Exhibit 10.1


 


ENERGOUS CORPORATION


 


EMPLOYEE STOCK PURCHASE PLAN


 


		1.	Purpose



 


This Energous Corporation
Employee Stock Purchase Plan is intended to provide employees of the Company and its Participating Subsidiaries with an opportunity
to acquire a proprietary interest in the Company through the purchase of shares of Common Stock. The Company intends that this
Plan qualify as an “employee stock purchase plan” under Code Section 423 and this Plan shall be interpreted in
a manner that is consistent with that intent.


 


		2.	Definitions



 


“Board”
means the Board of Directors of the Company.


 


“Code”
means the U. S. Internal Revenue Code of 1986.


 


“Committee”
means the committee appointed by the Board to administer this Plan from time to time. As of the Effective Date, the Compensation
Committee of the Board shall be the Committee.


 


“Common Stock”
means the common stock of the Company, par value $0.00001 per share.


 


“Company”
means Energous Corporation, a Delaware corporation.


 


“Compensation”
means base salary, wages, annual and recurring bonuses, and commissions paid to an Eligible Employee by the Company or a Participating
Subsidiary as compensation for services to the Company or Participating Subsidiary, before deduction for any salary deferral contributions
made by the Eligible Employee to any tax-qualified or nonqualified deferred compensation plan, including overtime, vacation pay,
holiday pay, jury duty pay, and funeral leave pay, but excluding education or tuition reimbursements, imputed income arising under
any group insurance or benefit program, travel expenses, business and relocation expenses, and income received in connection with
stock options or other equity-based awards.


 


“Corporate
Transaction” means a merger, consolidation, acquisition of property or stock, separation, reorganization, or other corporate
event described in Code Section 424.


 


“Designated
Broker” means the financial services firm or other agent designated by the Company to maintain ESPP Share Accounts on
behalf of Participants who have purchased shares of Common Stock under this Plan.


 


“Disability”
means the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period
of not less than twelve (12) months.


 


“Effective
Date” means the date as of which this Plan is adopted by the Board, subject to this Plan obtaining stockholder approval
in accordance with Section 19.11.


 






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“Employee”
means any person who renders services to the Company or a Participating Subsidiary as an employee pursuant to an employment relationship
with such employer. For purposes of this Plan, the employment relationship shall be treated as continuing intact while the individual
is on military leave, sick leave, or other leave of absence approved by the Company or a Participating Subsidiary that meets the
requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months, or such other
period of time specified in Treasury Regulation Section 1.421-1(h)(2), and the individual’s right to reemployment is
not guaranteed by statute or contract, the employment relationship shall be deemed to have terminated on the first day immediately
after such three (3)-month period, or such other period specified in Treasury Regulation Section 1.421-1(h)(2).


 


“Eligible
Employee” means each Employee; provided, however, that the Committee may exclude from participation in
this Plan or any Offering any Employee who (i) has been employed by the Company or a Participating Subsidiary for less than
two (2) years, (ii) is customarily employed by the Company or a Participating Subsidiary for twenty (20) hours per week or
less, (iii) is customarily employed by the Company or a Participating Subsidiary for not more than five (5) months per calendar
year, or (iv) is a “highly compensated employee” of the Company or a Participating Subsidiary (within the meaning of
Code Section 414(q)).


 


“Enrollment
Form” means an agreement authorized by the Committee (which may be electronic) pursuant to which an Eligible Employee
may elect to enroll in this Plan, to authorize a new level of payroll deductions, or to stop payroll deductions and withdraw from
an Offering Period.


 


“ESPP Share
Account” means an account into which Common Stock purchased with accumulated payroll deductions at the end of an Offering
Period are held on behalf of a Participant.


 


“Exchange
Act” means the U.S. Securities Exchange Act of 1934.


 


“Fair Market
Value” means, as of any date, the value of the shares of Common Stock as determined in the immediately following sentences.
If the shares are listed on any established stock exchange or a national market system, the Fair Market Value shall be the closing
price of a share (or if no sales were reported, the closing price on the Trading Day immediately preceding such date) as quoted
on such exchange or system on the day of determination, as reported in The Wall Street Journal. In the absence of an established
market for the shares, the Fair Market Value shall be determined in good faith by the Committee and such determination shall be
conclusive and binding on all persons.


 


“Grant Date”
means the first Trading Day of each Offering Period as designated by the Committee.


 


“Offering
or Offering Period” means a period of six (6) months beginning January 1 and July 1 of each year; provided,
however, that, pursuant to Section 5, the Committee may change the duration of future Offering Periods (subject
to a maximum Offering Period of twenty-seven (27) months) and/or the start and end dates of future Offering Periods.


 


“Participant”
means an Eligible Employee who is actively participating in this Plan.


 


“Participating
Subsidiaries” means the Subsidiaries that have been designated as eligible to participate in this Plan, and such other
Subsidiaries that may be designated by the Committee from time to time in its sole discretion.


 






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“Plan”
means this Energous Corporation Employee Stock Purchase Plan.


 


“Purchase
Date” means the last Trading Day of each Offering Period.


 


“Purchase
Price” means an amount equal to the lesser of (i) eighty-five percent (85%) (or such greater percentage as designated
by the Committee for an Offering Period) of the Fair Market Value of a share of Common Stock on the Grant Date or (ii) eighty-five
percent (85%) (or such greater percentage as designated by the Committee for an Offering Period) of the Fair Market Value of a
share of Common Stock on the Purchase Date; provided, however, that, the Purchase Price per share of Common Stock
shall in no event be less than the par value of the Common Stock.


 


“Retirement”
means the Participant’s voluntary termination of employment from the Company and each Participating Subsidiary after having
attained age sixty-five (65).


 


“Securities
Act” means the U.S. Securities Act of 1933.


 


“Subsidiary”
means any corporation, domestic or foreign, of which not less than fifty percent (50%) of the combined voting power is held by
the Company or a Subsidiary, whether or not such corporation exists now or is hereafter organized or acquired by the Company or
a Subsidiary. In all cases, the determination of whether an entity is a Subsidiary shall be made in accordance with Code Section 424(f).


 


“Trading Day”
means any day on which the established stock exchange or national market system upon which the Common Stock is listed is open for
trading or, if the Common Stock is not listed on an established stock exchange or national market system, a business day, as determined
by the Committee in good faith.


 


		3.	Administration



 


3.1            General.
This Plan shall be administered by the Committee, which shall have the authority to construe and interpret this Plan, prescribe,
amend, and rescind rules relating to this Plan’s administration, and take any other actions necessary or desirable for the
administration of this Plan, including adopting sub-plans applicable to particular Participating Subsidiaries or locations, which
sub-plans may be designed to be outside the scope of Code Section 423. The Committee may correct any defect or supply any
omission or reconcile any inconsistency or ambiguity in this Plan. All decisions of the Committee in connection with the administration
of this Plan shall be in the Committee’s sole discretion, and such decisions shall be final and binding on all persons. All
expenses of administering this Plan shall be borne by the Company. The Board may take any action under this Plan that would otherwise
be the responsibility of the Committee.


 


3.2            Delegation.
To the extent necessary or appropriate, the Committee may delegate any of its duties or responsibilities under the Plan as they
pertain to a Participating Subsidiary to such Participating Subsidiary. The Committee (or any Participating Subsidiary with the
consent of the Committee) may appoint or engage any person or persons as a third party administrator to perform ministerial functions
pertaining to the issuance, accounting, recordkeeping, forfeiture, exercise, communication, transfer, or any other functions or
activities necessary or appropriate to administer and operate this Plan.


 






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		4.	Eligibility



 


4.1            General.
Unless otherwise determined by the Committee in a manner that is consistent with Code Section 423, any individual who is an
Eligible Employee as of the first day of the enrollment period designated by the Committee for a particular Offering Period shall
be eligible to participate in such Offering Period, subject to the requirements of Code Section 423.


 


4.2            Eligibility
Restrictions. Notwithstanding any provision of this Plan to the contrary, no Eligible Employee shall be granted an option under
this Plan if (i) immediately after the grant of the option, such Eligible Employee (or any other person whose stock would
be attributed to such Eligible Employee pursuant to Code Section 424(d)) would own capital stock of the Company or hold outstanding
options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock
of the Company or any Subsidiary or (ii) such option would permit his or her rights to purchase stock under all employee stock
purchase plans (described in Code Section 423) of the Company and its Subsidiaries to accrue at a rate that exceeds twenty-five
thousand dollars ($25,000) of the Fair Market Value of such stock (determined at the time the option is granted) for each calendar
year in which such option is outstanding.


 


		5.	Offering Periods



 


This Plan shall be
implemented by a series of Offering Periods, each of which shall be six (6) months in duration, with new Offering Periods
commencing on or about January 1 and July 1 of each year (or such other times as determined by the Committee). The Committee shall
have the authority to change the duration, frequency, start date, and end date of Offering Periods.


 


		6.	Participation



 


6.1            Enrollment;
Payroll Deductions. An Eligible Employee may elect to participate in this Plan by properly completing an Enrollment Form, which
may be electronic, and submitting it to the Company, in accordance with the enrollment procedures established by the Committee.
Participation in this Plan is entirely voluntary. By submitting an Enrollment Form, the Eligible Employee authorizes payroll deductions
from his or her paycheck in an amount equal to at least one percent (1%), but not more than ten percent (10%) (or such other maximum
percentage as the Committee may establish from time to time before an Offering Period begins), of his or her Compensation on each
pay day occurring during an Offering Period. Payroll deductions shall commence on the first payroll date after the Grant Date and
end on the last payroll date on or before the Purchase Date. The Company shall maintain records of all payroll deductions but shall
have no obligation to pay interest on payroll deductions or to hold such amounts in a trust or in any segregated account. Unless
expressly permitted by the Committee, a Participant may not make any separate contributions or payments to this Plan.


 


6.2            Election
Changes. During an Offering Period, a Participant may decrease or increase his or her rate of payroll deductions applicable
to such Offering Period only one (1) time. To make such a change, the Participant must submit a new Enrollment Form authorizing
the new rate of payroll deductions at least fifteen (15) days before the Purchase Date, with any permitted change to take effect
as soon as administratively practicable. A Participant may decrease or increase his or her rate of payroll deductions for future
Offering Periods by submitting a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen (15) days
before the start of the next Offering Period.


 






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6.3            Automatic
Re-enrollment. The deduction rate selected in the Enrollment Form shall remain in effect for subsequent Offering Periods unless
the Participant (i) submits a new Enrollment Form authorizing a new level of payroll deductions in accordance with Section 6.2,
(ii) withdraws from this Plan in accordance with Section 10, or (iii) terminates employment or otherwise
becomes ineligible to participate in this Plan.


 


		7.	Grant of Option



 


On each Grant Date,
each Participant in the applicable Offering Period shall be granted an option to purchase, on the Purchase Date, a number of shares
of Common Stock determined by dividing the Participant’s accumulated payroll deductions by the applicable Purchase Price;
provided, however, that in no event shall any Participant purchase more than seven thousand five hundred (7,500)
shares of Common Stock during an Offering Period (subject to adjustment in accordance with Section 18 and the limitations
set forth in Sections 4.2 and 13).


 


		8.	Exercise of
Option/Purchase of Shares



 


A Participant’s
option to purchase shares of Common Stock shall be exercised automatically on the Purchase Date of each Offering Period. The Participant’s
accumulated payroll deductions shall be used to purchase the maximum number of whole shares that can be purchased with the amounts
in the Participant’s notional account, subject to the limitations set forth in this Plan. No fractional shares may be purchased
but notional fractional shares of Common Stock shall be allocated to the Participant’s ESPP Share Account to be aggregated
with other notional fractional shares of Common Stock on future Purchase Dates, subject to earlier withdrawal by the Participant
in accordance with Section 10 or termination of employment in accordance with Section 11. Any accumulated
payroll deductions that remain in a Participant’s notional account after applying the limitations of Section 4.2
and Section 7 shall be returned to the Participant as soon as administratively practicable.


 


		9.	Transfer of
Shares



 


As soon as reasonably
practicable after each Purchase Date, the Company shall arrange for the delivery to each Participant of the shares of Common Stock
purchased upon exercise of his or her option. The Committee may permit or require that the shares be deposited directly into an
ESPP Share Account established in the name of the Participant with a Designated Broker and may require that the shares of Common
Stock be retained with such Designated Broker for a specified period of time. Participants shall not have any voting, dividend,
or other rights of a stockholder with respect to the shares of Common Stock subject to any option granted hereunder until such
shares have been delivered pursuant to this Section 9.


 


		10.	Withdrawal



 


10.1            Withdrawal
Procedure. A Participant may withdraw from an Offering by submitting to the Company a revised Enrollment Form indicating his
or her election to withdraw at least fifteen (15) days before the Purchase Date. The accumulated payroll deductions held on behalf
of a Participant in his or her notional account (that have not been used to purchase shares of Common Stock) shall be paid to the
Participant promptly after receipt of the Participant’s Enrollment Form indicating his or her election to withdraw and the
Participant’s option shall be automatically terminated. If a Participant withdraws from an Offering Period, no payroll deductions
shall be made during any succeeding Offering Period, unless the Participant re-enrolls in accordance with Section 6.1.


 






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10.2            Effect on
Succeeding Offering Periods. A Participant’s election to withdraw from an Offering Period shall not have any effect upon
his or her eligibility to participate in succeeding Offering Periods that commence after the completion of the Offering Period
from which the Participant withdraws.


 


		11.	Termination
of Employment; Change in Employment Status



 


In the event of a Participant’s
termination of employment from the Company and the Participating Subsidiaries due to the Participant’s Retirement, Disability,
or death within three (3) months before a Purchase Date, such Participant’s accumulated payroll deductions shall be used
to purchase shares on the Purchase Date. Upon termination of a Participant’s employment from the Company and the Participating
Subsidiaries for any other reason or at any other time, or a change in the Participant’s employment status after which the
Participant is no longer an Eligible Employee, the Participant shall be deemed to have withdrawn from this Plan and the payroll
deductions in the Participant’s notional account (that have not been used to purchase shares of Common Stock) shall be returned
to the Participant, or in the case of the Participant’s death, to the person(s) entitled to such amounts under Section 17,
and the Participant’s option shall be automatically terminated.


 


		12.	Interest



 


No interest shall accrue
on or be payable with respect to the payroll deductions of a Participant in this Plan.


 


		13.	Shares Reserved
for Plan



 


13.1            Number of
Shares. A total of six hundred thousand (600,000) shares of Common Stock have been reserved as authorized for the grant of
options under this Plan. The shares of Common Stock may be newly issued shares, treasury shares, or shares acquired on the open
market. If an option under this Plan expires or is terminated unexercised for any reason, the shares as to which such option so
expired or terminated again may be made subject to an option under this Plan.


 


13.2            Oversubscribed
Offerings. The number of shares of Common Stock that a Participant may purchase in an Offering under this Plan may be reduced
if the Offering is oversubscribed. No option granted under this Plan shall permit a Participant to purchase shares of Common Stock
that, if added together with the total number of shares of Common Stock purchased by all other Participants in such Offering, would
exceed the total number of shares of Common Stock remaining available under this Plan. If the Committee determines that, on a particular
Purchase Date, the number of shares of Common Stock with respect to which options are to be exercised exceeds the number of shares
of Common Stock then available under this Plan, the Company shall make a pro rata allocation of the shares of Common Stock remaining
available for purchase in as uniform a manner as practicable and as the Committee determines to be equitable.


 






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		14.	Transferability



 


No payroll deductions
credited to a Participant, nor any rights with respect to the exercise of an option or any rights to receive Common Stock hereunder,
may be assigned, transferred, pledged, or otherwise disposed of in any way (other than by will, the laws of descent and distribution,
or as provided in Section 17) by the Participant. Any attempt to assign, transfer, pledge, or otherwise dispose of
such rights or amounts shall be without effect.


 


		15.	Application
of Funds



 


All payroll deductions
received or held by the Company under this Plan may be used by the Company for any corporate purpose to the extent permitted by
applicable law, and the Company shall not be required to segregate such payroll deductions or contributions.


 


		16.	Statements



 


Participants shall
be provided with statements at least annually that shall set forth the contributions made by the Participant to this Plan, the
Purchase Price of any shares of Common Stock purchased with accumulated funds, the number of shares of Common Stock purchased,
and any payroll deduction amounts remaining in the Participant’s notional account.


 


		17.	Designation
of Beneficiary



 


A Participant may file,
on forms supplied by the Committee, a written designation of beneficiary who is to receive any shares of Common Stock and cash
in respect of any fractional shares of Common Stock, if any, from the Participant’s ESPP Share Account under this Plan in
the event of such Participant’s death. In addition, a Participant may file, on forms supplied by the Committee, a written
designation of beneficiary who is to receive any cash withheld through payroll deductions and credited to the Participant’s
notional account in the event of the Participant’s death before the Purchase Date of an Offering Period.


 


		18.	Adjustments
for Changes in Capitalization; Dissolution or Liquidation; Corporate Transactions



 


18.1            Adjustments.
In the event that any dividend or other distribution (whether in the form of cash, Common Stock, or other property), recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange
of Common Stock or other securities of the Company, or other change in the Company’s structure affecting the Common Stock
occurs, then in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under
this Plan, the Committee shall, in such manner as it deems equitable, adjust the number of shares and class of Common Stock that
may be delivered under this Plan, the Purchase Price per share, and the number of shares of Common Stock covered by each outstanding
option under this Plan, and the numerical limits of Section 7 and Section 13.


 


18.2            Dissolution
or Liquidation. Unless otherwise determined by the Committee, in the event of a proposed dissolution or liquidation of the
Company, any Offering Period then in progress shall be shortened by setting a new Purchase Date and the Offering Period shall end
immediately before the proposed dissolution or liquidation. The new Purchase Date shall be before the date of the Company’s
proposed dissolution or liquidation. Before the new Purchase Date, the Committee shall provide each Participant with written notice,
which may be electronic, of the new Purchase Date and that the Participant’s option shall be exercised automatically on such
date, unless before such time, the Participant has withdrawn from the Offering in accordance with Section 10.


 






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18.3            Corporate
Transactions. In the event of a Corporate Transaction, the then-current Offering Period shall be shortened by setting a new
Purchase Date on which the Offering Period shall end. The new Purchase Date shall occur before the date of the Corporate Transaction.
Before the new Purchase Date, the Committee shall provide each Participant with written notice, which may be electronic, of the
new Purchase Date and that the Participant’s option shall be exercised automatically on such date, unless before such time,
the Participant has withdrawn from the Offering in accordance with Section 10.


 


		19.	General Provisions



 


19.1            Equal Rights
and Privileges. Notwithstanding any provision of this Plan to the contrary and in accordance with Code Section 423, all
Eligible Employees who are granted options under this Plan shall have the same rights and privileges.


 


19.2            No Right
to Continued Service. Neither this Plan nor any compensation paid hereunder shall confer on any Participant the right to continue
as an Employee or in any other capacity.


 


19.3            Rights as
Stockholder.  A Participant shall become a stockholder with respect to the shares of Common Stock that are purchased pursuant
to options granted under this Plan when the shares are transferred to the Participant’s ESPP Share Account. A Participant
shall have no rights as a stockholder with respect to shares of Common Stock for which an election to participate in an Offering
Period has been made until such Participant becomes a stockholder as provided above.


 


19.4            Successors
and Assigns. This Plan shall be binding on the Company and its successors and assigns.


 


19.5            Entire Plan.
This Plan constitutes the entire plan with respect to the subject matter hereof and supersedes all prior plans with respect to
the subject matter hereof.


 


19.6            Compliance
with Law.  The obligations of the Company with respect to payments under this Plan are subject to compliance with all applicable
laws and regulations. Common Stock shall not be issued with respect to an option granted under this Plan unless the exercise of
such option and the issuance and delivery of the shares of Common Stock pursuant thereto shall comply with all applicable provisions
of law, including the Securities Act, the Exchange Act, and the requirements of any stock exchange upon which the shares may then
be listed.


 


19.7            Notice of
Disqualifying Dispositions.  Each Participant shall give the Company prompt written notice of any disposition or other transfer
of shares of Common Stock acquired pursuant to the exercise of an option acquired under this Plan, if such disposition or transfer
is made within two (2) years after the applicable Grant Date or within one (1) year after the applicable Purchase Date.


 






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19.8            Term of
Plan. This Plan shall become effective on the Effective Date and, unless terminated earlier pursuant to Section 19.9,
shall have a term of ten (10) years.


 


19.9            Amendment
or Termination.  The Committee may, in its sole discretion, amend, suspend, or terminate this Plan at any time and for any
reason. If this Plan is terminated, the Committee may elect to terminate all outstanding Offering Periods either immediately or
once shares of Common Stock have been purchased on the next Purchase Date (which may, in the discretion of the Committee, be accelerated)
or permit Offering Periods to expire in accordance with their terms (and subject to any adjustment in accordance with Section 18).
If any Offering Period is terminated before its scheduled expiration, all amounts that have not been used to purchase shares of
Common Stock shall be returned to Participants (without interest, except as otherwise required by law) as soon as administratively
practicable.


 


19.10            Applicable
Law. The laws of the State of Delaware shall govern all questions concerning the construction, validity, and interpretation
of this Plan, without regard to such state’s conflict of law rules.


 


19.11            Stockholder
Approval. This Plan shall be subject to approval by the stockholders of the Company within twelve (12) months before or after
the date this Plan is adopted by the Board.


 


19.12            Code Section 423.
This Plan is intended to qualify as an “employee stock purchase plan” under Code Section 423. Any provision of
this Plan that is inconsistent with Code Section 423 shall be reformed to comply with Code Section 423.


 


19.13            Withholding.
To the extent required by applicable Federal, state, or local law, a Participant must make arrangements satisfactory to the Company
for the payment of any withholding or similar tax obligations that arise in connection with this Plan.


 


19.14            Severability.
If any provision of this Plan shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability
shall not affect any other provision hereof, and this Plan shall be construed as if such invalid or unenforceable provision were
omitted.


 


19.15            Plan Construction.
In this Plan, unless otherwise stated, the following uses apply: (i) references to a statute or law shall refer to the statute
or law and any amendments and any successor statutes or laws, and to all regulations promulgated under or implementing the statute
or law, as amended, or its successors, as in effect at the relevant time; (ii) in computing periods from a specified date
to a later specified date, the words “from” and “commencing on” (and the like) mean “from and including,”
and the words “to,” “until” and “ending on” (and the like) mean “to and including”;
(iii) indications of time of day shall be based upon the time applicable to the location of the principal headquarters of
the Company; (iv) the words “include,” “includes” and “including” mean “include,
without limitation,” “includes, without limitation” and “including, without limitation,” respectively;
(v) all references to articles and sections are to articles and sections in this Plan; (vi) all words used shall be construed
to be of such gender or number as the circumstances and context require; (vii) the captions and headings of articles and sections
have been inserted solely for convenience of reference and shall not be considered a part of this Plan, nor shall any of them affect
the meaning or interpretation of this Plan or any of its provisions; (viii) any reference to an agreement, plan, policy, form,
document, or set of documents, and the rights and obligations of the parties under any such agreement, plan, policy, form, document,
or set of documents, shall mean such agreement, plan, policy, form, document, or set of documents as amended from time to time,
and any and all modifications, extensions, renewals, substitutions, or replacements thereof; and (ix) all accounting terms not
specifically defined shall be construed in accordance with GAAP.


 






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