Exhibit
10.11


 


RESTRICTED
STOCK UNIT AWARD AGREEMENT


 


AYRO,
INC.


LONG-TERM
INCENTIVE PLAN


 


1.
Award of Restricted Stock Units. Pursuant to the AYRO, Inc. Long-Term Incentive Plan (the “Plan”)
for Employees, Contractors, and Outside Directors of AYRO, Inc., a Delaware corporation (the “Company”),
the Company grants to


_________________________________


(the
“Participant”)


 


an
Award under the Plan for _______________(______) Restricted Stock Units (the “Awarded Units”) which
may be converted into the number of shares of Common Stock of the Company equal to the number of Restricted Stock Units, subject
to the terms and conditions of the Plan and this Restricted Stock Unit Award Agreement (this “Agreement”).
The “Date of Grant” of this Restricted Stock Unit Award is _____________, 20____. Each Awarded Unit
shall be a notional share of Common Stock, with the value of each Awarded Unit being equal to the Fair Market Value of a share
of Common Stock at any time.


 


2.
Subject to Plan. This Agreement is subject to the terms and conditions of the Plan, and the terms of the Plan shall control
to the extent not otherwise inconsistent with the provisions of this Agreement. The capitalized terms used herein that are defined
in the Plan shall have the same meanings assigned to them in the Plan. This Agreement is subject to any rules promulgated pursuant
to the Plan by the Board or the Committee and communicated to the Participant in writing.


 


3.
Vesting; Time of Delivery of Shares. Awarded Units which have become vested pursuant to the terms of this Section 3
are collectively referred to herein as “Vested RSUs.” All other Awarded Units are collectively referred
to herein as “Unvested RSUs.”


 


a.
Except as specifically provided in this Agreement and subject to certain restrictions and conditions set forth in the Plan, the
Awarded Units shall be vested as follows:


 


[Insert
Vesting Terms]


 


b.
Subject to the provisions of the Plan and this Agreement, within two and one-half (21⁄2) months following the close of the
calendar year in which the Awarded Units vest in accordance with Section 3.a. above, the Company shall convert the Vested
RSUs into the number of whole shares of Common Stock equal to the number of Vested RSUs and shall deliver to the Participant or
the Participant’s personal representative a number of shares of Common Stock equal to the number of Vested RSUs credited
to the Participant.


 


4.
Forfeiture of Awarded Units. Except as otherwise provided in Section 3.a. above, upon the Participant’s Termination
of Service for any reason, the Participant shall be deemed to have forfeited all of the Participant’s Unvested RSUs. Upon
forfeiture, all of the Participant’s rights with respect to the forfeited Unvested RSUs shall cease and terminate, without
any further obligations on the part of the Company.


 




    	 



     

    




 


5.
Who May Receive Converted Awarded Units. During the lifetime of the Participant, the Common Stock received upon conversion
of Awarded Units may only be received by the Participant or his or her legal representative. If the Participant dies prior to
the date his or her Awarded Units are converted into shares of Common Stock as described in Section 3 above, the Common
Stock relating to such converted Awarded Units may be received by any individual who is entitled to receive the property of the
Participant pursuant to the applicable laws of descent and distribution.


 


6.
No Fractional Shares. Awarded Units may be converted only with respect to full shares, and no fractional share of Common
Stock shall be issued.


 


7.
Nonassignability. The Awarded Units are not assignable or transferable by the Participant except by will or by the laws
of descent and distribution.


 


8.
Rights as Stockholder. The Participant will have no rights as a stockholder with respect to any shares covered by this
Agreement until the issuance of a certificate or certificates to the Participant or the registration of such shares in the Participant’s
name for the shares of Common Stock. The Awarded Units shall be subject to the terms and conditions of this Agreement. Except
as otherwise provided in Section 9 hereof, no adjustment shall be made for dividends or other rights for which the record
date is prior to the issuance of such certificate or certificates or the registration of such shares in the Participant’s
name. The Participant, by his or her execution of this Agreement, agrees to execute any documents requested by the Company in
connection with the issuance of the shares of Common Stock.


 


9.
Adjustment of Number of Awarded Units and Related Matters. The number of shares of Common Stock covered by the Awarded
Units shall be subject to adjustment in accordance with Articles 11-13 of the Plan.


 


10.
Specific Performance. The parties acknowledge that remedies at law will be inadequate remedies for breach of this Agreement
and consequently agree that this Agreement shall be enforceable by specific performance. The remedy of specific performance shall
be cumulative of all of the rights and remedies at law or in equity of the parties under this Agreement.


 


11.
Participant’s Representations. Notwithstanding any of the provisions hereof, the Participant hereby agrees that the
Company will not be obligated to issue any shares of Common Stock to the Participant hereunder, if the issuance of such shares
shall constitute a violation by the Participant or the Company of any provision of any law or regulation of any governmental authority.
Any determination in this connection by the Company shall be final, binding, and conclusive. The obligations of the Company and
the rights of the Participant are subject to all Applicable Laws.


 


12.
Investment Representation. Unless the shares of Common Stock are issued to the Participant in a transaction registered
under applicable federal and state securities laws, by his or her execution hereof, the Participant represents and warrants to
the Company that all Common Stock which may be acquired hereunder will be acquired by the Participant for investment purposes
for his or her own account and not with any intent for resale or distribution in violation of federal or state securities laws.
Unless the Common Stock is issued to him or her in a transaction registered under the applicable federal and state securities
laws, all certificates issued with respect to the Common Stock shall bear an appropriate restrictive investment legend and shall
be held indefinitely, unless they are subsequently registered under the applicable federal and state securities laws or the Participant
obtains an opinion of counsel, in form and substance satisfactory to the Company and its counsel, that such registration is not
required.


 


13.
Participant’s Acknowledgments. The Participant acknowledges that a copy of the Plan has been made available for his
or her review by the Company and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts
this Award subject to all the terms and provisions thereof. The Participant hereby agrees to accept as binding, conclusive, and
final all decisions or interpretations of the Committee or the Board, as appropriate, upon any questions arising under the Plan
or this Agreement.


 




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14.
Law Governing. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of
Delaware (excluding any conflict of laws rule or principle of Delaware law that might refer the governance, construction, or interpretation
of this agreement to the laws of another state).


 


15.
No Right to Continue Service or Employment. Nothing herein shall be construed to confer upon the Participant the right
to continue in the employ or to provide services to the Company or any Subsidiary, whether as an Employee, Contractor, or Outside
Director, or to interfere with or restrict in any way the right of the Company or any Subsidiary to discharge the Participant
as an Employee, Contractor, or Outside Director at any time.


 


16.
Legal Construction. In the event that any one or more of the terms, provisions, or agreements that are contained in this
Agreement shall be held by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason,
the invalid, illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision, or agreement
that is contained in this Agreement, and this Agreement shall be construed in all respects as if the invalid, illegal, or unenforceable
term, provision, or agreement had never been contained herein.


 


17.
Covenants and Agreements as Independent Agreements. Each of the covenants and agreements that are set forth in this Agreement
shall be construed as a covenant and agreement independent of any other provision of this Agreement. The existence of any claim
or cause of action of the Participant against the Company, whether predicated on this Agreement or otherwise, shall not constitute
a defense to the enforcement by the Company of the covenants and agreements that are set forth in this Agreement.


 


18.
Entire Agreement. This Agreement together with the Plan supersede any and all other prior understandings and agreements,
either oral or in writing, between the parties with respect to the subject matter hereof and constitute the sole and only agreements
between the parties with respect to the said subject matter. All prior negotiations and agreements between the parties with respect
to the subject matter hereof are merged into this Agreement. Each party to this Agreement acknowledges that no representations,
inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party,
which are not embodied in this Agreement or the Plan and that any agreement, statement, or promise that is not contained in this
Agreement or the Plan shall not be valid or binding or of any force or effect.


 


19.
Parties Bound. The terms, provisions, and agreements that are contained in this Agreement shall apply to, be binding upon,
and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, and permitted
successors and assigns, subject to the limitation on assignment expressly set forth herein.


 


20.
Modification. No change or modification of this Agreement shall be valid or binding upon the parties unless the change
or modification is in writing and signed by the parties; provided, however, that the Company may change or modify this Agreement
without the Participant’s consent or signature if the Company determines, in its sole discretion, that such change or modification
is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or any regulations
or other guidance issued thereunder. Notwithstanding the preceding sentence, the Company may amend the Plan to the extent permitted
by the Plan.


 




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21.
Headings. The headings that are used in this Agreement are used for reference and convenience purposes only and do not
constitute substantive matters to be considered in construing the terms and provisions of this Agreement.


 


22.
Gender and Number. Words of any gender used in this Agreement shall be held and construed to include any other gender,
and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.


 


23.
Notice. Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only when actually received
by the Company or by the Participant, as the case may be, at the addresses set forth below, or at such other addresses as they
have theretofore specified by written notice delivered in accordance herewith:


 


	 	a.	Notice
    to the Company shall be addressed and delivered as follows:


 


AYRO,
Inc.


___________________________________________


___________________________________________


Attn:_______________________________________


Facsimile:___________________________________


 


	 	b.	Notice
    to the Participant shall be addressed and delivered as set forth on the signature page.


 


24.
Section 409A; Six Month Delay. Notwithstanding anything herein to the contrary, in the case of a conversion of Awarded
Units and distribution of shares of Common Stock on account of any Termination of Service (other than death), if the Participant
is a “specified employee” as defined in § 1.409A-1(i) of the final regulations under Section 409A of the Code,
then solely to the extent required under Section 409A of the Code, a distribution of the number of such shares to the Participant
(determined after application of the withholding requirements set forth in Section 25 below), shall not occur until the
date which is six (6) months following the date of the Participant’s Termination of Service (or, if earlier, the date of
death of the Participant). [It is intended that each conversion and settlement of shares of Common Stock to be delivered under
this Agreement shall be treated as a separate payment for purposes of Section 409A of the Code.]


 


25.
Tax Requirements. The Participant is hereby advised to consult immediately with his or her own tax advisor regarding the
tax consequences of this Agreement. Unless the Company otherwise consents in writing to an alternative withholding method, the
Company, or if applicable, any Subsidiary (for purposes of this Section 25, the term “Company”
shall be deemed to include any applicable Subsidiary) shall have the right to deduct from all amounts paid in cash or other form
in connection with the Plan, any federal, state, local, or other taxes required by law to be withheld in connection with this
Award. The Company may, in its sole discretion and prior to the date of conversion, require the Participant receiving shares of
Common Stock upon conversion of Awarded Units to pay the Company the amount of any taxes that the Company is required to withhold
in connection with the Participant’s income arising with respect to this Award. Such payments shall be required to be made
prior to the delivery of any certificate or the registration of such shares in the Participant’s name for such shares of
Common Stock. Such payment may be made by (i) the delivery of cash to the Company in an amount that equals or exceeds (to avoid
the issuance of fractional shares) the required tax withholding obligations of the Company; (ii) if the Company, in its sole discretion,
so consents in writing, the actual delivery by the Participant to the Company of shares of Common Stock that the Participant has
not acquired from the Company within six (6) months prior to the date of conversion, which shares so delivered have an aggregate
Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares) the required tax withholding payment; (iii)
any combination of (i) or (ii). Notwithstanding the foregoing, the Company may, in its sole discretion, withhold any such taxes
from any other cash remuneration otherwise paid by the Company to the Participant or withhold the number of shares to be delivered
upon the conversion of the Awarded Units with an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of
fractional shares) the required tax withholding obligations of the Company; provided, however, if the Participant
is a “specified employee” as defined in § 1.409A-1(i) of the final regulations under Section 409A of the Code
who is subject to the six (6) months delay provided for in Section 24 above, the Company shall withhold the number of shares
attributable to the employment taxes on the date of the Participant’s Termination of Service and withhold the number of
shares attributable to the income taxes on the date which occurs six (6) months following the date of the Participant’s
Termination of Service (or, if earlier, the date of death of the Participant).


 


[Remainder
of Page Intentionally Left Blank;


Signature
Page Follows.]


 




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IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Participant, to
evidence his or her consent and approval of all the terms hereof, has duly executed this Agreement, as of the date specified in
Section 1 hereof.


 


	 	COMPANY:
	 	 	 
	 	AYRO,
    Inc.
	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 
	 	 	 
	 	PARTICIPANT:
	 	 
	 	 
	 	Signature	 
	 	Name:	 
	 	Address:	 


 




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