Document:

Document

Exhibit 4(a)

April 29, 2021

    Company Order and Officers’ Certificate
     3.25% Senior Notes, Series O, due 2051

The Bank of New York Mellon Trust Company, N.A., as Trustee
2 North LaSalle Street
Chicago, Illinois 60602

Ladies and Gentlemen:

Pursuant to Article Two of the Indenture, dated as of October 1, 1998 (as it may be amended or supplemented, the “Indenture”), from Indiana Michigan Power Company (the “Company”) to The Bank of New York Mellon Trust Company, N.A., as successor to The Bank of New York, as trustee (the “Trustee”), and the Board Resolutions dated November 27, 2018, copies of which certified by the Secretary or an Assistant Secretary of the Company are being delivered herewith under Section 2.01 of the Indenture, and unless otherwise provided in a subsequent Company Order pursuant to Section 2.04 of the Indenture,

1.    The Company’s 3.25% Senior Notes, Series O, due 2051 (the “Notes”) are hereby established.  The Notes shall be in substantially the form attached hereto as Exhibit 1. 

2.    The terms and characteristics of the Notes shall be as follows (the numbered clauses set forth below corresponding to the numbered subsections of Section 2.01 of the Indenture, with terms used and not defined herein having the meanings specified in the Indenture):

(i)    The aggregate principal amount of Notes which may be authenticated and delivered under the Indenture shall be limited to $450,000,000, except as contemplated in Section 2.01(i) of the Indenture and except that such principal amount may be increased from time to time; all the Notes need not be issued at the same time and the series may be reopened at any time, without the consent of any securityholder, for issuance of additional Notes, which Notes will have the same interest rate, maturity and other terms as those initially issued (other than the date of issuance, the issue price and, in some circumstances, the initial interest accrual date and the initial interest payment date);

    (ii)    The date on which the principal of the Notes shall be payable shall be May 1, 2051;

(iii)    Interest shall accrue from the date of authentication of the Notes; the Interest Payment Dates on which such interest will be payable shall be May 1 and November 1, and the Regular Record Date for the determination of holders to whom interest is payable on any such Interest Payment Date shall be the April 15 or October 15 prior thereto, respectively; provided that the first Interest Payment Date shall be November 1, 2021 and interest payable on the Stated Maturity Date or any Redemption Date shall be paid to the Person to whom principal shall be paid;

(iv)    The interest rate at which the Notes shall bear interest shall be 3.25% per annum;
 

(v)    The Notes may be redeemed by the Company at its option, in whole at any time or in part from time to time, upon not less than thirty but not more than sixty days’ prior notice (either by mail or in compliance with the applicable procedures of DTC).   At any time prior to November 1, 2050 (the date that is six months prior to maturity date (the “Par Call Date”)), the Company may redeem the Notes either as a whole or in part at a redemption price (calculated by the Independent Investment Banker) equal to the greater of (1) 100% of the principal amount of the Notes being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed that would be due if such Notes matured on the Par Call Date (excluding the portion of any such interest accrued to but excluding the date of redemption) discounted (for purposes of determining present value) to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 15 basis points, plus, in each case, accrued and unpaid interest thereon to but excluding the date of redemption.
 
    At any time on or after the Par Call Date, the Company may redeem the Notes in whole or in part at 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to but excluding the date of redemption.

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“remaining life”) of the Notes (assuming, for this purpose, that the Notes matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining life of the Notes.

    “Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four of such Reference Treasury Dealer Quotations, the average of all such quotations.

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company and notified by the Company to the Trustee.

    “Reference Treasury Dealer” means a primary U.S. Government securities dealer or dealers selected by the Company and notified by the Company to the Trustee.

    “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company and notified to the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company and the Trustee by such Reference Treasury Dealer at or before 3:30 p.m., New York City time, on the third Business Day preceding such redemption date.

    “Treasury Rate” means, with respect to any redemption, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated by the Independent Investment Banker using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

(vi)     (a) the Notes shall be issued in the form of a Global Note; (b) the Depositary for such Global Note shall be The Depository Trust Company; and (c) the procedures with respect to transfer and exchange of Global Notes shall be as set forth in the form of Note attached hereto;

    (vii)    the title of the Notes shall be “3.25% Senior Notes, Series O, due 2051”;

    (viii)    the form of the Notes shall be as set forth in Paragraph 1, above;

    (ix)    not applicable;

    (x)    the Notes may be subject to a Periodic Offering;

    (xi)    not applicable;

    (xii)    not applicable;

    (xiii)    not applicable;

    (xiv)    the Notes shall be issuable in denominations of $2,000 and any integral multiple of $1,000 in excess thereof;

    (xv)    not applicable;

    (xvi)    the Notes shall not be issued as Discount Securities;

    (xvii)    not applicable;

    (xviii)    not applicable; 

    (xix)    Limitations on Liens:

So long as any of the Notes are outstanding, the Company will not create or suffer to be created or to exist any mortgage, pledge, security interest, or other lien (collectively “Liens”) on any of the Company’s utility properties or tangible assets now owned or hereafter acquired to secure any indebtedness for borrowed money (“Secured Debt”), without providing that such Notes will be similarly secured.  This restriction does not apply to the Company’s subsidiaries, nor will it prevent any of them from creating or permitting to exist Liens on their property or assets to secure any Secured Debt.  In addition, this restriction does not prevent the creation or existence of:

•    Liens on property existing at the time of acquisition or construction of such property (or created within one year after completion of such acquisition or construction), whether by purchase, merger, construction or otherwise, or to secure the payment of all or any part of the purchase price or construction cost thereof, including the extension of any Liens to repairs, renewals, replacements substitutions, betterments, additions, extensions and improvements then or thereafter made on the property subject thereto; 

•    Financing of the Company’s accounts receivable for electric service; 

•    Any extensions, renewals or replacements (or successive extensions, renewals or replacements), in whole or in part, of liens permitted by the foregoing clauses; and

•    The pledge of any bonds or other securities at any time issued under any of the Secured Debt permitted by the above clauses.

In addition to the permitted issuances above, Secured Debt not otherwise so permitted may be issued in an amount that does not exceed 15% of Net Tangible Assets as defined below.  

“Net Tangible Assets” means the total of all assets (including revaluations thereof as a result of commercial appraisals, price level restatement or otherwise) appearing on the Company’s balance sheet, net of applicable reserves and deductions, but excluding goodwill, trade names, trademarks, patents, unamortized debt discount and all other like intangible assets (which term shall not be construed to include such revaluations), less the aggregate of the Company’s current liabilities appearing on such balance sheet.  For purposes of this definition, the Company's balance sheet does not include assets and liabilities of its subsidiaries.

    This restriction also will not apply to or prevent the creation or existence of leases made, or existing on property acquired, in the ordinary course of business.

(xx)    Certain Tax Information.

    In order to comply with applicable tax laws (inclusive of rules, regulations and interpretations promulgated by competent authorities) related to the Indenture, this Company Order and Officers’ Certificate and the Notes in effect from time to time (“Applicable Law”) that a foreign financial institution, issuer, trustee, paying agent or other party is or has agreed to be subject to, the Company agrees (i) to provide to the Trustee and any Paying Agent sufficient information about the parties and/or transactions (including any modification to the terms of such transactions) so the Trustee and any Paying Agent can determine whether it has tax related obligations under Applicable Law and (ii) that the Trustee and any Paying Agent shall be entitled to make any withholding or deduction from payments to the extent necessary to comply with Applicable Law for which the Trustee shall not have any liability.

 
3.    You are hereby requested to authenticate $450,000,000 aggregate principal amount of 3.25% Senior Notes, Series O, due 2051, executed by the Company and delivered to you concurrently with this Company Order and Officers’ Certificate, in the manner provided by the Indenture.

4.    You are hereby requested to hold the Notes as custodian for DTC in accordance with the Blanket Issuer Letter of Representations dated November 10, 2004, from the Company to DTC.

5.    Concurrently with this Company Order and Officers’ Certificate, an Opinion of Counsel under Sections 2.04 and 13.06 of the Indenture is being delivered to you.

6.    The undersigned Renee V. Hawkins and William E. Johnson, the Assistant Treasurer and Assistant Secretary, respectively, of the Company do hereby certify that:

(i)    The form and terms of the Notes have been established in conformity with the provisions of the Indenture;

(ii)    We have read the relevant portions of the Indenture, including without limitation the conditions precedent provided for therein relating to the action proposed to be taken by the Trustee as requested in this Company Order and Officers’ Certificate, and the definitions in the Indenture relating thereto;

(iii)    We have read the Board Resolutions of the Company and the Opinion of Counsel referred to above;

(iv)    We have conferred with other officers of the Company, have examined such records of the Company and have made such other investigation as we deemed relevant for purposes of this certificate;

(v)    In our opinion, we have made such examination or investigation as is necessary to enable us to express an informed opinion as to whether or not such conditions have been complied with; and 

(vi)    On the basis of the foregoing, we are of the opinion that all conditions precedent provided for in the Indenture relating to the action proposed to be taken by the Trustee as requested herein (including the authentication and delivery of the Notes) have been complied with.

    Kindly acknowledge receipt of this Company Order and Officers’ Certificate, including the documents listed herein, and confirm the arrangements set forth herein by signing and returning the copy of this document attached hereto.

Very truly yours,

INDIANA MICHIGAN POWER COMPANY

By:      /s/ Renee V. Hawkins             
    Renee V. Hawkins
    Assistant Treasurer

And:   /s/ William E. Johnson      
    William E. Johnson    
    Assistant Secretary

Acknowledged by Trustee:

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

By:       /s/ Lawrence M. Kusch    
     Authorized Signatory

Exhibit 1

Unless this certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer or its agent for registration of transfer, exchange or payment, and any certificate to be issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of The Depository Trust Company and any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depository or to a successor Depository or to a nominee of such successor Depository.

												
	No.   R-1	
				
	INDIANA MICHIGAN POWER COMPANY
	3.25% Senior Notes, Series O, due 2051
				
				
	CUSIP/ISIN:  454889 AU0 / US454889AU09
	Original Issue Date:  April 29, 2021
				
	Stated Maturity:  May 1, 2051	 Interest Rate:    3.25%
				
	Principal Amount:  $450,000,000	
				
	Redeemable:	Yes  þ    
	No  o
	
	In Whole:	Yes  þ
	No  o
	
	In Part:	Yes  þ
	No  o
	

                                                        

    INDIANA MICHIGAN POWER COMPANY, a corporation duly organized and existing under the laws of the State of Indiana (herein referred to as the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO. or registered assigns, the Principal Amount specified above on the Stated Maturity specified above, and to pay interest on said Principal Amount from the Original Issue Date specified above or from the most recent interest payment date (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for, semi-annually in arrears on May 1 and November 1 in each year, commencing on November 1, 2021, at the Interest Rate per annum specified above, until the Principal Amount shall have been paid or duly provided for.  Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

    The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, as provided in the Indenture, as hereinafter defined, shall be paid to the Person in whose name this Note (or one or more Predecessor Securities) shall have been registered at the close of business on the Regular Record Date with respect to such Interest Payment Date, which shall be the April 15 or October 15 (whether or not a Business Day) prior to such Interest Payment Date, provided that interest payable on the Stated Maturity or any redemption date shall be paid to the Person to whom principal is paid.  Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid as provided in said Indenture.
    

    If any Interest Payment Date, any redemption date or Stated Maturity is not a Business Day, then payment of the amounts due on this Note on such date will be made on the next succeeding Business Day, and no interest shall accrue on such amounts for the period from and after such Interest Payment Date, redemption date or Stated Maturity, as the case may be, with the same force and effect as if made on such date.  The principal of (and premium, if any) and the interest on this Note shall be payable at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, New York, in any coin or currency of the United States of America which at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest (other than interest payable on the Stated Maturity or any redemption date) may be made at the option of the Company by check mailed to the registered holder at such address as shall appear in the Security Register.

    This Note is one of a duly authorized series of Notes of the Company (herein sometimes referred to as the “Notes”), specified in the Indenture, all issued or to be issued in one or more series under and pursuant to an Indenture dated as of October 1, 1998 duly executed and delivered between the Company and The Bank of New York Mellon Trust Company, N.A., a national banking association formed under the laws of the United States, as successor to The Bank of New York, as Trustee (herein referred to as the “Trustee”) (such Indenture, as originally executed and delivered and as thereafter supplemented and amended being hereinafter referred to as the “Indenture”), to which Indenture and all indentures supplemental thereto or Company Orders reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders of the Notes.  By the terms of the Indenture, the Notes are issuable in series which may vary as to amount, date of maturity, rate of interest and in other respects as in the Indenture provided.  This Note is one of the series of Notes designated on the face hereof.

The Notes may be redeemed by the Company at its option, in whole at any time or in part from time to time, upon not less than thirty but not more than sixty days’ prior notice (either by mail or in compliance with the applicable procedures of DTC).  At any time prior to November 1, 2050 (the date that is six months prior to the maturity date (the “Par Call Date”)), the Company may redeem the Notes either as a whole or in part at a redemption price (calculated by the Independent Investment Banker) equal to the greater of (1) 100% of the principal amount of the Notes being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed that would be due if such Notes matured on the Par Call Date (excluding the portion of any such interest accrued to but excluding the date of redemption) discounted (for purposes of determining present value) to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 15 basis points, plus, in each case, accrued and unpaid interest thereon to but excluding the date of redemption.
 
At any time on or after the Par Call Date, the Company may redeem this Note in whole or in part at 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to but excluding the date of redemption.

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“remaining life”) of the Notes (assuming, for this purpose, that the Notes being redeemed matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining life of the Notes.

    “Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of 

such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four of such Reference Treasury Dealer Quotations, the average of all such quotations.

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company and notified by the Company to the Trustee.

    “Reference Treasury Dealer” means a primary U.S. Government securities dealer or dealers selected by the Company and notified by the Company to the Trustee.

    “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company and notified to the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company and the Trustee by such Reference Treasury Dealer at or before 3:30 p.m., New York City time, on the third Business Day preceding such redemption date.

    “Treasury Rate” means, with respect to any redemption, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated by the Independent Investment Banker using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

    The Company shall not be required to (i) issue, exchange or register the transfer of any Notes during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the outstanding Notes of the same series and ending at the close of business on the day of such mailing, nor (ii) register the transfer of or exchange of any Notes of any series or portions thereof called for redemption.  This Global Note is exchangeable for Notes in definitive registered form only under certain limited circumstances set forth in the Indenture.

    In the event of redemption of this Note in part only, a new Note or Notes of this series, of like tenor, for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the surrender of this Note.

    In case an Event of Default, as defined in the Indenture, shall have occurred and be continuing, the principal of all of the Notes may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

    The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Note upon compliance by the Company with certain conditions set forth therein.

    As described in the Company Order and Officers’ Certificate, the Company is subject to a covenant regarding making certain tax information available to the Trustee and, so long as this Note is outstanding, the Company is subject to a limitation on Liens, in each case as described therein.

    The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes of each series affected at the time outstanding, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Notes; provided, however, that no such supplemental indenture shall (i) extend the fixed maturity of any Notes of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of 

interest thereon, or reduce any premium payable upon the redemption thereof, or reduce the amount of the principal of a Discount Security that would be due and payable upon a declaration of acceleration of the maturity thereof pursuant to the Indenture, without the consent of the holder of each Note then outstanding and affected; (ii) reduce the aforesaid percentage of Notes, the holders of which are required to consent to any such supplemental indenture, or reduce the percentage of Notes, the holders of which are required to waive any default and its consequences, without the consent of the holder of each Note then outstanding and affected thereby; or (iii) modify any provision of Section 6.01(c) of the Indenture (except to increase the percentage of principal amount of securities required to rescind and annul any declaration of amounts due and payable under the Notes), without the consent of the holder of each Note then outstanding and affected thereby.  The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Notes of all series at the time outstanding affected thereby, on behalf of the Holders of the Notes of such series, to waive any past default in the performance of any of the covenants contained in the Indenture, or established pursuant to the Indenture with respect to such series, and its consequences, except a default in the payment of the principal of or premium, if any, or interest on any of the Notes of such series.  Any such consent or waiver by the registered Holder of this Note (unless revoked as pro¬vided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and of any Note issued in exchange herefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note.

    No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note at the time and place and at the rate and in the money herein prescribed.

    As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered holder hereof on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company as may be designated by the Company accompanied by a written instrument or instruments of transfer in form satisfactory to the Company or the Trustee duly executed by the registered Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal amount and series will be issued to the designated transferee or transferees.  No service charge will be made for any such trans¬fer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto.

    Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the registered Holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

    No recourse shall be had for the payment of the principal of or the interest on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the Company or of any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

    The Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of the same authorized denomination, as requested by the Holder surrendering the same.

    All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

    This Note shall not be entitled to any benefit under the Indenture hereinafter referred to, be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee.

    

    IN WITNESS WHEREOF, the Company has caused this Instrument to be executed.

                    INDIANA MICHIGAN POWER COMPANY

                    By:  _________________________                    
                        Renee V. Hawkins
                        Assistant Treasurer
Attest:

By: __________________________                      
    William E. Johnson
    Assistant Secretary

CERTIFICATE OF AUTHENTICATION

    This is one of the Notes of the series of Notes designated in accordance with, and referred to in, the within‐mentioned Indenture.

Dated:  April 29, 2021

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

By: ___________________________
Authorized Signatory
    

    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

(PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE)

_______________________________________

________________________________________________________________

________________________________________________________________
(PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
________________________________________________________________
ASSIGNEE) the within Note and all rights thereunder, hereby
________________________________________________________________
irrevocably constituting and appointing such person attorney to 
________________________________________________________________
transfer such Note on the books of the Issuer, with full
________________________________________________________________
power of substitution in the premises.

Dated:________________________        _________________________

NOTICE:    The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatever and NOTICE:  Signature(s) must be guaranteed by a financial institution that is a member of the Securities Transfer Agents Medallion Program (“STAMP”), the Stock Exchange Medallion Program (“SEMP”) or the New York Stock Exchange, Inc. Medallion Signature Program (“MSP”).Exhibit 10.1

  

  

  

  
    Employment Agreement Form

    

    

    CHARAH SOLUTIONS, INC.

    2018 OMNIBUS INCENTIVE PLAN 

     

    

    PERFORMANCE SHARE UNIT GRANT NOTICE

     

    

    Pursuant to the terms and conditions of the Charah Solutions, Inc. 2018 Omnibus Incentive Plan, as amended from
      time to time (the “Plan”), Charah Solutions, Inc., a Delaware corporation (the “Company”), hereby grants to the individual listed below (“you” or the “Participant”) the number of performance share units (the “PSUs”) set forth below. This award of PSUs (this “Award”) is subject to the terms and conditions set forth herein and in the Performance Share Unit Agreement attached hereto as Exhibit A, the Confidentiality Commitments attached hereto as Exhibit B, the Performance Goals (as defined below) attached hereto as
      Exhibit C (collectively, the “Agreement”) and the Plan, each of which is
      incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.

    

    

    	
            Type of Award:

          	
            Other Stock-Based Award under Article X of the Plan.

          
	

          	

          
	
            Participant:

          	

          	

          
	

          	

          	

          
	
            Date of Grant:

          	

          	

          
	

          	

          	

          
	
            Target Number of PSUs:

          	

          	(the “Target PSUs”)
	

          	

          	

          
	
            Performance Period:

          	
            January 1, 202[  ] (the “Performance Period Start Date”) through December 31, 202[  ] (the “Performance
                  Period End Date”)

          
	

          	

          
	
            Vesting Schedule:

          	
            Subject to Sections 2 and 5 of the Agreement, the Plan and the other terms and conditions set forth herein, this Award represents the right to receive
              shares of Common Stock in an amount up to 200% of the Target PSUs, subject to the terms and conditions set forth herein and in the Agreement.

             

            

            Your right to receive settlement of this Award in an amount ranging from 0% to 200% of the Target PSUs shall vest and become earned and nonforfeitable upon (i) your
              satisfaction of the continued employment requirement described below under “Service Requirement” and (ii) the Committee’s certification of the level of achievement of the Performance Goals. The portion of the Target PSUs actually earned upon
              satisfaction of the foregoing requirements is referred to herein as the “Earned PSUs.”

          
	

          	

          
	
            Service Requirement:

          	
            Except as expressly provided in Sections 2 and 5 of the Agreement, you must remain continuously employed by the Company or an Affiliate, as
              applicable, from the Date of Grant through the Performance Period End Date to be eligible to receive

          

    

    

    
      
        

    

    
    	

          	
            payment of this Award, which is based on the level of achievement with respect to the Performance Goals.

          
	 	 
	
            Performance Goals:

          	
            Subject to the terms and conditions set forth in the Plan, the Agreement and herein, the number of Target PSUs, if any, that become Earned PSUs during the Performance
              Period will be determined based on the achievement with respect to relative total shareholder return and three-year cumulative revenue growth, as described in Exhibit C attached hereto (the “Performance Goals”).

          

    

    

    By your signature below, you agree to be bound by the terms and conditions of the Plan, the Agreement and this
      Performance Share Unit Grant Notice (this “Grant Notice”). You acknowledge that you have reviewed the Agreement, the Plan and this Grant Notice in their
      entirety and fully understand all provisions of the Agreement, the Plan and this Grant Notice. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee regarding any questions or determinations
      that arise under the Agreement, the Plan or this Grant Notice. This Grant Notice may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but
      all of which together shall constitute one and the same agreement.

    

    

    IN ORDER TO RECEIVE THE BENEFITS OF THIS GRANT NOTICE AND THE AGREEMENT, AND FOR THIS AWARD OF PSUs TO BE EFFECTIVE, YOU MUST EXECUTE
      THIS GRANT NOTICE (THE “ACCEPTANCE REQUIREMENTS”). IF YOU FAIL TO SATISFY THE ACCEPTANCE REQUIREMENTS WITHIN 45 DAYS FOLLOWING THE DATE OF GRANT, THEN:

    

    

    	

          	(1)	
            THIS AGREEMENT WILL BE OF NO FORCE OR EFFECT AND THE PSUs GRANTED HEREIN WILL BE AUTOMATICALLY FORFEITED TO THE COMPANY WITHOUT CONSIDERATION; AND

          

    

    

    	

          	(2)	
            NEITHER YOU NOR THE COMPANY WILL HAVE ANY FUTURE RIGHTS OR OBLIGATIONS UNDER THIS GRANT NOTICE OR THE AGREEMENT.

          

    

    

    [Signature Page Follows]

    

    

    
      2

      
        

    

    IN WITNESS WHEREOF, the
      Company has caused this Grant Notice to be executed by an officer thereunto duly authorized, and the Participant has executed this Grant Notice, effective for all purposes as provided above.

    

    

    	

          	
            CHARAH SOLUTIONS, INC.

          
	

          	

          	

          	

          
	

          	
            By:

          	

          	

          

    	

          	
            Name:

          	

          	

          
	

          	
            Title:

          	

          	

          

    

    

    	

          	PARTICIPANT
	

          	

          	

          	

          
	

          	
            By:

          	

          	

          

    	

          	
            Name:

          	

          	

          

    

    

    SIGNATURE PAGE TO

    PERFORMANCE SHARE UNIT GRANT NOTICE

    

    

    
      
        

    

    EXHIBIT A

     

      

    PERFORMANCE SHARE UNIT AGREEMENT

     

    

    This Performance Share Unit Agreement (together with the Grant Notice to which this
        Agreement is attached and Exhibit B and Exhibit C attached hereto, this “Agreement”) is made as of the Date of Grant set forth in the Grant Notice to which this Agreement is attached by and between Charah Solutions, Inc., a Delaware corporation (the “Company”), and _______________________________ (the “Participant”). Capitalized terms used but not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.

    

    

    1.          Award. Effective as of the Date of Grant set forth in the Grant Notice (the “Date of Grant”), the Company hereby grants to the Participant the target number of PSUs set forth in the Grant Notice on the terms and conditions set forth in the Grant Notice, this Agreement and the Plan,
        which is incorporated herein by reference as a part of this Agreement. The number of PSUs subject to this Award may be adjusted upward or downward in accordance with the level of achievement of the Performance Goals. In the event of any
        inconsistency between the Plan and this Agreement, the terms of the Plan shall control. To the extent vested, each PSU represents the right to receive one share of Common Stock, subject to the terms and conditions set forth in the Grant Notice,
        this Agreement and the Plan. Unless and until the PSUs have become vested in the manner set forth in the Grant Notice, the Participant will have no right to receive any Common Stock or other payments in respect of the PSUs. Prior to settlement of
        this Award, the PSUs and this Award represent an unsecured obligation of the Company, payable only from the general assets of the Company.

    

    

    	

          	2.	
            Vesting of PSUs.

          

    

    

    (a)          Except as otherwise set forth in
        Sections 2(b), 2(c), 2(d), 2(e) and 5, the PSUs shall vest and become Earned PSUs in accordance with the vesting schedule set forth in the Grant Notice based on the extent to which the Performance Goals are
        satisfied, which shall be determined by the Committee in its sole discretion following the Performance Period End Date (and any PSUs that do not become Earned PSUs shall be automatically forfeited). Unless and until the PSUs have vested and become
        Earned PSUs as described in the preceding sentence, the Participant will have no right to receive any dividends or other distribution with respect to the PSUs. Upon a termination of the Participant’s employment with the Company or an Affiliate
        prior to the Performance Period End Date (but after giving effect to any accelerated vesting pursuant to Sections 2(b), 2(c), 2(d) and 2(e)), any unvested PSUs (and all rights arising from such PSUs and from being a
        holder thereof) will terminate automatically without any further action by the Company and will be forfeited without further notice and at no cost to the Company.

    

    

    (b)          Notwithstanding
        anything in the Grant Notice, this Agreement or the Plan to the contrary, subject to Sections 5 and 12, upon a termination of the Participant’s employment with the Company or an Affiliate (i) by the Company or an Affiliate without
        Cause or (ii) by the Participant for Good Reason (as defined in the Participant’s employment agreement with the Company or an Affiliate), in each case, the Service Requirement with respect to the Pro-Rated Amount (as defined below) shall be deemed
        satisfied and the Pro-Rated Amount shall remain outstanding and be eligible to vest and become Earned PSUs based on the level of achievement of

     

    

    Exhibit A-1

    
      
        

    

    
    the Performance Goals as provided in Section 2(a). As used
      herein, the “Pro-Rated Amount” means the product of (x) the total number of Target PSUs and (y) a fraction, the numerator of which is equal to the number of
      complete months that have elapsed from the Date of Grant through the date of the termination of the Participant’s employment and the denominator of which is the total number of complete months between the Date of Grant and the Performance Period End
      Date.

    

    

    (c)          Notwithstanding
        anything in the Grant Notice, this Agreement or the Plan to the contrary, subject to Sections 5 and 12, upon a termination of the Participant’s employment with the Company or an Affiliate due to the Participant’s death or Disability
        (as defined below), the Service Requirement with respect to the PSUs shall be deemed satisfied and the PSUs shall remain outstanding and be eligible to vest and become Earned PSUs in accordance with the vesting schedule set forth in the Grant
        Notice and Section 2(a) based on the level of achievement of the Performance Goals. As used herein, “Disability” means “disability” (or a word of like import) as defined in the Participant’s
        employment agreement or consulting agreement with the Company or an Affiliate in effect at the time of the Participant’s termination of employment or, in the absence of such an agreement or definition, a determination by the Committee that the
        Participant is unable to perform the essential functions of the Participant’s position (after accounting for reasonable accommodation, if applicable and required by applicable law), due to physical or mental impairment that continues, or can
        reasonably be expected to continue, for a period in excess of 120 consecutive days or 180 days, whether or not consecutive (or for any longer period as may be required by applicable law), in any 12-month period.

    

    

    (d)          Notwithstanding
        anything in the Grant Notice, this Agreement or the Plan to the contrary, subject to Sections 5 and 12, upon a termination of the Participant’s employment with the Company or an Affiliate (i) within two years following a Change in
        Control, by the Company or an Affiliate without Cause, or (ii) within two years following a Change in Control, by the Participant for Good Reason, in each case (but subject to Section 2(e)), (A) the Participant shall be deemed to have
        satisfied the Service Requirement and (B) the Performance Goals shall be deemed to have been achieved based on actual performance determined as of the date of such termination (as if the date of such termination was the Performance Period End
        Date). Notwithstanding the foregoing, in the event the Committee determines that actual performance with respect to an applicable performance measure is not determinable as of the date of such termination, the Performance Goals with respect to any
        such performance measure shall be deemed to have been achieved at the target level.

    

    

    (e)          Notwithstanding anything in the Grant
        Notice, this Agreement or the Plan to the contrary, subject to Sections 5 and 12, if following a Change in Control, (i) any successor entity does not assume this Award or substitute for this Award new rights of substantially
        equivalent value and (ii) the Common Stock is no longer traded on the New York Stock Exchange or other stock exchange or market system, then, so long as the Participant remains continuously employed by the Company or an Affiliate from the Date of
        Grant through the date of such Change in Control, (A) the Participant shall be deemed to have satisfied the Service Requirement and (B) the Performance Goals shall be deemed to have been achieved based on actual performance determined as of the
        date of such Change in Control (as if the date of such Change in Control was the Performance Period End Date). Notwithstanding the foregoing, in the event the Committee determines that actual performance with respect to an applicable performance
        measure is not

    

    

    
      A-2

      
        

    

    determinable as of the date of such Change in Control, the Performance Goals with respect to any such performance measure shall be deemed to have been achieved at the target level.

    

    

    3.          Dividend Equivalents. In the event that the Company declares and pays a dividend in respect of its outstanding shares of Common Stock and, on the record date for such dividend, the Participant
        holds PSUs granted pursuant to this Agreement that have not been settled, the Company shall record the amount of such dividend in a bookkeeping account and, subject to adjustment as provided below, pay to the Participant an amount in cash equal to
        the cash dividends the Participant would have received if the Participant was the holder of record, as of such record date, of a number of shares of Common Stock equal to the number of PSUs held by the Participant that have not been settled as of
        such record date, such payment to be made on or within 60 days following the date on which such PSUs vest in accordance with Section 2 (the “Dividend Equivalents”). For purposes of clarity, if the PSUs (or any portion thereof) are forfeited by the Participant pursuant to the terms of this Agreement, then the Participant shall also forfeit the Dividend
        Equivalents, if any, accrued with respect to such forfeited PSUs. On the Performance Period End Date, the bookkeeping account that records the Dividend Equivalents shall be adjusted to reflect Dividend Equivalents with respect to the Earned PSUs as
        if each such Earned PSU had been an outstanding share of Common Stock during the period beginning on the Date of Grant and ending on the date the Earned PSUs are settled. No interest will accrue on the Dividend Equivalents between the declaration
        and payment of the applicable dividends and the settlement of the Dividend Equivalents.

    

    

    4.          Settlement of PSUs. As soon as administratively practicable following the vesting of PSUs pursuant to Section 2, but in no event later than 30 days after such vesting date, the Company shall
        deliver to the Participant a number of shares of Common Stock equal to the number of Earned PSUs subject to this Award. All shares of Common Stock issued hereunder shall be delivered either by delivering one or more certificates for such shares to
        the Participant or by entering such shares in book-entry form, as determined by the Committee in its sole discretion. The value of shares of Common Stock shall not bear any interest owing to the passage of time. Neither this Section 4 nor
        any action taken pursuant to or in accordance with this Agreement shall be construed to create a trust or a funded or secured obligation of any kind.

    

    

    	

          	5.	
            Forfeiture Events.

          

    

    

    (a)          Participant
        acknowledges and agrees that the grant of this Award further aligns Participant’s interests with the Company’s long-term business interests, and as a condition to the Company’s willingness to enter into this Agreement, Participant agrees to abide
        by the terms set forth in Exhibit B, which Exhibit B is deemed to be part of this Agreement as if fully set forth herein.

    

    

    (b)        Notwithstanding
        any provision in this Agreement or the Plan to the contrary, in the event the Committee determines that: (i) Participant has engaged in Forfeiting Activity (as defined below), or (ii) Participant has failed to abide by any of the terms set forth in
        Exhibit B or the provisions of any other confidentiality, non-competition or non-solicitation covenant in any other agreement by and between the Company or any Affiliate and Participant, then, in addition to and without limiting the remedies
        set forth in Exhibit B or in any other agreement by and between the Company or any Affiliate and Participant:

    

    

    
      A-3

      
        

    

    (i)          All PSUs that
        have not been settled as of the date of such determination (and all rights arising from such PSUs and from being a holder thereof) will terminate automatically without any further action by the Company and will be forfeited without further notice
        and at no cost to the Company; and

    

    

    (ii)          Participant
        shall, within 30 days following Participant’s receipt of a written notice from the Company, pay to the Company a cash amount equal to (A) the Fair Market Value of any shares of Common Stock previously received by Participant pursuant to this Award
        as of the date of receipt of such shares and (B) any payment previously received in respect of Dividend Equivalents.

    

    

    (c)          As used herein,
        “Forfeiting Activity” shall occur if the Committee determines that Participant has, within the Prohibited Period (as defined below), and without the prior written approval of the Board, directly or
        indirectly, for Participant or on behalf of or in conjunction with any other person or entity of any nature:

    

    

    (i)         engaged in or
        participated within the Market Area in competition with any member of the Company Group in any aspect of the Business, including by directly or indirectly: (A) owning, managing, operating, or being an officer or director of, any business that
        competes with any member of the Company Group in the Market Area, or (B) joining, becoming an employee or consultant of, or otherwise being affiliated with, any person or entity engaged in, or planning to engage in, the Business in the Market Area
        in competition, or anticipated competition, with any member of the Company Group in any capacity (with respect to this clause (B)) in which Participant’s duties or responsibilities are the same as or similar to the duties or responsibilities that
        Participant had on behalf of any member of the Company Group; provided, that the purchase of a public security of a corporation engaged in such business or service shall not in itself be deemed Forfeiting Activity so long as Participant does not
        own, directly or indirectly, more than two percent of the securities of such corporation;

    

    

    (ii)          appropriated
        any Business Opportunity of, or relating to, any member of the Company Group located in the Market Area;

    

    

    (iii)        solicited,
        canvassed, approached, encouraged, enticed or induced any customer or supplier of any member of the Company Group to cease or lessen such customer’s or supplier’s business with any member of the Company Group;

    

    

    (iv)        solicited,
        canvassed, approached, encouraged, enticed or induced any employee or contractor of any member of the Company Group to terminate his, her or its employment or engagement with any member of the Company Group; or

    

    

    (v)         made,
        published, or communicated any disparaging or defamatory comments regarding any member of the Company Group or their current or former directors, officers, members, managers, partners, executives or direct or indirect owners (including
        equityholders); provided, however, that engaging in any activity permitted by Section 1(d) of the Confidentiality Commitments attached as Exhibit B shall not be deemed Forfeiting Activity.

    

    

    	

          	(d)	
            As used herein, the following terms shall have the following meanings:

          

    

    

    
      A-4

      
        

    

    (i)          “Business” shall mean the business and operations that are the same or similar to those performed by the Company and any other member of the Company Group during the period that Participant is employed by
        the Company or an Affiliate, which business and operations include: (A) coal ash management and recycling, and environmental remediation; (B) the design and implementation of solutions for complex environmental projects (such as ash pond closures)
        and coal ash recycling (and facilitation thereof, including through byproduct sales and other beneficial use services); and (C) byproduct sales for power generation customers (including sale and recycling of coal combustion residuals).

    

    

    (ii)          “Business Opportunity” shall mean any commercial, investment or other business opportunity relating to the Business.

    

    

    (iii)          “Market Area” shall mean: (A) the geographic area within a 100- mile radius of any office or other facility of the Company or an Affiliate or any work site (including any project site, customer office or
        any other facility owned, operated, serviced or managed by a member of the Company Group) where Participant worked or for which Participant had direct or indirect responsibility during the period of Participant’s employment with the Company or any
        of its Affiliates; and (B) those geographic areas set forth on Schedule 5(d)(viii) hereto.

    

    

    (iv)          “Prohibited Period” shall mean the period during which Participant is employed by the Company or an Affiliate and continuing for a period of eighteen (18) months following the date that Participant is no
        longer employed by the Company or any Affiliate.

    

    

    (e)          Participant acknowledges that the
        terms of this Section 5, and the consequences for Participant’s engaging in Forfeiting Activity, are reasonable in all respects.

    

    

    6.          Tax Withholding. To the extent that the receipt, vesting or settlement of this Award results in compensation income or wages to the Participant for federal, state, local and/or foreign tax
        purposes, the Participant shall make arrangements satisfactory to the Company for the satisfaction of obligations for the payment of withholding taxes and other tax obligations relating to this Award, which arrangements include the delivery of cash
        or cash equivalents, Common Stock (including previously owned Common Stock, net settlement, a broker-assisted sale, or other cashless withholding or reduction of the amount of shares otherwise issuable or delivered pursuant to this Award), other
        property, or any other legal consideration the Committee deems appropriate. If such tax obligations are satisfied through net settlement or the surrender of previously owned Common Stock, the maximum number of shares of Common Stock that may be so
        withheld (or surrendered) shall be the number of shares of Common Stock that have an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest
        withholding rates for federal, state, local and/or foreign tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment for the Company with respect to this Award, as determined by the Committee. Any
        fraction of a share of Common Stock required to satisfy such tax obligations shall be disregarded and the amount due shall be paid instead in cash to the Participant. The Participant acknowledges that there may be adverse tax consequences upon the
        receipt, vesting or settlement of this Award or disposition of the underlying shares and that the Participant has been advised, and hereby is advised, to consult a tax advisor. The Participant represents that the Participant is in no manner relying
        on the Board, the Committee, the Company or an Affiliate or any of their respective

    

    

    
      A-5

      
        

    

    managers, directors, officers, employees or authorized representatives (including attorneys, accountants, consultants, bankers, lenders, prospective
      lenders and financial representatives) for tax advice or an assessment of such tax consequences.

    

    

    7.          Employment Relationship. For purposes of this Agreement, Participant shall be considered to be employed by the Company or an Affiliate as long as Participant remains an employee of any of the
        Company, an Affiliate or a corporation or other entity (or a parent or subsidiary of such corporation or other entity) assuming or substituting a new award for this Award. Without limiting the scope of the preceding sentence, it is expressly
        provided that Participant shall be considered to have terminated employment with the Company (a) when Participant ceases to be an employee of any of the Company, an Affiliate, or a corporation or other entity (or a parent or subsidiary of such
        corporation or other entity) assuming or substituting a new award for this Award or (b) at the time of the termination of the “Affiliate” status under the Plan of the corporation or other entity that employs Participant.

    

    

    8.          Non-Transferability. During the lifetime of the Participant, the PSUs may not be Transferable by the Participant other than by will or by the laws of descent and distribution, unless and until
        the shares of Common Stock underlying the PSUs have been issued, and all restrictions applicable to such shares have lapsed. Any attempted Transfer of the PSUs shall be null and void and of no effect, except to the extent that such Transfer is
        permitted by the preceding sentence.

    

    

    9.          Compliance with Applicable Law. Notwithstanding any provision of this Agreement to the contrary, the issuance of shares of Common Stock hereunder will be subject to compliance with all
        applicable requirements of applicable law with respect to such securities and with the requirements of any stock exchange or market system upon which the Common Stock may then be listed. No shares of Common Stock will be issued hereunder if such
        issuance would constitute a violation of any applicable law or regulation or the requirements of any stock exchange or market system upon which the Common Stock may then be listed. In addition, shares of Common Stock will not be issued hereunder
        unless (a) a registration statement under the Securities Act is in effect at the time of such issuance with respect to the shares to be issued or (b) in the opinion of legal counsel to the Company, the shares to be issued are permitted to be issued
        in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s
        legal counsel to be necessary for the lawful issuance and sale of any shares of Common Stock hereunder will relieve the Company of any liability in respect of the failure to issue such shares as to which such requisite authority has not been
        obtained. As a condition to any issuance of Common Stock hereunder, the Company may require the Participant to satisfy any requirements that may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make
        any representation or warranty with respect to such compliance as may be requested by the Company.

    

    

    10.       Legends. If a stock certificate is issued with respect to shares of Common Stock issued hereunder, such certificate shall bear such legend or legends as the Committee deems appropriate in order to reflect
        the restrictions set forth in this Agreement and to ensure compliance with the terms and provisions of this Agreement, the rules, regulations and other requirements of the U.S. Securities and Exchange Commission, any applicable laws or the
        requirements of any stock exchange on which the Common Stock is then listed. If the shares of Common Stock issued

    

    

    
      A-6

      
        

    

    hereunder are held in book-entry form, then such entry will reflect that the shares are subject to the restrictions set forth in this
      Agreement.

    

    

    11.        Rights as a Stockholder. The Participant shall have no rights as a stockholder of the Company with respect to any shares of Common Stock that may become deliverable hereunder unless and until
        the Participant has become the holder of record of such shares of Common Stock, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such shares of Common Stock, except as
        otherwise specifically provided for in the Plan or this Agreement.

    

    

    12.      Execution of Receipts and Releases. Any issuance or transfer of shares of Common Stock or other property to the Participant or the Participant’s legal representative, heir, legatee or distributee, in
        accordance with this Agreement shall be in full satisfaction of all claims of such Person hereunder. As a condition precedent to such payment or issuance, the Company may require the Participant or the Participant’s legal representative, heir,
        legatee or distributee to execute (and not revoke within any time provided to do so) a release and receipt therefor in such form as it shall determine appropriate; provided, however, that any review period under such release will not modify the
        date of settlement with respect to vested PSUs.

    

    

    13.         No Right to Continued Employment, Service or Awards. Nothing in the adoption of the Plan, nor the award of the PSUs thereunder pursuant to the Grant Notice and this Agreement, shall confer upon
        the Participant the right to continued employment by, or a continued service relationship with, the Company or any Affiliate, or any other entity, or affect in any way the right of the Company or any such Affiliate, or any other entity to terminate
        such employment or other service relationship at any time. The grant of the PSUs is a one-time benefit and does not create any contractual or other right to receive a grant of Awards or benefits in lieu of Awards in the future. Any future Awards
        will be granted at the sole discretion of the Company.

    

    

    14.         Notices. All notices and other communications under this Agreement shall be in writing and shall be delivered to the parties at the following addresses (or at such other address for a party as
        shall be specified by like notice):

    

    

    If to the Company, unless otherwise designated by the Company in a written notice to the Participant (or other holder):

    

    

    Charah Solutions, Inc. 

    Attn: Corporate Secretary 

    12601 Plantside Drive

    Louisville, Kentucky 40299

    

    

    If to the Participant, at the Participant’s last known address on file with the Company.

    

    

    Any notice that is delivered personally or by overnight courier or telecopier in the manner provided herein shall be deemed to have
      been duly given to the Participant when it is mailed by the Company or, if such notice is not mailed to the Participant, upon receipt by the Participant. Any notice that is addressed and mailed in the manner herein provided shall be conclusively
      presumed to have been given to the party to whom it is addressed at the close of business, local time of the recipient, on the fourth day after the day it is so placed in the mail.

     

    

    
      A-7

      
        

    

    15.         Consent to Electronic Delivery; Electronic Signature. In lieu of receiving documents in paper format, the Participant agrees, to the fullest extent permitted by law, to accept electronic
        delivery of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports and all other
        forms of communications) in connection with this and any other Award made or offered by the Company. Electronic delivery may be via a Company electronic mail system or by reference to a location on a Company intranet to which the Participant has
        access. The Participant hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may be required to deliver, and
        agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature.

    

    

    16.         Agreement to Furnish Information. The Participant agrees to furnish to the Company all information requested by the Company to enable it to comply with any reporting or other requirement
        imposed upon the Company by or under any applicable statute or regulation.

    

    

    17.        Entire Agreement; Amendment. This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises, representations,
        warranties and agreements between the parties with respect to the PSUs granted hereby; provided ̧ however, that: (i) the terms of this Agreement shall not modify and shall be subject to the terms and conditions of any employment, consulting and/or
        severance agreement between the Company (or an Affiliate or other entity) and the Participant in effect as of the date a determination is to be made under this Agreement; and (ii) the terms herein and of Exhibit B and of Exhibit C
        are in addition to and complement (and do not replace or supersede) all other agreements and obligations between the Company or any Affiliate and Participant with respect to confidentiality, non-disclosure, non-competition or non-solicitation.
        Without limiting the scope of the preceding sentence, except as provided therein, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and
        effect. The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; provided, however, that except as otherwise provided in the Plan or this Agreement, any such amendment
        that materially reduces the rights of the Participant shall be effective only if it is in writing and signed by both the Participant and an authorized officer of the Company.

    

    

    18.        Severability and Waiver. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of such
        provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect. Waiver by any party of any breach of this Agreement or failure to exercise any right
        hereunder shall not be deemed to be a waiver of any other breach or right. The failure of any party to take action by reason of such breach or to exercise any such right shall not deprive the party of the right to take action at any time while or
        after such breach or condition giving rise to such rights continues.

    

    

    19.        Company Recoupment of Awards. A Participant’s rights with respect to this Award shall in all events be subject to (a) any right that the Company may have under any Company recoupment policy or other
        agreement or arrangement with a Participant, or (ii) any right

    

    

    
      A-8

      
        

    

    or obligation that the Company may have regarding the clawback of “incentive-based compensation” under Section 10D of the Exchange Act and any
      applicable rules and regulations promulgated thereunder form time to time by the U.S. Securities and Exchange Commission.

    

    

    20.        Governing Law; Dispute Resolution. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED
        THEREIN, EXCLUSIVE OF THE CONFLICT OF LAWS PROVISIONS OF DELAWARE LAW. ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE SUBJECT TO THE DISPUTE RESOLUTION PROVISIONS SET FORTH IN SECTION

    14.9 OF THE PLAN. The parties acknowledge and agree that Delaware has a substantial relationship to the transaction reflected herein
      and there is a reasonable basis for the choice of Delaware law herein, as Delaware law is well-known to the parties and well-developed with respect to the subject matters of this Agreement. The parties further acknowledge and agree that the
      designation of Delaware law and the interpretation and application of this Agreement consistent with principles of Delaware law assures uniformity, certainty and predictability in the application of the Plan through which the PSUs are hereby granted.

    

    

    21.         Successors and Assigns. The Company may assign any of its rights under this Agreement without the Participant’s consent. This Agreement will be binding upon and inure to the benefit of the
        successors and assigns of the Company. Subject to the restrictions on transfer set forth herein and in the Plan, this Agreement will be binding upon the Participant and the Participant's beneficiaries, executors, administrators and the Person(s) to
        whom the PSUs may be transferred by will or the laws of descent or distribution.

    

    

    22.        Headings; References; Interpretation. Headings are for convenience only and are not deemed to be part of this Agreement. The words “hereof,” “herein” and “hereunder” and words of similar
        import, when used in this Agreement, shall refer to this Agreement as a whole, including Exhibit B and Exhibit C attached hereto, and not to any particular provision of this Agreement. All references herein to Sections and Exhibit
          B and Exhibit C shall, unless the context requires a different construction, be deemed to be references to the Sections and Exhibit B and Exhibit C of this Agreement. The word “or” as used herein is not exclusive and
        is deemed to have the meaning “and/or.” All references to “including” shall be construed as meaning “including without limitation.” Unless the context requires otherwise, all references herein to a law, agreement, instrument or other document shall
        be deemed to refer to such law, agreement, instrument or other document as amended, supplemented, modified and restated from time to time to the extent permitted by the provisions thereof. All references to “dollars” or “$” in this Agreement refer
        to United States dollars. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa. Neither
        this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by each of the parties hereto and
        shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the parties hereto.

    

    

    
      A-9

      
        

    

    23.         Counterparts. The Grant Notice may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Delivery of an
        executed counterpart of the Grant Notice by facsimile or portable document format (.pdf) attachment to electronic mail shall be effective as delivery of a manually executed counterpart of the Grant Notice.

    

    

    24.        Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the PSUs granted pursuant to this Agreement are intended to be exempt from the applicable requirements of Section
        409A of the Code and shall be limited, construed and interpreted in accordance with such intent. Nevertheless, to the extent that the Committee determines that the PSUs may not be exempt from Section 409A of the Code, then, if the Participant is
        deemed to be a “specified employee” within the meaning of Section 409A of the Code, as determined by the Committee, at a time when the Participant becomes eligible for settlement of the PSUs upon his “separation from service” within the meaning of
        Section 409A of the Code, then to the extent necessary to prevent any accelerated or additional tax under Section 409A of the Code, such settlement will be delayed until the earlier of: (a) the date that is six months following the Participant’s
        separation from service and (b) the Participant’s death. Notwithstanding the foregoing, the Company and its Affiliates make no representations that the PSUs provided under this Agreement are exempt from or compliant with Section 409A of the Code
        and in no event shall the Company or any Affiliate be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.

    

    

    [Remainder of Page Intentionally Blank]

    

    

    
      A-10

      
        

    

    SCHEDULE 5(d)(viii)

    

    

    [The following parishes within the State of Louisiana:

    

    

    Calcasieu and Rapides.]

    

    

    Exhibit B-1

    
      
        

    

    EXHIBIT B 

     

    

    CONFIDENTIALITY COMMITMENTS

     

    

    1.          Confidentiality. In the course of Participant’s employment with the Company or any Affiliate and the performance of Participant’s duties on behalf of the Company or its direct and indirect
        subsidiaries (collectively, the Company and its direct and indirect subsidiaries are referred to as the “Company Group”) hereunder, the Participant will be provided with, and will have access to,
        Confidential Information (as defined below).

    

    

    (a)          Both during the
        course of Participant’s employment with the Company or any Affiliate and thereafter, except as expressly permitted by this Agreement or by directive of the Board, Participant shall not disclose any Confidential Information to any person or entity
        and shall not use any Confidential Information except for the benefit of the Company Group. Participant shall follow all Company Group policies and protocols regarding the security of all documents and other materials containing Confidential
        Information (regardless of the medium on which Confidential Information is stored). The covenants of this Section 1 shall apply to all Confidential Information, whether now known or later to become known to Participant during the period
        that Participant is employed by or affiliated with the Company or any other member of the Company Group.

    

    

    (b)          Notwithstanding any provision of Section
          1 to the contrary, Participant may make the following disclosures and uses of Confidential Information:

    

    

     (i)         disclosures
        to other employees of a member of the Company Group who have a need to know the information in connection with the businesses of the Company Group;

    

    

     (ii)        disclosures
        to customers and suppliers when  such disclosure is necessary in connection with Participant’s performance of Participant’s duties for any member of the Company Group and is in the best interests of the Company Group;

    

    

    	

          	(iii)	
            disclosures and uses that are approved in writing by the Board; or

          

    

    

     (iv)        disclosures
        to a person or entity that has (x) been retained by a member of the Company Group to provide services to one or more members of the Company Group and (y) agreed in writing to abide by the terms of a confidentiality agreement.

    

    

    (c)         All trade
        secrets, non-public information, designs, ideas, concepts, improvements, product developments, discoveries and inventions, whether patentable or not, that are or have been conceived, made, developed or acquired by or disclosed to Participant,
        individually or in conjunction with others, during the period that Participant is or has been employed by the Company or any Affiliate (whether during business hours or otherwise and whether on the Company’s or any other member of the Company
        Group’s premises or otherwise) that relate to any member of the Company Group’s businesses or properties, products or services (including all such information relating to corporate opportunities, operations, future plans, methods of doing business,
        business plans, strategies for developing business and market share, research, financial and sales data, pricing terms, evaluations, opinions, interpretations, acquisition

    

    

    Exhibit B-1

    
      
        

    

    
    prospects, the identity of customers or acquisition targets or their requirements, the identity of key contacts within customers’
      organizations or within the organization of acquisition prospects, or marketing and merchandising techniques, prospective names and marks) is defined as “Confidential
          Information.” Moreover, all documents, videotapes, written presentations, brochures, drawings, memoranda, notes, records, files, correspondence, manuals, models, specifications, computer programs, e-mail, voice mail, electronic
      databases, maps, drawings, architectural renditions, models and all other writings or materials of any type including or embodying any of such information, ideas, concepts, improvements, discoveries, inventions and other similar forms of expression
      are and shall be the sole and exclusive property of the Company or another member of the Company Group and be subject to the same restrictions on disclosure applicable to all Confidential Information pursuant to this Exhibit B. For purposes of this Exhibit B,
      Confidential Information shall not include any information that (i) is or becomes generally available to the public other than as a result of a disclosure or wrongful act of Participant or any of Participant’s agents; (ii) was available to
      Participant on a non-confidential basis before its disclosure by a member of the Company Group; or (iii) becomes available to Participant on a non- confidential basis from a source other than a member of the Company Group; provided, however, that
      such source is not bound by a confidentiality agreement with, or other obligation with respect to confidentiality to, a member of the Company Group.

    

    

    (d)          Notwithstanding
        the foregoing, nothing in this Exhibit B or in any other agreement between Participant and the Company or any Affiliate shall prohibit or restrict Participant from lawfully (i) initiating communications directly with, cooperating with,
        providing information to, causing information to be provided to, or otherwise assisting in an investigation by, any governmental authority (including the U.S. Securities and Exchange Commission) regarding a possible violation of any law; (ii)
        responding to any inquiry or legal process directed to Participant from any such governmental authority; (iii) testifying, participating or otherwise assisting in any action or proceeding by any such governmental authority relating to a possible
        violation of law, or (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable law. Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, 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 (1) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (2) solely
        for the purpose of reporting or investigating a suspected violation of law; or (B) is made to the individual’s attorney in relation to a lawsuit for retaliation against the individual for reporting a suspected violation of law or (C) is made in a
        complaint or other document filed in a lawsuit or proceeding, if such filing is made under seal. Nothing in this Exhibit B requires Participant to obtain prior authorization before engaging in any conduct described in this paragraph, or to
        notify the Company or any Affiliate that Participant has engaged in any such conduct.

    

    

    2.          Return of Company Materials. Upon the termination of Participant’s employment by the Company or an Affiliate, and at any other time upon request of the Company, Participant shall promptly
        surrender and deliver to the Company all documents (including electronically stored information) and all copies thereof and all other materials of any nature containing or pertaining to all Confidential Information and any other Company Group
        property (including any Company Group-issued computer, mobile device or other equipment) in Participant’s possession, custody or control and Participant shall not retain any such documents or other materials or property of the Company Group. Within
        five days of any such request,

    

    

    
      B-2

      
        

    

    Participant shall certify to the Company in writing that all such documents, materials and property have been returned to the Company.

    

    

    3.          Specific Performance. Because of the difficulty of measuring economic losses to the Company Group as a result of a breach or threatened breach of the covenants set forth in Section 1,
        and because of the immediate and irreparable damage that would be caused to the members of the Company Group for which they would have no other adequate remedy, the Company and each other member of the Company Group shall be entitled to enforce the
        foregoing covenants, in the event of a breach or threatened breach, by injunctions and restraining orders, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of
        posting any bond or other security. The aforementioned equitable relief shall not be the Company’s or any other member of the Company Group’s exclusive remedy for a breach but instead shall be in addition to all other rights and remedies available
        to the Company and each other member of the Company Group under the Agreement (including Section 5 of the Agreement) and otherwise at law and equity.

    

    

    4.          Severability. The covenants in this Exhibit B are severable and separate, and the unenforceability of any specific covenant (or portion thereof) shall not affect the provisions of any
        other covenant (or portion thereof).

    

    

    5.        Third-Party Beneficiaries. Each member of the Company Group that is not a signatory hereto shall be a third-party beneficiary of Participant’s representations, covenants and obligations set
        forth in this Exhibit B and shall be entitled to enforce such representations, covenants and obligations as if a party hereto.

    

    

    6.          Survival. Participant’s obligations under this Exhibit B shall survive the date that Participant is no longer employed by the Company or an Affiliate, regardless of the reason that such
        relationship ends.

    

    

    
      B-3

      
        

    

    Exhibit C

     

      

    PERFORMANCE GOALS

     

    

    The PSUs shall have two Performance Goals: (i) the relative total shareholder return (“TSR”) percentile ranking of the Company as compared to the Performance Peer Group (as defined below) during the Performance Period and (ii) Cumulative Revenue (as defined below)
      growth, each to be weighted 50% in determining the number of PSUs that become Earned PSUs. Subject to the satisfaction of the Service Requirement, the number of Earned PSUs will be determined in accordance with the following tables. The Committee, in
      its sole discretion, will review, analyze and certify the achievement of the Performance Goals and will determine the number of Earned PSUs in accordance with the terms of this Agreement, the Grant Notice and the Plan.

    

    

    Company TSR Performance Ranking and Payout Schedule

    

    

    	
            Achievement 

            Level

          	
            Relative TSR Performance 

            (Percentile Rank vs. Peers)

          	
            Earned PSUs 

            (% of Target)*

          
	
            < Threshold

          	
            < 25th Percentile

          	
            0%

          
	
            Threshold

          	
            25th Percentile

          	
            25%

          
	
            Target

          	
            50th Percentile

          	
            50%

          
	
            Maximum

          	
            ≥ 75th Percentile

          	
            100%

          

    

    

    *The percentage of Target PSUs that become Earned PSUs for performance between the Threshold, Target and Maximum Achievement Levels
      set forth on the table above shall be calculated using linear interpolation.

    

    

    Three-Year Cumulative Revenue Growth and Payout Schedule

    

    

    	
            Achievement 

            Level

          	
            Cumulative Revenue 

            ($ in thousands)

          	
            Earned PSUs 

            (% of Target)*

          
	
            < Threshold

          	
            [              ]

          	
            0%

          
	
            Threshold

          	
            [              ]

          	
            25%

          
	
            Target

          	
            [              ]

          	
            50%

          
	
            Maximum

          	
            [              ]

          	
            100%

          

    

    

    * The percentage of Target PSUs that become Earned PSUs for performance between the Threshold, Target and Maximum Achievement Levels
      set forth on the table above shall be calculated using linear interpolation.

    

    

    To determine the total number of Earned PSUs, the sum of (i) the percentage of PSUs that become Earned PSUs in
      accordance with the above table labeled “Company TSR Performance Ranking and Payout Schedule” and (ii) the percentage of PSUs that become Earned PSUs in accordance with the above table labeled “Three-Year Cumulative Revenue Growth and Payout
      Schedule” will be multiplied by the Target PSUs. For example, if as of the Performance Period

    

    

    Exhibit C-1

    
      
        

    

    
    
      End Date, the Participant had satisfied the Service Requirement and the Company achieved “Target” with respect to the TSR goal and
        “Maximum” with respect to the Cumulative Revenue growth goal, then 150% of the Participant’s Target PSUs would become Earned PSUs.

      

      

      Performance Peer Group

      

      

      The following companies will be deemed to be the Company’s “Performance Peer Group” for purposes of
        this Agreement:

      

      

      	
              Ticker Symbol

            	
              Company Name

            
	
              AEGN

            	
              Aegion Corporation

            
	
              TISI

            	
              Team, Inc.

            
	
              STRL

            	
              Sterling Construction Company, Inc.

            
	
              ROCK

            	
              Gibraltar Industries, Inc.

            
	
              ROAD

            	
              Construction Partners, Inc.

            
	
              AMRC

            	
              Ameresco, Inc.

            
	
              GLDD

            	
              Great Lakes Dredge & Dock Corporation

            
	
              ECOL

            	
              US Ecology, Inc.

            
	
              ORN

            	
              Orion Group Holdings, Inc.

            
	
              NVEE

            	
              NV5 Global, Inc.

            
	
              HCCI

            	
              Heritage-Crystal Clean, Inc.

            
	
              CSWI

            	
              CSW Industrials, Inc.

            
	
              CECE

            	
              CECO Environmental Corp.

            
	
              AGX

            	
              Argan, Inc.

            

      

      

    

    to:

    Determination of Relative TSR Rank

    

    

    The TSR for the Company and each member of the Performance Peer Group shall be equal

    

    

    (“X” plus “Y”) divided by “Z”, where:

    

    

    “X” is the difference between (i) the volume-weighted average closing
      price (the “VWAP”) of such entity’s common stock or other com equity securities for the 20 consecutive trading days immediately preceding the Performance Period End Date, minus (ii) the VWAP of such entity’s common stock or other common equity securities for the 20 consecutive trading days immediately following the Performance Period Start Date;

    
      

      

      “Y” is the cumulative
        amount of dividends and distributions (whether in the form of cash or equity) paid in respect of such entity’s common stock or other common equity securities during the Performance Period, assuming such dividends and distributions are reinvested in
        additional shares of such entity’s common stock or other common equity securities; and

      

      

      “Z” is the VWAP of such
        entity’s common stock or other common equity securities for the 20 consecutive trading days immediately following the Performance Period Start Date.

      

      

    

    
      C-2

      
        

    

    Notwithstanding the foregoing, the following events shall be used to adjust the Performance Peer Group in response
      to changes in the corporate structure of an entity in the Performance Peer Group:

    

    

    	

          	1.	
            If an entity in the Performance Peer Group spins-off a subsidiary, such spin-off should be treated as a dividend.

          

    

    

    	

          	2.	
            If an entity in the Performance Peer Group is acquired or becomes a private company, such entity shall be removed from the Performance Peer Group on the effective date of the
              consummation of such transaction.

          

    

    

    	

          	3.	
            In the event of a merger or other business combination of two Performance Peer Group members (including, without limitation, the acquisition of one Performance Peer Group member, or all
              or substantially all of its assets, by another Performance Peer Group member), the surviving, resulting or successor entity, as the case may be, shall continue to be treated as a member of the Performance Peer Group, provided that the common
              stock (or similar equity security) of such entity is listed or traded on a national securities exchange through the last trading day of the Performance Period.

          

    

    

    	

          	4.	
            If an entity in the Performance Peer Group files for bankruptcy or liquidates due to an insolvency or is delisted, the TSR of such entity shall be deemed to be negative 100% (and if
              multiple members of the Performance Peer Group file for bankruptcy or liquidate due to an insolvency or are delisted, such members shall be ranked in order of when such bankruptcy or liquidation occurs, with earlier bankruptcies, liquidations
              and delistings ranking lower than later bankruptcies, liquidations and delistings).

          

    

    

    	

          	5.	
            Notwithstanding the foregoing, the Committee has the discretion to make any adjustments it deems necessary with respect to the Performance Peer Group.

          

    

    

    To determine the Company’s applicable percentile ranking for the Performance Period, TSR will be calculated for
      the Company and each entity in the Performance Peer Group as of the Performance Period End Date. The entities in the Performance Peer Group will be arranged by their respective TSR (highest to lowest) excluding the Company. The Company’s percentile
      rank will be interpolated between the entity with the next highest TSR and the entity with the next lowest TSR based on the differential between the Company’s TSR and the TSR of such entities. Notwithstanding the foregoing, in the event the Company’s
      TSR for the Performance Period is negative, the percentage of Target PSUs that become Earned PSUs in accordance with TSR payout schedule shall not exceed 50%, regardless of the Company’s actual percentile ranking for the Performance Period.

    

    

    Determination of Cumulative Revenue Growth Payout

    

    

    As an employee of Charah, LLC on the Date of Grant, the Cumulative Revenue for the Performance Period of Charah,
      LLC will be used to determine the percentage of the Target PSUs that will become Earned PSUs with respect to the Cumulative Revenue growth goal. The payout

    

    

    
      C-3

      
        

    

    is determined based on Charah, LLC’s Cumulative Revenue for the Performance Period as provided under the “Three-Year Cumulative Revenue Growth and Payout Schedule” above.

    

    

    As used herein:

    

    

    	

          	•	
            “Cumulative Revenue” means the aggregate Revenue of Charah, LLC for the Performance Period.

          

    

    

    	

          	•	
            “Revenue” means “revenue” as set forth in the financial statements of Charah, LLC prepared pursuant to generally accepted accounting
              principles.

          

  

  
    

    

    

    

    C-4

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