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Please be informed that all employees in FREYS AS will be transferred over to FREYR Battery Norway AS (with organization number 926 089 862) during the third quarter of 2021. For the purpose of this contract this transfer is to be considered a business transfer under the same terms and conditions as outlined below. Further, when FREYR has set up a parent company in the EU, the employee relationship can be transferred from the AS in Norway to that company. The change in the regulatory framework may result in a need to adapt some of the terms. This will not worsen the overall offer and only be implemented based on agreement between the parties.

1.2The Employee's place of work shall be the Employee’s home in Germany. It is expected that this will change to Freyr’s offices in Luxembourg in mid-2022. The Employee acknowledges that the Employee’s work may necessitate a considerable amount of travel, also abroad.

2.1The Employee is obliged to carry out the duties that are or will be assigned to the Employee’s position and that naturally fall within the scope of the position or other duties as the Company may reasonably require. The Company may issue instructions and guidelines which the Employee shall adhere to as part of this Contract.

2.2The Employee shall devote the Employee’s full working capacity to the Company and the Employee’s duties under this Contract. The Employee shall not, without the Company’s prior written consent, undertake any other work, paid or unpaid, whether as part of the Employee’s own commercial activity or for any other employer or principal.

4.3The Employee will further receive 100,000 options as sign-on, granted on work Start Date, vested after 1 year and to be exercised within 5 years of granting, with a strike price of $10 per option

4.4The Employee's salary shall be paid on the 20 day of each month to the bank account provided by the Employee, in instalments of 1/12 of the annual amount.

5.1The Employee will participate in the Company’s bonus scheme, terms and objectives of which are at any time under the sole discretion of the Company. In the first instance this bonus is set at maximum 50% of base salary.

5.2Such bonus is interpreted and deemed to be inclusive of holiday allowance, statutory payable bonus or profit sharing or other statutory benefits. At payment, holiday allowance, statutory payable bonus or profit sharing or other statutory benefits will be deducted from the bonus amount.

6.2If at any time after any bonus, option or other award is paid to the Employee the Company is required to restate its accounts to a material extent or the Company becomes aware of any material malfeasance or material wrongdoing on the Employee’s part, then the Company shall be entitled to recalculate the bonus that it would otherwise have awarded in the relevant financial years, had these facts been known at the time the award was granted. The Employee shall be liable for and, if so required by the Company to repay on demand the difference between such recalculated bonuses and the aggregate value of the Awards actually granted to the Employee.

7.1The Employee is entitled to 30 days of vacation per calendar year, excluding Company shut down days. Vacation days must be taken at times appropriate to the local work situation, approved beforehand by the Employee’s direct manager.

8.3Laptop, mobile phone, etc.
The Company will reimburse the costs of the Employee’s mobile phone and laptop and cover cost for business use and, to a reasonable extent, private use. However, if the private use is abused the Company reserves the right to withdraw such privilege. Further, the Company will reimburse 50% of internet subscription at home.

8.4A pension scheme shall apply to the Employee in conformity with the stipulations of an additional agreement to be concluded between the Employer and the Employee.

9.1Deductions from salary, bonus, and holiday allowance may be made to the extent permitted by German law, and, e.g. under the following circumstances:

10.1The Employee is entitled to sick pay in accordance with the German statutory provisions or extended Company rules according to the Company’s policies.

10.2The Employee is obliged to report any absence due to illness or accident to the Company without undue delay. The Employee shall provide evidence of illness by a medical certificate and renewals if necessary, to the extent not limited by statutory provisions

11.1The Company shall on the presentation of invoices or vouchers or other evidence of actual payment, reimburse the Employee for all expenses, including business travel expenses, reasonably incurred by the Employee in the performance of the Employee’s duties under the Contract, and in accordance with the Company’s policies.

12.1The Employee shall comply with all codes of conduct and all other rules and regulations applicable to the Employee's duties and to the business of the Company which have been made available to the Employee.

12.2The Employee shall comply with the Company’s prevailing policies, rules, and procedures, and all other applicable instructions laid down in the Company’s guidelines, personnel handbook or similar manuals which have been made available to the Employee.

12.3The Employee is obliged, without delay, to read and understand the Company’s rules, regulations, and guidelines which are disclosed and made available to the Employee on the Company’s intranet, or presented on other mediums.

13.1The Employee acknowledges that the Employee may acquire access to confidential information of the Company and consistent with the position. The Employee agrees that all such confidential information is disclosed to the Employee in confidence and is strictly for the Employee’s use on behalf of the Company.

13.2The Employee shall not make use of or disclose to any person, and shall use his/her best endeavors to prevent the use, publication or disclosure of any information of a confidential or secret nature concerning the business of the Company that comes to the his/her knowledge during the course of or in connection with the employment with the Company, or concerning the business of any person having dealings with the Company and which is obtained directly or indirectly in circumstances in which the Company is subject to a duty of confidentiality in relation to that information.

13.3For the purpose of this clause, information of a confidential or secret nature means non-public information of the Company, including but not limited to business plans, products, technical data, specifications, documentation, presentations, product plans, business methods, product functionality, customer information, contracts, formulas, competitive analysis, databases, formats, methodologies, strategic plans, marketing plans, customer lists, prospect lists, pricing information or information related to engineering, marketing or finance, regardless of whether such documents are marked confidential or not and regardless of whether such information exists in written form or stored by electronic media or on other form of information carrier.

13.4This clause 13 shall continue to apply after the termination of the Employee's employment with the Company, whether terminated lawfully or not, without limitation in time.

13.5The Employee is prevented from malicious disparage or otherwise making harmful or unfavorable statements regarding the Company or any of its services, operations, processes or methods.

13.6The Employee acknowledges that any breach of confidentiality during the Employee’s employment or at any time thereafter may lead to liability and may constitute grounds for dismissal and/or render the Employee liable to legal action and/or damages.

14.1The Employee may not during the employment with the Company and for a period of six months after the end of the notice period, take employment with, have ownership interests in (excluding via investment funds), or in any other way – directly or indirectly – be involved in any activity that wholly or partially competes with the Company. The Employee shall similarly not engage in or perform work for customers and/or suppliers, if such activity can be deemed to have any negative impact to the competitive situation of the Company.

14.2The Employee must not, in relation to the termination and for a period of three months after the end of the agreed notice period, directly or indirectly solicit or otherwise engage in direct or indirect communication with any present or past customers, suppliers or partners of the Company for himself or any other person. This applies to customers, suppliers or partners that the Employee has had contact with or been responsible for in any way during the last year before a statement is given by the Company in accordance with clause 14.6 below.

14.3The Employee shall, during period of three months after the end of the agreed notice period, not directly or indirectly solicit, recruit, or endeavor to entice away any of Company’s employees.

14.4The Company may decide in writing at any time during or in connection with termination of the employment that the provisions in 14.1 to 14.3 shall not apply in whole or in part.

14.5In case of any uncertainty as to whether an activity is covered by the prohibitions set out in this clause, the Employee is obliged both during the employment and following a termination to present the issue to the Company and await a written statement from the Company before engaging in any relevant activity.

14.6The Company shall provide a written statement on the applicability of clause 14.1 and 14.2 within four weeks after (i) having received a written request from the Employee at any time during the employment, or (ii) after the termination of the employment by the Employee. In case of a termination from the Company, the statement shall be given at the same time as the notice of termination or, if applicable, within one week after summary dismissal. The restrictions in clause 14.1 and 14.2 may be discharged in case a written statement from Company is not timely given in accordance with this clause 14.6.

14.7If the prohibition against competition, cf. clause 14.1, shall apply, the Company shall compensate the Employee during the prohibition period corresponding to the Employee’s base salary calculated on the basis of the Employee’s annual salary the last 12 months. The compensation does not form basis for holiday pay or pension entitlements.

If the Employee acquires or receives income in the prohibition period, the Company is entitled to reduce the compensation correspondingly, up to a maximum of half of the total compensation the Employee could be entitled to from the Company. The Employee shall provide the Company information regarding income from such other work in the prohibition period. If the Employee does not meet this requirement, the Company is entitled to withhold compensation until the information is presented.

14.8If the Employee violates the provisions of clause 14.1, the Employee will no longer be entitled to payment by the Company and agrees to immediately reimburse the Company for compensation payments made in accordance with this clause. In the event of violation of the provisions of clauses 14.1 - 14.3, the Company may demand that the infringement immediately ceases and may take

necessary legal actions. In the event of violation, the Employee shall pay liquidated damages equal to minimum three months’ base salary or indemnify the Company’s financial loss if greater. In addition, the Company may demand that the Employee pays the enrichment he and/or new employer/client etc. have achieved as a result of the illegal situation. Payment of compensation does not entail that the infringement may continue.

14.9If the aforementioned clause is in conflict with applicable mandatory legislation, the clause is maintained to the extent it is in accordance with legislation. In the event of the introduction of new statutory provisions that regulate the validity of the above clause, the Company may unilaterally make the necessary amendments to the clause. The Company may not by way of such amendments extend the scope of the clause.

15.2The Company's electronic mail system, internet subscription and all other data systems shall be, as far as possible, used by the Employee solely in connection with the Employee’s work for the Company.

15.3The Employee acknowledges that the Employee shall have no right to access and shall not access the Company’s electronic mail system or other data systems after termination of employment.

16.1All intellectual property rights, including patentable inventions, trademarks, design rights or copyrights, that are created or developed by the Employee during the course of his
employment with the Company shall fully and wholly devolve upon and be the property of the Company or shall be transferred to the Company if such transfer is necessary under
applicable statutory legislation. The same applies to similar creations that are not legally
protected by patent, copyright or similar but that the Company has an interest in employing.

16.2The Company shall by virtue of the employment of the Employee have an unrestricted, exclusive and gratuitous right to exploit the intellectual property rights and creations referred to in 16.1. Such intellectual property rights and creations shall without exception be deemed to have been created or developed in the course of the Employee's employment with the Company if the exploitation of the right or creation falls within the scope of the Company’s business. This also applies in situations where the Employee has created or developed the right outside working hours or outside the Company's premises.

16.3The Employee is not entitled to any separate compensation for the Company’s utilization of rights as mentioned in this clause 16. The Employee shall unsolicited inform the Company of any rights that may fall within the scope of this clause, unless it is obvious that the Company is already aware of such rights.

17.1The employment relationship may be terminated by each of the parties in accordance with applicable employment law. The termination notice period for each party shall be one month during the six months Employee trial period. The termination notice period shall be three months unless the parties, or applicable law, dictate/agree otherwise. Termination shall be notified in writing, and the notice period shall be calculated from and including the first day of the month following the issuance of such notice.

17.2Upon termination of employment, the Employee shall return to the Company all property in the Employee’s possession, custody or control belonging to the Company, including but not limited to business cards, credit and charge cards, keys, security and computer passwords, mobile phones, personal computer equipment, original and copy documents or other media on which information is held in the Employee’s possession relating to the business or affairs of the Company.

17.3Upon termination of employment, the Employee shall repay any debts to the Company, and release the Company of any guarantee or security for loans or responsibilities on behalf of the Employee.

18.2The Company will at payment of salary, bonus, allowances etc. withhold taxes, also related to taxable benefits, from such payable compensations and pay the withheld taxes to appropriate authorities in accordance with statutory provisions. The Employee acknowledges and agrees that any further tax liability on the Employee’s hand shall be carried solely by the Employee.

18.3The Employee acknowledges that the Employee has carefully read this Contract, has had an opportunity to discuss it with advisors should so be desired, and understands all the terms and conditions therein.

18.5If any provision of this Contract should be declared legally invalid or unenforceable by a competent court, such declaration shall in no way effect the validity or enforceability of any other provision thereof, nor shall any such declaration of legal invalidity or unenforceability operate to nullify or rescind this Contract, but shall only serve to render ineffective any such provision declared legally invalid or unenforceable. In lieu thereof, there shall be added a provision as similar in terms to such illegal, invalid and unenforceable provision as may be possible and be legal, valid and enforceable.

18.6This Contract shall be governed by and construed in accordance with German law, including any statutory modification or re-enactment during the time the Contract being in force.

This Contract has been prepared and signed by the parties of this Contract in two identical original copies, one copy having been delivered to and to be retained by each of the parties.


For the Company						Employee
/s/ Tom Jensen __________________________________						/s/ Tilo Hauke __________________________________
Name: Tom Jensen						Name: Tilo Hauke
Position: CEO Date: 17th June						Date: 17th June


/s/ Richard Taylor __________________________________
Name: Richard Taylor
Position: VP Recruitment & on-boarding Date: 17th June