Exhibit 10.3


 


PURECYCLE TECHNOLOGIES, INC.


NOTICE OF GRANT OF RESTRICTED STOCK 


(Employees)


 


PureCycle Technologies, Inc.
(the “Company”) hereby grants to the Participant the number of shares of Restricted Stock (“Restricted Shares”)
set forth below under the PureCycle Technologies, Inc. 2021 Equity and Incentive Compensation Plan (the “Plan”). The
Restricted Shares are subject to all of the terms and conditions in this Notice of Grant of Restricted Stock (this “Grant Notice”),
in the Restricted Stock Agreement attached hereto (the “Agreement”) and in the Plan. Capitalized terms used, but not
otherwise defined, in this Grant Notice will have the meanings given to such terms in the Plan or Agreement, and the Plan and the Agreement
are hereby incorporated by reference into this Grant Notice. If there are any inconsistences between this Grant Notice or the Agreement
and the Plan, the terms of the Plan shall govern.


 


	Participant:	Michael Dee
	Type of Grant:	Restricted Stock 
	Date of Grant:	
	Number of Restricted Shares:	1,000,000
	Vesting Schedule:	Subject to the conditions set forth in the Agreement, including but not limited to the Participant’s continuous employment with the Company or a Subsidiary until the applicable vesting date, the Restricted Shares shall vest as follows: 1/3 of the Restricted Shares shall vest on September 17, 2021; 1/3 of the Restricted Shares shall vest on March 17, 2022; and 1/3 of the Restricted Shares shall vest on the date on which the Company’s Ironton, Ohio plant becomes operational, as certified by Leidos in accordance with the Limited Offering Memorandum, dated September 23, 2020 (in connection with the bond offering by Southern Ohio Port Authority to PureCycle: Ohio LLC).





 






     


     


    

 


PURECYCLE TECHNOLOGIES, INC.


Restricted Stock Agreement


 


PureCycle Technologies, Inc.
(the “Company”) has granted, pursuant to the PureCycle Technologies, Inc. 2021 Equity and Incentive Compensation Plan
(the “Plan”), to the Participant named in the Notice of Grant of Restricted Stock (the “Grant Notice”)
to which this Restricted Stock Agreement is attached (together with the Grant Notice, this “Agreement”) an award of
Restricted Shares as set forth in such Grant Notice, subject to the terms and conditions set forth in this Agreement.


 


1.            Certain Definitions. Capitalized terms used, but not otherwise defined, in this Agreement will have the meanings
given to such terms in the Plan. As used in this Agreement:


 


		(a)	“Cause” shall mean “Cause” (or a term of substantively similar meaning)
as defined in an individual employment agreement in effect as of the Date of Grant between the Participant and the Company or any Subsidiary
(an “Employment Agreement”) or as set forth in an executive severance plan in which the Participant participates as
of the Date of Grant, if any in each case, or, if the Participant does not have an Employment Agreement or participate in such executive
severance plan as of the Date of Grant (or such Employment Agreement or plan does not define “Cause”), then “Cause”
shall mean (i) the Participant’s commission of, conviction for, or plea of guilty or nolo contendere to, a felony or a crime involving
moral turpitude, or other material act or omission involving dishonesty or fraud, (ii) the Participant’s conduct that results in
or is reasonably likely to result in harm to the reputation or business of the Company or any of its affiliates in any material way, (iii)
the Participant’s failure to perform duties as reasonably directed by the Company or the Participant’s material violation
of any rule, regulation, policy or plan for the conduct of any service provider to the Company or its affiliates or its or their business
(which, if curable, is not cured within 5 days after notice thereof is provided to the Participant) or (iv) the Participant’s gross
negligence, willful malfeasance or material act of disloyalty with respect to the Company or its affiliates (which, if curable, is not
cured within 5 days after notice thereof is provided to the Participant).



 


		(b)	“Company’s Business” means the design, development, manufacture, marketing or
sale of sustainable plastic solutions, recycling technology or related services and any other business that the Company conducts as evidenced
on the Company’s website or marketing materials of the Company.



 


		(c)	“Disability” (or similar terms) shall mean a circumstance in which the Participant
is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can
be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months and otherwise
satisfies the requirements to be disabled under Section 409A of the Code.



 






     


     


    

 





		(d)	“Good Reason” shall have the meaning set forth in the Participant’s Employment
Agreement or set forth in an executive severance plan in which the Participant participates as of the Date of Grant, if any, or, if the
Participant does not have an Employment Agreement or participate in such executive severance plan as of the Date of Grant (or such Employment
Agreement or plan does not define “Good Reason”), then “Good Reason” shall mean the occurrence of any of the following
events without the Participant’s express written consent: (i) an involuntary material reduction in the Participant’s then-current
base salary, (ii) a mandatory relocation of the Participant’s primary work location to a location more than 50 miles from the Participant’s
work location as of the date of this Agreement or (iii) a material breach by the Company of the terms of this Agreement. To terminate
the Participant’s employment for Good Reason, the Participant must provide written notice to the Company of the existence of the
circumstances providing grounds for termination for Good Reason within 90 days of the initial existence of such grounds and the Company
must have at least 30 days from the date on which such notice is provided to cure such circumstances. If the Participant does not terminate
his employment for Good Reason within 30 days after the expiration of the Company’s cure period, then the Participant will be deemed
to have waived his right to terminate for Good Reason with respect to such grounds.



 


		(e)	“Restricted Territory” means: (i) the geographic area(s) within a fifty (50) mile radius
of any and all Company location(s) in, to, or for which the Participant worked, to which the Participant was assigned or had any responsibility
(either direct or supervisory) at the time of termination of the Participant’s employment and at any time during the two (2) year
period prior to such termination; (ii) the United States, and (iii) all of the specific customer accounts, whether within or outside of
the geographic area described in (i) and (ii) above, with which the Participant had any contact or for which the Participant had any responsibility
(either direct or supervisory) at the time of termination of the Participant’s employment and at any time during the two (2) year
period prior to such termination.



 


2.            Grant of Restricted Shares. Subject to and upon the terms, conditions and restrictions set forth in this Agreement
and in the Plan, the Company has granted to the Participant as of the Date of Grant, the number of Restricted Shares set forth in the
Grant Notice.


 


3.            Restrictions on Transfer of Restricted Shares. Subject to Section 15 of the Plan, the Restricted Shares shall not
be transferable prior to Vesting (as defined below) pursuant to Section 4 hereof other than by will or pursuant to the laws
of descent and distribution. Any purported transfer or encumbrance in violation of the provisions of this Section 3 shall
be void, and the other party to any such purported transaction shall not obtain any rights to or interest in such Restricted Shares.


 






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4.            Vesting of Restricted Shares.


 


		(a)	The Restricted Shares shall become nonforfeitable (“Vest,” “Vesting” or similar terms) in accordance
with the Vesting Schedule set forth in the Grant Notice (the period from the Date of Grant until the last applicable vesting
date, the “Vesting Period”). Any Restricted Shares that do not so Vest will be forfeited, including, except as provided
in Sections 4(b), 4(c) or 4(d) below, if the Participant ceases to be continuously employed
by the Company or a Subsidiary for any reason prior to the end of the Vesting Period. For purposes of this Agreement, “continuously
employed” (or substantially similar terms) means the absence of any interruption or termination of the Participant’s employment
with the Company or a Subsidiary. Continuous employment shall not be considered interrupted or terminated in the case of transfers between
locations of the Company and its Subsidiaries.



 


		(b)	Notwithstanding Section 4(a) above, upon the Participant’s death or Disability, in
each case prior to the end of the Vesting Period, the Restricted Shares shall Vest in full.



 


		(c)	Notwithstanding Section 4(a) above, upon any termination of the Participant’s employment
as a result of a termination by the Company or a Subsidiary without Cause or by the Participant for Good Reason prior to the end of the
Vesting Period, the Restricted Shares shall Vest in full.



 


		(d)	Notwithstanding Section 4(a) above, in the event of a Change in Control that occurs prior
to the end of the Vesting Period, the Restricted Shares shall become Vested and payable in accordance with Section 5 below.



 


		5.	Effect of a Change in Control.



 


		(a)	Notwithstanding Section 4(a) above, if at any time before the end of the Vesting Period
or forfeiture of the Restricted Shares, and while the Participant is continuously employed by the Company or a Subsidiary, a Change in
Control occurs, then all of the Restricted Shares will become Vested, except to the extent that a Replacement Award is provided to the
Participant in accordance with Section 5(b) to continue, replace or assume the Restricted Shares covered by this Agreement
(the “Replaced Award”) immediately prior to (and contingent upon) the Change in Control.



 


		(b)	For purposes of this Agreement, a “Replacement Award” means an award (i) of the same
type (e.g., time-based restricted shares) as the Replaced Award, (ii) that has a value at least equal to the value of the Replaced
Award, (iii) that relates to publicly traded equity securities of the Company or its successor in the Change in Control or another entity
that is affiliated with the Company or its successor following the Change in Control, (iv) if the Participant holding the Replaced Award
is subject to U.S. federal income tax under the Code, the tax consequences of which to such Participant under the Code are not less favorable
to such Participant than the tax consequences of the Replaced Award, and (v) the other terms and conditions of which are not less favorable
to the Participant holding the Replaced Award than the terms and conditions of the Replaced Award (including the provisions that would
apply in the event of a subsequent termination of employment or Change in Control). A Replacement Award may be granted only to the extent
it does not result in the Replaced Award or Replacement Award
failing to comply with or be exempt from Section 409A of the Code. Without limiting the generality of the foregoing, the Replacement Award
may take the form of a continuation of the Replaced Award if the requirements of the two preceding sentences are satisfied. The determination
of whether the conditions of this paragraph are satisfied will be made by the Board or Committee, as constituted immediately before the
Change in Control, in its sole discretion.



 






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6.            Section 83(b) Election. Within thirty (30) days following the Date of Grant, the Participant may make an election
with the Internal Revenue Service to be taxed at the time the Restricted Shares are acquired (rather than when and as they Vest) under
Section 83(b) of the Code (an “83(b) Election”). The Participant acknowledges that it is the Participant’s sole
responsibility (and not the Company’s or any other person’s) to timely file the 83(b) Election, if the Participant so chooses.


 


7.            Rights as a Stockholder. Subject to Section 3 above, the Participant shall have all the rights of a
stockholder with respect to the Restricted Shares, including the right to vote the Restricted Shares and receive all dividends paid thereon;
provided, however, that any additional shares of Common Stock or other securities that the Participant may become entitled
to receive pursuant to a stock dividend or other distribution shall be subject to the same restrictions as the Restricted Shares covered
by this Agreement.


 


8.            Retention of Stock Certificates by Company. The Restricted Shares will be issued, in the Company’s discretion,
either (a) in certificate form or (b) in book entry form, registered in the name of the Participant, with legends or notations as applicable,
referring to the terms, conditions, and restrictions set forth in this Agreement. Certificates representing the Restricted Shares, if
any, will be held in custody by the Company together with a stock power endorsed in blank by the Participant with respect thereto, until
those Restricted Shares have Vested in accordance with Section 4.


 


9.            Adjustments. The number of Restricted Shares subject to this Agreement and the other terms and conditions of the
grant evidenced by this Agreement are subject to mandatory adjustment, including as provided in Section 11 of the Plan.


 


10.          Taxes.
To the extent that the Company is required to withhold federal, state, local, or foreign taxes or other amounts in connection with
any payment made or benefit realized by the Participant under this Agreement, and the amounts available to the Company for such
withholding are insufficient, it shall be a condition to the receipt of such payment or the realization of such benefit that the
Participant make arrangements satisfactory to the Company for payment of the balance of such taxes or other amounts required to be
withheld. If the taxable event is the Vesting of any Restricted Shares, then, unless otherwise determined by the Committee, the
Company will withhold shares of Common Stock having a value equal to the amount required to be withheld. The shares of Common Stock
used for tax or other withholding will be valued at an amount equal to the fair market value of such shares of Common Stock on the
date the benefit is to be included in the Participant’s income. In no event will the market value of Common Stock to be
withheld pursuant to this Section 10 to satisfy applicable withholding taxes or other amounts exceed the minimum
amount of taxes required to be withheld. Notwithstanding any other provision of this Agreement, the Company shall not be obligated
to guarantee any particular tax result for the Participant with respect to any payment provided to the Participant hereunder, and
the Participant shall be responsible for any taxes imposed on the Participant with respect to any such payment.


 






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11.          Compliance with Law.


 


		(a)	The Company shall make reasonable efforts to comply with all applicable federal and state securities laws;
provided, however, that notwithstanding any other provision of the Plan and this Agreement, the Company shall not be obligated
to issue any shares of Common Stock pursuant to this Agreement if the issuance thereof would result in a violation of any such law.



 


		(b)	Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prevents the Participant
from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise
testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and
for purpose of clarity the Participant is not prohibited from providing information voluntarily to the Securities and Exchange Commission
pursuant to Section 21F of the Exchange Act.



 


12.          Competitive Activity; Non-Solicitation; Confidentiality.


 


		(a)	Acknowledgements and Agreements. The Participant hereby acknowledges and agrees that in the performance
of Participant’s duties to the Company, the Participant shall be brought into frequent contact with existing and potential customers
of the Company throughout the world. The Participant also agrees that trade secrets and confidential information of the Company, more
fully described in Section 12(e)(i), gained by the Participant during the Participant’s association with the
Company, have been developed by the Company through substantial expenditures of time, effort and money and constitute valuable and unique
property of the Company. The Participant further understands and agrees that the foregoing makes it necessary for the protection of the
Company’s business that the Participant not compete with the Company during the Participant’s employment with the Company
and not compete with the Company for a reasonable period thereafter, as further provided in the following subparagraphs. In consideration
of the Participant’s receipt of the Restricted Shares and the confidential information described herein, the Participant agrees
to the restrictive covenants in this Section 12.



 






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		(b)	Covenants.



 


		(i)	Covenants During Employment. While employed by the Company, the Participant shall not compete with
the Company anywhere in the world. In accordance with this restriction, but without limiting its terms, while employed by the Company,
the Participant shall not:



 





		(A)	create, establish, enter into, be employed by or engage in any manner, either directly or indirectly,
in any business which competes with the Company’s business;



 


		(B)	solicit customers, business, patronage or orders for, or sell, any products or services in competition
with, or for any business that competes with, the Company’s business;



 


		(C)	divert, entice or otherwise take away any customers, vendors, business, patronage or orders of the Company
or attempt to do so; or



 


		(D)	promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or
other entity engaged in any business which competes with the Company’s business.



 


		(ii)	Covenants Following Termination. For a period of two (2) years following the termination of the
Participant’s employment for any reason, the Participant shall not:



 


		(A)	accept employment from, enter into or engage in any business which competes with the Company’s Business
within the Restricted Territory;



 


		(B)	solicit customers, business, patronage or orders for, or sell, any products and services in competition
with, or for any business, wherever located, that competes with, the Company’s Business within the Restricted Territory;



 


		(C)	divert, entice or otherwise take away any customers, business, patronage or orders of the Company within
the Restricted Territory, or attempt to do so; or



 


		(D)	promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or
other entity engaged in any business which competes with the Company’s Business within the Restricted Territory.



 


		(iii)	Indirect Competition. For the purposes of Section 12(b)(i) and (ii)
inclusive, but without limitation thereof, the Participant shall be in violation thereof if the Participant engages in any or all of the
activities set forth therein directly as an individual on the Participant’s own account, or indirectly as a partner, joint venturer,
employee, agent, salesperson, consultant, officer and/or director of any firm, association, partnership, corporation or other entity,
or as a stockholder of any corporation in which the Participant or the Participant’s spouse, child or parent owns, directly or indirectly,
individually or in the aggregate, more than five percent (5%) of the outstanding stock.



 






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		(iv)	If it shall be judicially determined that the Participant has violated this Section 12(b),
then the period applicable to each obligation that the Participant shall have been determined to have violated shall automatically be
extended by a period of time equal in length to the period during which such violation(s) occurred.



 


		(c)	The Company. For purposes of this Section 12, the Company shall include any
and all direct and indirect subsidiary, parent, affiliated or related companies of the Company for which the Participant worked or had
responsibility at the time of termination of the Participant’s employment and at any time during the two (2) year period prior to
such termination.



 


		(d)	Non-Solicitation. The Participant shall not, directly or indirectly, at any time, during the period
of the Participant’s employment or for one year thereafter, attempt to disrupt, damage, impair or interfere with the Company’s
business by raiding any of the Company’s employees or soliciting any of them to resign from their employment with the Company, or
by disrupting the relationship between the Company and any of its consultants, agents or representatives. The Participant acknowledges
that this covenant is necessary to enable the Company to maintain a stable workforce and remain in business.



 


		(e)	Further Covenants.



 


		(i)	The Participant shall keep in strict confidence, and shall not, directly or indirectly, at any time, during
or after the Participant’s employment with the Company, disclose, furnish, disseminate, make available or, except in the course
of performing the Participant’s duties of employment, use any trade secrets or confidential business and technical information of
the Company or its customers or vendors, without limitation as to when or how the Participant may have acquired such information. With
respect to materials that are trade secrets, the protection shall last for so long as the materials remain trade secrets as defined by
law. For the remainder of the confidential information, the protection shall last for 20 years post-termination. Such confidential information
shall include, without limitation, the Company’s unique selling, manufacturing and servicing methods and business techniques, plant
schematics and operating manuals, training, service and business manuals, promotional materials, training courses and other training and
instructional materials, vendor and product information, customer and prospective customer lists, other customer and prospective customer
information, strategic business plans, systems designs and other business information. The Participant specifically acknowledges that
all such confidential information, whether reduced to writing, maintained on any form of electronic media or maintained in the mind or
memory of the Participant, and whether compiled by the Company and/or the Participant, derives independent economic value from not being
readily known to or ascertainable by proper means by others who can obtain economic value from its disclosure or use, that reasonable
efforts have been made by the Company to maintain the secrecy of such
information, that such information is the sole property of the Company and that any retention and use of such information by the Participant
during the Participant’s employment with the Company (except in the course of performing the Participant’s duties and obligations
to the Company) or after the termination of the Participant’s employment shall constitute a misappropriation of the Company’s
trade secrets.



 






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		(ii)	The U.S. Defend Trade Secrets Act of 2016 (“DTSA”) provides that an individual shall
not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is
made in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and solely for
the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit
or other proceeding, if such filing is made under seal. In addition, the DTSA provides that an individual who files a lawsuit for retaliation
by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the
trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does
not disclose the trade secret, except pursuant to court order.



 


		(iii)	The Participant agrees that upon termination of the Participant’s employment with the Company for
any reason, the Participant shall return to the Company, in good condition, all property of the Company, including, without limitation,
the originals and all copies of any materials which contain, reflect, summarize, describe, analyze or refer or relate to any items of
information listed in Section 12(e)(i) of this Agreement. In the event that such items are not so returned, the Company
shall have the right to charge the Participant for all reasonable damages, costs, attorneys’ fees and other expenses incurred in
searching for, taking, removing and/or recovering such property.



 


		(f)	Discoveries and Inventions; Work Made for Hire.



 


		(i)	The Participant agrees that upon conception and/or development of any idea, discovery, invention, improvement,
software, writing or other material or design that: (A) relates to the business of the Company, or (B) relates to the Company’s
actual or demonstrably anticipated research or development, or (C) results from any work performed by the Participant for the Company,
the Participant does hereby assign to the Company the entire right, title and interest in and to any such idea, discovery, invention,
improvement, software, writing or other material or design. The Participant has no obligation to assign any idea, discovery, invention,
improvement, software, writing or other material or design that the Participant conceives and/or develops entirely on the Participant’s
own time without using the Company’s equipment, supplies, facilities, or trade secret information unless the idea, discovery, invention,
improvement, software, writing or other material or design: (x) relates to the business of the Company, or (y) relates to the
Company’s actual or demonstrably anticipated research or development, or (z) results from any work performed by the Participant
for the Company. The Participant agrees that any idea, discovery, invention, improvement, software, writing or other material or design
that relates to the business of the Company or relates to the Company’s actual or demonstrably anticipated research or development
which is conceived or suggested by the Participant, either solely or jointly with others, within one (1) year following the termination
of the Participant’s employment shall be presumed to have been so made, conceived or suggested in the course of such employment
with the use of the Company’s equipment, supplies, facilities, and/or trade secrets.



 






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		(ii)	In order to determine the rights of the Participant and the Company in any idea, discovery, invention,
improvement, software, writing or other material, and to insure the protection of the same, the Participant agrees that during the Participant’s
employment, and for two (2) years after the termination of the Participant’s employment, the Participant shall disclose immediately
and fully to the Company any idea, discovery, invention, improvement, software, writing or other material or design conceived, made or
developed by the Participant solely or jointly with others. The Company agrees to keep any such disclosures confidential. The Participant
also agrees to record descriptions of all work in the manner directed by the Company and agrees that all such records and copies, samples
and experimental materials shall be the exclusive property of the Company. The Participant agrees that at the request of and without charge
to the Company, but at the Company’s expense, the Participant shall execute a written assignment of the idea, discovery, invention,
improvement, software, writing or other material or design to the Company and shall assign to the Company any application for letters
patent or for trademark registration made thereon, and to any common-law or statutory copyright therein; and that Participant shall do
whatever may be necessary or desirable to enable the Company to secure any patent, trademark, copyright, or other property right therein
in the United States and in any foreign country, and any division, renewal, continuation, or continuation in part thereof, or for any
reissue of any patent issued thereon. In the event the Company is unable, after reasonable effort, and in any event after ten (10) business
days, to secure the Participant’s signature on a written assignment to the Company of any application for letters patent or to any
common-law or statutory copyright or other property right therein, whether because of the Participant’s physical or mental incapacity
or for any other reason whatsoever, the Participant irrevocably designates and appoints the Corporate Secretary of the Company as the
Participant’s attorney-in-fact to act on the Participant’s behalf to execute and file any such application and to do all other
lawfully permitted acts to further the prosecution and issuance of such letters patent, copyright or trademark.



 






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		(iii)	The Participant acknowledges that, to the extent permitted by law, all work papers, reports, documentation,
drawings, photographs, negatives, tapes and masters thereof, prototypes and other materials (hereinafter, “items”), including
without limitation, any and all such items generated and maintained on any form of electronic media, generated by the Participant during
the Participant’s employment with the Company shall be considered a “work made for hire” and that ownership of any and
all copyrights in any and all such items shall belong to the Company. The item shall recognize the Company as the copyright owner, shall
contain all proper copyright notices, e.g., “(creation date) PureCycle Technologies, Inc., All Rights Reserved,” and shall
be in condition to be registered or otherwise placed in compliance with registration or other statutory requirements throughout the world.



 


		(g)	Communication of Contents of Agreement. While employed by the Company and for two (2) years thereafter,
the Participant shall communicate the contents of Section 12 of this Agreement to any person, firm, association, partnership,
corporation or other entity that the Participant intends to be employed by, associated with or represent.



 


		(h)	Confidentiality Agreements. The Participant agrees that the Participant shall not disclose to the
Company or induce the Company to use any secret or confidential information belonging to the Participant’s former employers. The
Participant warrants that the Participant is not bound by the terms of a confidentiality agreement or other agreement with a third party
that would preclude or limit the Participant’s right to work for the Company and/or to disclose to the Company any ideas, inventions,
discoveries, improvements or designs or other information that may be conceived during employment with the Company. The Participant agrees
to provide the Company with a copy of any and all agreements with a third party that preclude or limit the Participant’s right to
make disclosures or to engage in any other activities contemplated by the Participant’s employment with the Company.



 


		(i)	Relief. The Participant acknowledges and agrees that the remedy at law available to the Company
for breach of any of the Participant’s obligations under this Agreement would be inadequate. The Participant therefore agrees that,
in addition to any other rights or remedies that the Company may have at law or in equity, temporary and permanent injunctive relief may
be granted in any proceeding which may be brought to enforce any provision contained in Sections 12(b), 12(d),
12(e), 12(f), 12(g) and 12(h) inclusive, of this Agreement, without the necessity
of proof of actual damage.



 


		(j)	Reasonableness. The Participant acknowledges that the Participant’s obligations under this
Section 12 are reasonable in the context of the nature of the Company’s Business and the competitive injuries
likely to be sustained by the Company if the Participant were to violate such obligations. The Participant further acknowledges that this
Agreement is made in consideration of, and is adequately supported by, the agreement of the Company to perform its obligations under this
Agreement and by other consideration, which the Participant
acknowledges constitutes good, valuable and sufficient consideration.



 






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		(k)	Other Acknowledgements. The restrictions in this Section 12 do not supersede,
and are in addition to, restrictive covenants contained in any other form of agreement, such as an employment agreement, between the Company
and the Participant, to the extent enforceable pursuant to the terms of the other agreement. Nothing in this Agreement prevents the Participant
from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise
testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations.



 


		(l)	Prevailing Party’s Litigation Expenses. In the event of litigation between the Company and
the Participant related to this Section 12, the non-prevailing party shall reimburse the prevailing party for any costs
and expenses (including, without limitation, attorneys’ fees) reasonably incurred by the prevailing party in connection therewith.



 


13.          Survival. Subject to any limits on applicability contained therein, Section 12 shall survive and
continue in full force in accordance with its terms notwithstanding any termination of the Participant’s employment or the vesting
or forfeiture of this award.


 


14.          Compliance With Section 409A of the Code. To the extent applicable, it is intended that this Agreement and the Plan
comply with or be exempt from the provisions of Section 409A of the Code. This Agreement and the Plan shall be administered in a manner
consistent with this intent, and any provision that would cause this Agreement or the Plan to fail to satisfy Section 409A of the Code
shall have no force or effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent
permitted by Section 409A of the Code and may be made by the Company without the consent of the Participant). Notwithstanding
the foregoing, the Company is not guaranteeing any particular tax outcome, and the Participant shall remain solely liable for any and
all tax consequences associated with the Restricted Shares.


 


15.          Interpretation. Any reference in this Agreement to Section 409A of the Code will also include any proposed, temporary
or final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal
Revenue Service.


 


16.          No Right to Future Awards or Employment. The grant of the Restricted Shares under this Agreement to the Participant
is a voluntary, discretionary award being made on a one-time basis and it does not constitute a commitment to make any future awards.
The grant of the Restricted Shares and any payments made hereunder will not be considered salary or other compensation for purposes of
any severance pay or similar allowance, except as otherwise required by law. Nothing contained in this Agreement shall confer upon the
Participant any right to be employed or remain employed by the Company or any of its Subsidiaries, nor limit or affect in any manner the
right of the Company or any of its Subsidiaries to terminate the employment or adjust the compensation of the Participant.


 






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17.           Relation to Other Benefits. Any economic or other benefit to the Participant under this Agreement or the Plan shall
not be taken into account in determining any benefits to which the Participant may be entitled under any other compensatory arrangement
maintained by the Company or any of its Subsidiaries.


 


18.          Amendments. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the
amendment is applicable hereto; provided, however, that no amendment shall adversely affect the rights of the Participant
under this Agreement without the Participant’s written consent, and the Participant’s consent shall not be required to an
amendment that is deemed necessary by the Company to ensure compliance with Section 409A of the Code or Section 10D of the Exchange Act.


 


19.          Severability. In the event that one or more of the provisions of this Agreement shall be invalidated for any reason
by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and
the remaining provisions hereof shall continue to be valid and fully enforceable.


 


20.          Relation to Plan. The Restricted Shares granted under this Agreement and all of the terms and conditions hereof are
subject to all of the terms and conditions of the Plan. In the event of any inconsistency between this Agreement and the Plan, the terms
of the Plan will govern. The Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided
otherwise herein or in the Plan, have the right to determine any questions which arise in connection with this Agreement. Notwithstanding
anything in this Agreement to the contrary, the Participant acknowledges and agrees that this Agreement and the award described herein
are subject to the terms and conditions of the Company’s clawback policy (if any) as may be in effect from time to time specifically
to implement Section 10D of the Exchange Act and any applicable rules or regulations promulgated thereunder (including applicable rules
and regulations of any national securities exchange on which the Common Stock may be traded).


 


21.          Electronic Delivery. The Company may, in its sole discretion, deliver any documents related to the Restricted Shares
and the Participant’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request
the Participant’s consent to participate in the Plan by electronic means. The Participant hereby consents to receive such documents
by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained
by the Company or another third party designated by the Company.


 


22.          Choice of Law; Venue. This Agreement shall be governed by and construed with the internal substantive laws of the
State of Delaware, without giving effect to any principle of law that would result in the application of the law of any other jurisdiction.
In addition, the Participant agrees that the state and federal courts located in the state of Florida shall have jurisdiction in any action,
suit or proceeding against the Participant based on or arising out of this Agreement and the Participant hereby: (a) submits to the personal
jurisdiction of such courts; (b) consents to service of process in connection with any action, suit or proceeding against the Participant;
and (c) irrevocably waives any other requirement (whether imposed by statute, rule of court or otherwise) or any objection which the Participant
now or hereafter may have with respect to personal jurisdiction, venue or service of process.


 






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23.          Successors
and Assigns. Without limiting Section 3 hereof, the provisions of this Agreement shall inure to the benefit of,
and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Participant, and the successors
and assigns of the Company.


 


24.          Acknowledgement. The Participant acknowledges that the Participant (a) has received a copy of the Plan, (b) has had
an opportunity to review the terms of this Agreement and the Plan, (c) understands the terms and conditions of this Agreement and the
Plan and (d) agrees to such terms and conditions.


 


25.          Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original but all of which together will constitute one and the same agreement.


 


[Signatures on following page]


 






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IN WITNESS WHEREOF, the undersigned have executed
this Agreement on the day and year indicated below.


 




	 	PURECYCLE TECHNOLOGIES, INC.
	 	 
	 	By:	                           



 


	 	Name:	 



	 	Title:	 



	 	Date:	                           
	 	 
	 	Participant Acknowledgment and Acceptance



 


	 	By:	 



 


	 	Print Name:	 



	 	Date: