Document:

Exhibit 4.4

 

WARRANT AGREEMENT

 

This
agreement (“Agreement”) is made as of [●], 2021 between Aries II Acquisition Corporation, a Cayman Islands
exempted company, with offices at 23 Lime Tree Bay, P.O. Box 1569, Grand Cayman, Cayman Islands, KY-1110 (“Company”),
and Continental Stock Transfer & Trust Company, a New York corporation, with offices at 1 State Street, 30th Floor, New York, New
York 10004, as warrant agent (the “Warrant Agent”, also referred to herein as the “Transfer Agent”).

 

WHEREAS, the Company is engaged
in a public offering (“Public Offering”) of up to 14,950,000 units (including up to 1,950,000 units subject to the
Over-allotment Option (as defined below)) (“Units”), each Unit comprised of one Class A ordinary share of the Company,
par value $0.0001 per share (“Ordinary Shares”), and one-half of one warrant, where each whole warrant entitles the
holder to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment as described herein, and, in connection therewith,
will issue and deliver up to 7,475,000 warrants (including up to 975,000 warrants subject to the Over-allotment Option) (the “Public
Warrants”) to the public investors in connection with the Public Offering; and

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File No. 333-[ ] (“Registration
Statement”), and a prospectus (the “Prospectus”) for the registration, under the Securities Act of 1933,
as amended (“Act”), of the Units, the Public Warrants and the Ordinary Shares included in the Units; and

 

WHEREAS, the Company has received
binding commitments from Aries II Acquisition Partners, Ltd. (the “Sponsor”) to purchase up to an aggregate of 5,490,000
warrants (including up to 390,000 warrants subject to the Over-allotment Option) (“Private Warrants,” and together
with the Public Warrants, the “Warrants”) bearing the legend set forth in Exhibit B hereto, in a private placement
transaction to occur simultaneously with the consummation of the Public Offering; and

 

WHEREAS, in order to finance
the Company’s transaction costs in connection with an intended initial Business Combination (as defined below), the Sponsor or affiliates
of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as the Company
may require, of which up to $1,500,000 of such loans may be convertible into up to an additional 1,500,000 Private Warrants (the “Working
Capital Warrants” and, together with the Private Warrants and Public Warrants, the “Warrants”) at a price of $1.00 per
warrant; and

 

WHEREAS, the Company desires
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration,
transfer, exchange, redemption, and exercise of the Warrants; and

 

WHEREAS, the Company desires
to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and
things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding, and legal obligations of the Company,
and to authorize the execution and delivery of this Agreement.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.             
Appointment of Warrant Agent. The Company hereby appoints
the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees
to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2.             
Warrants.

 

2.1.           
Form of Warrant. Each Warrant shall be issued in registered
form only, shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated herein and shall be
signed by, or bear the facsimile signature of, the Chairman of the Board of Directors or Chief Executive Officer and the Chief Financial
Officer, Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event
the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person
signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the
date of issuance.

 

2.2.           
Uncertificated Warrants. Notwithstanding anything herein
to the contrary, any Warrant, or portion thereof, may be issued as part of, and be represented by, a Unit, and any Warrant may be issued
in uncertificated or book-entry form through the Warrant Agent and/or the facilities of The Depository Trust Company or other book-entry
depositary system, in each case as determined by the Board of Directors of the Company or by an authorized committee thereof. Any Warrant
so issued shall have the same terms, force and effect as a certificated Warrant that has been duly countersigned by the Warrant Agent
in accordance with the terms of this Agreement.

 

2.3.           
Effect of Countersignature. Except with respect to uncertificated
Warrants as described above, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid
and of no effect and may not be exercised by the holder thereof.

 

2.4.           
Registration.

 

2.4.1.     
Warrant Register. The Warrant Agent shall maintain books
(“Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants.
Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective holders
thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company.

 

2.4.2.      Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem
and treat the person in whose name such Warrant is then registered in the Warrant Register (“registered
holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of
ownership or other writing on the Warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose
of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary.

 

    2 

     

    

 

2.5.           
Detachability of Warrants. The securities comprising the
Units will not be separately transferable until the 52nd day following the date of the Prospectus or, if such 52nd day is not on a day,
other than Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal business (a “Business
Day”), then on the immediately succeeding Business Day following such date, or earlier with the consent of Oppenheimer &
Co. (the “Representative”), but in no event will the Representative allow separate trading of the securities comprising
the Units until (i) the Company has filed a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt
by the Company of the gross proceeds of the Public Offering including the proceeds received by the Company from the exercise of the underwriters’
over-allotment option in the Public Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised
prior to the filing of the Form 8-K, and (ii) the Company has issued a press release announcing when such separate trading shall begin
(the “Detachment Date”); provided that no fractional Warrants will be issued upon separation of the Units and only
whole Warrants will trade.

 

2.6.           
Private Warrant and Working Capital Warrant Attributes.
The Private Warrants and Working Capital Warrants will be issued in the same form as the Public Warrants.

 

2.7.           
[Reserved].

 

2.8.           
Post IPO Warrants. The Post IPO Warrants, when and if issued,
shall have the same terms and be in the same form as the Public Warrants except as may be agreed upon by the Company.

 

3.             
Terms and Exercise of Warrants

 

3.1.           
Warrant Price. Each whole Warrant shall, when countersigned
by the Warrant Agent (except with respect to uncertificated Warrants), entitle the registered holder thereof, subject to the provisions
of such Warrant and of this Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of $11.50
per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term
 “Warrant Price” as used in this Agreement refers to the price per share at which the Ordinary Shares may be purchased at the
time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as
defined below) for a period of not less than twenty (20) Business Days; provided, that the Company shall provide at least twenty (20)
days’ prior written notice of such reduction to registered holders of the Warrants and, provided further that any such reduction
shall be applied consistently to all of the Warrants.

 

3.2.            Duration
of Warrants. A Warrant may be exercised only during the period commencing on the later of 30 days after the consummation
by the Company of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar
business combination with one or more businesses or entities (“Business Combination”) (as described more fully in
the Registration Statement) or 12 months from the closing of the Public Offering, and terminating at 5:00 p.m., New York City time
on the earlier to occur of (i) five years from the consummation of a Business Combination, (ii) the Redemption Date as provided in Section
6.2 of this Agreement and (iii) the liquidation of the Company (“Expiration Date”). The period of time from
the date the Warrants will first become exercisable until the expiration of the Warrants shall hereafter be referred to as the
 “Exercise Period.” Except with respect to the right to receive the Redemption Price (as set forth in Section 6
hereunder), as applicable, each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder
and all rights in respect thereof under this Agreement shall cease at 5:00 p.m., New York City time, on the Expiration Date. The
Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the
Company will provide at least twenty (20) days’ prior written notice of any such extension to registered holders and, provided
further that any such extension shall be applied consistently to all of the Warrants.

 

    3 

     

    

 

3.3.           
Exercise of Warrants.

 

3.3.1.     
Payment. Subject to the provisions of the Warrant and this
Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the registered holder thereof by surrendering it, at
the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New
York, with the subscription form, as set forth in the Warrant, duly executed, and by paying in full the Warrant Price for each full Ordinary
Share as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange
of the Warrant for the Ordinary Shares and the issuance of such Ordinary Shares, as follows:

 

(a)              
in lawful money of the United States, by good certified check or wire payable to the Warrant Agent; or

 

(b)              
in the event of redemption pursuant to Section 6 hereof in which the Company’s management has elected to force all
holders of Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of Ordinary
Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied
by the difference between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value. Solely
for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average reported last sale price of the
Ordinary Shares for the five (5) trading days ending on the third trading day prior to the date on which the notice of redemption is sent
to holders of the Warrants pursuant to Section 6 hereof; or

 

(c)              
in the event the registration statement required by Section 7.4 hereof is not effective and current within sixty (60)
Business Days after the closing of a Business Combination, by surrendering such Warrants for that number of Ordinary Shares equal to the
quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the difference between
the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless
exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise price. Solely for purposes of this Section
3.3.1(c), the “Fair Market Value” shall mean the average reported last sale price of the Ordinary Shares for the five
(5) trading days ending on the trading day prior to the date of exercise.

 

    4 

     

    

 

3.3.2.     
 Issuance of Ordinary Shares. As soon as practicable after
the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if any), the Company shall issue to the registered
holder of such Warrant a certificate or certificates, or book entry position, for the number of Ordinary Shares to which he, she or it
is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised
in full, a new countersigned Warrant, or book entry position, for the number of shares as to which such Warrant shall not have been exercised.
Notwithstanding the foregoing, in no event will the Company be required to net cash settle the Warrant exercise. No Warrant shall be exercisable
for cash and the Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary Shares issuable
upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of
the registered holder of the Warrants. In the event that the condition in the immediately preceding sentence is not satisfied with respect
to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant for cash and such Warrant may have no value and
expire worthless, in which case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase price for the
Unit solely for the Ordinary Shares underlying such Unit. Warrants may not be exercised by, or securities issued to, any registered holder
in any state in which such exercise would be unlawful.

 

3.3.3.     
Valid Issuance. All Ordinary Shares issued upon the proper
exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

 

3.3.4.     
Date of Issuance. Each person in whose name any book entry
position or certificate for Ordinary Shares is issued shall for all purposes be deemed to have become the holder of record of such shares
on the date on which the Warrant, or book entry position representing such Warrant, was surrendered and payment of the Warrant Price was
made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when
the share transfer books of the Company or book entry system of the Warrant Agent are closed, such person shall be deemed to have become
the holder of such shares at the close of business on the next succeeding date on which the share transfer books or book entry system
are open.

 

    5 

     

    

 

3.3.5.     
Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the
provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5
unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the
holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to
such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially
own in excess of 9.8% (the “Maximum Percentage”) of the Ordinary Shares outstanding immediately after giving effect
to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by such person and
its affiliates shall include the number of Ordinary Shares issuable upon exercise of the Warrant with respect to which the determination
of such sentence is being made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised
portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted
portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any
convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation
contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated
in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes
of the Warrant, in determining the number of outstanding Ordinary Shares, the holder may rely on the number of outstanding Ordinary Shares
as reflected in (1) the Company’s most recent annual report on Form 10- K, quarterly report on Form 10-Q, current report on Form
8-K or other public filing with the SEC as the case may be, (2) a more recent public announcement by the Company or (3) any other notice
by the Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the written
request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the
number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect
to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number
of outstanding Ordinary Shares was reported. By written notice to the Company, the holder of a Warrant may from time to time increase
or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that
any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

4.             
Adjustments.

 

4.1.           
Stock Dividends; Split Ups. If after the date hereof, and
subject to the provisions of Section 4.6 below, the number of outstanding Ordinary Shares is increased by a stock dividend payable
in Ordinary Shares, or by a split up of Ordinary Shares, or other similar event, then, on the effective date of such stock dividend, split
up or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be increased in proportion to such increase
in outstanding Ordinary Shares.

 

4.2.           
Aggregation of Shares. If after the date hereof, the number
of outstanding Ordinary Shares is decreased by a consolidation, combination, reverse stock split or reclassification of Ordinary Shares
or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar
event, the number of Ordinary Shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding
Ordinary Shares.

 

    6 

     

    

 

4.3.            Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a
distribution in cash, securities or other assets to the holders of the Ordinary Shares or other shares of the Company’s
capital stock into which the Warrants are convertible (an “Extraordinary Dividend”), then the Warrant Price shall
be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair
market value (as determined by the Company’s Board of Directors, in good faith) of any securities or other assets paid in
respect of such Extraordinary Dividend divided by all outstanding shares of the Company at such time (whether or not any
shareholders waived their right to receive such dividend); provided, however, that none of the following shall be deemed an
Extraordinary Dividend for purposes of this provision: (a) any adjustment described in subsection 4.1 above, (b) any cash
dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid
on the Ordinary Shares during the 365- day period ending on the date of declaration of such dividend or distribution does not exceed
$0.50 per share (taking into account all of the outstanding shares of the Company at such time (whether or not any shareholders
waived their right to receive such dividend) and as adjusted to appropriately reflect any of the events referred to in other
subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the
Warrant Price or to the number of Ordinary Shares issuable on exercise of each Warrant) but only with respect to the amount of the
aggregate cash dividends or cash distributions equal to or less than $0.50, (c) any payment to satisfy the conversion rights of the
holders of the Ordinary Shares in connection with a proposed initial Business Combination or certain amendments to the
Company’s Amended and Restated Certificate of Incorporation (as described in the Registration Statement) or (d) any payment in
connection with the Company’s liquidation and the distribution of its assets upon its failure to consummate a Business
Combination. Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a
cash dividend of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the Ordinary Shares
during the 365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant Price will be decreased,
effectively immediately after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference between
$0.75 (the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period, including such $0.35
dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions paid or made
in such 365-day period prior to such $0.35 dividend)). Furthermore, solely for the purposes of illustration, if following the
closing of the Company’s initial Business Combination, there were total shares outstanding of 100,000,000 and the Company paid
a $1.00 dividend to 17,500,000 of such shares (with the remaining 82,500,000 shares waiving their right to receive such dividend),
then no adjustment to the Warrant Price would occur as a $17.5 million dividend payment divided by 100,000,000 shares equals $0.175
per share which is less than $0.50 per share.

 

4.4.           
Adjustments in Exercise Price. Whenever the number of Ordinary
Shares purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and 4.2 above, the Warrant
Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x)
the numerator of which shall be the number of Ordinary Shares purchasable upon the exercise of the Warrants immediately prior to such
adjustment, and (y) the denominator of which shall be the number of Ordinary Shares so purchasable immediately thereafter.

 

4.5.            Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary
Shares (other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of
the Ordinary Shares), or in the case of any merger or consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or
reorganization of the outstanding Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the
assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is
dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and
conditions specified in the Warrants and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable and
receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or
property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution
following any such sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or
its Warrant(s) immediately prior to such event. If any reclassification also results in a change in the Ordinary Shares covered by Section
4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4
and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the
par value per share issuable upon exercise of the Warrant.

 

    7 

     

    

 

4.6.           
Issuance in connection with a Business Combination. If,
in connection with a Business Combination, the Company (a) issues additional Ordinary Shares or equity-linked securities at an issue price
or effective issue price of less than $9.20 per share (with such issue price or effective issue price as determined by the Company’s
Board of Directors, in good faith, and in the case of any such issuance to the Sponsor, the initial stockholders or their affiliates,
without taking into account any shares of the Company’s Class B ordinary shares, par value $0.0001 per share (the “Class B
Ordinary Shares”), issued prior to the Public Offering and held by the initial stockholders or their affiliates, as applicable,
prior to such issuance) (the “Newly Issued Price”), (b) the aggregate gross proceeds from such issuances represent more than
60% of the total equity proceeds, and interest thereon, available for the funding of the Business Combination on the date of the consummation
of such Business Combination (net of redemptions), and (c) the Market Value (as defined below) is below $9.20 per share, then the exercise
price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) Newly
Issued Price, and the Redemption Trigger Price (as defined below) will be adjusted (to the nearest cent) to be equal to 180% of the greater
of (i) the Market Value or (ii) the Newly Issued Price. Solely for purposes of this Section 4.6, the “Market Value”
shall mean the volume weighted average trading price of the Ordinary Shares during the twenty (20) trading day period starting on the
trading day prior to the date of the consummation of the Business Combination.

 

4.7.           
Notices of Changes in Warrant. Upon every adjustment of
the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant
Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of
shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the
facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3,
4.4, 4.5, or 4.6, then, in any such event, the Company shall give written notice to each Warrant holder, at the last
address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such
notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.8.           
No Fractional Warrants or Shares. Notwithstanding any provision
contained in this Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason of
any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant,
to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number of Ordinary Shares
to be issued to the Warrant holder.

 

    8 

     

    

 

4.9.           
 Form of Warrant. The form of Warrant need not be changed
because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price
and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement. However, the Company may at any
time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the
substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant
or otherwise, may be in the form as so changed.

 

4.10.       
Other Events. In case any event shall occur affecting the
Company as to which none of the provisions of preceding subsections of this Section 4 are strictly applicable, but which would
require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent
and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants, investment
banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the
rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that
an adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent
with any adjustment recommended in such opinion.

 

4.11.       
No Adjustment. For the avoidance of doubt, no adjustment
shall be made to the terms of the Warrants solely as a result of an adjustment to the conversion ratio of the Class B Ordinary Shares
into Ordinary Shares or the conversion of the shares of Class B Ordinary Shares into shares of Ordinary Shares, in each case, pursuant
to the Company’s Amended and Restated Memorandum and Articles of Association as further amended from time to time.

 

5.             
Transfer and Exchange of Warrants.

 

5.1.           
Registration of Transfer. The Warrant Agent shall register
the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, properly
endorsed with signatures, in the case of certificated Warrants, properly guaranteed and accompanied by appropriate instructions for transfer.
Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be
cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent
to the Company from time to time upon request.

 

5.2.           
Procedure for Surrender of Warrants. Warrants may be surrendered
to the Warrant Agent, either in certificated form or in book entry position, together with a written request for exchange or transfer,
and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants, or book entry positions, as requested by the
registered holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event
that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants
in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made
and indicating whether the new Warrants must also bear a restrictive legend.

 

    9 

     

    

 

 

5.3.           
 Fractional Warrants. The Warrant Agent shall not be required
to effect any registration of transfer or exchange which will result in the issuance of a warrant certificate or book-entry position for
a fraction of a warrant, except as part of the Units.

 

5.4.           
Service Charges. No service charge shall be made for any
exchange or registration of transfer of Warrants.

 

5.5.           
Warrant Execution and Countersignature. The Warrant Agent
is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued
pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply the Warrant
Agent with Warrants duly executed on behalf of the Company for such purpose.

 

5.6.           
Private Warrants and Working Capital Warrants. The Warrant
Agent shall not register any transfer of Private Warrants or Working Capital Warrants until after the consummation by the Company of
an initial Business Combination, except for transfers (i) among the initial stockholders or to the Company’s or the initial stockholders’
members, officers, directors, consultants or their affiliates, (ii) to a holder’s stockholders or members upon the holder’s
liquidation, in each case if the holder is an entity, (iii) by bona fide gift to a member of the holder’s immediate family or to
a trust, the beneficiary of which is the holder or a member of the holder’s immediate family, in each case for estate planning
purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi)
to the Company for no value for cancellation in connection with the consummation of a Business Combination, (vii) in connection with
the consummation of a Business Combination at prices no greater than the price at which the Warrants were originally purchased, (viii)
in the event of the Company’s liquidation prior to its consummation of an initial Business Combination or (ix) in the event that,
subsequent to the consummation of an initial Business Combination, the Company completes a liquidation, merger, capital stock exchange
or other similar transaction which results in all of the Company’s stockholders having the right to exchange their Ordinary Shares
for cash, securities or other property, in each case (except for clauses (vi), (viii) or (ix) or with the Company’s prior written
consent) on the condition that prior to such registration for transfer, the Warrant Agent shall be presented with written documentation
pursuant to which each transferee (each, a “Permitted Transferee”) or the trustee or legal guardian for
such Permitted Transferee agrees to be bound by the transfer restrictions contained in this Agreement and any other applicable agreement
the transferor is bound by.

 

5.7.           
Transfers prior to Detachment. Prior to the Detachment Date,
the Public Warrants may be transferred or exchanged only together with the Unit in which such Warrant is included, and only for the purpose
of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating
to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this
Section 5.7 shall have no effect on any transfer of Warrants on or after the Detachment Date.

 

    10 

     

    

 

6.                 
 Redemption.

 

6.1.           
Redemption. Not less than all of the outstanding Warrants
may be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon the notice
referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption Price”), provided that the last sales
price of the Ordinary Shares equals or exceeds $18.00 per share (subject to adjustment in accordance with Section 4 hereof) (the
 “Redemption Trigger Price”), on each of twenty (20) trading days within any thirty (30) trading day period commencing
after the Warrants become exercisable and ending on the third trading day prior to the date on which notice of redemption is given and
provided that there is an effective registration statement covering the Ordinary Shares issuable upon exercise of the Warrants, and a
current prospectus relating thereto, available throughout the 30-day redemption or the Company has elected to require the exercise of
the Warrants on a “cashless basis” pursuant to subsection 3.3.1(b); provided, however, that if and when the Public
Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance of Ordinary Shares upon
exercise of the Public Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is
unable to effect such registration or qualification.

 

6.2.           
Date Fixed for, and Notice of, Redemption. In the event
the Company shall elect to redeem all of the Warrants that are subject to redemption, the Company shall fix a date for the redemption
(the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company
not less than thirty (30) days prior to the Redemption Date to the registered holders of the Warrants to be redeemed at their last addresses
as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have
been duly given whether or not the registered holder received such notice.

 

6.3.           
Exercise After Notice of Redemption. The Public Warrants
may be exercised, for cash (or on a “cashless basis” in accordance with Section 3 of this Agreement) at any time after
notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the Redemption Date. In the
event the Company determines to require all holders of Public Warrants to exercise their Warrants on a “cashless basis” pursuant
to Section 3.3.1(b), the notice of redemption will contain the information necessary to calculate the number of Ordinary Shares
to be received upon exercise of the Warrants, including the “Fair Market Value” in such case. On and after the Redemption
Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption
Price.

 

7.                 
Other Provisions Relating to Rights of Holders of Warrants.

 

7.1.           
No Rights as Stockholder. A Warrant does not entitle the
registered holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends,
or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings
of stockholders or the election of directors of the Company or any other matter.

 

    11 

     

    

 

7.2.            Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the
Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a
mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost,
stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether
or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3.           
Reservation of Ordinary Shares. The Company shall at all
times reserve and keep available a number of its authorized but unissued Ordinary Shares that will be sufficient to permit the exercise
in full of all outstanding Warrants issued pursuant to this Agreement.

 

7.4.           
Registration of Ordinary Shares. The Company agrees that
as soon as practicable after the closing of its initial Business Combination, it shall use its best efforts to file with the SEC a registration
statement for the registration, under the Act, of the Ordinary Shares issuable upon exercise of the Warrants, and it shall use its best
efforts to take such action as is necessary to register or qualify for sale, in those states in which the Warrants were initially offered
by the Company and in those states where holders of Warrants then reside, the Ordinary Shares issuable upon exercise of the Warrants,
to the extent an exemption is not available. The Company will use its best efforts to cause the same to become effective and to maintain
the effectiveness of such registration statement until the expiration of the Warrants in accordance with the provisions of this Agreement.
If any such registration statement has not been declared effective by the 60th Business Day following the closing of the Business Combination,
holders of the Warrants shall have the right, during the period beginning on the 61st Business Day after the closing of the Business Combination
and ending upon such registration statement being declared effective by the SEC, and during any other period when the Company shall fail
to have maintained an effective registration statement covering the Ordinary Shares issuable upon exercise of the Warrants, to exercise
such Warrants on a “cashless basis” as determined in accordance with Section 3.3.1(c). The Company shall provide the
Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that
(i) the exercise of the Warrants on a cashless basis in accordance with this Section 7.4 is not required to be registered under
the Act and (ii) the Ordinary Shares issued upon such exercise will be freely tradable under U.S. federal securities laws by anyone who
is not an affiliate (as such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be required to bear
a restrictive legend. For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the
Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this Section
7.4.

 

8.                 
Concerning the Warrant Agent and Other Matters.

 

8.1.           
Payment of Taxes. The Company will from time to time promptly
pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of Ordinary
Shares upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such
shares.

 

    12 

     

    

 

8.2.           
Resignation, Consolidation, or Merger of Warrant Agent.

 

8.2.1.      Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be
discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company.
If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in
writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period
of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of
the Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may
apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at
the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation
organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of
Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision
or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority,
powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as
Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor
Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent
all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent
the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting
in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

8.2.2.     
Notice of Successor Warrant Agent. In the event a successor
Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the Transfer Agent for the
Ordinary Shares not later than the effective date of any such appointment.

 

8.2.3.     
Merger or Consolidation of Warrant Agent. Any corporation
into which the Warrant Agent may be merged or with which it may be consolidated or any corporation resulting from any merger or consolidation
to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act.

 

8.3.           
Fees and Expenses of Warrant Agent.

 

8.3.1.     
Remuneration. The Company agrees to pay the Warrant Agent
reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all expenditures
that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

8.3.2.     
Further Assurances. The Company agrees to perform, execute,
acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments,
and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement.

 

    13 

     

    

 

8.4.           
 Liability of Warrant Agent.

 

8.4.1.     
Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem
it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved
and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, President, Secretary
or Chairman of the Board of Directors of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement
for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

8.4.2.     
Indemnity. The Warrant Agent shall be liable hereunder only
for its own fraud, gross negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless
against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent
in the execution of this Agreement except as a result of the Warrant Agent’s fraud, gross negligence, willful misconduct, or bad
faith.

 

8.4.3.     
Exclusions. The Warrant Agent shall have no responsibility
with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature
thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any
Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for
the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment;
nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Ordinary
Shares to be issued pursuant to this Agreement or any Warrant or as to whether any Ordinary Shares will, when issued, be valid and fully
paid and nonassessable.

 

8.5.           
Acceptance of Agency. The Warrant Agent hereby accepts the
agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things,
shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all monies
received by the Warrant Agent for the purchase of Ordinary Shares through the exercise of Warrants.

 

9.                 
Miscellaneous Provisions.

 

9.1.           
Successors. All the covenants and provisions of this Agreement
by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns.

 

    14 

     

    

 

9.2.            Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any
Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified
mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address
is filed in writing by the Company with the Warrant Agent), as follows:

 

Aries II Acquisition Corporation

23 Lime Tree Bay, P.O. Box 1569

Grand Cayman, Cayman Islands KY-1110

Attn: Thane Ritchie

 

Any notice, statement or demand
authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently
given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after
deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company),
as follows:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Compliance Department

 

with a copy in each case to:

 

Winston & Strawn LLP

200 Park Avenue

New York, NY 10166

Attn: David Sakowitz

 

and

 

Oppenheimer & Co.

[•]

 

and

 

[•]

 

9.3.            Applicable
Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be
governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would
result in the application of the substantive laws of another jurisdiction. Subject to applicable law, the Company hereby agrees that
any action, proceeding or claim against it arising out of or relating in any way to this Agreement, including under the Act, shall
be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New
York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive forum for any such action, proceeding or
claim. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.
Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty
created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole
and exclusive forum.

 

    15 

     

    

 

Any person or entity purchasing
or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions in
this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court
other than a court located within the State of New York or the United States District Court for the Southern District of New York (a “foreign
action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction
of the state and federal courts located within the State of New York or the United States District Court for the Southern District of
New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcement action”),
and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s
counsel in the foreign action as agent for such warrant holder.

 

9.4.           
Persons Having Rights under this Agreement. Nothing in this
Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon,
or give to, any person or corporation other than the parties hereto and the registered holders of the Warrants any right, remedy, or claim
under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and
their successors and assigns and of the registered holders of the Warrants.

 

9.5.           
Examination of the Warrant Agreement. A copy of this Agreement
shall be available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York,
for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection
by it.

 

9.6.           
Counterparts. This Agreement may be executed in any number
of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts
shall together constitute but one and the same instrument.

 

9.7.           
Effect of Headings. The section headings herein are for
convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

 

9.8.            Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of (i) curing any
ambiguity or to correct any mistake, including to conform the provisions hereof to the description of the terms of the Warrants and
this Agreement set forth in the Prospectus, or curing, correcting or supplementing any defective provision contained herein, or (ii)
adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem
necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other
modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the
written consent or vote of the registered holders of at least 50% of the then outstanding Public Warrants. Notwithstanding the
foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2,
respectively, without the consent of the registered holders.

 

    16 

     

    

 

9.9.           
Trust Account Waiver. The Warrant Agent acknowledges and
agrees that it shall not make any claims or proceed against the trust account established by the Company in connection with the Public
Offering (as more fully described in the Registration Statement) (“Trust Account”), including by way of set-off, and
shall not be entitled to any funds in the Trust Account under any circumstance. In the event that the Warrant Agent has a claim against
the Company under this Agreement, the Warrant Agent will pursue such claim solely against the Company and not against the property held
in the Trust Account.

 

9.10.       
Severability. This Agreement shall be deemed severable,
and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement
or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto
intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision
as may be possible and be valid and enforceable.

 

Exhibit A – Form of Warrant Certificate

 

Exhibit B – Legend

 

[Signature Page Follows]

 

    17 

     

    

 

IN WITNESS WHEREOF, this Agreement
has been duly executed by the parties hereto as of the day and year first above written.

 

	 	ARIES II ACQUISITION CORPORATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & 

TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

EXHIBIT A

FORM OF WARRANT CERTIFICATE

 

[See attached]

 

    Ex. A - 1EX-10.1

 Exhibit 10.1 

INVESTOR AGREEMENT 
 By
and Between 
 SK ECOPLANT CO., LTD. 

AND 
 BLOOM ENERGY
CORPORATION 
 Dated as of December 29, 2021 
  

 TABLE OF CONTENTS 

 

									
	1.	 	 Definitions
	  	 	1	 
			
	2.	 	 Restrictions on Beneficial Ownership
	  	 	6	 
				
		 	 2.1
	 	 Standstill
	  	 	6	 
		 	 2.2
	 	 Waiver
	  	 	7	 
		 	 2.4
	 	 Termination of Standstill
	  	 	8	 
			
	3.	 	 Restrictions on Dispositions
	  	 	8	 
				
		 	 3.1
	 	 Lock-Up
	  	 	8	 
		 	 3.2
	 	 Termination of Lock-Up
	  	 	8	 
		 	 3.3
	 	 Effect of Prohibited Disposition
	  	 	8	 
			
	4.	 	 Voting Agreement
	  	 	9	 
				
		 	 4.1
	 	 Voting of Securities
	  	 	9	 
		 	 4.2
	 	 Quorum
	  	 	9	 
		 	 4.3
	 	 Exceptions
	  	 	9	 
			
	5.	 	 Board Composition
	  	 	9	 
			
	6.	 	 Preemptive Rights
	  	 	11	 
				
		 	 6.1
	 	 General
	  	 	11	 
		 	 6.2
	 	 Procedures
	  	 	12	 
		 	 6.3
	 	 Registration Rights
	  	 	12	 
			
	7.	 	 Miscellaneous
	  	 	12	 
				
		 	 7.1
	 	 Governing Law; Submission to Jurisdiction
	  	 	12	 
		 	 7.2
	 	 Dispute Resolution
	  	 	12	 
		 	 7.3
	 	 Waiver
	  	 	13	 
		 	 7.4
	 	 Notices
	  	 	13	 
		 	 7.5
	 	 Entire Agreement
	  	 	13	 
		 	 7.6
	 	 Amendments
	  	 	13	 
		 	 7.7
	 	 Interpretation
	  	 	13	 
		 	 7.8
	 	 Severability
	  	 	14	 
		 	 7.9
	 	 Assignment
	  	 	14	 
		 	 7.10
	 	 Successors and Assigns
	  	 	14	 
		 	 7.11
	 	 Counterparts
	  	 	14	 
		 	 7.12
	 	 Fees and Expenses
	  	 	14	 
		 	 7.13
	 	 Third Party Beneficiaries.
	  	 	14	 
		 	 7.14
	 	 Remedies
	  	 	14	 
		 	 7.15
	 	 Specific Performance
	  	 	15	 
		 	 7.16
	 	 Confidentiality
	  	 	15	 
		 	 7.17
	 	 Further Assurances
	  	 	15	 
		 	 7.18
	 	 Termination
	  	 	16	 

  
 i 

 Exhibit A – Form of Irrevocable Proxy 

Exhibit B – Notice Addresses 

  
 ii 

 INVESTOR AGREEMENT 

THIS INVESTOR AGREEMENT (this “Agreement”) is made as of December 29, 2021, by and between SK ecoplant Co., Ltd. (the
“Investor”) and Bloom Energy Corporation, a Delaware corporation (the “Company”). 
 WHEREAS, the
Securities Purchase Agreement, dated as of October 23, 2021, by and between the Investor and the Company (the “Purchase Agreement”) provides for the issuance and sale by the Company to the Investor, and the purchase by the
Investor, of the First Tranche Shares (as defined in the Purchase Agreement) and the Second Tranche Shares (as defined in the Purchase Agreement) (the First Tranche Shares, the Second Tranche Shares and the Conversion Shares (as defined in the
Purchase Agreement), collectively, the “Purchased Securities”); and 
 WHEREAS, as a condition to consummating the
transactions contemplated by the Purchase Agreement, the Investor and the Company have agreed upon certain rights and restrictions as set forth herein with respect to the Purchased Securities and other securities of the Company beneficially owned by
the Investor, and it is a condition to the First Closing (as defined in the Purchase Agreement) that this Agreement be executed and delivered by the Investor and the Company. 

NOW, THEREFORE, in consideration of the premises and mutual agreements hereinafter set forth, and for other valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. As used in this
Agreement, the following terms shall have the following meanings: 
 (a) “Acceptance Notice” shall have the meanings set
forth in Section 6.2. 
 (b) “Acquisition Proposal” shall have the meaning set forth in
Section 2.1(d). 
 (c) “Affiliate” shall mean, with respect to any Person, another Person that
controls, is controlled by or is under common control with such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of
such Person, whether through the ownership of voting securities, by contract or otherwise. Without limiting the generality of the foregoing, a Person shall be deemed to control another Person if any of the following conditions is met: (i) in
the case of corporate entities, direct or indirect ownership of more than fifty percent (50%) of the stock or shares having the right to vote for the election of directors, and (ii) in the case of
non-corporate entities, direct or indirect ownership of more than fifty percent (50%) of the equity interest with the power to direct the management and policies of such
non-corporate entities. For the purposes of this Agreement, in no event shall (x) the Investor or any of its Affiliates be deemed Affiliates of the Company or any of its Affiliates; (y) the Company
or any of its Affiliates be deemed Affiliates of the Investor or any of its Affiliates; and (z) any joint venture entity or any other Person formed pursuant to the Joint Venture Agreement or the Preferred Distributor Agreement be deemed an
Affiliate of either the Company or the Investor. 

 (d) “Agreement” shall have the meaning set forth in the Preamble,
including all Exhibits attached hereto. 
 (e) “Arbitration” shall have the meaning set forth in
Section 7.2. 
 (f) “Award” shall have the meaning set forth in
Section 7.2. 
 (g) “beneficial owner,” “beneficially owns,”
“beneficial ownership” and terms of similar import used in this Agreement shall, with respect to a Person, have the meaning set forth in Rule 13d-3 under the Exchange Act (i) assuming the
full conversion into, and exercise and exchange for, shares of Common Stock of all Common Stock Equivalents beneficially owned by such Person and (ii) determined without regard for the number of days within which such Person has the right to
acquire such beneficial ownership. 
 (h) “Board” shall mean the Board of Directors of the Company. 

(i) “Business Combination” shall have the meaning set forth in Section 2.1(g). 

(j) “Business Day” shall mean a day on which commercial banking institutions in New York, New York and Seoul, the Republic
of Korea are open for business. 
 (k) “Cap” shall mean fifteen percent (15%) of the issued and outstanding capital stock
of the Company. 
 (l) “Change of Control” shall mean, with respect to the Company, any of the following events:
(i) any Person is or becomes the beneficial owner (except that a Person shall be deemed to have beneficial ownership of all shares that any such Person has the right to acquire, whether such right which may be exercised immediately or only
after the passage of time), directly or indirectly, of a majority of the total voting power represented by all shares of Common Stock and any other voting securities of the Company then issued and outstanding; (ii) the Company consolidates with
or merges into another corporation or entity, or any corporation or entity consolidates with or merges into the Company, other than (A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately
prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) a majority of the combined voting power of the voting
securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar
transaction) in which no Person becomes the beneficial owner, directly or indirectly, of a majority of the total voting power of all shares of Common Stock and any other voting securities of the Company then issued and outstanding or (iii) the
Company conveys, transfers or leases all or substantially all of its assets to any Person other than a wholly-owned Affiliate of the Company. 

(m) “Class A Common Stock” shall mean the Class A Common Stock of the Company, $0.0001 par value per
share. 

  
 2 

 (n) “Class B Common Stock” shall mean the Class B
Common Stock of the Company, $0.0001 par value per share. 
 (o) “Commercial Cooperation Agreement” shall mean the
Commercial Cooperation Agreement, dated as of the date of the Purchase Agreement, by and between the Company and SK ecoplant Co., Ltd., as may be amended, modified and supplemented, from time to time. 

(p) “Common Stock” shall mean the Class A Common Stock, the Class B Common Stock and any other class of common
stock of the Company authorized whether now or hereafter. 
 (q) “Common Stock Equivalents” shall mean any options,
warrants or other securities or rights convertible into or exercisable or exchangeable for, whether directly or following conversion into or exercise or exchange for other options, warrants or other securities or rights, shares of Common Stock. 

(r) “Company” shall have the meaning set forth in the Preamble. 

(s) “Derivative” shall have the meaning set forth in Section 2.1(a). 

(t) “Director Conditions” shall have the meaning set forth in Section 5(b). 

(u) “Director Period” shall mean the period commencing on the Second Closing Date and ending on the date on which the
Investor (including SK ecoplant and the SPV) and its Subsidiaries beneficially own less than five percent (5.0%) of the shares of Common Stock then issued and outstanding. 

(v) “Disposition” or “Dispose of” shall mean any (i) offer, sale, contract to sell, sale of any option
or contract to purchase, purchase of any option or contract to sell, grant of any option, right or warrant for the sale of, or other disposition of or transfer of any shares of Common Stock, or any Common Stock Equivalents, including, without
limitation, any “short sale” or similar arrangement, or (ii) hedge, swap or any other agreement or transaction that transfers, in whole or in part, directly or indirectly, any of the economic consequence of ownership of shares of
Common Stock, whether any such hedge, swap, agreement or transaction is to be settled by delivery of Common Stock, other securities, in cash or otherwise. 

(w) “Dispute” shall have the meaning set forth in Section 7.2. 

(x) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 (y) “First Closing Date” shall have the meaning set forth in the Purchase Agreement. 

(z) “Governmental Authority” shall mean any court, agency, authority, department, or other instrumentality of any government
or country or of any national, federal, state, provincial, regional, county, city or other political subdivision of any such government or country or any supranational organization of which any such country is a member. 

  
 3 

 (aa) “ICC Arbitration Rules” shall have the meaning set forth in
Section 7.2. 
 (bb) “Investor” shall have the meaning set forth in the Preamble. 

(cc) “Investor Designee” shall have the meaning set forth in Section 5(a). 

(dd) “Joint Venture Agreement” shall mean the Joint Venture Agreement, dated September 24, 2019, by and between the
Company and SK ecoplant Co., Ltd. (f/k/a SK Engineering & Construction Co., Ltd.), as may be amended, modified and supplemented, from time to time. 

(ee) “Law” or “Laws” shall mean all laws, statutes, rules, regulations, orders, judgments, injunctions
and/or ordinances of any Governmental Authority. 
 (ff) “Lock-Up Term” shall have
the meaning set forth in Section 3.1. 
 (gg) “Modified Clause” shall have the meaning set forth
in Section 7.8. 
 (hh) “New Securities” shall mean any shares of Common Stock or Common Stock
Equivalents, except for (a) shares of Common Stock or Common Stock Equivalents that are issued pursuant to the Company’s stock option and incentive plans or other employee or director compensation plans; (b) shares of Common Stock or
Common Stock Equivalents that are issued as matching contributions under the Company’s 401(k) plan; (c) shares of Common Stock or Common Stock Equivalents that are issued as a dividend or other distribution on outstanding securities
of the Company; (d) shares of Common Stock or Common Stock Equivalents that are issued by reason of a stock split, split-up or other reorganization or recapitalization of the Company; (e) shares of
Common Stock or Common Stock Equivalents issued as acquisition consideration pursuant to the acquisition of another Person by the Company by merger, purchase of substantially all of the assets or other reorganization or to a joint venture agreement;
and (f) the Preemptive Right Shares. 
 (ii) “Offeror” shall have the meaning set forth in
Section 2.1(d). 
 (jj) “Permitted Purchases” shall mean purchases of Common Stock by the
Investor, subject to compliance with Section 3.1 to the extent necessary to maintain its status as the largest shareholder of the Company by no less than one percent (1%) of the issued and outstanding capital stock of the
Company, provided that in no event shall the Investor’s ownership exceed the Cap. 
 (kk) “Person” shall mean
any individual, partnership, limited liability company, firm, corporation, trust, unincorporated organization, government or any department or agency thereof or other entity, as well as any syndicate or group that would be deemed to be a Person
under Section 13(d)(3) of the Exchange Act. 

  
 4 

 (ll) “Preemptive Right Notice” shall have the meaning set forth in
Section 6.2. 
 (mm) “Preemptive Right Shares” shall have the meaning set forth in
Section 6.1. 
 (nn) “Preferred Distributor Agreement” shall mean the Amended and Restated
Preferred Distributor Agreement, dated as of the date of the Purchase Agreement, by and among the Company, SK ecoplant Co., Ltd. and Bloom SK Fuel Cell, LLC, as may be amended, modified and supplemented, from time to time. 

(oo) “Purchase Agreement” shall have the meaning set forth in the Preamble, and shall include all Exhibits attached thereto.

 (pp) “Purchased Securities” shall have the meaning set forth in the Preamble, and shall be adjusted for (i) any
stock split, stock dividend, share exchange, merger, consolidation or similar recapitalization and (ii) any Common Stock issued as (or issuable upon the exercise of any warrant, right or other security that is issued as) a dividend or other
distribution with respect to, or in exchange or in replacement of, the Purchased Securities. 
 (qq) “registers,”
“registered,” and “registration” refer to a registration effected by preparing and filing a Registration Statement or similar document in compliance with the Securities Act, and the declaration or ordering of
effectiveness of such Registration Statement or document by the SEC. 
 (rr) “Registration Statement” means a registration
statement filed by the Company with the SEC in compliance with the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder for the registration of securities. 

(ss) “Representatives” shall mean, with respect to any Person, its officers, directors, principals, partners, managers,
members, employees, consultants, agents, financial advisors, investment bankers, attorneys, accountants, potential debt and equity financing sources (excluding any co-investors), and other representatives. For
the avoidance of doubt, potential debt and equity financing sources are Representatives, whether or not the Investor contacts any one of them before or after the First Closing Date. 

(tt) “SEC” shall mean the United States Securities and Exchange Commission. 

(uu) “Second Closing” shall have the meaning set forth in the Purchase Agreement. 

(vv) “Second Closing Date” shall have the meaning set forth in the Purchase Agreement. 

(ww) “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the SEC
promulgated thereunder. 

  
 5 

 (xx) “SK ecoplant” shall mean SK ecoplant Co., Ltd. 

(yy) “SPV” shall have the meaning set forth in the Purchase Agreement. 

(zz) “Standstill Term” shall have the meaning set forth in Section 2.1. 

(aaa) “Subsidiary” shall mean, with respect to any Person, any other Person of which such Person (either alone or through or
together with any other subsidiary) owns, directly or indirectly, fifty percent (50%) or more of the outstanding equity securities or securities carrying the voting power in the election of the board of directors or other governing body of such
Person. 
 (bbb) “Third Party” shall mean any Person other than the Investor or any of its Affiliates. 

(ccc) “Tribunal” shall have the meaning set forth in Section 7.2. 

2. Restrictions on Beneficial Ownership. 

2.1 Standstill. During the period (such period, the “Standstill Term”) commencing as of the First Closing Date and
continuing until the later of (i) the second (2nd) anniversary of the Second Closing Date, (ii) the date on which the Investor ceases to have the right to designate a director to the Board pursuant to Section 5,
and (iii) the date on which the Investor (including SK ecoplant and SPV) and its Subsidiaries beneficially own less than five percent (5.0%) of the shares of Common Stock then issued and outstanding, the Investor (including SK ecoplant and the
SPV) and its Subsidiaries shall not do any of the following, except as approved, invited or waived by the Company or the Board, or as contemplated by this Agreement: 

(a) other than Permitted Purchases and purchases of Preemptive Right Shares, directly or indirectly, acquire beneficial ownership of Common
Stock and/or Common Stock Equivalents and/or any instrument that gives the Investor the economic equivalent of ownership of an amount of securities of the Company (a “Derivative”), except, nothing in this
Section 2.1(a) shall prevent or prohibit the Investor from investing in a fund with respect to which the Investor does not have or share decision-making authority over investment or divestment decisions; 

(b) make a tender, exchange or other public offer to acquire Common Stock and/or Common Stock Equivalents; 

(c) directly or indirectly, (i) seek to have called any meeting of the stockholders of the Company or propose any matter to be voted
upon by the stockholders of the Company, or (ii) propose or nominate for election to the Board any person whose nomination has not been approved by a majority of the Board (excluding the Investor Designee, if any); 

(d) directly or indirectly, encourage, accept or support a tender, exchange or other offer or proposal by any other Person or group (an
“Offeror”) for securities of the Company (if such offer or proposal would, if consummated, result in a Change of Control of the Company, such offer or proposal is referred to as an “Acquisition Proposal”); 

  
 6 

 (e) directly or indirectly, solicit proxies or consents or propose or seek or become a
participant in a solicitation (as such terms are defined in Regulation 14A under the Exchange Act), or seek to advise or influence any Person, with respect to voting of any securities of the Company; 

(f) deposit any securities of the Company in a voting trust or subject any securities of the Company to any arrangement or agreement with
respect to the voting of such securities, including the granting of any proxy (other than pursuant to this Agreement); 
 (g) propose
(i) any merger, consolidation, business combination, tender or exchange offer, purchase of the Company’s assets or businesses, purchase of any securities of the Company or any Derivative, or any similar transaction involving the Company or
(ii) any recapitalization, restructuring, liquidation or other extraordinary transaction with respect to the Company, in each case without the prior written consent of the Board (a transaction described in clauses (i) and (ii) that would
result in a Change of Control, is referred to as a “Business Combination”); 
 (h) act in concert with any Third Party to
take any action in clauses (a) through (g) above, or, directly or indirectly, form, join or in any way participate in a “partnership, limited partnership, syndicate, or other group” as such terms are used in the rules of the SEC with
respect to the Company or any securities of the Company; 
 (i) request or propose to the Board or the Company (or any of its officers,
directors, Affiliates employees, attorneys, accountants, financial advisors and other professional representatives), directly or indirectly, any amendment or waiver of any provision of this Section 2.1 (including this
clause (i)); 
 (j) make any public announcement regarding, or take any action that could require the Company to make a public announcement
regarding, a potential Business Combination or any of the matters set forth in clauses (a) through (i) above; or 
 (k) enter into
discussions, negotiations, arrangements or agreements with any Person relating to the foregoing actions referred to in (a) through (i) above; 

provided, however, that nothing contained in this Section 2.1 shall prevent, restrict, encumber, or limit in any
manner: (A) the Investor or any of its Affiliates from making confidential, nonpublic proposals to the Board for a transaction involving a Business Combination following the public announcement by the Company after the Second Closing Date that
it has entered into a definitive agreement with a Third Party for a transaction involving a Business Combination; (B) the Investor Designee from performing its duties as a member of the Board; or (C) the Investor or any of its Affiliates
from exercising their respective rights, performing their respective obligations or otherwise consummating the transactions contemplated by this Agreement, the Purchase Agreement, Joint Venture Agreement, or the Preferred Distributor Agreement, in
each case, in accordance with the terms hereof and thereof. 
 2.2 Waiver. Notwithstanding anything to the contrary set forth
herein, including Section 2.1(i), upon request by Investor that Section 2.1(a) be waived, the Investor and the Company shall discuss in good faith whether such request shall be granted. 

  
 7 

 2.4 Termination of Standstill. Notwithstanding anything to the contrary contained in
this Agreement, the Standstill Term shall terminate upon the occurrence of any of the following events: 
 (a) a Change of Control; 

(b) the Company files a Schedule 14D-9 (or successor form of Tender Offer Solicitation/Recommendation
Statement under Rule 14d-9 of the Exchange Act) recommending that stockholders accept any such offer filed after such offer has commenced; or 

(c) a breach by the Company of any provision of the Purchase Agreement or this Agreement after the First Closing and prior to the Second
Closing. 
 3. Restrictions on Dispositions. 

3.1 Lock-Up. During the period (such period, the
“Lock-Up Term”) commencing as of the Second Closing Date and continuing until the second (2nd) anniversary of the Second Closing Date, the Investor (including SK ecoplant and the SPV) and its
Subsidiaries shall not, except with the prior consent of a majority of the Board (excluding the Investor Designee, if any): 
 (a) Dispose
of any of the Purchased Securities or any other shares of Common Stock beneficially owned by it as of the date of this Agreement, together with any shares of Common Stock issued in respect thereof as a result of any stock split, stock dividend,
share exchange, merger, consolidation or similar recapitalization; or 
 (b) Dispose of any Common Stock issued as (or issuable upon the
exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange or in replacement of, the shares of Common Stock described in clause (a) above. 

3.2 Termination of Lock-Up. Notwithstanding anything to the contrary contained herein, the Lock-Up Term shall terminate upon the occurrence of any of the following events: 
 (a) a Change of
Control; or 
 (b) the Company files a Schedule 14D-9 (or successor form of Tender Offer
Solicitation/Recommendation Statement under Rule 14d-9 of the Exchange Act) recommending that stockholders accept any such offer filed after such offer has commenced. 

3.3 Effect of Prohibited Disposition. If any Disposition is made or attempted contrary to the provisions of this Agreement,
(a) such purported Disposition shall be void ab initio, (b) the Company shall have, in addition to all other legal or equitable remedies that it may have, the right to injunctive relief and specific performance to enforce the provisions of
this Agreement, and (c) the Company shall have the right to refuse to recognize any transferee in a Disposition as a stockholder for any purpose. 

  
 8 

 4. Voting Agreement. 

4.1 Voting of Securities. Subject to Section 4.3, from the Second Closing Date until termination or
expiration of the Standstill Term, in any vote or action by written consent of the stockholders of the Company (including, without limitation, with respect to the election of directors), the Investor shall vote or execute a written consent with
respect to all voting securities of the Company as to which it is entitled to vote or execute a written consent in accordance with the recommendation of a majority of the Board. In furtherance of this Section 4.1, the
Investor shall, if and when requested by the Company from time to time, promptly execute and deliver to the Company an irrevocable proxy, substantially in the form of Exhibit A attached hereto, and irrevocably appoint the Company or its
designees, with full power of substitution, its attorney, agent and proxy to vote (or cause to be voted) or to give consent with respect to, all of the voting securities of the Company as to which the Investor is entitled to vote, in the manner and
with respect to the matters set forth in this Section 4.1. The Investor acknowledges that any such proxy executed and delivered shall be coupled with an interest, shall constitute, among other things, an inducement for the
Company to enter into this Agreement, shall be irrevocable and binding on any successor in interest of the Investor and shall not be terminated by operation of Law upon the occurrence of any event. Such proxy shall operate to revoke and render void
any prior proxy as to any voting securities of the Company heretofore granted by the Investor, to the extent it is inconsistent herewith. Such proxy shall terminate upon the earlier of the expiration or termination of the Standstill Term and this
Section 4.1. For the avoidance of doubt, this Section 4.1 and the proxies granted pursuant to this Section 4.1 shall not apply to any voting securities of the Company held
by an executive officer or director of the Investor for his or her personal account or to any matters to which Investor retains voting rights pursuant to Section 4.3. 

4.2 Quorum. In furtherance of Section 4.1, the Investor shall be present in person or represented by proxy
at all meetings of stockholders to the extent necessary so that all voting securities of the Company as to which they are entitled to vote shall be counted as present for the purpose of determining the presence of a quorum at such meeting. 

4.3 Exceptions. Notwithstanding anything to the contrary contained in this Agreement, the Investor may vote, or execute a written
consent with respect to, any or all of the voting securities of the Company as to which it is entitled to vote or execute a written consent, as it may determine in its sole discretion with respect to any matter presented to the shareholders of the
Company regarding any transaction between the Company and any Korean company operating in the Korean construction business. 
 5. Board
Composition. 
 (a) Subject to the terms of this Section 5, effective as of the Second Closing Date, the
Board will appoint a designee of the Investor (the “Investor Designee”) as a director of the Company for a term expiring at the Company’s next annual meeting of stockholders or upon such Investor Designee’s earlier death,
disability, resignation or removal (including removal by operation of Law). The Company and the Investor shall agree on the identity of the Investor Designee prior to the Second Closing Date and such agreement shall be a condition precedent to the
obligation of each of the Company and the Investor to consummate the Second Closing. The Company agrees that, during the Director Period, the Board shall nominate the 

  
 9 

 
individual serving as such Investor Designee (or any individual subsequently designated by the Investor to serve as the Investor Designee) for election or
re-election, as the case may be, as a director at each subsequent meeting of the Company’s stockholders at which directors are to be elected, and use commercially reasonable efforts to cause the Investor
Designee to be elected or re-elected, including providing the same level of support as is provided for other nominees. Upon the end of the Director Period, the Investor shall cause the Investor Designee to
tender to the Board, as soon as practicable and in any event within five (5) days following the end of the Director Period, his or her resignation from the Board. During the Director Period, the Board will not decrease the size of the Board if
such decrease would require the resignation of the Investor Designee. 
 (b) As a condition to any appointment or nomination for election
to the Board, each Investor Designee shall (i) meet the qualifications required of all directors of the Company by the Company’s Nominating and Corporate Governance Committee and those mandated by applicable Law, (ii) agree, in
writing, to be bound by the terms and conditions of all of the Company’s policies applicable to its directors, (iii) make such acknowledgements and enter into such agreements as the Company requires of all directors, including, without
limitation, with respect to confidentiality, the Company’s code of ethics, insider trading policy and Section 16 reporting procedures, and (iv) be able to dedicate sufficient time and resources for the diligent performance of the
duties required of a member of the Board (the “Director Conditions”). Without limiting the foregoing, each proposed Investor Designee shall be subject to satisfaction of the criteria for Board membership established by the
Nominating and Corporate Governance Committee of the Board, including the director qualification criteria thereof, as determined in the reasonable and good faith discretion of the Nominating and Corporate Governance Committee of the Board and the
Board in the same manner as the Nominating and Corporate Governance Committee of the Board and the Board would consider any candidate for Board membership. The Board or the Nominating and Corporate Governance Committee of the Board will evaluate the
Investor Designee for potential roles on the committees of the Board, consistent with evaluations of other directors for such positions and subject to applicable Law and the listing rules and requirements of The New York Stock Exchange. 

(c) If an Investor Designee resigns from the Board, is removed, or refuses or is unable to serve or fulfill his or her duties as a director
because of death or disability, in each case prior to the expiration of the Director Period, the Investor shall have the right to select a replacement Investor Designee, reasonably acceptable to the Board and subject to compliance with the Director
Conditions, and shall provide the Company with the name of and relevant background information for such replacement Investor Designee. Subject to the terms of this Section 5, within twenty (20) days following receipt
of such information and compliance with the Director Conditions, the Board will appoint such replacement Investor Designee to the Board to replace the departing Investor Designee to serve the remaining term of the departing Investor Designee, and
the replacement Investor Designee shall be considered an Investor Designee for all purposes of this Section 5. 

(d) All confidential or proprietary information and data relating to the Company and its Affiliates provided by the Company to the Investor
Designee shall be deemed confidential information and will be kept confidential and not disclosed to any Person outside of the Company. Notwithstanding the confidentiality obligations set forth in Section 5(b)(iii) and the
foregoing, and subject to Section 7.16, the Investor Designee shall be permitted to disclose such confidential information to the executive officers and members of the board of directors (or equivalent

  
 10 

 
governance body) of SK ecoplant and its Subsidiaries and their advisers (such as legal counsel) having a duty of confidentiality to the Investor, provided (i) such disclosure is made
on a need-to-know basis solely for the purposes of, and to the extent necessary to, monitor and make decisions regarding the Investor’s investment in the Company,
and (ii) that the Investor (whether SK ecoplant or the SVP) will be liable for any breach by any of such Persons of the confidentiality obligations applicable to the Investor Designee. Upon the resignation or removal of the Investor Designee
from the Board and written request (including via email) from the Company, such Investor Designee shall either promptly (x) destroy all confidential information of the Company that he or she received in his or her capacity as a director in his
or her possession or control and any copies thereof or (y) return to the Company all confidential information of the Company that he or she received in his or her capacity as a director in his or her possession or control and any copies thereof
(but the Investor Designee need not purge electronic archives and backups), and, in either case, confirm in writing (which may be via email) to the Company that all such material has been destroyed or returned, as applicable, in compliance with this
Section 5. 
 (e) If any Investor Designee is an employee of, or otherwise compensated by, the Investor or any of
its Affiliates, such Investor Designee shall not be entitled to any compensation from the Company in connection with his or her role as a director or service on the Board or any committee. The Investor Designee will be entitled to reimbursement from
the Company of out of pocket expenses in connection with his or her role as a director consistent with other directors on the Board. 
 (f)
Notwithstanding anything contained herein to the contrary, if the Board (or any committee thereof) shall consider (i) a proposed contract, transaction or other arrangement between the Investor or any of its Affiliates, on the one hand, and the
Company or any of its Affiliates, on the other hand, (ii) the enforcement or waiver of the rights of the Company or any of its Affiliates under any agreement between the Investor or any of its Affiliates, on the one hand, and the Company or any
of its Affiliates, on the other hand, or (iii) a matter which the Board determines in good faith presents an actual or potential conflict of interest for the Investor Designee, then the Investor Designee will, if directed by the chairperson of
the Board or the remaining directors, be excluded from participation in such Board or committee meeting (or portion thereof, as applicable) at which such matters are to be discussed, and the Investor Designee will not be entitled to receive copies
of the materials or other documents relating to such matter or meeting (or portion thereof, as applicable). 
 6. Preemptive Rights.

 6.1 General. After the Second Closing Date, if the Company proposes to issue any New Securities, the Investor shall have the
right to purchase up to such number of New Securities as required to maintain its fully-diluted ownership as at immediately prior to the issuance of such New Securities, on the same terms and conditions that are applicable to such New Securities,
and at a price per share or security equal to the price paid by the purchaser(s) in such issuance of New Securities (such shares, the “Preemptive Right Shares”). For purposes of this Section 6,
“fully-diluted ownership” shall mean the issued and outstanding Common Stock of the Company, assuming the conversion of all Common Stock Equivalents. 

  
 11 

 6.2 Procedures. After the Second Closing Date, in the event that the Company
proposes to issue any New Securities, it shall, prior to such issuance of New Securities, deliver a written notice to the Investor (a “Preemptive Right Notice”), stating (a) the Company’s intention to issue New Securities;
(b) the amount and type of New Securities that the Company proposes to issue, and correspondingly, the number of Preemptive Right Shares that the Investor is entitled to purchase and (c) the material terms and conditions of the proposed
issuance, including without limitation, the price of such New Securities (or (i) if such price is not clearly identifiable, such effective price per share as is reasonably determined by the Company in good faith or (ii) in
the case of issuance of restricted stock, the fair market value of such restricted stock as determined by the Company in the ordinary course in connection with such issuance). Within seven (7) Business Days following the receipt of the
Preemptive Right Notice, the Investor may, by delivery of a written notice of acceptance to the Company (the “Acceptance Notice”), elect to purchase all, or any portion, of the Preemptive Right Shares that the Investor is entitled
to purchase for the price indicated in the Preemptive Right Notice. The failure to so respond in writing within such seven (7) Business Day period by the Investor shall constitute a waiver of its rights under this Section 6 with respect
to the purchase of such New Securities, but shall not affect its rights with respect to any future issuances of New Securities. Upon the Company’s issuance of any Preemptive Right Shares, such Preemptive Right Shares shall be validly issued,
fully paid and nonassessable, duly authorized by all necessary corporate action of the Company. 
 6.3 Registration Rights. If the
Preemptive Right Shares are not issued to the Investor pursuant to an effective Registration Statement, and upon the Company’s issuance of any Preemptive Right Shares to the Investor, such Preemptive Right Shares have not been registered under
an effective Registration Statement, then the Company shall, as soon as practicable, but in any event within 90 days of such issuance of such Preemptive Right Shares to the Investor, prepare and file with the SEC a Registration Statement covering
the resale of such Preemptive Right Shares. 
 7. Miscellaneous. 

7.1 Governing Law; Submission to Jurisdiction. The law, including the statutes of limitation, of the State of New York shall govern
this Agreement, the interpretation and enforcement of its terms and any claim or cause of action (in law or equity), controversy or dispute arising out of or related to it or its negotiation, execution or performance, whether based on contract,
tort, statutory or other law, in each case without giving effect to any conflicts-of-law or other principle requiring the application of the law of any other
jurisdiction. 
 7.2 Dispute Resolution. The parties agree that any dispute or controversy arising out of, relating to, or in
connection with this Agreement or the transactions contemplated hereby (a “Dispute”) shall be arbitrated pursuant to the provisions of the Rules of Arbitration of the International Chamber of Commerce (the
“ICC Arbitration Rules”), by three arbitrators (the “Tribunal”) appointed in accordance with the ICC Arbitration Rules (the “Arbitration”). The
arbitration will be conducted in English, and shall take place in New York, New York or such other location as the parties and the Tribunal may agree. The arbitral award (the “Award”) shall (a) be rendered within
120 days after the Tribunal’s acceptance of its appointment; (b) be delivered in writing; (c) state the reasons for the Award; (d) be the sole and exclusive final and binding remedy with respect to the Dispute between and among
the parties without the possibility of challenge or appeal, which are hereby waived; and (e) be accompanied by a form of judgment. 

  
 12 

 
The Award shall be deemed an award of the United States, the relationship between the parties shall be deemed commercial in nature, and any Dispute arbitrated pursuant to this
Section 7.2 shall be deemed commercial. The Tribunal shall have the authority to grant any equitable or legal remedies, including entering preliminary or permanent injunctive relief; provided, however, that
the Tribunal shall not have the authority to award (and the parties waive the right to seek an award of) punitive or exemplary damages. 

7.3 Waiver. No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or
power. Any agreement on the part of any party to any such waiver shall be valid only if set forth in a written instrument executed and delivered by a duly authorized officer on behalf of such party. 

7.4 Notices. All notices, instructions and other communications hereunder or in connection herewith shall be in writing, shall be sent
to the address of the relevant party set forth on Exhibit B attached hereto and shall be deemed duly given (a) on the date of delivery if delivered personally, or if by facsimile or e-mail, upon
written confirmation of receipt by facsimile, e-mail or otherwise, (b) on the first Business Day following the date of dispatch if delivered utilizing a next-day
service by a recognized next-day courier or (c) on the earlier of confirmed receipt or the fifth Business Day following the date of mailing if delivered by registered or certified mail, return receipt
requested, postage prepaid. Any party may change its address by giving notice to the other parties in the manner provided above. 
 7.5
Entire Agreement. This Agreement, the Purchase Agreement (once executed), the Joint Venture Agreement, the Preferred Distributor Agreement and the Commercial Cooperation Agreement (including all exhibits hereto and thereto) constitute the
entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all prior and contemporaneous arrangements or understandings, whether written or oral, with respect hereto and thereto. Notwithstanding anything
to the contrary contained herein or elsewhere, Section 7.16 of this Agreement shall supersede and replace in its entirety Section 13.9 of the Purchase Agreement. 

7.6 Amendments. No provision in this Agreement shall be modified or amended except in a writing executed by an authorized
representative of each of the parties the Company and the Investor. 
 7.7 Interpretation. When a reference is made in this
Agreement to a section, subsection, article, exhibit or schedule such reference shall be to a section, subsection, article, exhibit or schedule of this Agreement unless otherwise indicated. The table of contents and headings contained in this
Agreement or in any exhibit or schedule are for convenience of reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. All words used in this Agreement will be construed to be of such gender or number
as the circumstances require. Any capitalized terms used in any exhibit or schedule but not otherwise defined therein shall have the meaning as defined in this Agreement. All exhibits and schedules annexed hereto or referred to herein are hereby
incorporated in and made a part of this Agreement as if set forth herein. The word “including” and words of similar import when used in this Agreement will mean “including, without 

  
 13 

 
limitation,” unless otherwise specified. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to
this Agreement as a whole and not to any particular provision in this Agreement. The term “or” is not exclusive. The word “will” shall be construed to have the same meaning and effect as the word “shall.” References to
days mean calendar days unless otherwise specified. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of names and pronouns shall include the plural
and vice-versa. This Agreement has been prepared jointly and will not be construed against either party. 
 7.8 Severability. If,
under applicable Laws, any provision hereof is invalid or unenforceable, or otherwise directly or indirectly affects the validity of any other material provision(s) of this Agreement in any jurisdiction (“Modified Clause”), then, it
is mutually agreed that this Agreement shall endure and that the Modified Clause shall be enforced in such jurisdiction to the maximum extent permitted under applicable Laws in such jurisdiction; provided that the parties shall consult and
use all reasonable best efforts to agree upon, and hereby consent to, any valid and enforceable modification of this Agreement as may be necessary to avoid any unjust enrichment of either party and to match the intent of this Agreement as closely as
possible, including the economic benefits and rights contemplated herein. 
 7.9 Assignment. Neither this Agreement nor any of the
rights or obligations hereunder may be assigned by the Investor or the Company without (a) the prior written consent of the Company in the case of any assignment by the Investor (other than to the SPV) or (b) the prior written consent of
the Investor in the case of an assignment by the Company, in each case, which consent shall not be unreasonably withheld or delayed. 

7.10 Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of, and shall be binding upon, the
respective successors and permitted assignees of the parties. 
 7.11 Counterparts. This Agreement may be executed in two or more
counterparts, and by facsimile, pdf or other electronic format, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. 

7.12 Fees and Expenses. Except as otherwise provided herein and therein, all fees and expenses incurred in connection with or related
to this Agreement and the other Transaction Agreements and the transactions contemplated hereby and thereby shall be paid by the party incurring such fees or expenses, whether or not such transactions are consummated. 

7.13 Third Party Beneficiaries. None of the provisions of this Agreement shall be for the benefit of or enforceable by any Third
Party, including any creditor of any party hereto. No Third Party shall obtain any right under any provision of this Agreement or shall by reason of any such provision make any claim in respect of any debt, liability or obligation (or otherwise)
against any party hereto. 
 7.14 Remedies. The rights, powers and remedies of the parties under this Agreement are cumulative and
not exclusive of any other right, power or remedy which such parties may have under any other agreement or Law. No single or partial assertion or exercise of any right, power or remedy of a party hereunder shall preclude any other or further
assertion or exercise thereof. 

  
 14 

 7.15 Specific Performance. The parties hereby acknowledge and agree that the rights
of the parties hereunder are special, unique and of extraordinary character, and that if any party refuses or otherwise fails to act in accordance with the provisions of this Agreement, such refusal or failure would result in irreparable injury to
the Company or the Investor as the case may be, the exact amount of which would be difficult to ascertain or estimate and the remedies at law for which would not be reasonable or adequate compensation. Accordingly, if any party refuses or otherwise
fails to act in accordance with the provisions of this Agreement, then, in addition to any other remedy which may be available to any damaged party at law or in equity, such damaged party will be entitled to obtain specific performance and
injunctive relief, without posting bond or other security, and without the necessity of proving actual or threatened damages, which remedy such damaged party will be entitled to seek in any court of competent jurisdiction. Each party hereto hereby
further waives any defense in any action for specific performance that a remedy at law would be adequate. 
 7.16 Confidentiality.
The Investor shall, and shall cause its Representatives to, keep confidential any information (including oral, written and electronic information) concerning the Company, its subsidiaries or its Affiliates that may be furnished to the Investor or
its Representatives by or on behalf of the Company or any of its Representatives pursuant to this Agreement (the “Confidential Information”) and to use the Confidential Information solely in connection with the Investor’s
investment in the Company; provided that the Confidential Information will not include information that (a) is, was or becomes available to the public (other than as a result of a breach of any confidentiality obligation by the
Investor), (b) is or has been independently developed or conceived by the Investor without use of the Confidential Information or (c) is or has been made known or disclosed to the Investor by a Third Party without a breach of any
confidentiality obligations such Third Party has to the Company that is known to the Investor; provided further that, the Investor may disclose the Confidential Information (i) to its Representatives in connection with its
investment in the Company, (ii) to any prospective purchaser of any shares of Common Stock from the Investor and their respective Representatives, provided that such prospective purchaser agrees to be bound by a confidentiality or non-disclosure agreement with the Investor that is no less restrictive than the confidentiality obligations set forth herein and within seven (7) days of providing any Confidential Information to any such
prospective purchaser, the Investor provides notice to the Company identifying such prospective purchaser, (iii) to any Investor’s Affiliates and their respective Representatives, in each case in the ordinary course of business
(provided that the recipients of such Confidential Information are subject to a confidentiality and non-disclosure obligation no less restrictive than the confidentiality obligations set forth herein),
or (iv) as may otherwise be required by law or legal, judicial or regulatory process, provided that the Investor provides prompt prior written notice to the Company notifying the Company of the manner, scope and justification for such
disclosure. 
 7.17 Further Assurances. Each party hereto shall do and perform, or cause to be done and performed, all such further
acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as may be reasonably required or desirable in order to carry out the intent and accomplish the purposes of this Agreement. 

  
 15 

 7.18 Termination. Any of Investor’s obligations set forth in this Agreement
shall terminate once such Person no longer holds, directly or indirectly, any equity interest or voting power in the Company. This Agreement shall automatically terminate if the Second Closing does not occur on or prior to November 30, 2023.
Section 7.16 shall survive the termination of this Agreement for two (2) years. 
 [Signature Pages Follow]

  
 16 

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date first above
written. 
  

			
	BLOOM ENERGY CORPORATION
		
	By:	 	 /s/ Gregory Cameron

	Name:	 	Gregory Cameron
	Title:	 	EVP, Chief Financial Officer

 Signature Page to Investor Agreement 

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date first above
written. 
  

			
	SK ECOPLANT CO., LTD.
		
	By:	 	 /s/ Kyung-il Park

	Name:	 	Kyung-il Park
	Title:	 	Chief Executive Officer

 Signature Page to Investor Agreement 

 EXHIBIT A 

FORM OF IRREVOCABLE PROXY 

[In order to secure the performance of the duties of the undersigned pursuant to Section 4.1 of the Investor Agreement, dated as of
[                         ], 2021 (the “Agreement”), by and between Bloom Energy Corporation (the
“Company”) and [                ] (the “Investor”), the undersigned hereby irrevocably appoints
[                ] and [                ], and each of them, the attorneys, agents and
proxies, with full power of substitution in each of them, for the undersigned, and in the name, place and stead of the undersigned, to vote (or cause to be voted) or, if applicable, to give consent, in such manners as each such attorney, agent and
proxy or his substitute shall in his sole discretion deem proper to record such vote (or consent) in the manners, and with respect to such matters as set forth in Section 4.1 of the Agreement (but in any case, in accordance with any written
instruction from the undersigned, properly delivered under Section 4.1 of the Agreement, to vote or give consent as contemplated by Section 4.1 of the Agreement) with respect to all voting securities (whether taking the form of shares of
Class A Common Stock, par value $0.0001 per share, or other voting securities of the Company), which the undersigned is or may be entitled to vote at any meeting of the Company held after the date hereof, whether annual or special and whether
or not an adjourned meeting or, if applicable, to give written consent with respect thereto. This proxy is coupled with an interest, shall be irrevocable and binding on any successor in interest of the undersigned and shall not be terminated by
operation of law upon the occurrence of any event. This proxy shall operate to revoke and render void any prior proxy as to voting securities heretofore granted by the undersigned which is inconsistent herewith. Notwithstanding anything to the
contrary contained herein, this proxy shall (i) at all times be subject to Section 4.3 of the Agreement and (ii) terminate upon the earlier of the expiration or termination of the Standstill Term (as defined in
the Agreement) and the voting agreement set forth in Section 4.1 of the Agreement.] 
  

			
	[●]
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT B 

NOTICE ADDRESSES 
  

			
	Company
	
	Bloom Energy Corporation
		
	Address:	  	 4353 North First Street
 San Jose, CA
95134

		
	Attention:	  	Shawn Soderberg, General Counsel
		
	Telephone:	  	
		
	Email:	  	
	
	with a copy, with shall not constitute notice, to:
	
	Latham & Watkins LLP
		
	Address:	  	 140 Scott Drive
 Menlo Park, CA
94025

		
	Attention:	  	Tad Freese
		
	Telephone:	  	
		
	Email:	  	
	
	Investor
	
	SK ecoplant Co., Ltd.
		
	Address:	  	19, Yulgok-ro 2-gil, Jongno-gu 
Seoul 03143, Korea
		
	Attention:	  	Wang Jae Lee, Head of Hydrogen Business Center
		
	Telephone:	  	
		
	Email:	  	
	
	with a copy, with shall not constitute notice, to:
	
	Dechert LLP
		
	Address:	  	 31/F Jardine House
 One Connaught Place

Central, Hong Kong

		
	Attention:	  	David K. Cho
		
	Telephone:	  	
		
	Email:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]