Termination of Material Agreement Form 8 K

Item 1.02. Termination of a Material Definitive Agreement.

On November 4, 2024, FREYR entered into a mutual termination agreement with 24M Technologies, Inc., a Delaware corporation ("24M"), FREYR Battery Norway AS (formerly known as FREYR AS), a Norwegian limited liability corporation, and FREYR Battery US, LLC (formerly known as FREYR Battery KSP JV, LLC), a Delaware limited liability company (collectively, FREYR Battery Norway AS and FREYR Battery US, LLC deemed the "Licensee") with respect to the termination as of the date thereof of (i) the license and services agreement dated December 15, 2020, by and among 24M and FREYR Battery Norway AS, as amended; and (ii) the license and services agreement dated October 8, 2021, by and among 24M and FREYR Battery US, LLC ((i) and (ii), the "24M Licenses"). The parties mutually released each other from their obligations under the 24M Licensees.

In consideration of the obligations and releases provided for under the Mutual Termination Agreement, Licensee and FREYR agreed that: (a) FREYR will pay 24M a sum of $3.0 million in consideration for services and related activities previously provided by 24M and (b) FREYR and its affiliates will forfeit all rights, title and interests in 6,975,956 shares of Series G preferred stock of 24M.

The foregoing description of the Mutual Termination Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Mutual Termination Agreement, a form of which is filed as Exhibit 10.1 hereto and incorporated by reference herein.