Document:

Exhibit 10.4

 

EXECUTION
VERSION

 

January
__, 2021

 

_______________(“Shareholder”)

 

Shareholder
Irrevocable Voting Undertaking

 

Ladies
and Gentlemen:

 

Reference
is made to the Business Combination Agreement (the “BCA”), dated as of the date hereof, by and among, inter
alia, (i) Alussa Energy Acquisition Corp (“Purchaser”), (ii) FREYR AS (the “Company”)
and (iii) the Major Shareholders (as defined in the BCA). The transactions contemplated by the BCA are referred to as the “Transaction”.
Capitalized terms used herein without definition shall have the meaning ascribed thereto in the BCA.

 

As
a condition to the consummation of the Transaction, the shareholders of the Company (the “Shareholders”) must
approve the Company Shareholder Approval Matters.

 

The
Shareholder owns, as of the date hereof ordinary shares in the Company set out on the signature page hereto (the “Existing
Shares”). “Existing Shares” shall also include any ordinary shares of the Company over which the Shareholder
owns or otherwise has the power to vote or direct the voting of. “Company Shares” shall refer to (i) the Existing
Shares and (ii) any additional ordinary shares of the Company which the Shareholder or any of its controlled entities acquires,
or acquires the power to vote or direct the voting of, after the date of this undertaking.

 

As
a condition to the willingness of the Purchaser to enter into the BCA, the Shareholder hereby irrevocably undertakes to the Purchaser
and the Company as follows:

 

		1.	Shareholder
                                         Vote; Grant and Appointment of Proxy.

 

		a)	At
                                         any meeting or written resolutions of the Shareholders held prior to or on the earlier
                                         of (x) the Second Closing and (y) termination of the BCA, as the case may be, concerning
                                         the Company Shareholder Approval Matters or any matter relating to the Transaction, or
                                         where such may arise for consideration, and at every adjournment or postponement thereof,
                                         or in any action proposed to be taken by the consent of the Shareholders prior to the
                                         Second Closing concerning the Company Shareholder Approval Matters or any matter relating
                                         to the Transaction, the Shareholder irrevocably and unconditionally undertakes to appear
                                         (in person or by proxy) to cast votes in respect of the Company Shares:

 

		i.	in
                                         favor of the adoption or approval of the Company Shareholder Approval Matters;

 

		ii.	in
                                         favor of the adoption or approval of such matters as the Company and Purchaser shall
                                         hereafter mutually determine to be necessary or appropriate to effect the Transaction,
                                         provided that such matters are consistent with the terms of the BCA;

 

		iii.	in
                                         favor of any adjournment or postponement of any meeting of the Shareholders as may be
                                         requested by the chairman of the meeting;

 

     

     

    

 

		iv.	against
                                         any other action, agreement or transaction that is intended, that could reasonably be
                                         expected, or the effect of which could reasonably be expected, to materially impede,
                                         interfere with, delay, postpone, discourage or adversely affect the Transaction or any
                                         of the other matters contemplated by the BCA or this undertaking or the performance by
                                         Shareholder of its obligations under this undertaking, including, without limitation:
                                         (A) any extraordinary corporate transaction, such as a scheme of arrangement, merger,
                                         consolidation or other business combination involving the Company (other than the matters
                                         contemplated by the BCA); (B) a sale, lease or transfer of a material amount of assets
                                         of the Company or a reorganization, recapitalization or liquidation of the Company (other
                                         than the matters contemplated by the BCA); (C) an election of new members to the board
                                         of directors of the Company, other than nominees to the board of directors of the Company
                                         who are serving as directors of the Company on the date of this undertaking or as otherwise
                                         provided in the BCA; or (D) the adoption or approval of any amendment, supplement, or
                                         restatement of the Company’s Organizational Documents to the extent such amendment,
                                         supplement or restatement would prevent, interfere with, impair or delay the consummation
                                         of the Transaction; and

 

		v.	against
                                         any action, proposal, transaction or agreement that would reasonably be expected to result
                                         in a breach in any respect of any covenant, representation or warranty or any other obligation
                                         or agreement of the Company contained in the BCA, or of the Shareholder contained in
                                         this undertaking.

 

		b)	The
                                         Shareholder hereby irrevocably appoints each director and officer of the Company (acting
                                         individually) as its proxy and attorney-in-fact (with full power of substitution), to
                                         vote or cause to be voted (including by proxy or written resolution, if applicable) the
                                         Company Shares in accordance with clause 1.1(a) at any annual or special meeting of the
                                         Shareholders, however called, including any adjournment or postponement thereof, at which
                                         any of the matters described in clause 1.1(a) is to be considered. The Shareholder represents
                                         that all proxies, powers of attorney, instructions or other requests given by the Shareholder
                                         prior to the execution of this undertaking in respect of the voting of the Company Shares,
                                         if any, are not irrevocable and the Shareholder hereby revokes (or will cause to be revoked)
                                         any and all previous proxies, powers of attorney, instructions or other requests with
                                         respect to the Company Shares. The Shareholder shall take such further action or execute
                                         such other instruments as may be necessary to effectuate the intent of this proxy.

 

		c)	The
                                         Shareholder affirms that the irrevocable proxy and power of attorney set forth in clause
                                         1.1(b) is given in connection with the execution of the BCA, and that such irrevocable
                                         proxy and power of attorney is given to secure the performance of the duties of the Shareholder
                                         under this undertaking. The Shareholder further affirms that the irrevocable proxy and
                                         power of attorney is coupled with an interest and is intended to be irrevocable prior
                                         to the termination of this undertaking. If for any reason the proxy and power of attorney
                                         granted herein is not irrevocable, then the Shareholder agrees to vote the Company Shares
                                         in accordance with clause 1.1(a) above.

 

		2.	Covenants

 

		a)	The
                                         Shareholder shall not directly or indirectly sell, pledge, permit to exist any lien of
                                         any nature whatsoever over, lend, grant an option to purchase, grant or enter into any
                                         voting agreement or proxy or otherwise dispose of or offer or agree to do any of the
                                         foregoing with respect to any of the Company Shares, any voting rights to the Company
                                         Shares or any securities convertible into or exercisable or exchangeable for shares of
                                         the Company, provided, however, that this shall not prohibit the entering into or completion
                                         of an agreement to (i) dispose of any security issued by Norway Merger Sub 1 to any Major
                                         Shareholder, Encompass Capital Master Fund LP, BEMAP Master Fund LP or Encompass Capital
                                         E L Master Fund L.P. in exchange for the acquisition of any security issued by SVPH or
                                         (ii) dispose of any security issued by SVPH in exchange for the acquisition of any security
                                         issued by Norway Merger Sub 1.

 

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		b)	The
                                         Shareholder shall not take any action that would make any representation or warranty
                                         of the Shareholder contained herein untrue or incorrect or have or could have the effect
                                         of preventing, impeding or interfering with or adversely affecting the performance by
                                         the Shareholder of its obligations under this undertaking.

 

		c)	The
                                         Shareholder shall promptly notify the Company and Purchaser of the number of any ordinary
                                         shares of the Company acquired by the Shareholder after the date hereof and prior to
                                         the termination of this undertaking.

 

		d)	The
                                         Shareholder agrees to promptly provide any information reasonably requested by the Company,
                                         the Purchaser or any of their respective affiliates for any regulatory application or
                                         filing made or approval sought in connection with the Transaction (including filings
                                         with the United States Securities and Exchange Commission (the “SEC”)),
                                         and to permit the Company, FREYR or Pubco to publish and disclose in any proxy statement,
                                         shareholder meeting circular, press release or any filing with the SEC, the Shareholder’s
                                         identity and ownership of Company Shares or other equity securities of the Company and
                                         the nature of the Shareholder’s commitments, arrangements and understandings under
                                         this undertaking.

 

		e)	The
                                         Shareholder shall, upon the request of the Company and Purchaser, execute and deliver
                                         any additional documents, consents or instruments and take such further actions as may
                                         be reasonably deemed by the Company and Purchaser to be necessary or desirable to carry
                                         out the provisions of this undertaking.

 

		3.	Representations
                                         and Warranties

 

		a)	The
                                         Shareholder hereby represents to the Company and Purchaser as follows:

 

		i.	that
                                         it has full corporate power and authority to execute and deliver this undertaking and
                                         to perform its obligations hereunder and that this undertaking has been duly executed
                                         and delivered by it and constitutes its legal, valid and binding obligations, enforceable
                                         against it in accordance with its terms;

 

		ii.	that
                                         it has received and reviewed a copy of the BCA, and made its own independent decision
                                         to enter into this undertaking based upon its judgment and upon advice from such independent
                                         advisors as the Shareholder has deemed necessary;

 

		iii.	that
                                         the execution and delivery of this undertaking by the Shareholder does not, and the consummation
                                         of the transactions contemplated hereby and the compliance with the provisions hereof
                                         will not, conflict with or violate any law or agreement binding upon the Shareholder
                                         or the Existing Shares, nor require any authorization, consent or approval of, or filing
                                         with, any governmental authority, nor result in any breach of, or constitute a default
                                         (or an event which, with notice or lapse of time or both, would become a default) under,
                                         or give to others any rights of termination, amendment, acceleration or cancellation
                                         of, or result in the creation of a lien on any property or asset of such Shareholder
                                         pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license,
                                         permit, franchise or other instrument or obligation to which such Shareholder is a party
                                         or by which such Shareholder or any of the Existing Shares are bound;

 

    3

     

    

 

		iv.	that
                                         it owns, beneficially and of record, or controls all of the Existing Shares, and all
                                         of the Existing Shares are free and clear of any proxy, voting restriction, adverse claim,
                                         pledge, mortgage, encumbrance, charge, option, security interest, other lien or demand
                                         of any nature or any kind (other than any restrictions created by this undertaking, by
                                         the BCA and by applicable securities laws), and has sole voting power and power of disposition
                                         with respect to the Existing Shares, with no restrictions on the Shareholder’s
                                         rights of voting or disposition pertaining thereto, and no person other than the Shareholder
                                         has any right to direct or approve the voting or disposition of any of the Existing Shares;

 

		v.	that
                                         there are no claims for finder’s fees or brokerage commission or other like payments
                                         in connection with this undertaking, the BCA, the Transaction or the transactions contemplated
                                         hereby payable by Shareholder pursuant to arrangements made by Shareholder;

 

		vi.	that
                                         there is no action, suit, investigation or proceeding pending against, or, to the knowledge
                                         of Shareholder, threatened against Shareholder or any of Shareholder’s properties
                                         or assets (including, but not limited to, the Existing Shares) that could reasonably
                                         be expected to prevent, materially delay or impair the ability of Shareholder to perform
                                         its obligations under this undertaking or consummate any of the transactions contemplated
                                         hereby;

 

		vii.	that
                                         except for the Existing Shares and other securities of the Company set forth next to
                                         Shareholder’s name on Schedule I hereto, as of the date of this undertaking, the
                                         Shareholder is not a beneficial owner or record holder of any: (i) equity securities
                                         of the Company, (ii) securities of the Company having the right to vote on any matters
                                         on which the holders of equity securities of the Company may vote or which are convertible
                                         into or exchangeable for, at any time, equity securities of the Company or (iii) options,
                                         warrants or other rights to acquire from the Company, any equity securities or securities
                                         convertible into or exchangeable for equity securities of the Company.

 

		b)	The
                                         Shareholder understands that the Company and Purchaser are entering into the BCA in reliance
                                         on the representations, warranties, covenants and other agreements of the Shareholder
                                         set forth in this undertaking and would not enter into the BCA if the Shareholder did
                                         not enter into this undertaking.

 

		4.	Miscellaneous

 

		a)	This
                                         undertaking shall terminate and be of no further effect upon the earlier to occur of
                                         (a) the Second Closing and (y) termination of the BCA. Notwithstanding the preceding
                                         sentence, clause 4 shall survive any termination of this undertaking. Nothing in this
                                         clause 4(a) shall relieve or otherwise limit any party’s liability for any breach
                                         of this undertaking prior to or termination or any willful breach of this undertaking.

 

		b)	All
                                         claims or causes of action that may be based upon, arise out of or relate to this undertaking,
                                         or the negotiation, execution or performance of this undertaking, may be made only against
                                         the Shareholder and no person who is not a party hereto shall have any rights to enforce
                                         its terms.

 

		c)	This
                                         undertaking shall be governed by and construed in all respects in accordance with the
                                         laws of Norway. No rule of Law which would result in the application of any other Law
                                         on this undertaking shall apply.

 

		d)	Any
                                         claim arising out of or in connection with this undertaking shall be subject to the exclusive
                                         jurisdiction of the courts of Norway. Oslo shall be the exclusive venue for bringing
                                         suit. Injunctive relief and enforcement action in respect of any ruling by the courts
                                         of Norway may be sought in any competent court.

 

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		e)	The
                                         parties hereto agree that irreparable damage would occur if any provision of this undertaking
                                         were not performed in accordance with the terms hereof and that the parties shall be
                                         entitled to an injunction or injunctions to prevent breaches of this undertaking or to
                                         enforce specifically the performance of the terms and provisions hereof. Such remedies
                                         will not be the exclusive remedies for any such breach but will be in addition to all
                                         other remedies available to the party.

 

		f)	The
                                         Shareholder consents to the disclosure of the existence and terms of this undertaking
                                         in any public announcement, filing with the SEC or other disclosure that is made or issued
                                         by either the Company, the Purchaser or any of their respective affiliates in connection
                                         with the Transaction.

 

		g)	Neither
                                         this undertaking nor any of the rights or obligations hereunder may be assigned by the
                                         parties hereto without the prior written consent of the other parties. Any attempted
                                         assignment in violation of this clause 4(g) shall be null and void. Subject to the preceding
                                         two sentences, this undertaking will be binding upon, inure to the benefit of and be
                                         enforceable by, the parties and their respective successors and assigns.

 

		h)	All
                                         notices and other communications to be given to any party hereunder shall be sufficiently
                                         given for all purposes hereunder if in writing and delivered by hand, courier or overnight
                                         delivery service, or three (3) days after being mailed by certified or registered mail,
                                         return receipt requested, with appropriate postage prepaid, or by e-mail transmission,
                                         and shall be directed to the address set forth below (or at such other address as such
                                         party shall designate by like notice):

 

If
to Purchaser:

 

Alussa
Energy Acquisition Corp.

PO Box 500, 71 Fort Street

Grand Cayman KY1-1106, Cayman Islands

		Attention:	Daniel
Barcelo

		Email:	Daniel@alussaenergy.com

 

with
a copy (which shall not constitute notice) to:

 

Skadden,
Arps, Slate, Meagher & Flom (UK) LLP

40 Bank Street

London, United Kingdom E14 5DS

		Attention:	Danny Tricot
	 	 	Denis Klimentchenko

		Email:	danny.tricot@skadden.com
	 	 	denis.klimentchenko@skadden.com

 

If
to the Company:

 

Freyr
AS

Nytorget 1

8622 Mo i Rana, Norway

		Attention:	Chief
Legal Officer

		Email:	contract-notifications@freyrbattery.com

 

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with
a copy (which shall not constitute notice) to:

 

Wilson,
Sonsini, Goodrich & Rosati

28 State Street, 37th Floor

Boston,
MA 02109-1700, United States

		Attention:	Mark
Solakian and Mark Baudler

		Email:	msolakian@wsgr.com
and MBaudler@wsgr.com

 

and

 

Advokatfirmaet
BAHR AS

Tjuvholmen allé 16

0252 Oslo, Norway

		Attention:	John
Christian Thaulow and Svein Gerhard Simonnaes

		Email:	jct@bahr.no
and sgs@bahr.no

 

If
to the Shareholder:

 

Address:
[●]

 

Attention:
[●]

 

Email:
[●]

 

		i)	Any
                                         provision of this undertaking may be amended or waived if, and only if, such amendment
                                         or waiver is in writing and signed (a) in the case of an amendment, by the Purchaser,
                                         the Company and the Shareholder, and (b) in the case of a waiver, by the party or parties
                                         against whom the waiver is to be effective. No failure or delay by any party in exercising
                                         any right, power or privilege hereunder shall operate as a waiver thereof, nor shall
                                         any single or partial exercise thereof preclude any other or further exercise thereof
                                         or the exercise of any other right, power or privilege.

 

		j)	This
                                         undertaking may be signed in any number of counterparts, each of which shall be an original,
                                         with the same effect as if the signatures thereto and hereto were upon the same instrument.
                                         This undertaking shall become effective from the date of this undertaking. No provision
                                         of this undertaking is intended to confer any rights, benefits, remedies, obligations,
                                         or liabilities hereunder upon any Person other than the parties hereto, and their respective
                                         successors and assigns.

 

 

[Signature
page follows]

 

    6

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this undertaking to be duly executed by their respective authorized officers as
of the day and year first above written.

 

	 	Name
of shareholder: 	 

 

	 	Number
of Existing Shares: 	 

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	Alussa
    Energy Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	FREYR
AS
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

[Signature
page to Major Shareholder Irrevocable Voting Undertaking]

 

    7Exhibit
10.5

 

EXECUTION
VERSION

 

PREFERRED
SHARE ACQUISITION AGREEMENT

 

This
PREFERRED SHARE ACQUISITION AGREEMENT (this “Agreement”) is entered into on January ___, 2021, by and between
(i) Alussa Energy Acquisition Corp, a Cayman Islands exempted company (“Alussa”), (ii) FREYR Battery, a corporation
in the form of a public limited liability company (société anonyme) incorporated under the laws of Luxembourg,
registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés) (the “Company”),
(iii) Norway Sub 1 AS, a corporation incorporated under the laws of Norway (“Norway Merger Sub 1”), (iv) Encompass
Capital Master Fund LP (“Encompass Capital Master Fund”), a Cayman Islands company, BEMAP Master Fund Ltd.,
a Cayman Islands company (“BEMAP”), and Encompass Capital E L Master Fund L.P. (“Encompass Capital
E L Master Fund”, and together with Encompass Capital Master Fund and BEMAP, the “Encompass Investors”,
and each, an “Encompass Investor”).

 

WHEREAS,
this Agreement is being entered into in connection with the Business Combination Agreement, dated as of the date hereof (as may
be amended, supplemented or otherwise modified from time to time, including any exhibits and schedules thereto, the “Transaction
Agreement”), between, among others, Alussa, the Company, FREYR AS, a corporation incorporated under the laws of Norway
(“FREYR”), Norway Merger Sub 1, Norway Sub 2 AS, a limited liability company incorporated under the laws of
Norway (“Norway Merger Sub 2”), Adama Charlie Sub, an exempted company incorporated under the laws of the Cayman
Islands (“Cayman Merger Sub”) and the other parties thereto, pursuant to which, among other things, (i) Alussa
will merge with and into Cayman Merger Sub, with Alussa as the surviving company of such merger, (ii) FREYR will transfer its
wind farm business to Sjonfjellet Vindpark Holding AS (“SVHAS”), a corporation to be incorporated under the
laws of Norway by way of a demerger resulting in such business becoming held by its shareholders through such company, (iii) FREYR
will merge with and into Norway Merger Sub 2, with Norway Merger Sub 2 as the surviving company of such merger and (iv) Norway
Merger Sub 1 will merge with and into the Company, with the Company as the surviving company of such merger, and after giving
effect to all the transactions, the surviving companies of the transactions contemplated by (i), (ii) and (iii) will be wholly-owned
subsidiaries of the Company, with the exception of SVHAS, which will be a separate stand-alone entity, on the terms and subject
to the conditions therein (the “Transaction”);

 

WHEREAS,
in connection with the Transaction, the Company is seeking commitments from interested investors to purchase, prior to the closing
of the Transaction, the Company’s ordinary shares, par value $0.01 per share (the “PIPE Shares”), in
a private placement for a purchase price of $10.00 per share (the “Per Share Subscription Price”);

 

WHEREAS,
in connection with such private placement, each Encompass Investor has entered into a subscription agreement (the “Encompass
Subscription Agreement”) with the Company and Alussa pursuant to which it agreed to subscribe for PIPE Shares for an
aggregate purchase price of $5,250,000 (the “Subscription Amount”);

 

WHEREAS,
substantially concurrently with the execution of this Agreement and the Encompass Subscription Agreement, the Company and Alussa
are entering into separate subscription agreements (collectively, the “Other Subscription Agreements”) with
certain investors (other than the Encompass Investors) with an aggregate purchase price of $600,000,000 (inclusive of the Subscription
Amount) (the “PIPE Investment”).

 

WHEREAS,
Encompass Capital Master Fund and BEMAP are the holders of 7,500,000 convertible preferred shares of FREYR (the “First
Tranche FREYR Preferred Shares”) and 92,500,000 warrants to subscribe for common shares of FREYR (the “First
Tranche FREYR Warrants”); and each Encompass Investor has agreed with FREYR, pursuant to the funding commitment letter,
dated October 23, 2020, as amended by that certain Side Letter dated November 19, 2020, that certain Side Letter dated the date
hereof and as otherwise amended or supplemented from time to time, between the Encompass Investors and FREYR (the “Funding
Commitment Letter”), to subscribe for additional convertible preferred shares of FREYR, aggregating to 7,500,000 convertible
preferred shares (assuming such issuance occurs, the “Second Tranche FREYR Preferred Shares”, and, together
with the First Tranche FREYR Preferred Shares the “FREYR Preferred Shares”), and subject to an acquisition
by the Encompass Investors of the Second Tranche FREYR Preferred Shares, FREYR and the Encompass Investors have agreed to cancel
the First Tranche FREYR Warrants and issue 92,500,000 new warrants to the Encompass Investors (assuming such issuance occurs,
the “FREYR Warrants”). For purposes of this Agreement, “FREYR Preferred Shares” shall also
include any additional convertible preferred shares of FREYR or, if applicable, ordinary shares of FREYR issued by FREYR as a
result of the conversion of FREYR Preferred Shares or FREYR Warrants, which any of the Encompass Investors may acquire between
the date of this Agreement and Closing (as defined below) pursuant to the Funding Commitment Letter. For purposes of this Agreement,
“FREYR Warrants” shall also include, (i) if applicable, any additional or substitute warrants to subscribe for common
shares of FREYR which any of the Encompass Investors may acquire between the date of this Agreement and Closing; and (ii) if the
Second Tranche FREYR Preferred Shares are never issued and, accordingly, the First Tranche FREYR Warrants never cancelled, then
“FREYR Warrants” shall refer to the First Tranche FREYR Warrants and any additional or substitute warrants referred
to in limb (i) above.

 

     

     

    

 

WHEREAS,
in connection with the Transaction, each FREYR Preferred Share and each FREYR Warrant issued and outstanding immediately before
the Norway Effective Time (as defined in the Transaction Agreement) will be automatically converted into one convertible preferred
share of Norway Merger Sub 1 (each, a “Preferred Share”) and one warrant to subscribe for one common share
of Norway Merger Sub 1 (each a “Warrant”).

 

WHEREAS,
the Encompass Investors and the Company wish to consummate a transaction pursuant to which all of the Preferred Shares and Warrants
held by the Encompass Investors or their Affiliates will be contributed in kind to the Company against such number of newly issued
ordinary shares of the Company, par value $0.01 per share as provided in Clause 1(a) below (such newly issued ordinary shares,
the “Shares”).

 

WHEREAS,
in accordance with the Transaction Agreement, upon completion of the Cross-Border Merger (as defined in the Transaction Agreement),
the Warrants shall be cancelled.

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
set forth herein, and intending to be legally bound hereby, each of the Encompass Investors, the Company, Alussa and Norway Merger
Sub 1 acknowledges and agrees as follows:

 

1.
 Transactions.

 

(a) Each
of the Encompass Investors hereby agrees, severally and not jointly, to contribute in kind to the Company, and the Company agrees
to acquire from each of the Encompass Investors, all of the Preferred Shares and Warrants held by each such Encompass Investor
or any of their Affiliates at Closing, in exchange for a number of Shares in the aggregate equal to the Base Consideration divided
by the Per Share Subscription Price, on the terms and subject to the conditions provided for herein. “Base Consideration”
shall equal $7,447,500, provided that if any of the Encompass Investors, individually or in the aggregate, acquires the Second
Tranche FREYR Preferred Shares, then “Base Consideration” shall equal $14,895,000.

 

(b) The
Encompass Investors, Norway Merger Sub 1 and Pubco acknowledge and agree that, upon completion of the Cross-Border Merger, all
of the Warrants contributed by the Encompass Investors and their Affiliates to the Company shall be cancelled.

 

2.
 Closing.

 

(a) The
closing of the contribution of the Preferred Shares and Warrants contemplated hereby (the “Closing”) shall
occur on the same date as, but immediately following the consummation of the Norway Merger (as defined in the Transaction Agreement)
and immediately prior to the Cross-Border Merger (as defined in the Transaction Agreement) (the “Closing Date”).

 

(b) At
least seven (7) business days before the anticipated Closing Date, the Company shall deliver written notice to each Encompass
Investor (if applicable) (the “Closing Notice”) specifying: (i) the anticipated Closing Date and (ii) that
the Company reasonably expects all conditions to closing of the Transaction to be satisfied or waived prior to or on the anticipated
Closing Date. Upon satisfaction (or, if applicable, waiver) of the conditions set forth in Section 3, (i) at or prior to
Closing, (A) each Encompass Investor shall perform its obligations under Schedule B, Part 1 appended hereto, and (B) the Company
shall perform its obligations under Schedule B, Part 2 appended hereto and shall issue the Shares to the Encompass Investors and
subsequently cause the Shares to be registered in book entry form, free and clear of any liens or other restrictions whatsoever
(other than those arising under state or federal securities laws or as set forth herein), in the name of each such Encompass Investor
(or its nominee in accordance with its delivery instructions), and (ii) as promptly as practicable after the Closing (but
in no event more than two (2) business days thereafter), the Company shall deliver, or cause to be delivered, evidence from the
Company’s transfer agent (the “Transfer Agent”) of the issuance to each such Encompass Investor of its
appropriate number of the Shares on and as of the Closing Date.

 

    2

     

    

 

(c) Prior
to or at the Closing, each Encompass Investor shall deliver to the Company a duly completed and executed Internal Revenue Service
Form W-9 or appropriate Form W-8.

 

(d) For
purposes of this Agreement, “business day” shall mean a day, other than a Saturday, Sunday or other day on which commercial
banks in New York, New York, Oslo, Norway, the Cayman Islands or Luxembourg are authorized or required by law to close.

 

3.
 Closing Conditions.

 

(a) The
obligation of the parties hereto to consummate the transactions contemplated pursuant to this Agreement is subject to the following
conditions: (i) there shall not be in force any injunction or order enjoining or prohibiting, or any proceeding seeking to enjoin
or prohibit, the transactions contemplated pursuant to this Agreement and (ii) all conditions precedent to the consummation of
the Transaction set forth in the Transaction Agreement shall have been satisfied or waived (other than those conditions which,
by their nature, are to be satisfied at the applicable closing date under the Transaction Agreement, but subject to the satisfaction
or waiver of such conditions as of the closing of the Transaction) and the closing of the Transaction shall occur substantially
concurrently with the Closing.

 

(b)
The obligation of the Company to consummate the transactions with each Encompass Investor contemplated pursuant to this Agreement
is also subject to the satisfaction or waiver by the Company and Alussa of the following additional conditions that, on the Closing
Date:

 

(i) all
representations and warranties of such Encompass Investor contained in this Agreement shall be true and correct in all material
respects (other than representations and warranties that are qualified as to materiality, which representations and warranties
shall be true in all respects) at and as of the Closing Date (except for representations and warranties made as of a specific
date, which shall be true and correct in all material respects (other than representations and warranties that are qualified as
to materiality, which representations and warranties shall be true in all respects) as of such date); and

 

(ii) such
Encompass Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by it at or prior to Closing.

 

(c) The
obligation of each Encompass Investor to consummate the transactions contemplated pursuant to this Agreement is also subject to
the satisfaction or waiver by each such Encompass Investor of the following additional conditions that, on the Closing Date:

 

(i) all
representations and warranties of the Company and Alussa contained in this Agreement shall be true and correct in all material
respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined
herein), which representations and warranties shall be true in all respects) at and as of the Closing Date (except for representations
and warranties made as of a specific date, which shall be true and correct in all material respects (other than representations
and warranties that are qualified as to materiality or Material Adverse Effect, which representations and warranties shall be
true in all respects) as of such date);

 

    3

     

    

 

(ii) the
Company and Alussa shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Company and Alussa at or prior to Closing;

 

(iii) (A)
the Transaction Agreement (as the same exists on the date of this Agreement) shall not have been modified, waived or amended to
materially adversely affect any Encompass Investor (in its capacity as such), and (B) Section 12.2(c) of the Transaction Agreement
(as the same exists on the date of this Agreement) shall not have been modified, waived or amended in any material respect, in
each case of clauses (A) and (B), without having received the Encompass Investors’ prior written consent;

 

(iv) the
Company shall not have entered into any Other Subscription Agreement with a lower Per Share Subscription Price or, other than
with respect to (A) the Other Subscription Agreement entered into with Spring Creek Capital, LLC (a subsidiary of Koch Industries,
Inc.) or (B) certain settlement arrangements owing to regulatory constraints, other terms (economic or otherwise) substantively
more favorable to such other subscriber or investor than as set forth in this Agreement; and

 

(v) the
Shares shall have been approved for listing on the NYSE (as defined below) effective upon the closing of the Transaction (“Transaction
Closing”).

 

(d) The
Company shall use reasonable efforts to ensure the satisfaction of the conditions set out in: (i) Section 3(c) of this
Agreement, and (ii) the Transaction Agreement. Each Encompass Investor shall use reasonable efforts to ensure the satisfaction
of the conditions set out in Section 3(b) of this Agreement.

 

4.
 Further Assurances. At the Closing, the parties hereto shall execute and deliver
such additional documents and take such additional actions as is reasonably deemed to be necessary in order to consummate the
transactions contemplated by this Agreement; provided, that in no event shall any Encompass Investor be required hereunder to
execute and deliver any lock-up or similar market standoff agreement or any other agreement restricting the transfer of the Shares
issued pursuant to this Agreement.

 

5.
 Company and Alussa Representations and Warranties. With respect to Sections 5(a),
(c), (d), (e), (g), (h), (i), (j), (k), (l), (m) and (o),
each of Alussa and the Company jointly and severally represent and warrant to the Encompass Investors as of the date hereof and
as of the Closing Date, and with respect to the remainder of this Section 5, the Company represents and warrants to the
Encompass Investors, as of the date hereof and as of the Closing Date, that:

 

(a) The
Company is a corporation in the form of a public limited liability company (société anonyme) duly incorporated
and validly existing under the laws of Luxembourg. The Company has all power (corporate or otherwise) and authority to own, lease
and operate its properties and conduct its business as presently and anticipated to be conducted and to enter into, deliver and
perform its obligations under this Agreement. Alussa has been incorporated and is validly existing as a corporation under the
laws of the Cayman Islands, with corporate power and authority to own, lease and operate its properties and conduct its business
as presently and anticipated to be conducted and to enter into, deliver and perform its obligations under this Agreement.

 

    4

     

    

 

(b) As
of the Closing, the Shares will be duly authorized and, when issued and delivered to the Encompass Investors in accordance with
the terms of this Agreement, the Shares will be validly issued, fully paid, non-assessable and free and clear of any liens or
other restrictions whatsoever (other than those arising under state or federal securities laws or as set forth herein), will rank
pari passu in all respects with all other ordinary shares of the Company and will not have been issued in violation of
or subject to any preemptive or similar rights created under the Company’s articles of association (as in effect at such
time of issuance) or similar constitutive agreements, or under the laws of Luxembourg.

 

(c) Each
of this Agreement, the Other Subscription Agreements, and the Transaction Agreement (the “Transaction Documents”)
has been duly authorized, executed and delivered by each of Alussa and the Company and, assuming that each such Transaction Document
constitutes a valid and binding obligation of the other parties thereto, is enforceable against each of the Company and Alussa
in accordance with its respective terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, or (ii) principles
of equity, whether considered at law or equity.

 

(d) The
execution and delivery by the Company and Alussa of the Transaction Documents and the performance by the Company and Alussa of
their respective obligations under the Transaction Documents, including the issuance and sale by the Company of the Shares pursuant
to this Agreement and the consummation of the transactions contemplated herein and therein, do not and will not conflict with
or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation
or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or Alussa or any of their respective
subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement
or instrument to which the Company or Alussa or any of their respective subsidiaries is a party or by which the Company or Alussa
or any of their respective subsidiaries is bound or to which any of the property or assets of the Company or Alussa is subject
that does or would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the business,
financial condition or results of operations of the Company or Alussa or their respective subsidiaries, taken as a whole (a “Material
Adverse Effect”), or impair the validity of the Shares or the legal authority of the Company or Alussa to comply in
all material respects with their respective obligations under the Transaction Documents or impair or delay the ability of the
Company or Alussa to timely perform their respective obligations under the Transaction Documents; (ii) result in any violation
of any provision of the organizational documents of the Company or Alussa; or (iii) result in any violation of any statute or
any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction
over the Company or Alussa or any of their respective properties that would reasonably be expected to have a Material Adverse
Effect or impair the validity of the Shares or the legal authority of the Company or Alussa to comply in all material respects
with its obligations under the Transaction Documents or impair or delay the ability of the Company or Alussa to timely perform
their respective obligations under the Transaction Documents.

 

(e) Assuming
the accuracy of the Encompass Investors’ representations and warranties set forth in Section 6 of this Agreement,
neither the Company nor Alussa is required to obtain any material consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory
organization or other person in connection with the issuance of the Shares pursuant to this Agreement, other than (i) filings
with the U.S. Securities and Exchange Commission (the “SEC”), (ii) filings required by applicable state or
federal securities laws, (iii) the filings required in accordance with Section 12 of this Agreement; (iv) those required
by the New York Stock Exchange (“NYSE”), and (v) those required to consummate the Transaction as provided under
the Transaction Agreement.

 

(f) Assuming
the accuracy of the Encompass Investors’ representations and warranties set forth in Section 6 of this Agreement,
no registration under the Securities Act of 1933, as amended (the “Securities Act”), is required for the offer
and sale of any of the Shares by the Company to any of the Encompass Investors.

 

(g) Neither
the Company nor Alussa nor any person acting on their respective behalf has engaged or will engage in any form of general solicitation
or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Shares in violation of
the Securities Act.

 

    5

     

    

 

(h) Neither
the Company nor Alussa nor any person acting on their respective behalf is under any obligation to pay any broker’s fee
or finder’s fee or commission in connection with the sale of the Shares other than to the Placement Agents (as defined below).

 

(i) Neither
the Company nor Alussa nor any person acting on their respective behalf has taken any action, directly or indirectly, including
making any offer or sale of any Company security or solicited any offers to buy any security in violation of the Securities Act
or under circumstances that would cause the offer and sale of the Shares by the Company to any of the Encompass Investors contemplated
hereby to fail to be entitled to the exemption from the registration requirements of the Securities Act (other than offers or
sales of securities under an employee benefit plan as defined in Rule 405 under the Securities Act).

 

(j) Except
for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse
Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending,
or, to the knowledge of Alussa or the Company, threatened against Alussa, the Company or FREYR, or (ii) judgment, decree, injunction,
ruling or order of any governmental entity or arbitrator outstanding against Alussa, the Company or FREYR. Each of the Company,
Alussa and FREYR has not received any written communication from a governmental authority that alleges that the Company, Alussa
or FREYR is not in compliance with or in default or violation of any applicable law, except where such non-compliance, default
or violation would not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(k) Other
than the Other Subscription Agreements and other than with respect to (A) the Other Subscription Agreement entered into with Spring
Creek Capital, LLC (a subsidiary of Koch Industries, Inc.) and (B) certain settlement arrangements owing to regulatory constraints,
neither Alussa nor the Company has entered into any side letter or similar agreement with any investor or subscriber in connection
with such investor or subscriber’s direct or indirect investment in the Company, and such Other Subscription Agreements
have not been amended in any material respect following the date of this Agreement and reflect the same Per Share Subscription
Price and terms that are no more favorable to such investor or subscriber thereunder than the terms of this Agreement.

 

(l) As
of their respective dates, all SEC Documents (as defined below) complied or will comply, in all material respects, with the requirements
of the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules
and regulations of the SEC promulgated thereunder. A copy of each form, report, statement, schedule, prospectus, proxy, registration
statement and other document, if any, filed by Alussa or the Company with the SEC since Alussa’s initial registration of
its Class A ordinary shares under the Exchange Act (the “SEC Documents”) is available to the undersigned via
the SEC’s EDGAR system. None of the SEC Documents contained, when filed or, if amended, as of the date of such amendment
with respect to those disclosures that are amended, any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading. Each of Alussa and the Company has timely filed each report, statement, schedule, prospectus, and registration
statement that Alussa or the Company (as applicable) was required to file with the SEC since Alussa’s initial registration
of the Class A ordinary shares under the Exchange Act. The financial statements of Alussa and the Company included in the SEC
Documents comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with
respect thereto as in effect at the time of filing and fairly present in all material respects the financial condition of Alussa
and the Company (as applicable) as of and for the dates thereof and the results of operations and cash flows for the periods then
ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. There are no material outstanding
or unresolved comments in comment letters from the staff of the Division of Corporation Finance of the SEC with respect to any
of the SEC Documents. The description of the business and financial information of FREYR set forth in the investor presentation
dated December 4, 2020 (as updated on January 26, 2021) made available to Investor by Alussa and FREYR prior to the execution
of this Agreement (the “Investor Presentation”) shall be consistent and complete in all material respects with
the description of the business and financial information of FREYR described or included in the proxy statement to be filed in
connection with the approval of the Transaction Agreement by the applicable shareholders. The Investor Presentation shall not
have not been amended in any material respect following the date of this Agreement.

 

    6

     

    

 

(m) As
of the date of this Agreement, and immediately prior to the First Closing Date (as defined in the Transaction Agreement), the
authorized capital stock of Alussa consists of 200,000,000 Class A ordinary shares, $0.0001 par value, 20,000,000 Class B ordinary
shares, $0.0001 par value, and 2,000,000 shares of undesignated preferred stock, $0.0001 par value. As of the date of this Agreement
and for the period up to the exercise in full of any warrants issued by Alussa, the Company will have a sufficient number of authorized
shares available to be issued upon exercise of such warrants. As of the date of this Agreement, the authorized capital stock of
the Company consists of 40,000 fully paid redeemable shares with no nominal value, and such shares are duly authorized and validly
issued, and are not subject to preemptive rights or encumbrances. As of the date of this Agreement, and immediately prior to Closing,
except as set forth above and pursuant to (i) the Other Subscription Agreements and (ii) the Transaction Agreement, there are
no outstanding (1) shares, equity interests or voting securities of the Company, (2) securities of the Company convertible into
or exchangeable for shares or other equity interests or voting securities of the Company, (3) options, warrants or other rights
(including preemptive rights) or agreements, arrangements or commitments of any character, whether or not contingent, of the Company
to acquire from any individual, entity or other person, and no obligation of the Company to issue, any shares or other equity
interests or voting securities of the Company (collectively, the “Equity Interests”) or securities convertible into
or exchangeable or exercisable for Equity Interests. As of the date of this Agreement, other than Cayman Merger Sub, the Company
has no subsidiaries and does not own, directly or indirectly, interests or investments (whether equity or debt) in any person,
whether incorporated or unincorporated. There are no stockholder agreements, voting trusts or other agreements or understandings
to which the Company is a party or by which it is bound relating to the voting of any securities of the Company, other than (A)
as set forth in the SEC Documents and (B) as contemplated by the Transaction Agreement. Except as disclosed in the SEC Documents
and other than expenses incurred in connection with the transactions contemplated by the Transaction Documents, the Company had
no outstanding indebtedness and will not have any outstanding long-term indebtedness as of immediately prior to the Closing.

 

(n) Upon
consummation of the Transaction, the issued and outstanding ordinary shares of the Company will be registered pursuant to Section
12(b) of the Exchange Act and will be listed for trading on the NYSE.

 

(o) Neither
the Company nor Alussa is, and immediately after receipt of payment for the Shares the Company will not be, subject to registration
as an “investment company” under the Investment Company Act of 1940, as amended.

 

(p) The
issued and outstanding Class A ordinary shares of Alussa are registered pursuant to Section 12(b) of the Exchange Act and are
listed on the NYSE under the symbol “ALUS”. There is no suit, action, proceeding, or investigation pending, or to
the knowledge of Alussa, threatened against Alussa by the NYSE or the SEC with respect to any intention by such entity to deregister
the Class A ordinary shares of Alussa or prohibit or terminate the listing of such shares on the NYSE. Alussa has taken no action
that is designed to terminate the registration of Alussa under the Exchange Act. Prior to the First Closing Date, no suspension
of the qualification of Alussa’s Class A ordinary shares for offering or sale or trading on the NYSE, or initiation or threatening
of any proceedings for any of such purposes, shall have occurred.

 

(q) Each
of Alussa and the Company is in compliance with all applicable laws, except where such non-compliance would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect. As of the date hereof, neither Alussa nor the Company
has received any written communication from a governmental authority that alleges that the Company or Alussa, as applicable, is
not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(r) As
of the Closing Date, the Company will be a “foreign private issuer” (as defined in Rule 405) under the Securities
Act.

 

(s) The
Company is classified as a Subchapter C corporation for U.S. federal income tax purposes.

 

    7

     

    

 

6.
 Encompass Investors Representations, Warranties and Acknowledgements. Each Encompass
Investor, (I) with respect to Section 6(a), the first two sentences of Section 6(e) and Sections 6(g), (h),
(j), (k), (l), (m), (p) and (q), represents and warrants to the Company and Alussa,
and (II) with respect to the remainder of this Section 6, acknowledges, in each case of the foregoing clauses (I)
and (II), as of the date hereof and as of the Closing Date, provided that representations and warranties concerning the
Second Tranche FREYR Preferred Shares and the FREYR Warrants issued together with the issuance of the Second Tranche FREYR Preferred
Shares are given as of the date of issuance and as of the Closing Date), that:

 

(a) Each
Encompass Investor (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or
an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3), (7) or (8) under the Securities
Act), in each case, satisfying the applicable requirements set forth on Schedule A, (ii), if resident in a member state
of the European Economic Area, is a “qualified investor” within the meaning of Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted
to trading on a regulated market (the “EU Prospectus Regulation”), (iii) if resident in the United Kingdom,
is a “qualified investor” within the meaning of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue
of the European Union (Withdrawal) Act 2018 (the “UK Prospectus Regulation”), (iv) is acquiring the Shares
only for its own account and not for the account of others, or if an Encompass Investor is acquiring the Shares as a fiduciary
or agent for one or more investor accounts, such Encompass Investor has full investment discretion with respect to each such account,
and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of
each such account, and (v) is not acquiring the Shares with a view to, or for offer or sale in connection with, any distribution
thereof in violation of the Securities Act (and shall provide the requested information set forth on Schedule A). Each
Encompass Investor is not an entity formed for the specific purpose of acquiring the Shares and is an “institutional account”
as defined by FINRA Rule 4512(c).

 

(b) Each
Encompass Investor acknowledges and agrees that the Shares are being offered in a transaction not involving any public offering
within the meaning of the Securities Act or any “offer of securities to the public” within the meaning of the EU Prospectus
Regulation or the UK Prospectus Regulation, that the Shares have not been registered under the Securities Act and that the Company
is not required to register the Shares except as set forth in Section 7 of this Agreement. Each Encompass Investor acknowledges
and agrees that the Shares may not be offered, resold, transferred, pledged or otherwise disposed of by the Encompass Investors
absent an effective registration statement under the Securities Act except (i) to the Company or a subsidiary thereof, (ii) to
non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the
Securities Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and,
in each case, in accordance with any applicable securities laws of the states of the United States and other applicable jurisdictions,
and that any certificates representing the Shares shall contain a restrictive legend to such effect. Each Encompass Investor acknowledges
and agrees that the Shares will be subject to these securities law transfer restrictions and, as a result of these transfer restrictions,
each Encompass Investor may not be able to readily offer, resell, transfer, pledge or otherwise dispose of the Shares and may
be required to bear the financial risk of an investment in the Shares for an indefinite period of time. Each Encompass Investor
acknowledges and agrees that the Shares will not immediately be eligible for offer, resale, transfer, pledge or disposition pursuant
to Rule 144 promulgated under the Securities Act, and that the provisions of Rule 144(i) will apply to the Shares. Each Encompass
Investor acknowledges and agrees that it has been advised to consult legal, tax and accounting advisors prior to making any offer,
resale, transfer, pledge or disposition of any of the Shares.

 

(c) Each
Encompass Investor acknowledges and agrees the Shares are issued to such Encompass Investor by the Company. Each Encompass Investor
further acknowledges that there have been no representations, warranties, covenants and agreements made to such Encompass Investor
by or on behalf of the Company, Alussa, FREYR, Norway Merger Sub 1, Norway Merger Sub 2, Cayman Merger Sub, or any of Credit Suisse
Securities (USA) LLC, BTIG, LLC, Pareto Securities AS, SpareBank 1 Markets AS or Clarksons Platou Securities, Inc. (with their
respective affiliates, each a “Placement Agent” and, collectively, the “the Placement Agents, any of
their respective affiliates or any control persons, officers, directors, employees, agents or representatives of any of the foregoing
or any other person or entity, expressly or by implication, other than those representations, warranties, covenants and agreements
of the Company and Alussa expressly set forth in Section 5 of this Agreement and those representations, warranties, covenants
and agreements made with or to such Encompass Investor pursuant to the Ancillary Transaction Agreements. Each Encompass Investor
acknowledges that certain information provided by the Company, FREYR or Alussa was based on projections, and such projections
were prepared based on assumptions and estimates that are inherently uncertain and are subject to a wide variety of significant
business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained
in the projections. For purposes of this Agreement, “Ancillary Transaction Agreements” shall mean the Funding Commitment
Letter and the Encompass Subscription Agreement.

 

    8

     

    

 

(d) Each
Encompass Investor acknowledges and agrees that it has received such information as it deems necessary in order to make an investment
decision with respect to the Shares, including, with respect to the Company, Alussa, the Transaction and the business of FREYR
and its subsidiaries. Without limiting the generality of the foregoing, each Encompass Investor acknowledges that it has had the
opportunity to review Alussa’s filings with the SEC. Each Encompass Investor acknowledges and agrees that such Encompass
Investor and such Encompass Investor’s professional advisor(s), if any, have had the full opportunity to ask such questions,
receive such answers and obtain such information as such Encompass Investor and its professional advisor(s), if any, have deemed
necessary to make an investment decision with respect to the Shares.

 

(e) Each
Encompass Investor became aware of this offering of the Shares solely by means of direct contact between such Encompass Investor
and the Company, Alussa or a representative of the Company or Alussa, or by means of contact from the Placement Agents, and the
Shares were offered to the Encompass Investors solely by direct contact between such Encompass Investor and the Company, Alussa
or a representative of the Company or Alussa. Each Encompass Investor did not become aware of this offering of the Shares, nor
were the Shares offered to such Encompass Investor, by any other means. Each Encompass Investor acknowledges that its Shares (i)
were not offered to it by any form of general solicitation or general advertising and (ii) are not being offered to it in a manner
involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. Each
Encompass Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty
made by any person, firm or corporation (including, without limitation, the Company, Alussa, the Placement Agents, any of their
respective affiliates or any control persons, officers, directors, employees, agents or representatives of any of the foregoing),
other than the representations and warranties of the Company or Alussa contained in Section 5 of this Agreement and those
contained in the Ancillary Transaction Agreements, in making its investment or decision to invest in the Company.

 

(f) Each
Encompass Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the
Shares, including those set forth in Alussa’s filings with the SEC and the Investor Presentation. Each Encompass Investor
has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an
investment in the Shares, and each Encompass Investor has sought such accounting, legal and tax advice as such Encompass Investor
has considered necessary to make an informed investment decision. Each Encompass Investor acknowledges that it shall be responsible
for any of its tax liabilities that may arise as a result of the transactions contemplated by this Agreement, and that neither
the Company nor Alussa has provided any tax advice or any other representation or guarantee regarding the tax consequences of
the transactions contemplated by the Agreement.

 

(g) Alone,
or together with any professional advisor(s), each Encompass Investor has adequately analyzed and fully considered the risks of
an investment in the Shares and determined that the Shares are a suitable investment for such Encompass Investor and that it is
able at this time and in the foreseeable future to bear the economic risk of a total loss of such Encompass Investor’s investment
in the Company. Each Encompass Investor acknowledges specifically that a possibility of total loss exists.

 

(h) In
making its decision to acquire the Shares, each Encompass Investor has relied solely upon independent investigation made by such
Encompass Investor, the Investor Presentation and the representations and warranties made by Alussa and the Company in Section
5 and as applicable, the Ancillary Transaction Agreements. Without limiting the generality of the foregoing, each Encompass
Investor has not relied on any statements by or on behalf of the Placement Agents or any of their respective affiliates or any
control persons, officers, directors, employees, agents or representatives of any of the foregoing concerning the Company, Alussa,
FREYR, the Transaction, the Transaction Agreement, this Agreement or the transactions contemplated hereby or thereby, the Shares
or the offer and sale of the Shares other than the representations and warranties of the Company contained in Section 5
of this Agreement and those contained in the Ancillary Transaction Agreements.

 

    9

     

    

 

(i) Each
Encompass Investor acknowledges and agrees that no federal or state agency has passed upon or endorsed the merits of the offering
of the Shares or made any findings or determination as to the fairness of this investment.

 

(j) Each
Encompass Investor has been duly formed or incorporated and is validly existing and is in good standing under the laws of its
jurisdiction of formation or incorporation, with power and authority to enter into, deliver and perform its obligations under
this Agreement.

 

(k) The
execution, delivery and performance by each Encompass Investor of this Agreement are within the powers of such Encompass Investor,
have been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or
regulation of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking,
to which such Encompass Investor is a party or by which such Encompass Investor is bound that would reasonably be expected to
have a material adverse effect on the legal authority of such Encompass Investor to comply in all material respects with the terms
of this Agreement, and will not violate any provisions of such Encompass Investor’s organizational documents, including,
without limitation, its incorporation or formation papers, bylaws, indenture of trust or partnership or operating agreement, as
may be applicable. The signature of each Encompass Investor on this Agreement is genuine, and the signatory has been duly authorized
to execute this Agreement, and, assuming that this Agreement constitutes the valid and binding agreement of the Company, Norway
Merger Sub 1 and Alussa, this Agreement constitutes a legal, valid and binding obligation of such Encompass Investor, enforceable
against such Encompass Investor in accordance with its terms except as may be limited or otherwise affected by (i) bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally,
and (ii) principles of equity, whether considered at law or equity.

 

(l) None
of the Encompass Investors nor any of their respective officers, directors, managers, managing members, general partners or any
other person acting in a similar capacity or carrying out a similar function, is (i) a person named on the Specially Designated
Nationals and Blocked Persons List, the Foreign Sanctions Evaders List, the Sectoral Sanctions Identification List, or any other
similar list of sanctioned persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”),
or any similar list of sanctioned persons administered by the United Kingdom, the European Union or any individual European Union
member state (collectively, “Sanctions Lists”); (ii) directly or indirectly owned or controlled by, or acting
on behalf of, one or more persons on a Sanctions List; (iii) organized, incorporated, established, located, resident or born in,
or a citizen, national, or the government, including any political subdivision, agency, or instrumentality thereof, of, Cuba,
Iran, North Korea, Syria, Venezuela, the Crimea region of Ukraine, or any other country or territory embargoed by the United States,
the United Kingdom, the European Union or any individual European Union member state; (iv) a Designated National as defined in
the Cuban Assets Control Regulations, 31 C.F.R. Part 515; or (v) a non-U.S. shell bank or providing banking services indirectly
to a non-U.S. shell bank (collectively, a “Prohibited Investor”). Each Encompass Investor represents that if
it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”),
as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively,
the “BSA/PATRIOT Act”), that it maintains policies and procedures reasonably designed to comply with applicable
obligations under the BSA/PATRIOT Act. Each Encompass Investor maintains policies and procedures reasonably designed to ensure
compliance with sanctions and export control laws in each of the jurisdictions in which it operates. Each Encompass Investor maintains
policies and procedures reasonably designed to ensure that the funds held by such Encompass Investor are legally derived.

 

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(m) If
the applicable Encompass Investor is or is acting on behalf of (i) an employee benefit plan that is subject to Title I of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) a plan, an individual retirement
account or other arrangement that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
(iii) an entity whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement
described in clauses (i) and (ii) (each, an “ERISA Plan”), or (iv) an employee benefit plan that is a governmental
plan (as defined in Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of ERISA), a non-U.S. plan (as described
in Section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing clauses (i), (ii) or (iii) but may be subject
to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions
of ERISA or the Code (collectively, “Similar Laws,” and together with ERISA Plans, “Plans”),
such Encompass Investor represents and warrants that (A) neither the Company nor, to each Encompass Investor’s knowledge,
any of its affiliates has provided investment advice or has otherwise acted as the Plan’s fiduciary, with respect to its
decision to acquire and hold the Shares, and, to each Encompass Investor’s knowledge, none of the parties to the Transaction
is or shall at any time be the Plan’s fiduciary with respect to any decision in connection with the Investor’s investment
in the Shares; and (B) its purchase of the Shares will not result in a non-exempt prohibited transaction under Section 406 of
ERISA or Section 4975 of the Code, or any applicable Similar Law.

 

(n) Other
than the Investor Presentation, each Encompass Investor acknowledges that it has been informed that no disclosure or offering
document has been prepared by the Company, Alussa or any of their respective affiliates or representatives in connection with
the offer and sale of the Shares.

 

(o) Each
Encompass Investor acknowledges that it has been informed that none of the Placement Agents, nor any of their respective affiliates,
nor any control persons, officers, directors, employees, agents or representatives of any of the foregoing has made or makes any
representation or warranty, whether express or implied, of any kind or character and have not provided any advice or recommendation
with respect to the Company, Alussa, FREYR or its subsidiaries or any of their respective businesses, or the Shares or the accuracy,
completeness or adequacy of any information supplied to such Encompass Investor by the Company.

 

(p) In
connection with the issue and acquisition of the Shares, none of the Placement Agents have acted as any Encompass Investor’s
financial advisor or fiduciary.

 

(q) Subject
to the merger involving Norway Merger Sub 1, each Encompass Investor owns good and valid title to its respective FREYR Preferred
Shares and FREYR Warrants (free and clear of any and all liens) or Preferred Shares and Warrants, as applicable, and there are
no proxies, voting rights, shareholders’ agreements or other agreements to which an Encompass Investor is a party or by
which such Encompass Investor is bound, with respect to the voting or transfer of any of such Encompass Investor’s FREYR
Preferred Shares and FREYR Warrants (other than this Agreement and the Transaction Agreement).

 

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7.
 Registration Rights.

 

(a) The
Company agrees that, within thirty (30) calendar days following the Closing Date (such deadline, the “Filing Deadline”),
the Company will submit to or file with the SEC a registration statement for a shelf registration on Form S-1 or Form S-3 (if
the Company is then eligible to use a Form S-3 shelf registration) (the “Registration Statement”), in each
case, covering the resale of all of the Shares acquired by the Encompass Investors pursuant to this Agreement (determined as of
two (2) business days prior to such submission or filing) (the “Registrable Shares”) and the Company shall
use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the
filing thereof, but no later than the earlier of (i) the 90th calendar day following the Closing Date and (ii) the 10th business
day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement
will not be “reviewed” or will not be subject to further review (such earlier date, the “Effectiveness Deadline”);
provided, however, that the Company’s obligations to include the Registrable Shares in the Registration
Statement are contingent upon the applicable Encompass Investor furnishing in writing to the Company such information regarding
such Encompass Investor, the securities of the Company held by such Encompass Investor and the intended method of disposition
of the Registrable Shares (which shall be limited to non-underwritten public offerings) as shall be reasonably necessary and requested
by the Company to effect the registration of the Registrable Shares, and each Encompass Investor shall execute such documents
in connection with such registration as the Company may reasonably request that are customary of a selling shareholder in similar
situations, including providing that the Company shall be entitled to postpone and suspend the effectiveness or use of the Registration
Statement, if applicable, during any customary blackout or similar period or as permitted hereunder; provided that each
Encompass Investor shall not in connection with the foregoing be required to execute any lock-up or similar agreement or otherwise
be subject to any contractual restriction on the ability to transfer the Registrable Shares. For as long as any Encompass Investor
holds Shares, the Company will use commercially reasonable efforts to file all reports for so long as the condition in Rule 144(c)(1)
(or Rule 144(i)(2), if applicable) is required to be satisfied, and provide all customary and reasonable cooperation, necessary
to enable the undersigned to resell the Shares pursuant to Rule 144 of the Securities Act (in each case, when Rule 144 of the
Securities Act becomes available to the Encompass Investors). Any failure by the Company to file the Registration Statement by
the Filing Deadline or to effect such Registration Statement by the Effectiveness Deadline shall not otherwise relieve the Company
of its obligations to file or effect the Registration Statement as set forth above in this Section 7. In no event shall
the Encompass Investors or any affiliate of the Encompass Investors be identified as a statutory underwriter in the Registration
Statement; except that, if the Encompass Investors or any affiliate of the Encompass Investors is required by the SEC to be identified
as a statutory underwriter in the Registration Statement, the Company will provide reasonable advance notice to the Encompass
Investors of such requirement and the Encompass Investors may, in its sole discretion, elect not to include all or a portion of
its Shares in the Registration Statement (and such election shall not be considered a breach of this Agreement by the Company).
Notwithstanding the foregoing, if the SEC prevents the Company from including any or all of the shares proposed to be registered
under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Shares
by the applicable shareholders or otherwise, the Company shall give each of the Encompass Investors prompt written notice thereof
and such Registration Statement shall register (by amendment or otherwise) for resale such number of Shares which is equal to
the maximum number of Shares as is permitted by the SEC. In such event, the number of Shares to be registered for each selling
shareholders named in the Registration Statement shall be reduced pro rata among all such selling shareholders. In the event the
Company amends the Registration Statement in accordance with the foregoing, the Company will use its commercially reasonable efforts
to file with the SEC, as promptly as allowed by the SEC, one or more registration statements to register the resale of those Registrable
Shares that were not registered on the initial Registration Statement, as so amended. All fees and expenses (i) incident to the
performance of, or compliance with, this Section 7, or (ii) related to any threatened or actual litigation against any
of the Encompass Investors in connection with any alleged breach of the Subscription Agreement or U.S. securities laws, in each
case by the Company, shall be borne by the Company.

 

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(b) At
its expense the Company shall:

 

(i) except
for such times as the Company is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement,
use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state
securities laws which the Company determines to obtain, continuously effective with respect to each Encompass Investor, and to
keep the applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or
omissions, until the earlier of the following: (A) the Encompass Investors cease to hold any Registrable Shares, (B) the date
all Registrable Shares held by the Encompass Investors may be sold without restriction under Rule 144, including without limitation,
any volume and manner of sale restrictions which may be applicable to affiliates under Rule 144 and without the requirement for
the Company to be in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable),
and (C) three years from the date of effectiveness of the Registration Statement;

 

(ii) advise
each of the Encompass Investors, as expeditiously as possible:

 

(1) when
a Registration Statement or any amendment thereto has been filed with the SEC or has become effective;

  

(2) after
the issuance by the SEC of any stop order suspending the effectiveness of any Registration Statement or the initiation of any
proceedings for such purpose;

 

(3) of
the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Shares included
therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(4) subject
to the provisions in this Agreement, of the occurrence of any event that requires the making of any changes in any Registration
Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material
fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the
circumstances under which they were made) not misleading.

 

Notwithstanding
anything to the contrary set forth herein, the Company shall not, when so advising the Encompass Investors of such events, provide
each of the Encompass Investors with any material, nonpublic information regarding the Company other than to the extent that providing
notice to the Encompass Investors of the occurrence of the events listed in (1) through (4) above might constitute material, nonpublic
information regarding the Company;

 

(iii) use
its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement
as soon as reasonably practicable;

 

(iv) upon
the occurrence of any event contemplated in Section 7(b)(ii)(4) above, except for such times as the Company is permitted
hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use
its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration
Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers
of the Registrable Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading;

 

(v) use
its commercially reasonable efforts to cause all Registrable Shares to be listed on the NYSE;

 

(vi) allow
each Encompass Investor to review and consent to disclosure specifically regarding such Encompass Investor in the Registration
Statement on reasonable advance notice (which consent shall not be unreasonably withheld);

 

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(vii) if
the SEC shall at any time object to the inclusion of Registrable Shares in the Registration Statement, give prompt notice to the
Investor and its counsel and give them fair and reasonable time (but, in any event, at least three (3) business days) to respond
and discuss with the Company, prior to answering the SEC or agreeing to the exclusion of such Registrable Shares from the Registration
Statement; and

 

(viii) otherwise,
cooperate reasonably with, and take such customary actions as may reasonably be requested by such Encompass Investor, consistent
with the terms of this Agreement, in connection with the registration of the Registrable Shares.

  

(c) Notwithstanding
anything to the contrary in this Agreement, the Company shall be entitled to delay the filing or effectiveness of, or suspend
the use of, the Registration Statement if it reasonably determines that (i) in order for the Registration Statement not to contain
a material misstatement or omission, an amendment thereto would be needed; (ii) the negotiation or consummation of a transaction
by the Company or its subsidiaries is pending or an event has occurred, which negotiation, consummation or event the Company’s
board of directors reasonably believes would require additional disclosure by the Company in the Registration Statement of material
information that the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which in the
Registration Statement would be expected, in the reasonable determination of the Company’s board of directors to cause the
Registration Statement to fail to comply with applicable disclosure requirements, or (iii) in the reasonable judgment of the majority
of the Company’s board of directors, such filing or effectiveness or use of such Registration Statement, would be seriously
detrimental to the Company and the majority of the Company board of directors concludes as a result that it is essential to defer
such filing (each such circumstance, a “Suspension Event”); provided, however, that the Company
may not delay or suspend the Registration Statement on more than two (2) occasions or for more than sixty (60) consecutive calendar
days, or more than ninety (90) total calendar days in each case during any twelve-month period. The Company shall not, when so
advising any of the Encompass Investors of such Suspension Event, provide the Encompass Investors with any material, nonpublic
information regarding the Company other than to the extent that providing notice to any of the Encompass Investors of the occurrence
of the Suspension Event might constitute material, nonpublic information regarding the Company. Upon receipt of any written notice
from the Company of the happening of any Suspension Event during the period that the Registration Statement is effective or if
as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a material
fact or omits to state any material fact required to be stated therein or necessary to make the statements therein (in light of
the circumstances under which they were made, in the case of the prospectus) not misleading, each Encompass Investor agrees that
it will immediately discontinue offers and sales of the Registrable Shares under the Registration Statement (excluding, for the
avoidance of doubt, sales conducted pursuant to Rule 144) until such Encompass Investor receives copies of a supplemental or amended
prospectus (which the Company agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and
receives notice that any post-effective amendment has become effective or unless otherwise notified by the Company that it may
resume such offers and sales. If so directed by the Company, each Encompass Investor will deliver to the Company or, in each Encompass
Investor’s sole discretion destroy, all copies of the prospectus covering the Registrable Shares in such Encompass Investor’s
possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus covering
the Registrable Shares shall not apply (A) to the extent such Encompass Investor is required to retain a copy of such prospectus
(1) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (2) in accordance with
a bona fide pre-existing document retention policy or (B) to copies stored electronically on archival servers as a result of automatic
data back-up.

 

(d) Indemnification.

 

(i) The
Company shall, notwithstanding any termination of this Agreement, indemnify, defend and hold harmless, to the extent permitted
by law, each Encompass Investor, its directors, officers, members, stockholders, partners, agents, brokers, investment advisors
and employees, and each person who controls such Encompass Investor (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) and the directors, officers, members, stockholders, partners, agents, brokers, investment advisors
and employees of each such controlling person, to the fullest extent permitted by law, from and against all losses, claims, damages,
liabilities, costs and expenses (including, without limitation, reasonable and documented outside attorneys’ fees) (collectively,
“Losses”) that arise out of, are based upon, or caused by any untrue or alleged untrue statement of material
fact contained in any Registration Statement, prospectus included in any Registration Statement (“Prospectus”)
or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, in the light of the circumstances
under which they were made) not misleading, except insofar as the same are based upon, or caused by, or contained in any information
or affidavit so furnished in writing to the Company by or on behalf of such Encompass Investor expressly for use therein.

 

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(ii) In
connection with any Registration Statement in which an Encompass Investor is participating, such Encompass Investor shall furnish
(or cause to be furnished) to the Company in writing such necessary information and affidavits as the Company reasonably requests
for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify
the Company, its directors and officers and each person or entity who controls the Company (within the meaning of the Securities
Act) against any losses, claims, damages, liabilities and expenses (including, without limitation, reasonable and documented outside
attorneys’ fees) resulting from any untrue statement of material fact contained or incorporated by reference in any Registration
Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission
of a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, in
the light of the circumstances under which they were made) not misleading, but only to the extent that such untrue statement or
omission is contained (or not contained in, in the case of an omission) in any information or affidavit so furnished in writing
by on behalf of such Encompass Investor expressly for use therein; provided, however, that the liability of each
such Encompass Investor shall be several and not joint with any other investor and shall be limited to the net proceeds received
by such Encompass Investor from the sale of Registrable Shares giving rise to such indemnification obligation.

 

(iii) Any
person or entity entitled to indemnification herein shall (A) give prompt written notice to the indemnifying party of any claim
with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s
or entity’s right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and
(B) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying
parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any
liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld).
An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the
fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim,
unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and
any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified
party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment
of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement includes
a statement or admission of fault and culpability on the part of such indemnified party or which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such
claim or litigation.

 

(iv) The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by
or on behalf of the indemnified party or any officer, director, member, stockholder, agent, employee or controlling person of
such indemnified party and shall survive the transfer of securities.

 

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(v) If
the indemnification provided under this Section 7(d) from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any Losses, then the indemnifying party, in lieu of indemnifying the indemnified party,
shall contribute to the amount paid or payable by the indemnified party as a result of such Losses in such proportion as is appropriate
to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations;
provided, however, the liability of an Encompass Investor shall be limited to the net proceeds received by such
Encompass Investor from the sale of Registrable Shares giving rise to such indemnification obligation. The relative fault of the
indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact,
was made by (or not made by, in the case of an omission), or relates to information supplied by (or not supplied by, in the case
of an omission), such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s
relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable
by a party as a result of the Losses referred to above shall be deemed to include, subject to the limitations set forth in Sections
7(d)(i), (ii) and (iii) above, any legal or other fees, charges or expenses reasonably incurred by such party
in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 7(d)(v) from any person or entity
who was not guilty of such fraudulent misrepresentation.

 

8.
 Termination. This Agreement shall terminate and be void and of no further force
and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part
of any party in respect thereof, upon the earliest to occur of (i) such date and time as the Transaction Agreement is terminated
in accordance with its terms, (ii) upon the mutual written agreement of each of the parties hereto to terminate this Agreement,
(iii) if the conditions to Closing set forth in Section 3 of this Agreement are not satisfied, or are not capable of being
satisfied, or waived on or prior to the Closing Date and, as a result thereof, the transactions contemplated by this Agreement
will not be or are not consummated at the Closing Date and (iv) July 31, 2021; provided that nothing herein will relieve
any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any
remedies at law or in equity to recover losses, liabilities or damages arising from any such willful breach. The Company shall
notify the Encompass Investors of the termination of the Transaction Agreement promptly after the termination of such agreement.

 

9.
 Trust Account Waiver. Each Encompass Investor acknowledges that Alussa is a blank
check company with the powers and privileges to effect a merger, asset acquisition, reorganization or similar business combination
involving Alussa and one or more businesses or assets. Each Encompass Investor further acknowledges that, as described in Alussa’s
prospectus relating to its initial public offering dated November 25, 2019 (the “Prospectus”) available at
www.sec.gov, substantially all of Alussa’s assets consist of the cash proceeds of Alussa’s initial public offering
and private placement of its securities, and substantially all of those proceeds have been deposited in a trust account (the “Trust
Account”) for the benefit of Alussa, its public shareholders and the underwriters of Alussa’s initial public offering.
Except with respect to interest earned on the funds held in the Trust Account that may be released to Alussa to pay its tax obligations,
if any, the cash in the Trust Account may be disbursed only for the purposes set forth in the Prospectus. For and in consideration
of Alussa entering into this Agreement, the receipt and sufficiency of which are hereby acknowledged, each Encompass Investor
hereby irrevocably waives any and all right, title and interest, or any claim of any kind it has or may have in the future, in
or to any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account, as a result of, or arising
out of, this Agreement; provided however, that nothing in this Section 9 shall be deemed to limit any Encompass
Investor’s right to distributions from the Trust Account in accordance with Alussa’s amended and restated certificate
of incorporation in respect of Class A ordinary shares of Alussa acquired by any means other than pursuant to this Agreement.

 

10. Miscellaneous.

 

(a) Neither
this Agreement nor any rights that may accrue to any of the Encompass Investors hereunder (other than the Shares acquired hereunder,
if any, and the rights under Section 7, which shall inure to the benefit of any transferee of Registrable Shares) may be
transferred or assigned without the Company’s and Alussa’s written consent, other than an assignment to any affiliate
of any Encompass Investor or any fund or account managed by the same investment manager as any Encompass Investor or an affiliate
thereof, subject to, if such transfer or assignment is prior to the Closing, such transferee or assignee, as applicable, executing
a joinder to this Agreement or a separate subscription agreement in substantially the same form as this Agreement, including with
respect to the terms and conditions; provided that, in the case of any such transfer or assignment, the initial party to this
Agreement shall remain bound by its obligations under this Agreement in the event that the transferee or assignee, as applicable,
does not comply with its obligations to consummate the transactions contemplated by this Agreement. Neither this Agreement nor
any rights that may accrue to the Company or Alussa hereunder or any of the Company or Alussa’s obligations may be transferred
or assigned.

 

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(b) The
Company and Alussa may request from each of the Encompass Investors such additional information as is necessary for the Company
to comply with public disclosure requirements of applicable securities laws or any filing requirements pursuant to the rules of
any stock exchange or the Financial Industry Regulatory Authority, and the appropriate Encompass Investor shall provide such information
as may reasonably be requested. Each Encompass Investor acknowledges that the Company may file a copy of the form of this Agreement
with the SEC as an exhibit to a current or periodic report or a registration statement of the Company.

 

(c) The
Company shall use commercially reasonable efforts, if requested by the Investor, to (i) cause the removal of any restrictive legend
set forth on the Shares and (ii) issue Shares without any such legend in certificated or book-entry form or by electronic delivery
through The Depository Trust Company, at the Investor’s option, provided that in each case (a) such Shares are registered
for resale under the Securities Act and the Investor has sold or proposes to sell such Shares pursuant to such registration, (b)
the Investor has sold or transferred, or proposes to sell or transfer, Shares pursuant to Rule 144 and (c) the Company, its counsel
or the Transfer Agent have received customary representations and other documentation from the Investor that is reasonably necessary
to establish that restrictive legends are no longer required as reasonably requested by the Company, its counsel or the Transfer
Agent.

 

(d) Each
Encompass Investor acknowledges that the Company, Alussa, the Placement Agents (as third-party beneficiaries with rights of enforcement)
and others will rely on the acknowledgments, understandings, agreements, representations and warranties of the Encompass Investors
contained in this Agreement. Each of the Company and Alussa acknowledges that the Encompass Investor will rely on the acknowledgments,
understandings, agreements, representations and warranties of the Company and Alussa contained in this Agreement. Prior to the
Closing, each Encompass Investor agrees to promptly notify the Company, Alussa and the Placement Agents if any of the acknowledgments,
understandings, agreements, representations and warranties of such Encompass Investor set forth herein are no longer accurate.
Prior to the Closing, each of the Company and Alussa agrees to promptly notify the Encompass Investors if any of the acknowledgments,
understandings, agreements, representations and warranties of the Company or Alussa set forth herein are no longer accurate.

 

(e) The
Company, Alussa, the Placement Agents and the Encompass Investors are each entitled to rely upon this Agreement and each is irrevocably
authorized to produce this Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby.

 

(f) All
of the representations and warranties contained in this Agreement shall survive the Closing. All of the covenants and agreements
made by each party hereto in this Agreement shall survive the Closing.

 

(g) The
obligations of each Encompass Investor under this Agreement are several and not joint with the obligations of any other Encompass
Investor under this Agreement or the Encompass Subscription Agreement, or of any Other Investor under the Other Subscription Agreements.
No Encompass Investor shall be responsible in any way for the performance of any other Encompass Investor or any Other Investor.

 

(h) This
Agreement may not be modified, waived or terminated (other than pursuant to the terms of Section 8 above) except by an
instrument in writing, signed by each of the parties hereto. 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. The rights and remedies of the parties and third-party beneficiaries hereunder are
cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder.

 

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(i) This
Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior agreements, understandings,
representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as
set forth in Sections 7(d), 10(c) and 10(d) with respect to the persons referenced therein, this Agreement
shall not confer any rights or remedies upon any person other than the parties hereto, and their respective successor and assigns.

 

(j) Except
as otherwise provided herein, this Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs,
executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties,
covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators,
successors, legal representatives and permitted assigns.

 

(k) If
any provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal or unenforceable,
the validity, legality or enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired
thereby and shall continue in full force and effect.

 

(l) This
Agreement may be executed in one or more counterparts (including by electronic mail or in .pdf) and by different parties in separate
counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts so executed and delivered
shall be construed together and shall constitute one and the same agreement.

 

(m) The
parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent breaches of this Agreement, without posting a bond or undertaking
and without proof of damages, to enforce specifically the terms and provisions of this Agreement, this being in addition to any
other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.

 

(n) This
Agreement shall be governed by, construed and enforced in accordance with the laws of the State of New York without regard to
the conflict of laws principles thereof.

 

(o) THE
PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK AND THE SUPREME COURT OF THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS
OF THIS AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS AGREEMENT (UNLESS OTHERWISE PROVIDED THEREIN) AND IN RESPECT OF THE TRANSACTIONS
CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION
OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT
OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT
MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION,
SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND
GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING
OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN THIS SECTION 10(o) OF THIS AGREEMENT OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

    18

     

    

 

(p) EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING
WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 10(p).

 

11. Non-Reliance
and Exculpation. Each Encompass Investor acknowledges that it is not relying upon, and has not relied upon, any statement,
representation or warranty made by the Placement Agents and any of their affiliates or any control persons, officers, directors,
employees, partners, agents or representatives of any of the foregoing), other than the statements, representations and warranties
of the Company expressly contained in Section 5 of this Agreement and those contained in the Ancillary Transaction Agreements,
in making its investment or decision to invest in the Company. Each Encompass Investor acknowledges and agrees that none of the
Placement Agents, their respective affiliates or any control persons, officers, directors employees, partners, agents or representatives
of any of the foregoing shall be liable to the Encompass Investors pursuant to this Agreement or any other agreement related to
the private placement of the Shares, the negotiation hereof or thereof or the subject matter hereof or thereof, or the transactions
contemplated hereby or thereby, for any action heretofore or hereafter taken or omitted to be taken by any of them in connection
with the purchase of the Shares.

 

12. Press
Releases. Alussa shall, by 9:00 a.m., New York City time on the first (1st) business day immediately following the date of
this Agreement, issue one or more press releases or furnish or file with the SEC a Current Report on Form 8-K (collectively, the
“Disclosure Document”) disclosing, to the extent not previously publicly disclosed, the PIPE Investment, all
material terms of the Transaction and any other material, non-public information that the Company and Alussa have provided to
the Encompass Investors at any time prior to the filing of the Disclosure Document. From and after the disclosure of the Disclosure
Document, to the knowledge of the Company and Alussa, the Encompass Investors shall not be in possession of any material, non-public
information received from the Company, Alussa or any of their respective officers, directors or employees. All press releases
or other public communications relating to the transactions contemplated hereby between the Company, Alussa and the Encompass
Investors, and the method of the release for publication thereof, shall be subject to the prior approval of (i) Alussa, (ii) the
Company and (iii) to the extent such press release or public communication references any of the Encompass Investors or any of
their affiliates or investment advisers by name, the Encompass Investors. The restrictions in this Section 12 shall not
apply to the extent a public announcement is required by applicable securities law, any governmental authority or stock exchange
rule; provided, that in such an event, the applicable party shall, to the extent practicable, (A) consult with the other
parties in advance as to any applicable announcement’s form, content and timing (B) provide the Encompass Investors advance
notice and opportunity to review and comment on such disclosure and such commercially reasonable comments shall be incorporated
therein and (C) limit the extent of such disclosure.

 

13. Confidentiality.
Except as expressly authorized for use hereunder or as required to be disclosed by public disclosure requirements of applicable
securities laws or any filing requirements pursuant to the rules of any stock exchange or the Financial Industry Regulatory Authority,
without the prior written consent of Investor, each of the Company, Alussa, the Placement Agents and their respective directors,
officers, agents, employees or representatives shall maintain and keep confidential all information provided by each Encompass
Investor (whether oral or written) in connection with this Agreement.

 

14. Notices.
All notices and other communications among the parties shall be in writing and shall be deemed to have been duly given (i) when
delivered in person, (ii) when delivered by FedEx or other nationally or internationally recognized overnight delivery service,
or (iii) when delivered by email (in each case in this clause (iii), solely if receipt is confirmed, but excluding any automated
reply, such as an out-of-office notification), addressed as follows:

 

    19

     

    

 

If
to the Encompass Investors, to the address provided on the Encompass Investors’ signature pages hereto.

 

If
to Norway Merger Sub 1, Alussa or the Company, to:

 

Alussa
Energy Acquisition Corp.

PO Box 500, 71 Fort Street

Grand Cayman KY1-1106

Cayman
Islands

		Attention:	Daniel
Barcelo

		Email:	daniel@alussaenergy.com

  

with
copies to (which shall not constitute notice), to:

 

Skadden,
Arps, Slate, Meagher & Flom (UK) LLP

40 Bank Street

London, United Kingdom E14 5DS

		Attention:	Danny
                                         Tricot
	 	 	Denis
                                         Klimentchenko
	 	Email:	danny.tricot@skadden.com
	 	 	denis.klimentchenko@skadden.com

 

or
to such other address or addresses as the parties may from time to time designate in writing. Copies delivered solely to outside
counsel shall not constitute notice.

 

 

[SIGNATURE
PAGES FOLLOW]

 

    20

     

    

 

IN
WITNESS WHEREOF, the Encompass Investors have executed or caused this Agreement to be executed by its duly authorized representative
as of the date set forth below.

 

	Encompass Capital Master Fund LP:	 	State/Country of Formation or Domicile:
	 	 	 
	By:	 	 	 
	Name:	 	 	 
	Title:	 	 	 
	 	 	 
	 	 	 
	Name in which Shares are to be registered (if different):	 	Date: ________, 2021
	 	 	 
	Investor’s EIN:	 	 
	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 
	City, State, Zip:	 	City, State, Zip:
	 	 	 
	Attn:	 	 	Attn:	 
	 	 	 
	Telephone No.:	 	Telephone No.:
	 	 	 
	Facsimile No.:	 	Facsimile No.:

 

 

[Signature
Page to Preferred Share Purchase Agreement]

 

    21

     

    

 

	BEMAP Master Fund Ltd.,:	State/Country of Formation or Domicile:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	 	 	 
	Name in which Shares are to be registered (if different):	Date: ________, 2021
	 	 	 
	Investor’s EIN:	 	 
	 	 	 
	Business Address-Street:	Mailing Address-Street (if different):
	 	 	 
	City, State, Zip:	City, State, Zip:
	 	 	 
	 	 	Attn:	 
	 	 	 	 
	Telephone No.:	Telephone No.:
	 	 	 
	Facsimile No.:	Facsimile No.:

 

 

[Signature
Page to Preferred Share Purchase Agreement]

 

    22

     

    

 

	Encompass Capital E L Master Fund L.P.:	 	State/Country of Formation or Domicile:
	 	 	 
	By:	 	 	 
	Name:	 	 	 
	Title:	 	 	 
	 	 	 
	 	 	 
	Name in which Shares are to be registered (if different):	 	Date: ________, 2021
	 	 	 
	Investor’s EIN:	 	 
	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 
	City, State, Zip:	 	City, State, Zip:
	 	 	 
	Attn:	 	 	Attn:	 
	 	 	 
	Telephone No.:	 	Telephone No.:
	 	 	 
	Facsimile No.:	 	Facsimile No.:

 

 

[Signature
Page to Preferred Share Purchase Agreement]

 

    23

     

    

 

IN
WITNESS WHEREOF, FREYR Battery, Alussa Energy Acquisition Corp. and Norway Sub 1 AS have accepted this Agreement as of the date
set forth below.

 

		FREYR
                                  Battery
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	 	 
	 	ALUSSA
                                         ENERGY ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	 	 
	 	Norway
                                         Sub 1 AS
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Date:
January __, 2021

 

 

[Signature
Page to Preferred Share Purchase Agreement]

 

    24

     

    

 

SCHEDULE
A-1

 

ELIGIBILITY REPRESENTATIONS OF Encompass Capital Master Fund LP

 

		A.	QUALIFIED
                                         INSTITUTIONAL BUYER STATUS

                                         (Please check the applicable subparagraphs):

 

		☐	We
are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act).

 

		B.	INSTITUTIONAL
                                         ACCREDITED INVESTOR STATUS

                                         (Please check the applicable subparagraphs):

 

		☐	We
                                         are an “accredited investor” (within the meaning of Rule 501(a)(1), (2),
                                         (3) or (7) under the Securities Act) or an entity in which all of the equity holders
                                         are accredited investors within the meaning of Rule 501(a) under the Securities Act,
                                         and have marked and initialed the appropriate box on the following page indicating the
                                         provision under which we qualify as an “accredited investor.”

 

Rule
501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below
listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale
of the securities to that person. Encompass Capital Master Fund LP has indicated, by marking and initialing the appropriate box
below, the provision(s) below which apply to Encompass Capital Master Fund LP and under which Encompass Capital Master Fund LP
accordingly qualifies as an “accredited investor.”

 

		☐	Any
                                         bank, registered broker or dealer, insurance company, investment adviser registered pursuant
                                         to Section 203 of the Investment Advisers Act of 1940 or state laws, investment adviser
                                         relying on exemption from registration under Section 203(l) or (m) of the Investment
                                         Advisers Act of 1940, registered investment company, business development company, small
                                         business investment company, or rural business investment company;

 

		☐	Any
                                         plan established and maintained by a state, its political subdivisions, or any agency
                                         or instrumentality of a state or its political subdivisions for the benefit of its employees,
                                         if such plan has total assets in excess of $5,000,000;

 

		☐	Any
                                         employee benefit plan, within the meaning of the Employee Retirement Income Security
                                         Act of 1974, if a bank, insurance company, or registered investment adviser makes the
                                         investment decisions, or if the plan has total assets in excess of $5,000,000;

 

		☐	Any
                                         organization described in Section 501(c)(3) of the Internal Revenue Code, corporation,
                                         similar business trust, partnership, or limited liability company, not formed for the
                                         specific purpose of acquiring the securities offered, with total assets in excess of
                                         $5,000,000;

 

		☐	Any
                                         trust with assets in excess of $5,000,000, not formed to acquire the securities offered,
                                         whose purchase is directed by a sophisticated person; or

 

		☐	Any
entity in which all of the equity owners are accredited investors meeting one or more of the above tests.

 

  This page should be completed by Encompass Capital Master Fund LP 
 and constitutes a part of the Agreement.

 

 

[Schedule
to Preferred Share Purchase Agreement]

 

    Sch. A-1

     

    

 

SCHEDULE
A-2

 

ELIGIBILITY REPRESENTATIONS OF BEMAP Master Fund Ltd.

 

		A.	QUALIFIED
                                         INSTITUTIONAL BUYER STATUS

                                         (Please check the applicable subparagraphs):

 

		☐	We
are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act).

 

		B.	INSTITUTIONAL
                                         ACCREDITED INVESTOR STATUS

                                         (Please check the applicable subparagraphs):

 

		☐	We
                                         are an “accredited investor” (within the meaning of Rule 501(a)(1), (2),
                                         (3) or (7) under the Securities Act) or an entity in which all of the equity holders
                                         are accredited investors within the meaning of Rule 501(a) under the Securities Act,
                                         and have marked and initialed the appropriate box on the following page indicating the
                                         provision under which we qualify as an “accredited investor.”

 

Rule
501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below
listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale
of the securities to that person. BEMAP Master Fund Ltd. has indicated, by marking and initialing the appropriate box below, the
provision(s) below which apply to BEMAP Master Fund Ltd. and under which BEMAP Master Fund Ltd. accordingly qualifies as an “accredited
investor.”

 

		☐	Any
                                         bank, registered broker or dealer, insurance company, investment adviser registered pursuant
                                         to Section 203 of the Investment Advisers Act of 1940 or state laws, investment adviser
                                         relying on exemption from registration under Section 203(l) or (m) of the Investment
                                         Advisers Act of 1940, registered investment company, business development company, small
                                         business investment company, or rural business investment company;

 

		☐	Any
                                         plan established and maintained by a state, its political subdivisions, or any agency
                                         or instrumentality of a state or its political subdivisions for the benefit of its employees,
                                         if such plan has total assets in excess of $5,000,000;

 

		☐	Any
                                         employee benefit plan, within the meaning of the Employee Retirement Income Security
                                         Act of 1974, if a bank, insurance company, or registered investment adviser makes the
                                         investment decisions, or if the plan has total assets in excess of $5,000,000;

 

		☐	Any
                                         organization described in Section 501(c)(3) of the Internal Revenue Code, corporation,
                                         similar business trust, partnership, or limited liability company, not formed for the
                                         specific purpose of acquiring the securities offered, with total assets in excess of
                                         $5,000,000;

 

		☐	Any
                                         trust with assets in excess of $5,000,000, not formed to acquire the securities offered,
                                         whose purchase is directed by a sophisticated person; or

 

		☐	Any
                                         entity in which all of the equity owners are accredited investors meeting one or more
                                         of the above tests.

 

This
page should be completed by BEMAP Master Fund Ltd.

and constitutes a part of the Agreement.

 

 

[Schedule
to Preferred Share Purchase Agreement]

 

    Sch. A-2

     

    

 

SCHEDULE
A-3

 

ELIGIBILITY REPRESENTATIONS OF Encompass Capital E L Master Fund L.P.

 

		A.	QUALIFIED
                                         INSTITUTIONAL BUYER STATUS

                                         (Please check the applicable subparagraphs):

 

		☐	We
are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act).

 

		B.	INSTITUTIONAL
                                         ACCREDITED INVESTOR STATUS

                                         (Please check the applicable subparagraphs):

 

		☐	We
                                         are an “accredited investor” (within the meaning of Rule 501(a)(1), (2),
                                         (3) or (7) under the Securities Act) or an entity in which all of the equity holders
                                         are accredited investors within the meaning of Rule 501(a) under the Securities Act,
                                         and have marked and initialed the appropriate box on the following page indicating the
                                         provision under which we qualify as an “accredited investor.”

 

Rule
501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below
listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale
of the securities to that person. Encompass Capital E L Master Fund L.P. has indicated, by marking and initialing the appropriate
box below, the provision(s) below which apply to Encompass Capital E L Master Fund L.P. and under which Encompass Capital E L
Master Fund L.P. accordingly qualifies as an “accredited investor.”

 

		☐	Any
                                         bank, registered broker or dealer, insurance company, investment adviser registered pursuant
                                         to Section 203 of the Investment Advisers Act of 1940 or state laws, investment adviser
                                         relying on exemption from registration under Section 203(l) or (m) of the Investment
                                         Advisers Act of 1940, registered investment company, business development company, small
                                         business investment company, or rural business investment company;

 

		☐	Any
                                         plan established and maintained by a state, its political subdivisions, or any agency
                                         or instrumentality of a state or its political subdivisions for the benefit of its employees,
                                         if such plan has total assets in excess of $5,000,000;

 

		☐	Any
                                         employee benefit plan, within the meaning of the Employee Retirement Income Security
                                         Act of 1974, if a bank, insurance company, or registered investment adviser makes the
                                         investment decisions, or if the plan has total assets in excess of $5,000,000;

 

		☐	Any
                                         organization described in Section 501(c)(3) of the Internal Revenue Code, corporation,
                                         similar business trust, partnership, or limited liability company, not formed for the
                                         specific purpose of acquiring the securities offered, with total assets in excess of
                                         $5,000,000;

 

		☐	Any
                                         trust with assets in excess of $5,000,000, not formed to acquire the securities offered,
                                         whose purchase is directed by a sophisticated person; or

 

		☐	Any
entity in which all of the equity owners are accredited investors meeting one or more of the above tests.

 

This page should be completed by Encompass Capital E L Master
                                         Fund L.P.

                                         

                                         and constitutes a part of the Agreement.

 

 

[Schedule
to Preferred Share Purchase Agreement]

 

    Sch. A-3

     

    

 

SCHEDULE
B

 

Closing
Obligations

 

PART
1

 

OBLIGATIONS
OF ENCOMPASS INVESTORS

 

		1.	The
                                         Encompass Investors and any of their Affiliates holding Preferred Shares and Warrants,
                                         shall each have delivered a duly signed and dated Contribution Agreement substantially
                                         in the form attached to Schedule C.

 

		2.	The
                                         Encompass Investors shall contribute the Preferred Shares and Warrants to the Company
                                         in accordance with the terms of Schedule C.

 

		3.	Following
                                         execution of the Agreement and no later than upon receipt of the Closing Notice, each
                                         Encompass Investor and each of their Affiliates (if applicable) contributing Preferred
                                         Shares and Warrants to the Company shall, in order to ensure compliance with the requirements
                                         of know-your-customer and anti-money laundering and countering terrorist financing obligations
                                         under the applicable laws and regulations, provide the Company with copies of such documents
                                         (if any) as are required by law.

 

 

PART
2

 

OBLIGATIONS
OF THE COMPANY

 

		1.	The
                                         Company shall countersign each Contribution Agreement delivered by Encompass Investors
                                         or any each of their Affiliates holding Preferred Shares and Warrants.

 

		2.	The
                                         Company shall have obtained the report of a statutory auditor (réviseur d’entreprises)
                                         required by law.

 

		3.	The
Company shall upon satisfaction of the obligations set out in Part 1 (and Part 2) issue the Shares by entering such Shares in
the register of shares of the Company in the name of Custodian for DTC/VPS/Transfer Agent (as applicable) and instruct Custodian
for DTC/UPC/Trust (as applicable) to credit the Shares to the Encompass Investors or their Affiliates.

 

 

[Schedule
to Preferred Share Purchase Agreement]

 

    Sch. B-1

     

    

 

Schedule
C

 

This
CONTRIBUTION AND SUBSCRIPTION AGREEMENT (the “Agreement”) is made on ______________ 2021

 

BY
AND Between:

 

		(1)	[ENCOMPASS
                                         INVESTOR/AFFILIATE] (the “Contributor”);

 

AND

 

		(2)	FREYR
                                         Battery, a corporation in the form of a public limited liability company (société
                                         anonyme) incorporated under the laws of Luxembourg, with registered office at [●],
                                         registered with the Luxembourg Trade and Companies Register (Registre de Commerce
                                         et des Sociétés) under number B[●] (the “Company”);

 

together,
the “Parties”.

 

RECITALS:

 

		(A).	Reference
                                         is made to the preferred share acquisition agreement, dated [●], 2021, between,
                                         among others, the Company and the Contributor (the “Preferred Share Acquisition
                                         Agreement”).

 

		(B).	The
                                         Contributor wishes to contribute to the Company [ ] preferred shares (the “Preferred
                                         Shares”) and [●] preferred share-linked warrants (“Preferred
                                         Share-Linked Warrants”) held by it
                                         in Norway Sub 1 AS, a corporation incorporated under the laws of Norway against the issuance
                                         by the Company of [ ] new ordinary shares in the Company (the “New Shares”)
                                         [with a [nominal] value of USD [0.01] each] for an aggregate subscription price equal
                                         to [●] Preferred Shares and [●] Preferred Share-Linked Warrants (the “Contribution
                                         Amount”).

 

		(C).	The
                                         Company is willing to accept and receive the Contribution (as defined below) by the Contributor
                                         and to issue the New Shares.

 

		(D).	The
                                         Parties wish to enter into this Agreement to provide for the Contribution to the Company
                                         in accordance with the terms and conditions of the present Agreement.

 

NOW
IT IS HEREBY AGREED AS FOLLOWS:

 

Section
1. Contribution and transfer to the Company

 

		1.1	The
                                         Contributor hereby agrees to contribute and transfer the Preferred Shares and Preferred
                                         Share Linked Warrants to the Company (the “Contribution”) with effect
                                         as at the Closing Date (as defined below).

 

		1.2	The
                                         Company acknowledges and accepts the Contribution.

 

 

[Schedule
to Preferred Share Purchase Agreement]

 

    Sch. C-1

     

    

 

Section
2. Consideration 

 

		2.1	The
                                         Preferred Shares and Preferred Share Linked Warrants have been valued by the Company
                                         and such valuation is the subject of a valuation report dated [on the date hereof/[ ]
                                         2021], prepared by [EY], a statutory auditor, at a value of USD [ ] per Preferred Share
                                         and USD [●] per Preferred Share Linked Warrants.

 

		2.2	The
                                         Parties agree that as consideration for the Contribution, the Company shall issue the
                                         New Shares to the Contributor.

 

Section
3. Completion

 

Completion
of the Contribution and the New Shares issue shall take place on the Closing Date (as defined in the Preferred Share Acquisition
Agreement).

 

IN
WITNESS THEREOF the Parties hereto have executed this Agreement in one or multiple original counterparts, all of which together
evidence the same agreement, on the day and year first written above.

 

	For
and on behalf of [Encompass Investor/Affiliate], as Contributor
	 	For
and on behalf of

FREYR Battery, as Company

 

	 	 	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 

 

 

[Schedule
to Preferred Share Purchase Agreement]

 

    Sch. C-2

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