Polestar Vehicle” shall mean the Polestar 1 and Polestar 2 vehicles. 

  

	2.	 AGREEMENT 

  

	2.1	 This Car Model Assignment and License Agreement sets out the specific terms in relation to the Polestar
Vehicle. The general terms and conditions in relation to the obligations of the Parties hereunder are set out in the Framework Assignment and License Agreement. 

 

	2.2	 This Car Model Assignment and License Agreement and its appendices form an integral part of the Framework
Assignment and License Agreement. 

  

	2.3	 In the event there are any contradictions or inconsistencies between the terms of this Car Model Assignment and
License 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:

			
		  	Car Model Assignment and License Agreement 4(4)

  

	 	(a)	 this main document of this Car Model Assignment and License Agreement; 

 

	 	(b)	 Appendix 1—Polestar 1 and Polestar 2 specification; 

 

	 	(c)	 Appendix 3—Fee; and 

 

	 	(d)	 Appendix 2—Framework Assignment and License Agreement. 

 

	3.	 VOLVO TECHNOLOGY 

 

	3.1	 Volvo Cars agrees to, in accordance with the terms and conditions of the Framework Assignment and License
Agreement, to Polestar deliver and ^ant licenses to the Volvo Technology in relation to the Polestar Vehicle. The delivery of such Volvo Technology shall comply with the provisions set out in this Car Model Assignment and License Agreement and
in the Framework Assignment and License Agreement. 

  

	3.2	 A 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 18w37 and in the Volvo Lotus Notes Database 18w37. A final specification of the deliverables shall, subject to
good faith discussions between the Parties, be made at Jobl+90 as a part of the Final Status Report (FSR). All of the aforementioned specifications shall be considered an integral part of Appendix 1 and consequently also this Car Model Assignment
and License Agreement. 

  

	3.3	 As regards Appendix 1.1, such Volvo Technology set forth therein is specified at the time of entering into this
Car Model Assignment and License Agreement, but a final allocation of the Volvo Technology shall, subject to good faith discussions between the Parties, be made at Jobl+90 as a part of the Final Status Report (FSR) (as described in the VPDS). For
the avoidance of doubt, such technology specified as Polestar Technology (as defined in the Framework Assignment and License Agreement) in Appendix 1.1 falls outside the scope of this Car Model Assignment and License Agreement. The Parties thus
acknowledge that only such technology specified as Volvo Technology in Appendix 1.1 shall be considered for the purpose of this Car Model Assignment and License Agreement. 

 

	4.	 LICENSE GRANT 

Volvo Cars hereby grants to Polestar a license to the Volvo Technology in relation to the Polestar Vehicle in accordance with what is set out
in the Framework Assignment and License Agreement, and in particular Section 3 of the Framework Assignment and License Agreement. 
  

	5.	 ASSIGNMENT 

For the purpose of this Car Model Assignment and License Agreement, there is no assignment of Polestar Technology from Volvo Cars to Polestar.
The Parties acknowledge that any references made in the Framework Assignment and License Agreement and in Appendix 1.1 in relation to the Polestar Technology (and the assignment thereof shall thus not be considered. 

			
		  	Car Model Assignment and License Agreement 5(4)

  

	6.	 FEE AND PAYMENT TERMS 

 

	6.1	 In consideration of the licenses granted hereunder and the Parties’ performance of their respective
obligations under the Framework Assignment and License Agreement and this Car Model Assignment and License Agreement, each Party agrees to pay to the other Party the Fee as described in Appendix 3. 

 

	6.2	 The Fee shall be determined between the Parties as described in Appendix 3. 

 

	6.3	 To the extent the Fee shall be determined based on actual development costs, such shall be calculated on a time
and material basis applying arm’s length hourly rates using the cost plus method, i.e. full cost incurred plus an arm’s length mark-up. The hourly rates should be reviewed, updated and agreed between
the Parties on an annual basis. Moreover, such actual development costs shall at all times be subject to the principles set out in the Framework Assignment and License Agreement. 

 

	6.4	 Volvo Cars shall continuously keep Polestar informed of such generated and expected development costs.

  

	6.5	 All amounts and payments referred to in this Car Model Assignment and License Agreement shall be paid in SEK.
Additional payment terms are set out in the Framework Assignment and License Agreement and in Appendix 3. 

  

	7.	 DEVIATIONS FROM THE FRAMEWORK ASSIGNMENT AND LICENSE AGREEMENT 

For the purposes of this Car Model Assignment and License Agreement, Section 9.1.3 of the Framework Assignment and License Agreement shall
not apply. 
  

	8.	 TERM AND TERMINATION 

This Car Model Assignment and License Agreement shall become effective as set forth in the preamble to this Agreement and shall remain in force
and be able to be terminated in accordance with what is set out in the Framework Assignment and License Agreement. 
 [Signature page
follows] 

			
		  	Car Model Assignment and License Agreement 6(4)

  

 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 signature. 

VOLVO CAR CORPORATION 
 Place: Gothenburg 

					
	/s/ Hans Oscarsson	 		 	/s/ Hanna Fager
	Signature	 		 	Signature
			
	Hans Oscarsson	 		 	Hanna Fager
	Clarification of signature and title	 		 	Clarification of signature and title

			
		  	Car Model Assignment and License Agreement 7(4)

  

 POLESTAR NEW ENERGY VEHICLE CO. LTD. 

Place: Gothenburg 

					
	 	 		 	 
	Signature	 		 	Signature
	 	 		 	 
	Clarification of signature and title	 		 	Clarification of signature and title

  
  

APPENDIX 1 
  

 

 APPENDIX 1 

POLESTAR 1 AND POLESTAR 2 SPECIFICATION 

[***] 

   

APPENDIX 2 
  

 
  

 APPENDIX 2 

FRAMEWORK ASSIGNMENT AND LICENSE AGREEMENT 

The Parties agree to in good faith and as soon as possible after the Framework Assignment and License Agreement has been signed by the Parties, replace this
Appendix 2 with a photocopy of said signed Framework Assignment and License Agreement. 

   

APPENDIX 3 
  

 
  

 APPENDIX 3 

FEE 
 [***] 

 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 

This side letter (“Side Letter”) is entered into on 31 October 2018 and made between: 

Volvo Car Corporation, Reg. No. 556074-3089, a limited liability company incorporated under the laws of Sweden (“Volvo
Cars”); 
 Polestar Performance AB, Reg. No. 556653-3096, a limited liability company incorporated under the laws of
Sweden (“Polestar Sweden”); 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, Polestar Sweden and Polestar China is hereinafter referred to as a “Party” and jointly as the “Parties”. Polestar Sweden and Polestar China are jointly referred to as the “Polestar Entities”.

 BACKGROUND 
  

	A.	 Volvo Cars has entered into two separate car model assignment and license agreements, one with Polestar Sweden
and one with Polestar China in relation to grant of licenses to certain technology and know-how related to the Polestar branded vehicles Polestar 1 and Polestar 2 (the “Car Model Assignment and
License Agreements”). 

  

	B.	 Unless otherwise defined in this Side Letter, capitalized terms used herein shall have the meaning ascribed to
them in each of the Car Model Assignment and License Agreements. 

  

	C.	 The Parties now wish to clarify in writing the contractual setup and the relationship between the two Car Model
Assignment and License Agreements, as set out below. 

  

	1.	 CONTRACTUAL SET-UP 

Even though the Car Model Assignment and License Agreements are two separate agreements with different parties, the Parties acknowledge that
their intention is that the Car Model Assignment and License Agreements actually constitute one and the same agreement. 
  

	2.	 FEE 

  

	2.1	 The Parties acknowledge that the Polestar Entities shall pay to Volvo Cars a Fee for the license to Volvo
Technology and PS Unique Volvo Technology as referenced to in the Car Model Assignment and License Agreement and as further described in Appendix 3 thereto. The Fee set out in Appendix 3 to each Car Model Assignment and License Agreement amounts to
a certain specified percentage of Volvo Cars’ actual development costs for the Volvo Technology and the PS Unique Volvo Technology, respectively. 

			
		  	 2(5)

  

	2.2	 The Parties agree that the percentages and amounts set out in Appendix 3 to each of the Car Model Assignment
and License Agreement shall be interpreted in the light of the fact that the two Car Model Assignment and License Agreements shall actually constitute one and the same agreement. The Parties intention is therefore that the total amount payable to
Volvo Cars under the two Car Model Assignment and License Agreements shall be split between the Polestar Entities. The foregoing applies to both already incurred developments costs and future development costs. 

 

	2.3	 [***] 

  

	2.4	 [***] 

  

	3.	 NO SUB-LICENSING BETWEEN THE POLESTAR ENTITIES

 The Parties acknowledge that the rights granted to the Polestar Entities is to some extent sub-licensable to inter alia Polestar Affiliates under the Car Model Assignment and License 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 Car Model Assignment and License Agreements to each other instead of utilising the rights granted to such Polestar Entity under its own Car Model Assignment and
License 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 Car Model Assignment and License Agreements between them, but
only to other Polestar Affiliates of them as stipulated in each of the Car Model Assignment and License Agreements. 
  

	4.	 AMENDMENTS 

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

 

	5.	 TERMINATION 

  

	5.1	 If one of the Car Model Assignment and License Agreements is terminated, the Parties hereby agree that Volvo
Cars shall have a right to terminate the other Car Model Assignment and License Agreement with immediate effect. 

  

	5.2	 A breach of this Side Letter shall be considered a material breach under each of the Car Model Assignment and
License Agreements. 

  

	6.	 DISPUTE RESOLUTION 

The Parties intention is that the identical arbitration clauses in each of the Car Model Assignment and License Agreements shall function as
one and the same arbitration agreement entered into between, on the one hand, Volvo Cars, and, on the other hand, the Polestar Entities. Accordingly, the Parties agree that any disputes, controversies or claims arising out of or in connection with
the Car Model Assignment and License Agreements, and/or this Side Letter, or the breach, termination or invalidity thereof, may be consolidated into one arbitration proceeding. 

			
		  	 3(5)

  

	7.	 MISCELLANEOUS 

 

	7.1	 This Side Letter shall become effective as set forth in the preamble of this Side Letter and shall remain in
force, in relation to the relevant Parties, for the duration of the relevant Car Model Assignment and License Agreement. 

  

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

[Signature page follows] 

			
		  	 4(5)

  

 This Side Letter has been signed in three (3) 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/ Hanna Fager
	Signature	 		 	Signature
			
	Hans Oscarsson	 		 	Hanna Fager
	Clarification of signature and title	 		 	Clarification of signature and title

 POLESTAR PERFORMANCE AB 

Place: Gothenburg 

					
			
	/s/ Hans Oscarsson	 		 	/s/ Maria Hemberg
	Signature	 		 	Signature
			
	Hans Oscarsson	 		 	Maria Hemberg
	Clarification of signature and title	 		 	Clarification of signature and title

 POLESTAR NEW ENERGY VEHICLE CO. LTD. 

Place: Gothenburg 

					
			
	   
	 		 	   

	Signature	 		 	Signature
	 	 		 	 
	Clarification of signature and title	 		 	Clarification of signature and title

 EXECUTE VERSION 

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 
 SUPPLEMENT 

TO 
 CAR MODEL
ASSIGNMENT AND LICENSE AGREEMENT 
 between 

VOLVO CAR CORPORATION 

AND 
 POLESTAR NEW
ENERGY VEHICLE CO. LTD 

 EXECUTE VERSION 

This Supplement to CAR MODEL ASSIGNMENT AND LICENSE AGREEMENT (the “Supplement”) is entered into
on                         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. 91510100MA6BX1H33P, a limited liability company
incorporated under the laws of People’s Republic of China (“Polestar”). 

 Each of Volvo Cars and Polestar is
hereinafter individually referred to as “Party” and collectively as “Parties”. 
  

	1.	 BACKGROUND AND PURPOSE 

The Parties entered into a Framework Assignment and License Agreement (the “Framework Agreement”) and a Car Model Assignment and
License Agreement for the license to technology related to the Polestar 1 and Polestar 2 (the “License Agreement”) on 31 October 2018. The Parties to the License Agreement now wishes to make certain clarifications and
amendments to said agreement, which is the purpose of these amendments, below the “Amendments”. 
  

	2.	 DEFINITIONS 

Any capitalized term not explicitly defined in these Amendments shall have the meaning as described in the License Agreement. 

 

	3.	 CONTRACTUAL STRUCTURE AND CONFLICTS 

In the event of any conflicts in the content of the License Agreement and these Amendments, the content of a contractual document with a later date of
signature shall prevail. 
  

	4.	 RECONSILIATION OF ACTUAL DEVELOPMENT COST 1 JULY TO 31 DECEMBER 2018 

 

	4.1.	 As stated in Appendix 3 to the License Agreement the Parties have agreed that the Fee payable by Polestar for
the Licenses granted under the License Agreements should be calculated as a certain percentage of Volvo Car’s actual development cost. Section 1.2.3, in Appendix 3 to the License Agreement outline the estimated remainingdevelopment cost
after June 2018 until Jobl+ 90 days but the Parties acknowledge that the amounts are an estimation and that the Fee payable by Polestar should be based on the actual development cost. 

 EXECUTE VERSION 
  

	4.2.	 - 4.5 [***] 

  

	5.	 GENERAL PROVISIONS 

 

	5.1.	 This Supplement shall become effective upon signature by all Parties unless explicitly agreed otherwise in
writing. 

  

	5.2.	 Sections 17 and 18 of the Framework Agreement shall apply to this Supplement as well. 

 

	6.	 ENTIRE AGREEMENT 

This Supplement, including the License Agreement, constitutes the entire agreement between the Parties with regard to the purpose as described in Clause 1,
hereinabove. The Parties hereby agree that all other terms and conditions in the License Agreement not specifically amended and clarified through these Supplement shall remain in full force and effect. 

 EXECUTE VERSION 

This Supplement have been executed in two (2) originals of which the Parties have taken one each. 

VOLVO CAR CORPORATION 
 Place: 

 

					
	/s/ Per Ansgar	 		 	/s/ Maria Hemberg
	Signature	 		 	Signature
			
	Per Ansgar, acting CFO	 		 	Maria Hemberg SVP, General Counsel
	Clarification of signature and title	 		 	Clarification of signature and title

 POLESTAR NEW ENERGY VEHICLE CO. LTD. 

Place: 
  

					
	/s/ Lars Danielson	 		 	 
	Signature	 		 	Signature
			
	Lars Danielson	 		 	 
	Clarification of signature and title	 		 	Clarification of signature and title

 Agreement No.: PS20-032 

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. 
 AMENDMENT AGREEMENT 

This Amendment Agreement to the Car Model Assignment and License 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 New Energy Vehicle Co. Ltd., Reg. No. 91510100MA6BX1H33P, 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.	 The Parties have entered into a Car Model Assignment and License Agreement on 31 October 2018 (the
“Agreement”). 

  

	B.	 The Parties have found errors in the Agreement, specifically with respect to the calculations that lie beneath
the fees payable, the pricing models and scope of licenses. The Parties therefore wish to rectify those errors by amending 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, are effective as of the 31 October 2018. 

  

	2.	 AMENDMENTS 

  

	2.1	 Definition “Polestar Vehicle” in section 1.2 of the Agreement shall be replaced in its
entirety as follows: 

 ““Polestar Vehicle” means (i) any Polestar branded vehicles for Volvo
Technology not included in category 4 as stated in Appendix 1.1, and (ii) only PSI [***]) and PS2 [***] for Volvo Technology included in category 4 as stated in Appendix 1.1” 

 

	2.2	 Appendix 3 to the Agreement shall be replaced in its entirety by Appendix 3 attached to this
Amendment. 

	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. 

 [SIGNATURE PAGE
FOLLOWS] 

  

									
	VOLVO CAR CORPORATION	 		 	POLESTAR NEW ENERGY VEHICLE CO. LTD.
					
	By:	 	/s/ Carla De Geyseleer	 		 	By:	 	/s/ Lars Danielson

									
	Printed Name:	 	Carla De Geyseleer	 		 	Printed Name:	 	Lars Danielson

									
	Title:	 	 	 		 	Title:	 	 

									
	Date:	 	 	 		 	Date:	 	 

									
					
	By:	 	/s/ Hanna Fager	 		 	By:	 	 

									
	Printed Name:	 	Hanna Fager	 		 	Printed Name:	 	 

									
	Title:	 	 	 		 	Title:	 	 
	Date:	 	 	 		 	Date:	 	 

			
		  	 2(3)

  

 APPENDIX 3 

1. FEE FOR VOLVO TECHNOLOGY 
  

	1.1	 Principles for determining the Fee 

1.1.1 As regards the Volvo Technology, the Fee shall (i) be determined based on Volvo Cars’ actual development costs for developing the Volvo
Technology, and (ii) include the value of so called Existing Know-How and Technology (“EKT”). 

[***] 

 Agreement No.: PS20-079 

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.,                                        
                                         
                                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 Framework Assignment and License Agreement as well as a Car Model
Assignment and License Agreement in relation to license to technology to Polestar 1 and Polestar 2 car models on 31 October, 2018 

  

	(2)	 The Transferor and Volvo Cars also entered into a Supplement to the Car Model Assignment and License Agreement
in September 2019, and an Amendment Agreement to the Car model Assignment and License Agreement in June 2020 

  

	(3)	 The Agreements, Supplement and Amendment mentioned in Section 1 and 2 above are collectively referred to
as the “Original Agreements” 

  

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

  
 i 

 Agreement No.: PS20-079 

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 Agreements to the Transferee, and the Transferee agrees to substitute the Transferor as a party to the Original Agreements, and shall
acquire all of the rights of the Transferor under the Original Agreements 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 Agreements. 

  

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

 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
17 and 18 of the Framework Assignment and License 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 

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

 

	
	The Transferor: Polestar New Energy Vehicle Co.,
	 (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 
  

	
	/s/ Carla De Geyseleer
	
	 Printed Name: Carla De Geyseleer

	
	 Title: CFO

	
	 Date: 17 Dec 2020

	
	 /s/ Maria Hemberg

	
	 Printed Name: Maria Hemberg

	
	 Title: General Counsel

	
	 Date: 17 Dec 2020EX-10.13

 Exhibit 10.13 

Agreement No.: PS20-094 
 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. 

SETTLEMENT AGREEMENT 
 This settlement
agreement (the “Agreement”) is between 
 Volvo Car Corporation, Reg. No. 556074-3089, a corporation organized and existing under the laws of
Sweden (“Volvo Cars”) and 
 Polestar New Energy Vehicle Co. Ltd., Reg. No. 91510100MA6BX1H33P, a corporation organized and existing under the
laws of People’s Republic of China (“Polestar NEV”). 
  

	 	BACKGROUND	 

  

	 	A.	 A dispute has arisen between the Parties relating to the following (the “Dispute”):

 The Parties have entered into a Service Agreement dated 31 October 2018 (the “Service Agreement”)
under which Volvo Cars provides certain procurement services for Polestar 1 vehicles to Polestar NEV. 
 The Parties
recognize that: 
 I.      [***] 

II.      [***] 

III.      [***] 
  

	 	B.	 Polestar NEV has requested that Volvo Cars covers the costs related to the performance of these services,
listed in Appendix 1. 

  

	 	C.	 The Parties have conducted settlement negotiations for the purpose of reaching an amicable solution and have
now agreed on terms for the full and final settlement of the Dispute and wish to record those terms of settlement, on a binding basis, in this Agreement. 

  

	 	AGREEMENT	 

  

	1.	 DEFINITIONS 

Front page definitions. The terms Agreement, Volvo Cars, Polestar NEV, Dispute and Service Agreementshall have the meaning asset out on the
first page of this Agreement. 
 Confidential Information means any and all non-public information
regarding the Parties and their respective businesses, whether commercial or technical, in whatever form or media, including but not limited to the existence, content and subject matter of this Agreement and the substance of all negotiations in
connection with it that a Party learns from or about the other Party prior to or after the execution of this Agreement. 
 Disclosing
Party means the Party disclosing Confidential Information to the Receiving Party. 
 Parties means Volvo Cars and Polestar NEV and
Party means either Volvo Cars or Polestar NEV. 
 Receiving Party means the Party receiving Confidential Information from the
Disclosing Party. 

  
 1 

 Agreement No.: PS20-094 

 
 Steering Committee means the Volvo Polestar Financial
Status Meeting, and the participants are Volvo Cars Head of Owner’s Controlling and Related Party Business ([***]) and Polestar Head of Finance ([***]). The Steering Committee shall be the first level of governance forum established by the
Parties for handling the cooperation between them in respect of various matters. 
 Strategic Board means the so-called Volvo Polestar Executive Meeting. The Strategic Board shall be the highest level of governance forum established by the Parties for handling the cooperation between them in respect of various
matters. 
 Third Party means a party other than any of the Parties. 

 

	2.	 EFFECT OF THIS AGREEMENT 

 

	2.1	 The Parties hereby agree that this Agreement shall, when duly signed by both Parties, be fully and effectively
binding on them. 

  

	3.	 SETTLEMENT 

  

	3.1	 Volvo Cars and Polestar NEV agree that Section 12.2 of Appendix 2 to the Service Agreement shall be
amended and restated in its entirety as follows: 

 “Each Party’s aggregate liability for any direct damage
arising out of or in connection with this Service Agreement shall be limited to thirty per cent (30 %) of the Service Charges payable by Purchaser to the Service Provider hereunder.” 

 

	3.2	 Volvo Cars shall compensate Polestar NEV for the additional costs on actions to remedy the poorly executed
services as set forth in Appendix 1 of this Agreement with an amount of [***]which should be considered as a claim of total amount exclusive of VAT and all other taxes, surcharges etc. when applicable, though in this case Chinese VAT
should not be applicable. 

  

	3.3	 Except as provided for in this Agreement, the Service Agreement shall continue to apply without any changes.

  

	3.4	 All claims connected to the Dispute that Volvo Cars may have and may enforce towards Third Parties and
all proceeds from such claims shall belong to Volvo Carsonly. Polestar NEV will be solely and completely satisfied with the payment made under this Agreement. However, Polestar NEV shall, upon Volvo Cars’ request, support Volvo Cars in all
recovery actions against Third Parties to the same extent as in recovery actions for its own account, e.g. by providing Volvo Cars with all information and evidence relevant for recovery actions. 

 

	3.5	 Any and ail claims connected to the Dispute that are brought against Volvo Cars by Third Parties are not
covered by this settlement and shall be discussed and agreed between the Parties separately. 

  

	4.	 PAYMENT 

  

	4.1	 Polestar NEV shall invoice to Volvo Cars the [***] within 30 calendar days after this Agreement has been signed
by both Parties. 

  

	4.2	 The invoice issued by Polestar NEV shall be send directly and only to Volvo Cars’ VP Group
Reporting & Controlling. 

  

	4.3	 The invoice and payment shall be made in the currency: RMB. 

  
 2 

 Agreement No.: PS20-094 

 

	4.4	 Volvo Cars shall pay the invoiced amount within 30 calendar days after the invoice date. 

 

	4.5	 Payment made later than the due date will automatically be subject to interest for late payments for each day
it is not paid and the interest shall be based on the one month applicable interbank rate, depending on Invoice and currency, with an addition of two per cent (2.0%) per annum. 

 

	5.	 RELEASE 

  

	5.1	 Subject to payment in accordance with Section 3.5 above, this Agreement is the full and final
settlement of, and each Party on behalf of itself and its subsidiaries (for the avoidance of doubt, Polestar NEV is not being considered a subsidiary of Volvo Cars) and their respective directors, officers, successors hereby releases and forever
discharges, all actions, claims, rights, demands and set-off that it ever had, may have or hereafter can, shall or may have against the other Party on behalf of itself and its subsidiaries and their
respective directors, officers, successors arising out of or connected with the Dispute (the “Released Claims”). 

  

	5.2	 For the avoidance of doubt, this Agreement shall only cover the Dispute and not any other outstanding
deliveries or obligations under any agreement between the Parties. 

  

	6.	 COSTS 

  

	6.1	 The Parties shall each bear their own legal costs and expenses in relation to the Dispute and this Agreement.

  

	7.	 WARRANTIES AND AUTHORITY 

 

	7.1	 Each Party warrants and represents that it has not sold, transferred, assigned or otherwise disposed of its
interest in the Released Claims. Each Party also warrants and represents that it has the full right, power and authority to enter into this Agreements. 

  

	8.	 NO ADMISSION 

  

	8.1	 This Agreement is entered into in connection with the compromise of disputed matters and in the light of other
considerations, it is not, and shall not be represented or construed by 

 the Parties as, an admission of liability or
wrongdoing on the part of either Party to this Agreement or any other person or entity. 
  

	9.	 CONFIDENTIAL INFORMATION 

 

	9.1	 The Parties shall take any and all necessary measures to comply with the security and confidentiality
procedures of the other Party. 

  

	9.2	 All Confidential Information shall only be used for the purposes comprised by the fulfilment of 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 9.2 below
apply 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;

  
 3 

 Agreement No.: PS20-094 

 

	 	(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; or 

 

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

  

	9.3	 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, as the Receiving Parts uses to protect its own Confidential Information of similar nature, to prevent the dissemination to Third Parties or publication of the Confidential Information. 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 9. 

  

	9.4	 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 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. 

  

	9.5	 If any Party violates any of its obligations described, in this Section 8, 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 behavior and (ii) financially compensate for the harm suffered as determined by an arbitral
tribunal pursuant to Section 11.2 below. All legal remedies (compensatory but not punitive in nature) according to law shall apply. 

  

	9.6	 This confidentiality provision shall survive the expiration or termination of this Agreement without limitation
in time. 

  

	10.	 GQVERNINGLAW 

  

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

  

	11.	 DISPUTE RESOLUTION 

 

	11.1	 Escalation principles. 

 

	11.1.1	 In case the Parties cannot agree on a joint solution for handling disagreements or disputes, a deadlock
situation shall be deemed to have occurred and each Party shall notify the other Party hereof by the means of a deadlock notice and simultaneously send a copy of the notice to the Steering Committee. Upon the receipt of such a deadlock notice, the
receiving Party shall within ten 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 to the
Steering Committee. Each such statement shall be considered by the next regular meeting held by the Steering Committee or in a forum meeting specifically called upon by either Party for the settlement of the issue.

  
 4 

 Agreement No.: PS20-094 

 

	11.1.2	 The members of the Steering Committee shall use reasonable endeavours to resolve a deadlock situation in good
faith. As part thereof, the 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 Steering Committee without undue delay. If the 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 procure that such resolution or disposition Is fully and promptly carried into effect.

  

	11.1.3	 If the Steering Committee cannot settle the deadlock within 30 days from the deadlock notice pursuant to the
section above, despite using reasonable endeavours to do so, such deadlock will be referred to the Strategic Board for decision. If no Steering Committee has been established between the Parties, the relevant issue shall be referred to the Strategic
Board. Should the matter not have been resolved by the Strategic Board within 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 11.2
below. 

  

	11.1.4	 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 9 above. 

  

	11.1.5	 Notwithstanding the above, the Parties agree that either Party may disregard the time frames set forth in this
Section 11.1 and apply shorter time frames and/or escalate an issue directly to the Strategic Board in the event the escalated issue is of an urgent character and where the applicable time frames set out above are not appropriate.

  

	11.2	 Arbitration. 

  

	11.2.1	 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, whereas the seat of arbitration shall be Gothenburg, Sweden, the
language to be used in the arbitral proceedings shall be English, and the arbitral tribunal shall be composed of three arbitrators. 

  
 5 

 Agreement No.: PS20-094 

 

	11.2.2	 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 o r court (as the case may be) decides otherwise. 

  

	11.2.3	 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. 

 

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

  

	12.	 GENERAL PROVISIONS 

 

	12.1	 Notices. All notices and other communications under this Agreement will be in writing and in English and
must be delivered by personal delivery, email transmission or prepaid overnight courier using an internationally recognized courier service at the following addresses (or at such other addresses any Party may provide by notice in accordance with
this Section 12.1): 

  

	 	(a)	 To Volvo Cars: 

Volvo Car Corporation 

Attention: [***], 50419 Owner’s Controlling and Related Party Business SE-405-31 
 Gothenburg, SWEDEN 

Email: [***] 
 With a
copy not constituting notice to: 
 Volvo Car Corporation 

Attention: General Counsel, 50090 Group Legal and Corporate 

Governance SE-405-31 

Gothenburg, SWEDEN 
 Email:
legaltjBvolvocars.com 
  

	 	(b)	 To Polestar NEV: 

Polestar NEV 
 Attention: [***]

 SE-405 31 Gothenburg, SWEDEN 

Email: [***] 
 With a
copy not constituting notice to: 
 Palestar Performance 

Attention: Legal Department 
 SE-405 31 Gothenburg, SWEDEN 
 Email: legal@polestar.com 

  
 6 

 Agreement No.: PS20-094 

 
 All notices and sall be effective upon receipt, which shall be deemed to
have occurred: 
  

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

 

	 	(b)	 if sent by e-mail, at the time and on the date indicated on a
confirmation of receipt relating to such e-mail; 

  

	 	(c)	 at the time and on the date of delivery if delivered by courier 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 such receipt occurred on a business day at the location of receipt. A written
notice sent by e-mail will be deemed to have been duly given, only if the recipient has confirmed receipt of such e-mail within three business days calculated from the
time of sending such e-mail. An automatic e-mail reply shall not be construed as a confirmation hereunder. 

 

	12.2	 No Third Party Beneficiaries. This Agreement does not confer any benefits on any third party.

  

	12.3	 Announcements. Neither Party may make any public statement regarding this Agreement without the other
Party’s written approval. 

  

	12.4	 Entire agreement. This Agreement states all terms agreed between the Parties and supersedes all other
agreements between the Parties relating to its subject matter. 

  

	12.5	 Amendment and Waiver. No amendment of this Agreement 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 Agreement, 

  

	12.6	 Relationship. The Parties are independent contractors. This Agreement does not create any agency, partnership
or joint venture between the Parties. 

  

	12.7	 Assignment. Neither Party may assign any rights or delegate any obligations under these terms without the other
Party’s written consent. 

  

	12.8	 Severability. Unenforceable terms of this Agreement will be modified to reflect the Parties’ intention and
only to the extent necessary to make them enforceable. The other terms will remain in effect without change. 

  

	12.9	 Counterparts. The Parties may execute this Agreement in counterparts, including electronic copies, which taken
together will constitute one instrument. 

 [SIGNATURE PAGE FOLLOWS] 

  
 7 

 Agreement No.: PS20-094 

 
 This Agreement has been signed in 2 originals, of which the Parties have
received 1 each. 
  

					
	VOLVO CAR CORPORATION AB	 		 	POLESTAR NEW ENERGY VEHICLE CO. LTD.
			
	By: /s/ Per
Ansgar                                        
    	 		 	By: /s/ Lars
Danielson                                        

	Printed Name: Per Ansgar	 		 	Printed Name: Lars Danielson
	 Title: VP Group Reporting & Controlling
	 		 	 Title: Legal Representative

	Date: 22 Dec. 2020	 		 	Date: 23 December 2020
			
	By: /s/ Maria
Hemberg                                        
	 		 	By:
                                         
                           
	Printed Name: Maria Hemberg	 		 	Printed Name:
	Title: General Counsel	 		 	Title:
	Date: 22 Dec. 2020	 		 	Date:

  
 8 

 Agreement No.: PS20-094 

 
 Appendix 1 

[***] 

  
 9 

 Agreement No.: PS20-094 

 
 SETTLEMENT AGREEMENT 

This settlement agreement (the “Agreement”) is between 

Volvo Car Corporation, Reg. No. 556074-3089, a corporation organized and existing under the laws of Sweden (“Volvo Cars”) and

 Polestar New Energy Vehicle Co. Ltd., Reg. No. 91510100MA6BX1H33P, a corporation organized and existing under the laws of People’s
Republic of China (“Polestar NEV”). 
  

	 	BACKGROUND	 

  

	 	A.	 A dispute has arisen between the Parties relating to the following (the “Dispute”):

 The Parties have entered into a Service Agreement dated 31 October 2018 (the “Service Agreement”)
under which Volvo Cars provides certain procurement services for Polestar 1 vehicles to Polestar NEV. 
 The Parties recognize that:

 I.       [***] 

II.       [***] 
  

	 	B.	 Polestar NEV has requested that Volvo Cars covers the costs related to the performance of these services,
listed in Appendix 1. 

  

	 	C.	 The Parties have conducted settlement negotiations for the purpose of reaching an amicable solution and have
now agreed on terms for the full and final settlement of the Dispute and wish to record those terms of settlement, on a binding basis, in this Agreement. 

  

	 	AGREEMENT	 

  

	1.	 DEFINITIONS 

Front page definitions. The terms Agreement, Volvo Cars, Polestar NEV, Dispute and Service Agreement shall have the meaning as set out
on the first page of this Agreement. 
 Confidential Information means any and all non-public
information regarding the Parties and their respective businesses, whether commercial or technical, in whatever form or media, including but not limited to the existence, content and subject matter of this Agreement and the substance of all
negotiations in connection with it that a Party learns from or about the other Party prior to or after the execution of this Agreement. 

Disclosing Party means the Party disclosing Confidential information to the Receiving Party. 

Parties means Volvo Cars and Polestar NEV and Party means either Volvo Cars or Polestar NEV. 

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

Steering Committee means the Volvo Polestar Financial Status Meeting, and the participants are Volvo Cars Head of Owner’s
Controlling and Related Party Business ([***]) and Polestar Head of Finance ([***]). The Steering Committee shall be the first level of governance forum established by the Parties for handling the cooperation between them in respect of various
matters. 

  
 1 

 Agreement No.: PS20-094 

 
 Strategic Board means the
so-called Volvo Polestar Executive Meeting. The Strategic Board shall be the highest level of governance forum established by the Parties for handling the cooperation between them in respect of various
matters. 
 Third Party means a party other than any of the Parties. 

 

	2.	 EFFECT OF THIS AGREEMENT 

 

	2.1	 The Parties hereby agree that this Agreement shall, when duly signed by both Parties, be fully and effectively
binding on them. 

  

	3.	 SETTLEMENT 

  

	3.1	 Volvo Cars and Polestar NEV agree that Section 12.2 of Appendix 2 to the Service Agreement shall be
amended and restated in its entirety as follows: 

 “Each Party’s aggregate liability for any direct damage
arising out of or in connection with this Service Agreement shall be limited to thirty per cent (30 %) of the Service Charges payable .by Purchaser to the Service Provider hereunder.” 

 

	3.2	 Volvo Cars shall compensate Polestar NEV for the additional costs on actions to remedy the poorly executed
services as set forth in Appendix 1 of this Agreement with an amount of [***] which should be considered as a claim of total amount exclusive of VAT and all other taxes, surcharges etc. when applicable, though in this case Chinese VAT should not be
applicable. 

  

	3.3	 Except as provided for in this Agreement, the Service Agreement shall continue to apply without any changes.

  

	3.4	 All claims connected to the Dispute that Volvo Cars may have and may enforce towards Third Parties and all
proceeds from such claims shall belong to Volvo Cars only. Polestar NEV will be solely and completely satisfied With the payment made under this Agreement. However, Polestar NEV shall, upon Volvo Cars’ request, support Volvo Cars in all
recovery actions against Third Parties to the same extent as in recovery actions for its own account, e.g. by providing Volvo Cars with all information and evidence relevant for recovery actions. 

 

	3.5	 Any and all claims connected to the Dispute that are brought against Volvo Cars by Third Parties are not
covered by this settlement and shall be discussed and agreed between the Parties separately. 

  

	4.	 PAYMENT 

  

	4.1	 Polestar NEV shall invoice to Volvo Cars the within 30 calendar days after this Agreement has been signed by
both Parties. 

  

	4.2	 The invoice issued by Polestar NEV shall-be send directly and only to
Volvo Cars’ VP Group Reporting & Controlling. 

  

	4.3	 The invoice and payment shall be made in the currency: RMB. 

 

	4.4	 Volvo Cars shall pay the invoiced amount within 30 calendar days after the invoice date. 

  
 2 

 Agreement No.: PS20-094 

 

	4.5	 Payment made later than the due date will automatically be subject to interest for late payments for each day
it is not paid and the interest shall be based on the one month applicable interbank rate, depending on invoice and currency, with an addition of two per cent (2.0%) per annum. 

 

	5.	 RELEASE 

  

	5.1	 Subject to payment in accordance with Section 3.5 above, this Agreement is the full and final settlement
of, and each Party on behalf of itself and its subsidiaries (for the avoidance of doubt, Polestar NEV is not being considered a subsidiary of Volvo Cars) and their respective directors, officers, successors hereby releases and forever discharges,
all actions, claims, rights, demands and set-off that it ever had, may have or hereafter can, shall or may have against the other Party on behalf of itself and its subsidiaries and their respective directors,
officers, successors arising out of or connected with the Dispute (the “Released Claims”). 

  

	5.2	 For the avoidance of doubt, this Agreement shall only cover the Dispute and not any other outstanding
deliveries or obligations under any agreement between the Parties. 

  

	6.	 COSTS 

  

	6.1	 The Parties shall each bear their own legal costs and expenses in relation to the Dispute and this Agreement.

  

	7.	 WARRANTEES AND AUTHORITY 

 

	7.1	 Each Party warrants and represents that it has not sold, transferred, assigned or otherwise disposed of its
interest in the Released Claims. Each Party also warrants and represents that it has the full right, power and authority to enter into this Agreements. 

  

	8.	 NO ADMISSION 

  

	8.1	 This Agreement is entered into in connection with the compromise of disputed matters and in the light of other
considerations. It is not, and shall not be represented or construed by the Parties as, an admission of liability or wrongdoing on the part of either Party to this Agreement or any other person or entity. 

 

	9.	 CONFIDENTIAL INFORMATION 

 

	9.1	 The Parties shall take any and all necessary measures to comply with the security and confidentiality
procedures of the other Party. 

  

	9.2	 All Confidential Information shall only be used for the purposes comprised by the fulfilment of 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 9.2 below apply 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; or 

  
 3 

 Agreement No.: PS20-094 

 

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

  

	9.3	 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, as the Receiving Parts uses to protect its own Confidential Information of similar nature, to prevent the dissemination to Third Parties or publication of the Confidential Information. 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 9. 

  

	9.4	 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 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. 

  

	9.5	 If any Party violates any of its obligations described in this Section 8, 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 behavior and (ii) financially compensate for the harm suffered as determined by an arbitral tribunal
pursuant to Section 11.2 below. All legal remedies (compensatory but not punitive in nature) according to law shall apply. 

  

	9.6	 This confidentiality provision shall survive the expiration or termination of this Agreement without limitation
in time. 

  

	10.	 GOVERNING LAW 

 

	10.1	 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. 

  

	11.	 DISPUTE RESOLUTION 

 

	11.1	 Escalation principles. 

 

	11.1.1	 In case the Parties cannot agree on a joint solution for handling disagreements or disputes, a deadlock
situation shall be deemed to have occurred and each Party shall notify the other Party hereof by the means of a deadlock notice and simultaneously send a copy of the notice to the Steering Committee. Upon the receipt of such a deadlock notice, the
receiving Party shall within ten 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 to the
Steering Committee. Each such statement shall be considered by the next regular meeting held by the Steering Committee or in a forum meeting specifically called upon by either Party for the settlement of the issue. 

 

	11.1.2	 The members of the Steering Committee shall use reasonable endeavours to resolve a deadlock situation in good
faith. As part thereof, the 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 Steering Committee without undue delay. If the 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 procure that such resolution or disposition is fully and promptly carried into effect.

  
 4 

 Agreement No.: PS2O-O94 

 

	11.1.3	 If the Steering Committee cannot settle the deadlock within 30 days from the deadlock notice pursuant to the
section above, despite using reasonable endeavours to do so, such deadlock will be referred to the Strategic Board for decision. If no Steering Committee has been established between the Parties, the relevant issue shall be referred to the Strategic
Board. Should the matter not have been resolved by the Strategic Board within 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 11.2
below. 

  

	11.1.4	 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 9 above. 

  

	11.1.5	 Notwithstanding the above, the Parties agree that either Party may disregard the time frames set forth in this
Section 11.1 and apply shorter time frames and/or escalate an issue directly to the Strategic Board in the event the escalated issue is of an urgent character and where the applicable time frames set out above are not appropriate.

  

	11.2	 Arbitration. 

  

	11.2.1	 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, whereas the seat of arbitration shall be Gothenburg, Sweden, the
language to be used in the arbitral proceedings shall be English, and the arbitral tribunal shall be composed of three arbitrators. 

  
 5 

 Agreement No.: PS20-094 

 

	11.2.2	 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. 

  

	11.2.3	 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. 

 

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

  

	12.	 GENERAL PROVISIONS 

 

	12.1	 Notices. All notices and other communications under this Agreement will be in writing and in English and must
be delivered by personal delivery, email transmission or prepaid overnight courier using an internationally recognized courier service at the following addresses (or at such other address as any Party may provide by notice in accordance with this
Section 12.1): 

  

	 	(a)	 To Volvo Cars: 

Volvo Car Corporation 

Attention: [***] 50419 Owner’s Controlling and Related Party Business
SE-405-31 
 Gothenburg, SWEDEN 

EmalI: [***] 
 With a
copy not constituting notice to: 
 Volvo Car Corporation 

Attention: General Counsel, 50090 Group Legal and Corporate Governance
SE-405-31 
 Gothenburg, SWEDEN 

Email: legal@volvocars.com 
  

	 	(b)	 To Polestar NEV: 

Polestar NEV 
 Attention: [***]

 SE-405 31 Gothenburg, SWEDEN 

Email:[***] 
 With a copy
not constituting notice to: 
 Polestar Performance 

Attention: Legal Department 
 SE-405 31 Gothenburg, SWEDEN 
 Email: legal@polestar.com 

  
 6 

 Agreement No.: PS20-094 

 
 All notices and shall be effective upon receipt, which shall be deemed
to have occurred: 
  

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

 

	 	(b)	 if sent by e-mail, at the time and on the date indicated on a
confirmation of receipt relating to such e-mail; 

  

	 	(c)	 at the time and on the date of delivery if delivered by courier 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 such receipt occurred on a business day at the location of receipt. A written
notice sent by e-mail will be deemed to have been duly given, only if the recipient has confirmed receipt of such e-mail within three business days calculated from the
time of sending such e-mail. An automatic e-mail reply shall not be construed as a confirmation hereunder. 

 

	12.2	 No Third Party Beneficiaries. This Agreement does not confer any benefits on any third party.

  

	12.3	 Announcements. Neither Party may make any public statement regarding this Agreement without the other
Party’s written approval. 

  

	12.4	 Entire agreement. This Agreement states all terms agreed between the Parties and supersedes all
other agreements between the Parties relating to its subject matter. 

  

	12.5	 Amendment and Waiver. No amendment of this Agreement 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 Agreement. 

  

	12.6	 Relationship. The Parties are independent contractors. This Agreement does not create any agency,
partnership or joint venture between the Parties. 

  

	12.7	 Assignment. Neither Party may assign any rights or delegate any obligations under these terms without
the other Party’s written consent. 

  

	12.8	 Severability. Unenforceable terms of this Agreement will be modified to reflect the Parties’
intention and only to the extent necessary to make them enforceable. The other terms will remain in effect without change. 

  

	12.9	 Counterparts. The Parties may execute this Agreement in counterparts, including electronic copies, which
taken together will constitute one instrument. 

 [SIGNATURE PAGE FOLLOWS] 

  
 7 

 Agreement No.: PS20-094 

 
 Appendix 1 

[***] 

  
 9

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