Document:

Exhibit 10.2

 

EARNOUT
SHARE ESCROW AGREEMENT

 

THIS
EARNOUT SHARE ESCROW AGREEMENT (“Agreement”) is made and entered into as of March 19, 2021, by and among
NB Merger Corp., a Delaware corporation (“Purchaser”), Ted Smith, an individual (the “Stockholder
Representative”) and Continental Stock Transfer & Trust Company, a New York corporation (the “Escrow Agent”).

 

BACKGROUND

 

A.
 Purchaser and the Stockholder Representative have entered into a Merger Agreement, dated
as of November 11, 2020 (the “Merger Agreement”), pursuant to which, among other things, Nuvve Merger Sub Inc.,
Delaware corporation and wholly-owned subsidiary of the Purchaser, will merge with and into Nuvve Corporation, a Delaware corporation
(the “Company”). The Merger Agreement provides that the Purchaser shall deposit the Escrow Shares (as defined
below) with the Escrow Agent for the benefit of the Company’s stockholders (the “Stockholders”), to be
released to the Stockholders in accordance with the terms of this Agreement.

 

B. The
Escrow Agent has agreed to accept, hold and disburse the Escrow Shares in accordance with the terms of this Agreement.

 

NOW
THEREFORE, in consideration of the foregoing and of the mutual covenants hereinafter set forth, the parties hereto agree as
follows:

 

		1.	Appointment.

 

(a) The
Purchaser and the Stockholder Representative hereby appoint the Escrow Agent to serve as escrow agent for the purposes set forth
herein, and the Escrow Agent hereby accepts such appointment under the terms and conditions set forth herein.

 

(b) All
capitalized terms with respect to the Escrow Agent shall be defined herein. The Escrow Agent shall act only in accordance with
the terms and conditions contained in this Agreement and shall have no duties or obligations with respect to the Merger Agreement.

 

		2.	Escrow
                                         Shares.

 

(a) Simultaneously
with the execution and delivery of this Agreement, Purchaser shall deposit in escrow 4,000,000 shares of its common stock (the
“Escrow Shares”) with the Escrow Agent.   The Escrow Agent shall hold the Escrow Shares as a book-entry
position registered in the name of “Continental Stock Transfer & Trust as Escrow Agent for the benefit of the Stockholders Representative”.

 

(b) During
the term of this Agreement, neither the Stockholders Representative nor the Purchaser shall have the right to exercise any voting
rights with respect to any of the Escrow Shares. With respect to any matter for which the Escrow Shares are permitted to vote,
the Escrow Agent shall vote, or cause to be voted, the Escrow Shares in the same proportion that the number of common shares owned
by all other stockholders of the Purchaser are voted. In the absence of notice as to the proportion that the number of common
shares of owned by all other stockholders of the Purchaser are voted, the Escrow Agent shall not vote any of the shares comprising
the Escrow Shares.

 

     

     

    

 

(c) Any
dividends paid with respect to the Escrow Shares shall be deemed part of the escrow hereunder and be delivered to the Escrow Agent
to be held in a bank account and be deposited in a non-interest bearing account to be maintained by the Escrow Agent in the name
of the Escrow Agent.

 

(d) In
the event of any stock split, reverse stock split, stock dividend, recapitalization, reorganization, merger, consolidation, combination,
exchange of shares, liquidation, spin-off or other similar change in capitalization or event, or any distribution to holders of
the common stock of the Purchaser, other than a regular cash dividend, the Escrow Shares shall be appropriately adjusted on a
pro rata basis and consistent with the terms of the Agreement.

 

		3.	Disposition
                                         and Termination.

 

(a) Within
five (5) business days of the filing of the Purchaser’s Annual Report on Form 10-K for the fiscal year ended December 31,
2021, provided that the milestones set forth in Section 4.4(a) of the Merger Agreement are achieved, the Purchaser and
the Stockholder Representative shall provide a joint written instruction, in the form attached hereto as Exhibit A (“Joint
Written Instruction”), to the Escrow Agent to release the Escrow Shares, and the Escrow Agent shall release such Escrow
Shares as soon as reasonably practicable after its receipt of such Joint Written Instruction. Any Joint Written Instruction shall
contain all requisite information needed by the Escrow Agent in order to distribute the Escrow Shares in accordance with this
Agreement, including names, addresses, number of shares, and any other information requested by the Escrow Agent. For the avoidance
of doubt, the Escrow Agent shall make distributions of the Escrow Shares only in accordance with a Joint Written Instruction.

 

(b) Upon
the delivery of all of the Escrow Shares by the Escrow Agent in accordance with the terms of this Agreement and instructions,
this Agreement shall terminate, subject to the provisions of Section 6.

 

		4.	Escrow
                                         Agent.

 

(a) The
Escrow Agent shall have only those duties as are specifically and expressly provided herein, which shall be deemed purely ministerial
in nature, and no other duties shall be implied. The Escrow Agent shall neither be responsible for, nor chargeable with, knowledge
of, nor have any requirements to comply with, the terms and conditions of any other agreement, instrument or document between
the Purchaser, the Stockholder Representative and any other person or entity, in connection herewith, including the Merger Agreement,
nor shall the Escrow Agent be required to determine if any person or entity has complied with any such agreements, nor shall any
additional obligation of the Escrow Agent be inferred from the terms of such agreements, even though reference thereto may be
made in this Agreement

 

(b) In
the event of any conflict between the terms and provisions of this Agreement with those of the Merger Agreement, any schedule
or exhibit attached to this Agreement, or any other agreement between the Purchaser, the Stockholder Representative or any other
person or entity related to the Escrow Agent’s duties hereunder, the terms and conditions of this Agreement shall control.

 

(c) The
Escrow Agent may rely upon and shall not be liable for acting or refraining from acting upon any written notice, document, instruction
or request furnished to it hereunder and believed by it to be genuine and to have been signed or presented by the Purchaser or
the Stockholder Representative without inquiry and without requiring substantiating evidence of any kind. The Escrow Agent shall
not be liable to any beneficiary or other person for refraining from acting upon any instruction setting forth, claiming, containing,
objecting to, or related to the transfer or distribution of the Escrow Shares, or any portion thereof, unless such instruction
shall have been delivered to the Escrow Agent in accordance with Section 9 below and the Escrow Agent has been able to
satisfy any applicable security procedures as may be required hereunder and as set forth in Section 10. The Escrow Agent
shall be under no duty to inquire into or investigate the validity, accuracy or content of any such document, notice, instruction
or request. The Escrow Agent shall have no duty to solicit any payments which may be due nor shall the Escrow Agent have any duty
or obligation to confirm or verify the accuracy or correctness of any amounts deposited with it hereunder.

 

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(d) The
Escrow Agent shall not be liable for any action taken, suffered or omitted to be taken by it in good faith except to the extent
that a final adjudication of a court of competent jurisdiction determines that the Escrow Agent's gross negligence or willful
misconduct was the primary cause of any loss to either the Purchaser, the Stockholder Representative or any beneficiary or the
Escrow Shares.  The Escrow Agent may execute any of its powers and perform any of its duties hereunder directly or through
affiliates or agents.

 

(e) The
Escrow Agent may consult with counsel, accountants and other skilled persons to be selected and retained by it. The Escrow Agent
shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with, or in reliance upon, the advice
or opinion of any such counsel, accountants or other skilled persons except to the extent that a final adjudication of a court
of competent jurisdiction determines that the Escrow Agent's gross negligence or willful misconduct was the primary cause of any
loss to either the Purchaser, the Stockholder Representative or any beneficiary or the Escrow Shares. In the event that the Escrow
Agent shall be uncertain or believe there is some ambiguity as to its duties or rights hereunder or shall receive instructions,
claims or demands from hereto which, in its opinion, conflict with any of the provisions of this Agreement, it shall be entitled
to refrain from taking any action and its sole obligation shall be to keep safely all the property held in escrow until it shall
be given a direction in writing which eliminates such ambiguity or uncertainty to the satisfaction of the Escrow Agent, until
a final and non-appealable order or judgement of a court of competent jurisdiction agrees to pursue any redress or recourse in
connection with any dispute without making the Escrow Agent a party to the same.

 

		5.	Succession.

 

(a)
The Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving thirty (30) days’
advance notice in writing of such resignation to the Purchaser and the Stockholder Representative, specifying a date when
such resignation a date when such resignation shall take effect; provided that such resignation shall not take effect until a
successor Escrow Agent has been appointed in accordance with this Section 5. If the Purchaser and the Stockholder
Representative have failed to appoint a successor Escrow Agent prior to the expiration of thirty (30) days following receipt
of the notice of resignation, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a
successor Escrow Agent or for other appropriate relief, and any such resulting appointment shall be binding upon all of the
parties hereto. The Escrow Agent's sole responsibility after such thirty (30) day notice period expires shall be to hold the
Escrow Shares (without any obligation to reinvest the same) and to deliver the same to a designated substitute Escrow Agent,
if any, or in accordance with the directions of a final order or judgement of a court of competent jurisdiction, at which
time of delivery the Escrow Agent's obligations hereunder shall ease and terminate, subject to the provisions of Section
7. In accordance with Section 7, the Escrow Agent shall have the right to withhold, as security, an amount of
shares equal to any dollar amount due and owing to the Escrow Agent, plus any costs and expenses the Escrow Agent shall
reasonably believe may be incurred by the Escrow Agent in connection with the termination of this Agreement.

 

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(b) Any
entity into which the Escrow Agent may be merged or converted or with which it may be consolidated, or any entity to which all
or substantially all the escrow business may be transferred, shall be the Escrow Agent under this Agreement without further act.

 

6. Compensation
and Reimbursement. The Escrow Agent shall be entitled to compensation for its services under this Agreement as Escrow Agent
and for reimbursement for its reasonable out-of-pocket costs and expenses, in the amounts and payable as set forth on Exhibit
B. The Escrow Agent shall also be entitled to payments of any amounts to which the Escrow Agent is entitled under the indemnification
provisions contained herein as set forth in Section 7. The obligations of the Purchaser set forth in this Section 6
shall survive the resignation, replacement or removal of the Escrow Agent or the termination of this Agreement.

 

7. Indemnity.

 

(a) The
Escrow Agent shall be indemnified and held harmless by the Purchaser from and against any expenses, including counsel fees and
disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim
which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder,
other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after the
receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow
Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole
discretion, may commence an action in any state of federal court located in New York County, State of New York.

 

(b) The
Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgement,
and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information
therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons.
The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement
unless evidenced by a writing delivered to the Escrow Agent are affected, unless it shall have given its prior written consent
thereto.

 

(c) This
Section 7 shall survive termination of this Agreement or the resignation, replacement or removal of the Escrow Agent for
any reason.

 

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8. Patriot
Act Disclosure; Taxpayer Identification Numbers; Tax Reporting.

 

(a) Section
326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001 (“USA Patriot Act”) requires the Escrow Agent to implement reasonable procedures to verify the identity
of any person that opens a new account with it. Accordingly, each of the Purchaser and the Stockholder Representative acknowledge
that Section 326 of the USA PATRIOT Act and the Escrow Agent’s identity verification procedures require the Escrow Agent
to obtain information which may be used to confirm the identity of the Purchaser, Stockholder Representative or any of the Stockholders,
including such person or entity’s name, address and organizational documents (“identifying information”).
The Purchaser and the Stockholder Representative agree to provide the Escrow Agent with and consent to the Escrow Agent obtaining
from third parties any such identifying information required as a condition of opening an account with or using any service provided
by the Escrow Agent.

 

(b) Such
underlying transaction does not constitute an installment sale requiring any tax reporting or withholding of imputed interest
or original issue discount to the IRS or other taxing authority.

 

9. Notices.
All communications hereunder shall be in writing and, except for Joint Written Instructions (which shall be governed by Section
10), all notices and communications hereunder shall be deemed to have been duly given and made if in writing and if (i) served
by personal delivery upon the party for whom it is intended, (ii) delivered by registered or certified mail, return receipt requested,
or by Federal Express or similar overnight courier, or (iii) sent by facsimile or email, electronically or otherwise, to the party
at the address set forth below, or such other address as may be designated in writing hereafter, in the same manner, by such party:

 

If
to the Escrow Agent:

 

Continental
Stock Transfer and Trust

One
State Street — 30th Floor

New York, New York 10004

Facsimile No: (212) 616-7615

Attention: [•]

 

If
to the Purchaser:

 

NB
Merger Corp.

c/o
Gregory Poilasne

2468
Historic Decatur Road

San
Diego, CA 92106

Phone:
(619) 456-5161

Email:
gregory@nuvve.com

 

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

 

H.
David Sherman

38
Homewood Road

Newton,
MA 02168

Phone:
(617) 851-8345

Email:
h.sherman@northeastern.edu

 

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

 

 Loeb
& Loeb LLP

345
Park Avenue

New
York, NY 10154

Attn:
Giovanni Caruso

Phone:
(212) 407-4866

Email:
gcaruso@loeb.com

 

If
to the Stockholder Representative:

 

Ted
Smith

2468
Historic Decatur Road

San
Diego, CA 92106

Phone:
(858) 531-4040

Email:
ted@nuvve.com

 

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

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue, 11th Floor

New
York, NY 10174

Attn:
David Alan Miller, Eric Schwartz

Phone:
(212) 818-8661, (212) 818-8602

Email:
dmiller@graubard.com, eschwartz@graubard.com

 

Notwithstanding
the above, in the case of communications delivered to the Escrow Agent, such communications shall be deemed to have been given
on the date received by an officer of the Escrow Agent or any employee of the Escrow Agent who reports directly to any such offer
at the above-referenced office. In the event that the Escrow Agent, in its sole discretion, shall determine that an emergency
exists, the Escrow Agent may use such other means of communication as the Escrow Agent deems appropriate. For purposes of this
Agreement, “Business Day” shall mean any day other than a Saturday, Sunday or any other day on which the Escrow
Agent located at the notice address set forth above is authorized or required by law or executive order to remain closed.

 

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10. Security
Procedures.

 

(a) Notwithstanding
anything to the contrary as set forth in Section 9, any instructions setting forth, claiming, containing, objecting to,
or in any way related to the transfer distribution, including any Joint Written Instruction permitted pursuant to Section 3
of this Agreement, may be given to the Escrow Agent only by confirmed facsimile or other electronic transmission (including
e-mail) and no instruction for or related to the transfer or distribution of the Escrow Shares, or any portion thereof, shall
be deemed delivered and effective unless the Escrow Agent actually shall have received such instruction by facsimile or other
electronic transmission (including e-mail) at the number or e-mail address provided to the Purchaser and the Stockholder Representative
by the Escrow Agent in accordance with Section 9 and as further evidenced by a confirmed transmittal to that number.

 

(b) In
the event transfer instructions are so received by the Escrow Agent by facsimile or other electronic transmission (including e-mail),
the Escrow Agent is authorized to seek confirmation of such instructions by telephone call-back to the person or persons designated
on Exhibit C hereto, and the Escrow Agent may rely upon the confirmation of anyone purporting to be the person or persons
so designated. The persons and telephone numbers for call-backs may be changed only in writing actually received and acknowledged
by the Escrow Agent. If the Escrow Agent is unable to contact any of the authorized representatives identified on Exhibit C,
the Escrow Agent is hereby authorized both to receive written instructions from and seek confirmation of such instructions by
officers of the Purchaser (collectively, the “Senior Officers”), 

as the case may be, which shall include the titles of Chief Executive Officer, General Counsel, Chief Financial Officer, President
of Executive Vice President, as the Escrow Agent may select. Such Senior Officer shall deliver to the Escrow Agent a fully executed
incumbency certificate, and the Escrow Agent may rely upon the confirmation of anyone purporting to be any such officer.

 

(c) The
parties hereto acknowledge that the Escrow Agent is authorized to deliver the Escrow Shares to the custodian account of a receipt
of the Escrow Shares, as designated in a Joint Written Instruction.

 

11. Compliance
with Court Officers. In the event that any escrow property shall be attached, garnished or levied upon by any court order,
or the delivery thereof shall be stayed or enjoined by an order of a court, or any order, judgement of decree shall be made or
entered by any court order affecting the property deposited under this Agreement, the Escrow Agent is hereby expressly authorized,
in its sole discretion, to obey and comply with all writs, orders or decrees so entered or whether with or without jurisdiction,
and in the event that the Escrow Agent reasonably obeys or complies with any such writ, order or decree it shall not be liable
to any of the parties hereto or to any other person, entity, firm or corporation, by reason of such compliance notwithstanding
such writ, order or decree by subsequently reversed, modified, annulled, set aside or vacated.

 

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12. Miscellaneous.

 

(a) Except
for changes to transfer instructions as provided in Section 10, the provisions of this Agreement may be waived, altered,
amended or supplemented, in whole or in part, only by a writing signed by the Escrow Agent, the Purchaser and the Stockholder
Representative. Neither this Agreement nor any right or interest hereunder may be assigned in whole or in part by the Escrow Agent,
the Purchaser or the Stockholder Representative, except as provided in Section 5, without the prior consent of the Escrow
Agent, the Purchaser and the Stockholder Representative . This Agreement shall be governed by and construed under the laws
of the State of New York. Each of the Purchaser, the Stockholder Representative and the Escrow Agent irrevocably waives any objection
on the grounds of venue, forum non-convenience or any similar grounds and irrevocably consents to service of process by mail or
in any other manner permitted by applicable law and consents to the jurisdiction of any court of the State of New York or United
States federal court, in each case, sitting in New York County, New York. To the extent that in any jurisdiction any party may
now or hereafter be entitled to claim for itself or its assets, immunity from suit, execution attachment (before or after judgement),
or other legal process, such party shall not claim, and it hereby irrevocably waives, such immunity. The parties further hereby
waive any right to a trial by jury with respect to any lawsuit or judicial proceedings arising or relating to this Agreement.
No party to this Agreement is liable to any other party for losses due to, or if it is unable to perform its obligations under
the terms of this Agreement because of, acts of God, fire, war, terrorism, floods, strikes, electrical outages, equipment or transmission
failure, or other causes reasonably beyond its control.

 

(b) This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. All signatures of the parties to this Agreement may be transmitted by facsimile or other
electronic transmission (including e-mail), and such facsimile or other electronic transmission (including e-mail) will, for all
purposes, be deemed to be the original signature of such party whose signature it reproduces, and will be binding upon such party.
If any provision of this Agreement is determined to be prohibited or unenforceable by reason of any applicable law of a jurisdiction,
then such provision shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions thereof, and any such prohibition or unenforceability in such jurisdiction shall not invalidate
or render unenforceable such provisions in any other jurisdiction. A person who is not a party to this Agreement shall have no
right to enforce any term of this Agreement. The parties represent, warrant and covenant that each document, notice, instruction
or request provided by such party to the other party shall comply with applicable laws and regulations. Where, however, the conflicting
provisions of any such applicable law may be waived, they are hereby irrevocably waived by the parties hereto to the fullest extent
permitted by law, to the end that this Agreement shall be enforced as written. Except as expressly provided in Section 7
above, nothing in this Agreement, whether express or implied, shall be construed to give to any person or entity other than the
Escrow Agent, the Purchaser or the Stockholder Representative any legal or equitable right, remedy, interest or claim under or
in respect of this Agreement or the Escrow Shares escrowed hereunder.

 

[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

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IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth above.

 

	PURCHASER: 	 
	 	 	 
	NB MERGER CORP.	 
	 	 	 
	By: 	/s/ Wenhui Xiong 	 
	 	Name: 	Wenhui Xiong	 
	 	Title:	President	

  

	STOCKHOLDER REPRESENTATIVE: 	 
	 	 
	/s/ Ted Smith	 
	Ted Smith 	 

 

	ESCROW AGENT:
	 
	CONTINENTAL STOCK TRANSFER AND TRUST COMPANY 
	 
	By: 	/s/ James F. Kiszka	
	 	Name: 	James F. Kiszka	 
	 	Title:	Vice President	 

 

[signature
page to Earn-Out Escrow Agreement]Exhibit 10.5

 

STOCKHOLDER AGREEMENT

 

THIS STOCKHOLDER AGREEMENT
(this “Agreement”) is entered as of March 19, 2021, by and among Nuvve Holding Corp., a Delaware corporation
(the “Company”), Nuvve Corporation, a Delaware corporation (the “Operating Company”), and
the stockholder of the Company listed on Schedule I hereto (the “Stockholder”). The Company, the Operating Company
and the Stockholder are sometimes referred to collectively as the “Parties” and each as a “Party.”

 

RECITALS

 

WHEREAS, the Company
and the Operating Company are parties to that certain Merger Agreement, dated as of November 11, 2020 and amended as of February
20, 2021 (the “Merger Agreement”), with Newborn Acquisition Corp. (“Newborn”), Nuvve Merger
Sub Inc. (“Merger Sub”) and Ted Smith, as the representative of the stockholders of the Operating Company, which
provides, among other things, for (a) Newborn to merge with and into the Company, with the Company surviving and the security holders
of Newborn becoming security holders of the Company, and (b) Merger Sub to merge with and into the Operating Company, with the
Operating Company surviving as a wholly owned subsidiary of the Company and the security holders of the Operating Company becoming
security holders of the Company (the “Business Combination”); and

 

WHEREAS, it is estimated
that, immediately after the Closing (as defined below), the Stockholder will own 7.8% of the outstanding shares of Common Stock
(as defined below), assuming the holders of Newborn’s ordinary shares do not elect to convert any such ordinary shares into
a pro rata portion of the trust fund established in connection with Newborn’s initial public offering as provided for in
Newborn’s memorandum and articles of association; and

 

WHEREAS, the Company,
the Operating Company and the Stockholder desire to establish herein certain terms and conditions upon which the Stockholder will
hold the Merger Shares (as defined below), including the designation of a director for appointment to each of the boards of the
Company and the Operating Company, and to provide for certain other matters.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby,
the Parties agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1Certain
Defined Terms. As used herein, the following terms shall have the following meanings:

 

“Affiliate”
means, with respect to any Person, (i) any Person directly or indirectly controlling, controlled by or under common control with
such Person, (ii) any Person directly or indirectly owning or controlling 10% or more of any class of outstanding equity securities
of such Person or (iii) any officer, director, general partner, managing member or trustee of any such Person described in clause
(i) or (ii).

 

     

     

    

 

“Applicable
Law” means the Delaware General Corporation Law and other applicable provisions of law.

 

“beneficial
owner” or “beneficially own” has the meaning given such term in Rule 13d-3 under the Exchange Act
and a Person’s beneficial ownership of Common Stock shall be calculated in accordance with the provisions of such Rule; provided,
however, that for purposes of determining beneficial ownership, (i) a Person shall be deemed to be the beneficial owner of any
security that may be acquired by such Person, whether within 60 days or thereafter, upon the conversion, exchange or exercise of
any warrants, options, rights or other securities and (ii) no Person shall be deemed to beneficially own any security solely as
a result of this Agreement.

 

“Board”
means the Board of Directors of the Company.

 

“Business
Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to
be closed in the City of New York or in Tokyo, Japan.

 

“Bylaws”
means the Bylaws of the Company, as in effect on the date hereof and as the same may be amended, supplemented or otherwise modified
from time to time in accordance with the terms thereof, the terms of the Charter and the terms of this Agreement.

 

“Charter”
means the Certificate of Incorporation of the Company, as in effect on the date hereof and as the same may be amended, supplemented
or otherwise modified from time to time in accordance with the terms thereof and the terms of this Agreement.

 

“Closing”
means the closing of the transactions contemplated by the Merger Agreement.

 

“Common Stock”
means the common stock, par value $0.0001 per share, of the Company and any securities issued in respect thereof, or in substitution
therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation,
exchange or other similar reorganization.

 

“control”
(including the terms “controlled by” and “under common control with”), with respect to the relationship
between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction
of the affairs or management of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Director”
means any member of the Board.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Merger Shares”
means the shares of Common Stock issued pursuant to the Merger Agreement or any shares or other securities which such shares of
Common Stock may have been converted into or exchanged for in connection with any exchange, reclassification, dividend, distribution,
stock split, combination, subdivision, merger, spin-off, recapitalization, reorganization or similar transaction.

 

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“Person”
means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, government or any agency or political subdivision thereof.

 

“Transfer”
means, directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily
or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer,
assignment, pledge, encumbrance, voting, receipt of dividends or other distributions, hypothecation or similar disposition of,
any Common Stock beneficially owned by a Person, including, but not limited to, any swap or any other agreement including a transaction
that transfers or separates, in whole or in part, any of the economic consequences of ownership of the Common Stock and/or voting
rights in respect thereof, whether such transaction is to be settled by delivery of Common Stock, other securities, cash or otherwise.
A Transfer shall not be deemed to have occurred solely by reason of a change of control of the ultimate controlling Persons as
of the date hereof of the Stockholder.

 

“Transferee”
means any Person to whom the Stockholder Transfers Merger Shares.

 

ARTICLE II

CORPORATE GOVERNANCE

 

Section 2.1Company
Board Representation. Effective as of the Closing and until this Section 2.1 terminates pursuant to Section 2.3:

 

(a) Subject
to and in accordance with the terms and conditions of this Agreement, the Stockholder shall have the right to have not more than
one individual designated by the Stockholder (the “Stockholder Designee”) serving as a Director of the Company.

 

(b) The
Directors will be elected by the Company’s stockholders in accordance with Applicable Law, the Charter and the Bylaws, and
the Stockholder shall have the right to designate one Stockholder Designee to be nominated by the Company for election as a Director
at each annual or special meeting, as applicable, held for the purpose of electing the Directors of the Company, if either (i)
the existing Stockholder Designee’s term expires at such meeting or (ii) no Stockholder Designee is a Director of the Company
at the time of the mailing of the proxy statement (or consent solicitation or similar document) of the Company for such meeting.
The Company agrees to nominate, recommend and include the Stockholder Designee in the Company’s slate of nominees that is
included in the proxy statement (or consent solicitation or similar document) of the Company relating to the election of Directors
by the holders of Common Stock and shall provide the same level of support for the election of such Stockholder Designee as the
Company provides to any other individual standing for election as a Director as part of the Company’s slate of Directors.

 

(c) In
the event that no Stockholder Designee is then a Director of the Company, whether by reason of the death, disability, retirement,
resignation or removal (with or without cause) of a prior Stockholder Designee, the non-election or non-appointment of a Stockholder
Designee, or otherwise, the Stockholder shall have the right to designate a new Stockholder Designee, and subject to Applicable
Law, the Charter and the Bylaws, the Company hereby agrees to take, at any time and from time to time, all actions necessary to
appoint such Stockholder Designee to the Board, including increasing the size of the Board. To the extent permitted under Applicable
Law, the Charter and the Bylaws, any Stockholder Designee appointed in accordance with this paragraph shall be appointed to the
class of Directors with the longest remaining term.

 

    3

     

    

 

(d) The
Parties hereto acknowledge and agree that the initial Stockholder Designee is the Person identified in Schedule I hereto. The Company
shall take all actions necessary to cause such Stockholder Designee, upon the Closing, to be elected or appointed as a member of
the class of Directors whose term expires at the third succeeding annual meeting after the Closing.

 

(e) Unless
the Company has received the consent of the Stockholder Designee, and except as provided in Section 2.1(c), the Company shall not
take any action to cause the Board to consist of more than seven (7) Directors.

 

(f) Notwithstanding
anything else herein to the contrary, the Company shall not be required to nominate for election to or appoint any Stockholder
Designee pursuant to Section 2.1(a) or Section 2.1(c), if (i) the Board has determined in good faith, after consultation with its
outside counsel, that such Stockholder Designee would not meet any eligibility requirement set forth under Applicable Law, the
stock exchange listing rules then applicable to the Company or the corporate governance policies of the Company generally applicable
to all Directors, or (ii) the Board has determined in good faith that such Stockholder Designee has continually and willfully refused
or failed to perform a material part of his or her duties as a Director, has been convicted of, or pled guilty or nolo contendere
to, any crime which constitutes a felony in the jurisdiction involved or has been convicted of, or pled guilty or nolo contendere
to, any crime involving moral turpitude, has committed any act of fraud, misappropriation, or embezzlement, in any case involving
the properties, assets or funds of the Company or its subsidiaries, has engaged in any other willful and dishonest conduct against
the Company or its subsidiaries, has committed any act which has materially harmed or is reasonably likely to cause material harm
to the Company’s brand or reputation, is subject to any of the “Bad Actor” disqualifications described in Rule
506(d)(1)(i) to (viii) under the Securities Act of 1934, as amended, or otherwise has committed an act that would constitute “cause”
for the purposes of his or her removal.

 

(g) The
Stockholder shall notify the Company in writing of the name of the proposed Stockholder Designee and shall provide all information
concerning such nominee reasonably requested by the Company, so that the Company can comply with applicable disclosure rules, a
reasonable time in advance of (i) any action taken or annual or special meeting held for the purpose of electing the Directors
of the Company, and (ii) the mailing of any proxy statement or information statement in connection with such action taken or annual
or special meeting; provided, that, in the absence of such notice, the Stockholder shall be deemed to have designated the Stockholder
Designee serving as a Director as of the date of such mailing.

 

    4

     

    

 

(h) The
Company shall reimburse the Stockholder Designee for reasonable out-of-pocket expenses incurred by him or her for the purpose of
attending meetings of the Board or committees thereof in the same manner that it reimburses other Directors and agrees that the
Stockholder Designee (other than any Stockholder Designee who is an employee of the Company) shall be entitled to the same compensation
as other non-employee Directors as may be approved from time to time.

 

(i) The
Stockholder Designee in his or her capacity as a Director shall be entitled to the benefits under any director and officer insurance
policy maintained by the Company to the same extent as any similarly situated Director. The Company shall duly authorize and enter
into an indemnification agreement with the Stockholder Designee in his or her capacity as a Director, on substantially the same
terms as is available to the other Directors.

 

(j) As
a condition to his or her appointment or election as a Director, each Stockholder Designee shall submit a contingent resignation
letter to the Company and the Operating Company, which resignation shall become effective upon the earlier of (i) the termination
of this ARTICLE II pursuant to Section 2.3, or (ii) the appointment or election of a subsequent Stockholder Designee as a Director
of the Company.

 

(k) At
any time that a Stockholder Designee is not seated as a Director of the Company, the Company shall allow one observer (the “Observer”)
designated by the Stockholder to attend all meetings of the Board and the committees thereof, in a nonvoting observer capacity
and the Company shall give such Observer copies of all notices, minutes, consents, and other materials that the Company provides
to the Directors at the same time and in the same manner as provided to such Directors. The right of the Observer to attend such
meetings and receive such materials shall be contingent upon the Observer signing a confidentiality agreement on terms and conditions
reasonably satisfactory to the Company.

 

(l) Notwithstanding
whether a Stockholder Designee is seated as a Director of the Company or whether an Observer has been allowed to attend meetings
of the Board and committees thereof pursuant to Section 2.1(k), the Stockholder shall be entitled to designate one observer (who
shall be an director, executive or employee of the Stockholder or an Affiliate of the Stockholder) (the “TTC Company Observer”)
to attend all meetings of the Board and the committees thereof, in a nonvoting observer capacity and the Company shall give the
TTC Company Observer copies of all notices, minutes, consents, and other materials that the Company provides to the Directors at
the same time and in the same manner as provided to such Directors. The right of the TTC Company Observer to attend such meetings
and receive such materials shall be contingent upon the TTC Company Observer signing a confidentiality agreement on terms and conditions
reasonably satisfactory to the Company.

 

Section 2.2Operating
Company Board Representation. Effective as of the Closing and until this Section 2.2 terminates pursuant to Section 2.3:

 

(a) Subject
to and in accordance with the terms and conditions of this Agreement, the Stockholder shall have the right to have not more than
one individual designated by the Stockholder serving as a director of the Operating Company.

 

    5

     

    

 

(b) The
Company shall cause any Stockholder Designee who is a member of the Board (or if none, the Observer) to be elected or appointed
as a member of the board of directors of the Operating Company.

 

(c) The
Operating Company shall reimburse the Stockholder Designee (or the Observer, as the case may be) for reasonable out-of-pocket expenses
incurred by him or her for the purpose of attending meetings of the board of directors of the Operating Company or committees thereof
in the same manner that it reimburses other directors of the Operating Company. The Operating Company shall not have to reimburse
the Stockholder Designee (or the Observer, as the case may be) for travel costs if the Stockholder Designee (or the Observer, as
the case may be) will be travelling for Board or committee meetings of the Company which are held at around the same time as board
of director meetings or committee meetings of the Operating Company.

 

(d) The
Stockholder Designee (or the Observer, as the case may be) in his or her capacity as a director of the Operating Company shall
be entitled to the benefits under any director and officer insurance policy maintained by the Operating Company to the same extent
as any similarly situated director of the Operating Company. The Operating Company shall duly authorize and enter into an indemnification
agreement with the Stockholder Designee (or the Observer, as the case may be) in his or her capacity as a director of the Operating
Company, on substantially the same terms as is available to the other directors of the Operating Company.

 

(e) At
any time that neither a Stockholder Designee nor an Observer is seated as a member of the board of directors of the Operating Company,
the Company and the Operating Company shall allow the Stockholder Designee seated as a member of the Board of the Company (or if
none, the Observer) to attend all meetings of the board of directors of the Operating Company and the committees thereof, in a
nonvoting observer capacity and the Operating Company shall give such Stockholder Designee or Observer copies of all notices, minutes,
consents, and other materials that the Operating Company provides to its board of directors at the same time and in the same manner
as provided to its board of directors.

 

(f) Notwithstanding
whether a Stockholder Designee (or the Observer, as the case may be) is seated as a Director of the Operating Company or whether
an observer has been allowed to attend meetings of the board of directors of the Operating Company and committees thereof pursuant
to Section 2.2(e), the Stockholder shall be entitled to designate one observer (who shall be a director, executive or employee
of the Stockholder or an Affiliate of the Stockholder) (the “TTC Operating Company Observer”) to attend all
meetings of the board of directors of the Operating Company and committees thereof, in a nonvoting observer capacity and the Operating
Company shall give the TTC Operating Company Observer copies of all notices, minutes, consents, and other materials that the Operating
Company provides to the board of directors of the Operating Company at the same time and in the same manner as provided to the
directors of the Operating Company. The right of the TTC Operating Company Observer to attend such meetings and receive such materials
shall be contingent upon the TTC Operating Company Observer signing a confidentiality agreement on terms and conditions reasonably
satisfactory to the Operating Company.

 

    6

     

    

 

Section 2.3Termination
of Rights. At such time as the Merger Shares beneficially owned by the Stockholder, together with its Affiliates (through equity
ownership), cease to represent at least five percent (5%) of the issued and outstanding shares of Common Stock, this ARTICLE II
shall terminate and the Stockholder shall cease to have the right to designate a Director pursuant to Section 2.1 or to have such
Director elected or appointed as a member of the board of directors of the Operating Company pursuant to Section 2.2.

 

Section 2.4Rights
Not Transferrable. No Transferee of the Stockholder shall be entitled to any rights under this Agreement, other than any Transferees
who are Affiliates (through equity ownership) of the Stockholder and who agree in writing to be bound by the terms of this Agreement.

 

ARTICLE III

MISCELLANEOUS

 

Section 3.1Termination.
Subject to the early termination of any provision as a result of an amendment to this Agreement agreed to by the Company, the Operating
Company and the Stockholder as provided under Section 3.2, this Agreement shall terminate upon the termination of ARTICLE II as
provided in Section 2.3. Nothing herein shall relieve any Party from any liability for the breach of any of the agreements set
forth in this Agreement.

 

Section 3.2Amendments
and Modifications. Except as otherwise provided herein, no modification, amendment or waiver of any provision of this Agreement
shall be effective without the approval in writing of the Company, the Operating Company and the Stockholder; provided, that any
Party may waive in writing the benefit of any provision of this Agreement with respect to itself for any purpose.

 

Section 3.3Waivers,
Delays and Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to any Party,
upon any breach, default or noncompliance by another Party under this Agreement, shall impair any such right, power or remedy,
nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of or in
any similar breach, default or noncompliance thereafter occurring. No single or partial exercise of any such right, power, remedy,
or any abandonment or discontinuance of steps to enforce such right power or remedy, or any course of conduct, preclude any other
or further exercise thereof or the exercise of any other right, power or remedy. It is further agreed that any waiver, permit,
consent or approval of any kind or character on the part of any Party hereto of any breach, default or noncompliance under this
Agreement or any waiver on such Party’s part of any provisions or conditions of this Agreement, must be in writing and shall
be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise
afforded to any Party, shall be cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder.

 

Section 3.4Successors,
Assigns and Transferees. This Agreement shall bind and inure to the benefit of and be enforceable by the Parties hereto and
their permitted successors and assigns.

 

    7

     

    

 

Section 3.5Notices.
All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if
delivered personally, or if by facsimile or e-mail, upon written confirmation of receipt by facsimile, e-mail or otherwise, (b)
on the first (1st) Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized
next-day courier service, or (c) on the earlier of confirmed receipt or the fifth (5th) Business Day following the date
of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall
be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the Party
to receive such notice:

 

(a) if
to the Company or the Operating Company, to:

 

Nuvve Holding Corp.

2468 Historic Decatur Road

San Diego, CA 92106

Attn: Gregory Poilasne, Chief Executive Officer

Phone: (619) 456-5161

Email: gregory@nuvve.com

 

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

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue, 11th Floor

New York, NY 10174

Attn: David Alan Miller, Eric Schwartz

Phone: (212) 818-8661, (212) 818-8602

Email: dmiller@graubard.com, eschwartz@graubard.com

 

(b) if
to the Stockholder, to the address set forth on Schedule I.

 

Section 3.6Interpretation.
When a reference is made in this Agreement to a Section, Article, or Exhibit, such reference shall be to a Section, Article, or
Exhibit of this Agreement unless otherwise indicated. The headings contained in this Agreement or in any Exhibit are for convenience
of reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. All words used in this
Agreement will be construed to be of such gender or number as the circumstances require. Any capitalized terms used in any Exhibit
but not otherwise defined therein shall have the meaning as defined in this Agreement. All Exhibits annexed hereto or referred
to herein are hereby incorporated in and made a part of this Agreement as if set forth herein. The word “including”
and words of similar import when used in this Agreement will mean “including, without limitation,” unless otherwise
specified. The words “hereof,” “herein” and “hereunder” and words of similar import when used
in this Agreement shall refer to this Agreement as a whole and not to any particular provision in this Agreement. The term “or”
is not exclusive. The word “will” shall be construed to have the same meaning and effect as the word “shall.”
References to days mean calendar days unless otherwise specified.

 

    8

     

    

 

Section 3.7Entire
Agreement. This Agreement (including the Exhibits and Schedules hereto) and the Merger Agreement and the Additional Agreements
(as defined in the Merger Agreement) constitute the entire agreement among the Parties, and supersede all prior written agreements,
arrangements, communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications
and understandings among the Parties with respect to the subject matter hereof and thereof. Notwithstanding any oral agreement
or course of action of the Parties to the contrary, no Party to this Agreement shall be under any legal obligation to enter into
or complete the obligations contemplated hereby unless and until this Agreement shall have been executed and delivered by each
of the Parties.

 

Section 3.8No
Third-Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person
other than the Parties and their respective successors and permitted assigns any legal or equitable right, benefit or remedy of
any nature under or by reason of this Agreement.

 

Section 3.9Governing
Law. This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated
hereby shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to the
laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the State of Delaware.

 

Section 3.10Submission
to Jurisdiction. Each of the Parties irrevocably agrees that any legal action or proceeding arising out of or relating to this
Agreement brought by any other Party or its successors or assigns shall be brought and determined in the courts (Federal and state)
in California, and each of the Parties hereby irrevocably submits to the exclusive jurisdiction of the aforesaid courts for itself
and with respect to its property, generally and unconditionally, with regard to any such action or proceeding arising out of or
relating to this Agreement and the transactions contemplated hereby. Each of the Parties agrees not to commence any action, suit
or proceeding relating thereto except in the courts described above in California, other than actions in any court of competent
jurisdiction to enforce any judgment, decree or award rendered by any such court in California as described herein. Each of the
Parties further agrees that notice as provided herein shall constitute sufficient service of process and the Parties further waive
any argument that such service is insufficient. Each of the Parties hereby irrevocably and unconditionally waives, and agrees not
to assert, by way of motion or as a defense, counterclaim or otherwise, in any action or proceeding arising out of or relating
to this Agreement or the transactions contemplated hereby, (a) any claim that it is not personally subject to the jurisdiction
of the courts in California as described herein for any reason, (b) that it or its property is exempt or immune from jurisdiction
of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) that (i) the suit, action or proceeding
in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this
Agreement, or the subject matter hereof, may not be enforced in or by such courts.

 

Section 3.11Enforcement.
The Parties 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. Accordingly, each of the Parties shall be entitled to specific
performance of the terms hereof, including an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement in the courts (Federal and state) in California, this being in addition to any other
remedy to which such Party is entitled at law or in equity. Each of the Parties hereby further waives (a) any defense in any action
for specific performance that a remedy at law would be adequate and (b) any requirement under any law to post security as a prerequisite
to obtaining equitable relief.

 

    9

     

    

 

Section 3.12Severability.
Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal
or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed
and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never
been contained herein.

 

Section 3.13Waiver
of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 3.14Counterparts.
This Agreement may be executed in three or more counterparts, all of which shall be considered one and the same instrument and
shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties.

 

Section 3.15Facsimile
or Portable Document File Signature. This Agreement may be executed by facsimile or portable document file signature and a
facsimile or portable document file signature shall constitute an original for all purposes.

 

Section 3.16No
Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, each of the Company, the Operating Company
and the Stockholder covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered
in connection with this Agreement shall be had against any current or future director, officer, employee, general or limited partner,
trustee, beneficiary or equity holder of the Company, the Operating Company or the Stockholder or of any Affiliate thereof, whether
by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other
applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on
or otherwise be incurred by any current or future director, officer, agent, partner, member, trustee, beneficiary, or employee
of the Company, the Operating Company or the Stockholder or of any Affiliate thereof, as such for any obligation of the Company,
the Operating Company or the Stockholder under this Agreement or any documents or instruments delivered in connection with this
Agreement for any claim based on, in respect of or by reason of such obligations or their creation.

 

Section 3.17Conflict.
If at any time it becomes apparent that there is any inconsistency between the provision of this Agreement (on the one part) and
the Charter, Bylaws or and any other organizational documents of the Company and/or the Operating Company, and agreements to which
the Company and/or the Operating Company are party (on the other part), the Company and/or the Operating Company shall use reasonable
efforts to cause the Charter, Bylaws, other organizational documents and agreements to be revised to be consistent with this Agreement
and to give effect to this Agreement, unless not permitted under the applicable laws and regulations.

 

    10

     

    

 

Section 3.18Confidentiality.
The Stockholder shall not at any time, during the term of this Agreement or thereafter, divulge to any person or entity or use
any Confidential Information obtained or learned by it, except (i) with the Company’s prior written consent, (ii) to the
extent that any such information is in the public domain other than as a result of the Stockholder’s breach of any of its
obligations hereunder, (iii) where the information was known to the Stockholder before it was disclosed to the Stockholder by the
Company or any of its subsidiaries and the Stockholder was not under any obligation of confidence in respect of that information,
(iv) to the directors, executives and employees of the Stockholder’s Affiliates, and the professional advisers and consultants
to the Stockholder, who need to know in connection with the Stockholder’s ownership of the Merger Shares, or (v) where required
to be disclosed by court order, subpoena or other government process. If the Stockholder shall be required to make disclosure pursuant
to the provisions of clause (v) of the preceding sentence, the Stockholder shall promptly, but in no event more than 48 hours after
learning of such subpoena, court order, or other government process, notify the Company and, at the Company’s expense, the
Stockholder shall: (a) take all reasonably necessary and lawful steps required by the Company to defend against the enforcement
of such subpoena, court order or other government process, and (b) permit the Company to intervene and participate with counsel
of its choice in any proceeding relating to the enforcement thereof. The Stockholder shall limit and restrict access to the Confidential
Information to those of the directors, executives and employees of the Stockholder’s Affiliates, and to the professional
advisers and consultants to the Stockholder, who need such access in connection with the Stockholder’s ownership of the Merger
Shares. The Stockholder shall advise each of such directors, executives and employees, and professional advisers and consultants,
to whom it provides access to any of the Confidential Information of the confidential nature of the Confidential Information, shall
cause any such professional advisors and consultants to enter into written agreements containing confidentiality provisions substantially
equivalent to those contained herein, and shall be responsible for any breach of the terms of this Agreement by any such director,
executive or employee or professional adviser or consultant. The Stockholder shall, and shall cause any such directors, executives,
employees, professional advisers and consultants to, promptly following the termination of this Agreement or upon earlier request
by the Company, return all written materials, and destroy all materials stored in an electronic medium, in its possession embodying
any Confidential Information. To the extent restricted or prohibited by applicable laws, the Stockholder shall not, and shall cause
any such directors, executives, employees, professional advisers and consultants not to, engage in any transaction involving the
Company’s securities while in the possession of any material Confidential Information prior to the time such information
is made known to the general public. If the Stockholder or any such director, executive, employee, professional adviser or consultant
commits a breach, or threatens to commit a breach, of any of the provisions of this Section 3.18, the Company shall have the right
and remedy to seek to have the provisions of this Section 3.18 specifically enforced by any court having equity jurisdiction, it
being acknowledged and agreed by the Stockholder that any such breach or threatened breach will cause irreparable injury to the
Company and that money damages will not provide an adequate remedy to the Company. The rights and remedies enumerated in this Section
3.18 shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or equity. “Confidential
Information” means all information and trade secrets relating to or used in the business and operations of the Company
and its subsidiaries (including, but not limited to, marketing methods and procedures, customer lists, sources of supplies and
materials, business systems and procedures, information regarding its financial matters, or any other information concerning the
personnel, operations, intellectual property, trade secrets, know how, or business or planned business of the Company and its subsidiaries),
whether prepared, compiled, developed or obtained by the Stockholder or by the Company or any of its subsidiaries prior to or during
the term of this Agreement, that is treated by the Company or any of its subsidiaries as confidential or proprietary or is reasonably
considered by the Company or any of its subsidiaries to be confidential or proprietary.

 

[Signature Page Follows]

 

    11

     

    

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed as of the date first written above by their respective officers thereunto
duly authorized.

 

	 	NUVVE HOLDING CORP.
	 	 	 	 
	 	By:	/s/ Gregory Poilasne
	 	 	Name:	Gregory Poilasne
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	NUVVE CORPORATION
	 	 	 	 
	 	By:	/s/ Gregory Poilasne
	 	 	Name: 	Gregory Poilasne
	 	 	Title:	Chief Executive Officer

 

 

[Stockholder Signature Page Follows]

 

[Signature Page to Stockholder Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed as of the date first written above by their respective officers thereunto
duly authorized.

 

	 	STOCKHOLDER:
	 	 
	 	Toyota Tsusho Corporation
	 	(Name)
	 	 
	 	/s/ Minoru Aokura
	 	(Signature)
	 	 
	 	Minoru Aokura, General Manager
	 	(Name and Title of Signatory)

 

 

[Signature Page to Stockholder Agreement]

 

     

     

    

 

Schedule I

 

Stockholder

 

Toyota Tsusho Corporation

 

Initial Stockholder Designee:

 

Kenji Yodose

 

Address for Notice:

 

Toyota Tsusho Corporation

2-3-13, Konan, Minato-ku, Tokyo

108-8208 Japan

Attn: Kenji Yodose (New Business Development Group, Power Solution Development Department, Manager)

Phone: 81-3-4306-5520

Email: kenji_yodose@toyota-tsusho.com

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