Letter Agreement, dated May 17, 2021, among Stonepeak Rocket Holdings LP, Evolve Transition Infrastructure LP and Nuvve Holding Corp
Exhibit 10.15
May 17, 2021
Nuvve Holding Corp.
Attention: Gregory Poilasne
2468 Historic Decatur Road
San Diego, California 92106
Re:Project Rocket Joint Venture Summary of Indicative Terms and Conditions
Dear Mr. Poilasne:
This letter agreement (this “Agreement”) establishes the terms and conditions upon which Nuvve Holding Corp., a Delaware corporation (“Nuvve Parent” and together with its subsidiaries, “Nuvve”), Stonepeak Rocket Holdings LP, a Delaware limited partnership (“Stonepeak”), and Evolve Transition Infrastructure LP, a Delaware limited partnership (“Evolve”), agree to, subject to the terms and conditions set forth herein, form a joint venture, Levo Mobility LLC, a Delaware limited liability company (such proposed joint venture, the “Proposed Transaction”), to pursue the business of (a) acquiring, owning, selling, leasing, developing and managing electric buses, vehicles, transportation assets, and related vehicle-to-grid charging infrastructure and ancillary assets, in each case, that are provided to third parties that are utilizing financing, leasing or other similar arrangements in respect of such assets and (b) participating in or otherwise providing equity, debt or other financing to any entity or other person engaged in the businesses described in the foregoing clause (a) (the “Business”). The terms of the Proposed Transaction are more fully described in the non-binding Summary of Indicative Terms and Conditions attached hereto as Annex A and incorporated herein (the “Term Sheet”).
In consideration of the premises and the mutual covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows:
KE 76500513
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if to Nuvve Parent:
Nuvve Holding Corp.
2468 Historic Decatur Road
San Diego, California 92106
Attention: Gregory Poilasne and Stephen Moran
Email: ***@*** and ***@***
With a copy (which shall not constitute notice) to:
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
One Financial Center
Boston, Massachusetts 02110
Attention: Sahir Surmeli and Eric Macaux
Email: ***@*** and ***@***
if to Stonepeak:
Stonepeak Partners LP
55 Hudson Yards
550 W 34th Street, 48th Floor
6
New York, NY 10001
Attention: Trent Kososki, William Demas and Adrienne Saunders
Email: ***@***; ***@***; ***@***
With a copy (which shall not constitute notice) to:
Kirkland & Ellis LLP
609 Main St.
Houston, Texas 77002
Attention: John D. Pitts, P.C. and Julian J. Seiguer, P.C.
Email: ***@***; ***@***
if to Evolve:
Evolve Transition Infrastructure LP
1360 Post Oak Blvd, Suite 2400
Houston, Texas 77056
Attention: Charles Ward
Email: ***@***
With a copy (which shall not constitute notice) to:
Sidley Austin LLP
1000 Louisiana Street, Suite 5900
Houston, Texas 77002
Attention: Cliff Vrielink and George Vlahakos
Email: ***@***; ***@***
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Corporation, a Delaware corporation (the “NDA”), and that certain joinder to the NDA by and between Stonepeak and Evolve, constitute the entire agreement between the parties hereto with respect to the subject matter of this Agreement and supersede all prior understandings, whether written or oral, between Nuvve Parent, Stonepeak and Evolve with respect to the contents hereof. This Agreement may not be amended or modified, in whole or in part, except by a written instrument executed by Stonepeak, Evolve and Nuvve Parent expressly so amending, or modifying this Agreement or any part hereof. Any agreement on the part of any party hereto to any waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. No failure or delay on the part of any party hereto in the exercise of any right hereunder shall impair such right or be construed as a waiver of, or acquiescence in, any breach of any agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right.
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Each of the parties hereto have executed this Agreement through such party’s duly authorized representative as of the day first above written.
Sincerely,
Stonepeak Rocket Holdings LP
By: STONEPEAK ASSOCIATES IV LLC,
its general partner
By:__/s/ Jack Howell______________________
Name: Jack Howell
Title: Senior Managing Director
EVOLVE TRANSITION INFRASTRUCTURE LP
By: EVOLVE TRANSITION INFRASTRUCTURE GP LLC,
its general partner
By:__/s/ Charles C. Ward__________________
Name: Charles C. Ward
Title: Chief Financial Officer & Secretary
Acknowledged and Agreed:
Nuvve Holding Corp.
By:__/s/ Gregory Poilasne_________________
Name: Gregory Poilasne
Title: Chairman and Chief Executive Officer
[Signature Page to Letter Agreement]
ANNEX A
Project Rocket Joint Venture Summary of Indicative Terms and Conditions
(See attached.)
[Annex A to Letter Agreement]