Document:

Exhibit
10.8

 

VOLTA
INC.

 

2021
EMPLOYEE STOCK PURCHASE PLAN

 

1.
General; Purpose.

 

(a)
Purpose. The Plan provides a means by which Eligible Employees and/or Eligible Service Providers of either the Company or a Designated
Company may be given an opportunity to purchase shares of Common Stock. The Plan permits the Company to grant a series of Purchase Rights
to Eligible Employees and/or Eligible Service Providers. The Company, by means of the Plan, seeks to, and seeks to assist its Related
Corporations or Affiliates to, retain the services of Eligible Employees and Eligible Service Providers and provide incentives for such
persons to exert maximum efforts for the success of the Company and its Related Corporations and Affiliates.

 

(b)
Qualified and Non-Qualified Offerings Permitted. The Plan includes two components: a 423 Component and a Non-423 Component.
The Company intends (but makes no undertaking or representation to maintain) the 423 Component to qualify as an Employee Stock Purchase
Plan. The provisions of the 423 Component, accordingly, will be construed in a manner that is consistent with the requirements of
Section 423 of the Code, including without limitation, to extend and limit Plan participation in a uniform and non-discriminating
basis. In addition, this Plan authorizes grants of Purchase Rights under the Non-423 Component that do not meet the requirements
of an Employee Stock Purchase Plan. Except as otherwise provided in the Plan or determined by the Board, the Non-423 Component will
operate and be administered in the same manner as the 423 Component. In addition, the Company may make separate Offerings which
vary in terms (provided that such terms are not inconsistent with the provisions of the Plan, except with respect to a Non-423 Component,
the terms of which may vary from the requirements of the Plan that relate to qualification as an Employee Stock Purchase Plan), and the
Company will designate which Designated Company is participating in each separate Offering and if any Eligible Service Providers will
be eligible to participate in a separate Offering. Eligible Employees will be able to participate in the 423 Component or Non-423 Component
of the Plan. Eligible Service Providers will only be able to participate in the Non-423 Component of the Plan.

 

2.
Administration.

 

(a)
The Board will administer the Plan unless and until the Board delegates administration of the Plan to a Committee or Committees, as provided
in Section 2(c).

 

(b)
The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan and in accordance with Applicable
Laws:

 

(i)
To determine how and when Purchase Rights will be granted and the provisions of each Offering (which need not be identical).

 

(ii)
To designate from time to time which Related Corporations will be eligible to participate in the Plan as Designated 423 Corporations
or as Designated Non-423 Corporations, which Affiliates will be eligible to participate in the Plan as Designated Non-423 Corporations,
and which Designated Companies will participate in each separate Offering (to the extent that the Company makes separate Offerings).

 

     

     

    

 

(iii)
To designate from time to time which persons will be eligible to participate in the Non-423 Component of the Plan as Eligible Service
Providers and which Eligible Service Providers will participate in each separate Offering (to the extent that the Company makes separate
Offerings).

 

(iv)
To construe and interpret the Plan and Purchase Rights, and to establish, amend and revoke rules and regulations for its administration.
The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent
it deems necessary or expedient to make the Plan fully effective.

 

(v)
To settle all controversies regarding the Plan and Purchase Rights granted under the Plan.

 

(vi)
To suspend or terminate the Plan at any time as provided in Section 12.

 

(vii)
To amend the Plan at any time as provided in Section 12.

 

(viii)
Generally, to exercise such powers and to perform such acts as it deems necessary or expedient to promote the best interests of the
Company, its Related Corporations, and Affiliates and to carry out the intent that the 423 Component be treated as an Employee
Stock Purchase Plan.

 

(ix)
To adopt such rules, procedures and sub-plans relating to the operation and administration of the Plan as are necessary or appropriate
under Applicable Laws to permit or facilitate participation in the Plan by Employees or Eligible Service Providers who are non-U.S. nationals
or employed or providing services or located or otherwise subject to the laws of a jurisdiction outside the United States. Without limiting
the generality of, but consistent with, the foregoing, the Board specifically is authorized to adopt rules, procedures, and sub-plans,
which, for purposes of the Non-423 Component, may be beyond the scope of Section 423 of the Code, regarding, without limitation,
eligibility to participate in the Plan, handling and making of Contributions, establishment of bank or trust accounts to hold Contributions,
payment of interest, conversion of local currency, obligations to pay payroll tax, determination of beneficiary designation requirements,
withholding procedures and handling of share issuances, any of which may vary according to Applicable Laws.

 

(c)
The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration is delegated to
a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board
that have been delegated to the Committee, including the power to delegate to a subcommittee any of the administrative powers the Committee
is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee), subject, however,
to such resolutions, not inconsistent with the provisions of the Plan and Applicable Laws, as may be adopted from time to time by the
Board. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the
Board some or all of the powers previously delegated. Whether or not the Board has delegated administration of the Plan to a Committee,
the Board will have the final power to determine all questions of policy and expediency that may arise in the administration of the Plan.

 

    - 2 -

     

    

 

(d)
All determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person and
will be final, binding and conclusive on all persons.

 

3.
Shares of Common Stock Subject to the Plan.

 

(a)
Number of Shares Available. Subject to the provisions of Section 11(a) relating to Capitalization Adjustments, the maximum
number of shares of Common Stock that may be issued under the Plan will not exceed 3,715,944 shares of Common Stock.

 

(b)
Share Recycling. If any Purchase Right granted under the Plan terminates without having been exercised in full, the shares of
Common Stock not purchased under such Purchase Right will again become available for issuance under the Plan.

 

(c)
Source of Shares. The stock purchasable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including
shares repurchased by the Company on the open market.

 

4.
Grant of Purchase Rights; Offering.

 

(a)
Offerings. The Board may from time to time grant or provide for the grant of Purchase Rights to Eligible Employees and/or Eligible
Service Providers under an Offering (consisting of one or more Purchase Periods) on an Offering Date or Offering Dates selected by the
Board. Each Offering will be in such form and will contain such terms and conditions as the Board will deem appropriate, and, with respect
to the 423 Component, will comply with the requirement of Section 423(b)(5) of the Code that all Employees granted Purchase
Rights will have the same rights and privileges. The terms and conditions of an Offering will be incorporated by reference into the Plan
and treated as part of the Plan. The provisions of separate Offerings need not be identical, but each Offering will include (through
incorporation of the provisions of this Plan by reference in the Offering Document or otherwise) the period during which the Offering
will be effective, which period will not exceed twenty seven (27) months beginning with the Offering Date, and the substance of the provisions
contained in Sections 5 through 8, inclusive.

 

(b)
More than One Purchase Right. If a Participant has more than one Purchase Right outstanding under the Plan, unless he or she otherwise
indicates in forms delivered to the Company: (i) each form will apply to all of his or her Purchase Rights under the Plan, and (ii) a
Purchase Right with a lower exercise price (or an earlier-granted Purchase Right, if different Purchase Rights have identical exercise
prices) will be exercised to the fullest possible extent before a Purchase Right with a higher exercise price (or a later-granted Purchase
Right if different Purchase Rights have identical exercise prices) will be exercised.

 

(c)
Restart Provision Permitted. The Board will have the discretion to structure an Offering so that if the Fair Market Value of a
share of Common Stock on the first Trading Day of a new Purchase Period within that Offering is less than or equal to the Fair Market
Value of a share of Common Stock on the Offering Date for that Offering, then (i) that Offering will terminate immediately as of
that first Trading Day, and (ii) the Participants in such terminated Offering will be automatically enrolled in a new Offering beginning
on the first Trading Day of such new Offering.

 

    - 3 -

     

    

 

5.
Eligibility.

 

(a)
General. Purchase Rights may be granted only to Employees of the Company or, as the Board may designate in accordance with Section 2(b),
to Employees of a Related Corporation or, solely with respect to the Non-423 Component, Employees of an Affiliate or Eligible Service
Providers.

 

(b)
Grant of Purchase Rights in Ongoing Offering. The Board may provide that Employees will not be eligible to be granted Purchase
Rights under the Plan if, on the Offering Date, the Employee (i) has not completed at least two (2) years of service since
the Employee’s last hire date (or such lesser period of time as may be determined by the Board in its discretion), (ii) customarily
works not more than twenty (20) hours per week (or such lesser period of time as may be determined by the Board in its discretion),
(iii) customarily works not more than five (5) months per calendar year (or such lesser period of time as may be determined
by the Board in its discretion), (iv) is a highly compensated employee within the meaning of Section 423(b)(4)(D) of the Code,
or (v) has not satisfied such other criteria as the Board may determine consistent with Section 423 of the Code. Unless otherwise
determined by the Board for any Offering, an Employee will not be eligible to be granted Purchase Rights unless, on the Offering Date,
the Employee has completed at least three (3) months of service since the Employee’s last hire date and customarily works
more than twenty (20) hours per week and more than five (5) months per calendar year.

 

(c)
5% Stockholders Excluded. No Employee will be eligible for the grant of any Purchase Rights if, immediately after any such Purchase
Rights are granted, such Employee owns stock possessing five (5) percent or more of the total combined voting power or value of
all classes of stock of the Company or of any Related Corporation. For purposes of this Section 5(c), the rules of Section 424(d)
of the Code will apply in determining the stock ownership of any Employee, and stock which such Employee may purchase under all outstanding
Purchase Rights and options will be treated as stock owned by such Employee.

 

(d)
$25,000 Limit. As specified by Section 423(b)(8) of the Code, an Eligible Employee may be granted Purchase Rights only if
such Purchase Rights, together with any other rights granted under all Employee Stock Purchase Plans of the Company and any Related Corporations,
do not permit such Eligible Employee’s rights to purchase stock of the Company or any Related Corporation to accrue at a rate which,
when aggregated, exceeds U.S. $25,000 of Fair Market Value of such stock (determined at the time such rights are granted, and which,
with respect to the Plan, will be determined as of their respective Offering Dates) for each calendar year in which such rights are outstanding
at any time.

 

(e)
Service Requirement. An Eligible Service Provider will not be eligible to be granted Purchase Rights unless the Eligible Service
Provider is providing bonafide services to the Company or a Designated Company on the applicable Offering Date.

 

(f)
Non-423 Component Offerings. Notwithstanding anything set forth herein except for Section 5(e) above, the Board may
establish additional eligibility requirements, or fewer eligibility requirements, for Employees and/or Eligible Service Providers with
respect to Offerings made under the Non-423 Component even if such requirements are not consistent with Section 423 of the
Code.

 

    - 4 -

     

    

 

6.
Purchase Rights; Purchase Price.

 

(a)
Grant and Maximum Contribution Rate. On each Offering Date, each Eligible Employee or Eligible Service Provider, pursuant to an
Offering made under the Plan, will be granted a Purchase Right to purchase up to that number of shares of Common Stock (rounded down
to the nearest whole share) purchasable either with a percentage or with a maximum dollar amount of such Employee’s earnings (as
defined by the Board in each Offering and consistent with Section 423(b)(5) of the Code, as applicable), as designated by the Board;
provided however, that in the case of Eligible Employees, such percentage or maximum dollar amount will in either case not exceed 15%
of such Employee’s earnings during the period that begins on the Offering Date (or such later date as the Board determines for
a particular Offering) and ends on the date stated in the Offering, which date will be no later than the end of the Offering, unless
otherwise provided for in an Offering.

 

(b)
Purchase Dates. The Board will establish one or more Purchase Dates during an Offering on which Purchase Rights granted for that
Offering will be exercised and shares of Common Stock will be purchased in accordance with such Offering.

 

(c)
Other Purchase Limitations. In connection with each Offering made under the Plan, the Board may specify (i) a maximum number
of shares of Common Stock that may be purchased by any Participant on any Purchase Date during such Offering, (ii) a maximum aggregate
number of shares of Common Stock that may be purchased by all Participants pursuant to such Offering, and (iii) a maximum aggregate
number of shares of Common Stock that may be purchased by all Participants on any Purchase Date under the Offering. If the aggregate
purchase of shares of Common Stock issuable on exercise of Purchase Rights granted under the Offering would exceed any such maximum aggregate
number, then, in the absence of any Board action otherwise, a pro rata (based on each Participant’s accumulated Contributions)
allocation of the shares of Common Stock (rounded down to the nearest whole share) available will be made in as nearly a uniform manner
as will be practicable and equitable.

 

(d)
Purchase Price. The purchase price of shares of Common Stock acquired pursuant to Purchase Rights will be not less than the lesser
of:

 

(i)
an amount equal to 85%1 of the Fair Market Value of the shares of Common Stock on the Offering Date; or

 

(ii)
an amount equal to 85% of the Fair Market Value of the shares of Common Stock on the applicable Purchase Date.

 

7.
Participation; Withdrawal; Termination.

 

(a)
Enrollment. An Eligible Employee may elect to authorize payroll deductions as the means of making Contributions by completing
and delivering to the Company, within the time specified by the Company, an enrollment form provided by the Company or any third party
designated by the Company (each, a “Company Designee”). The enrollment form will specify the amount of Contributions
not to exceed the maximum amount specified by the Board. Each Participant’s Contributions will be credited to a bookkeeping account
for such Participant under the Plan and will be deposited with the general funds of the Company except where Applicable Laws require
that Contributions be deposited with a Company Designee or otherwise be segregated.

 

 

 

		1	Note
                                            to Draft: Subject to further discussion with respect to discount amount and holding period
                                            requirements. Plan document sets forth maximum discount. Can address discount amount applicable
                                            to an Offering and any holding period for shares acquired in an Offering in the Offering
                                            Document. The Offering Document will be subject to the approval of the post-closing CC, so
                                            it will be up to CC to decide the ultimate terms of the Offering. We just want to provide
                                            for flexibility under the plan terms for now.

 

    - 5 -

     

    

 

(b)
Contributions. If permitted in the Offering, a Participant may begin Contributions with the first payroll or payment date occurring
on or after the Offering Date (or, in the case of a payroll date or payment date that occurs after the end of the prior Offering but
before the Offering Date of the next new Offering, Contributions from such payroll or payment will be included in the new Offering) or
on such other date as set forth in the Offering. If permitted in the Offering, a Participant may thereafter reduce (including to zero)
or increase his or her Contributions. If required under Applicable Laws or if specifically provided in the Offering, in addition to or
instead of making Contributions by payroll deductions, a Participant may make Contributions through a payment by cash, check, or wire
transfer prior to a Purchase Date, in a manner directed by the Company or a Company Designee.

 

(c)
Withdrawals. During an Offering, a Participant may cease making Contributions and withdraw from the Offering by delivering to
the Company or a Company Designee a withdrawal form provided by the Company. The Company may impose a deadline before a Purchase Date
for withdrawing. On such withdrawal, such Participant’s Purchase Right in that Offering will immediately terminate and the Company
will distribute as soon as practicable to such Participant all of his or her accumulated but unused Contributions without interest (except
as required by Applicable Law) and such Participant’s Purchase Right in that Offering will then terminate. A Participant’s
withdrawal from that Offering will have no effect on his or her eligibility to participate in any other Offerings under the Plan, but
such Participant will be required to deliver a new enrollment form to participate in subsequent Offerings.

 

(d)
Termination of Eligibility. Purchase Rights granted pursuant to any Offering under the Plan will terminate immediately if the
Participant either (i) is no longer an Eligible Employee or Eligible Service Provider for any reason or for no reason, or (ii) is
otherwise no longer eligible to participate. The Company shall have the exclusive discretion to determine when Participant is no longer
actively providing services and the date of the termination of employment or service for purposes of the Plan. As soon as practicable,
the Company will distribute to such individual all of his or her accumulated but unused Contributions without interest (except as required
by Applicable Law).

 

(e)
Leave of Absence. For purposes of this Section 7, an Employee will not be deemed to have terminated employment or failed
to remain in the continuous employ of the Company or of a Designated Company in the case of sick leave, military leave, or any other
leave of absence approved by the Company; provided that such leave is for a period of not more than three (3) months or reemployment
upon the expiration of such leave is guaranteed by contract or statute. The Company will have sole discretion to determine whether a
Participant has terminated employment and the effective date on which the Participant terminated employment, regardless of any notice
period or garden leave required under Applicable Laws.

 

(f)
Employment Transfers. Unless otherwise determined by the Board, a Participant whose employment transfers or whose employment terminates
with an immediate rehire (with no break in service) by or between the Company and a Designated Company or between Designated Companies
will not be treated as having terminated employment for purposes of participating in the Plan or an Offering; however, if a Participant
transfers from an Offering under the 423 Component to an Offering under the Non-423 Component, the exercise of the Participant’s
Purchase Right will be qualified under the 423 Component only to the extent such exercise complies with Section 423 of the
Code. If a Participant transfers from an Offering under the Non-423 Component to an Offering under the 423 Component, the exercise
of the Purchase Right will remain non-qualified under the Non-423 Component. In the event that a Participant’s Purchase Right
is terminated under the Plan, the Company will distribute as soon as practicable to such individual all of his or her accumulated but
unused Contributions without interest (except as required by Applicable Law).

 

    - 6 -

     

    

 

(g)
No Transfers of Purchase Rights. During a Participant’s lifetime, Purchase Rights will be exercisable only by such Participant.
Purchase Rights are not transferable by a Participant, except by will, by the laws of descent and distribution, or, if permitted by the
Company, by a beneficiary designation as described in Section 10.

 

(h)
No Interest. Unless otherwise specified in the Offering or required by Applicable Law, the Company will have no obligation to
pay interest on Contributions.

 

8.
Exercise of Purchase Rights.

 

(a)
On each Purchase Date, each Participant’s accumulated Contributions will be applied to the purchase of shares of Common Stock (rounded
down to the nearest whole share), up to the maximum number of shares of Common Stock permitted by the Plan and the applicable Offering,
at the purchase price specified in the Offering. No fractional shares will be issued unless specifically provided for in the Offering.

 

(b)
Unless otherwise provided in the Offering, if any amount of accumulated Contributions remains in a Participant’s account after
the purchase of shares of Common Stock on the final Purchase Date in an Offering, then such remaining amount will roll over to the next
Offering.

 

(c)
No Purchase Rights may be exercised to any extent unless the shares of Common Stock to be issued on such exercise under the Plan are
covered by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all Applicable
Laws. If on a Purchase Date the shares of Common Stock are not so registered or the Plan is not in such compliance, no Purchase Rights
will be exercised on such Purchase Date, and the Purchase Date will be delayed until the shares of Common Stock are subject to such an
effective registration statement and the Plan is in material compliance, except that the Purchase Date will in no event be more than
three (3) months from the original Purchase Date and in no event will the Purchase Date be after such date that would exceed the
amount of time permitted by Section 423 of the Code. If, on the Purchase Date, as delayed to the maximum extent permissible, the shares
of Common Stock are not registered and the Plan is not in material compliance with all Applicable Laws, as determined by the Company
in its sole discretion, no Purchase Rights will be exercised and all accumulated but unused Contributions will be distributed as soon
as practicable to the Participants without interest (except as required by Applicable Law).

 

9.
Covenants of the Company. The Company will seek
to obtain from each U.S. federal or state, non-U.S. or other regulatory commission or agency having jurisdiction over the Plan such authority
as may be required to issue and sell shares of Common Stock under any applicable Offering unless the Company determines, in its sole
discretion, that doing so would cause the Company to incur costs that are unreasonable. If, after commercially reasonable efforts, the
Company is unable to obtain the authority that counsel for the Company deems necessary for the lawful issuance and sale of Common Stock
pursuant to any Offering under the Plan, and at a commercially reasonable cost, the Company will be relieved from any liability for failure
to issue and sell Common Stock pursuant to any such Offering.

 

    - 7 -

     

    

 

10. Designation
of Beneficiary.

 

(a)
The Company may, but is not obligated to, permit a Participant to submit a form designating a beneficiary who will receive any shares
of Common Stock or Contributions from the Participant’s account under the Plan if the Participant dies before such shares or Contributions
are delivered to the Participant. The Company may, but is not obligated to, permit the Participant to change such designation of beneficiary.
Any such designation or change must be on a form approved by the Company or as approved by the Company for use by a Company Designee.

 

(b)
If a Participant dies, in the absence of a valid beneficiary designation, the Company will deliver any shares of Common Stock and Contributions
(without interest, except as required by Applicable Law) to the executor or administrator of the estate of the Participant. If no executor
or administrator has been appointed (to the knowledge of the Company), the Company, in its sole discretion, may deliver such shares of
Common Stock and Contributions (without interest, except as required by Applicable Law) to the Participant’s spouse, dependents
or relatives, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate.

 

11. Capitalization
Adjustments; Dissolution or Liquidation; Corporate Transactions.

 

(a)
Capitalization Adjustment. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust:
(i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and
number of securities subject to, and the purchase price applicable to, outstanding Offerings and Purchase Rights, and (iii) the
class(es) and number of securities that are the subject of the purchase limits under each ongoing Offering. The Board will make these
adjustments, and its determination will be final, binding, and conclusive.

 

(b)
Dissolution or Liquidation. In the event of a dissolution or liquidation of the Company, the Board will shorten any Offering then
in progress by setting a New Purchase Date prior to the consummation of such proposed dissolution or liquidation. The Board will notify
each Participant in writing, prior to the New Purchase Date that the Purchase Date for the Participant’s Purchase Rights has been
changed to the New Purchase Date and that such Purchase Rights will be automatically exercised on the New Purchase Date, unless prior
to such date the Participant has withdrawn from the Offering as provided in Section 7.

 

(c)
Corporate Transaction. In the event of a Corporate Transaction, then: (i) any surviving corporation or acquiring corporation
(or the surviving or acquiring corporation’s parent company) may assume or continue outstanding Purchase Rights or may substitute
similar rights (including a right to acquire the same consideration paid to the stockholders in the Corporate Transaction) for outstanding
Purchase Rights, or (ii) if any surviving or acquiring corporation (or its parent company) does not assume or continue such Purchase
Rights or does not substitute similar rights for such Purchase Rights, then the Participants’ accumulated Contributions will be
used to purchase shares of Common Stock (rounded down to the nearest whole share) prior to the Corporate Transaction under the outstanding
Purchase Rights (with such actual date to be determined by the Board in its sole discretion), and the Purchase Rights will terminate
immediately after such purchase. The Board will notify each Participant in writing, prior to the New Purchase Date that the Purchase
Date for the Participant’s Purchase Rights has been changed to the New Purchase Date and that such Purchase Rights will be automatically
exercised on the New Purchase Date, unless prior to such date the Participant has withdrawn from the Offering as provided in Section 7.

 

    - 8 -

     

    

 

(d)
Spin-Off. In the event of a spin-off or similar transaction involving the Company, the Board may take actions deemed necessary
or appropriate in connection with an ongoing Offering and subject to compliance with Applicable Laws (including the assumption of Purchase
Rights under an ongoing Offering by the spun-off company, or shortening an Offering and scheduling a new Purchase Date prior to the closing
of such transaction). In the absence of any such action by the Board, a Participant in an ongoing Offering whose employer ceases to qualify
as a Related Corporation as of the closing of a spin-off or similar transaction will be treated in the same manner as if the Participant
had terminated employment (as provided in Section 7(d)).

 

12. Amendment,
Termination or Suspension of the Plan.

 

(a)
Plan Amendment. The Board may amend the Plan at any time in any respect the Board deems necessary or advisable. However, except
as provided in Section 11(a) relating to Capitalization Adjustments, stockholder approval will be required for any amendment of
the Plan for which stockholder approval is required by Applicable Laws, including but not limited to any amendment that either (i) increases
the number of shares of Common Stock available for issuance under the Plan, (ii) expands the class of individuals eligible to become
Participants and receive Purchase Rights, (iii) materially increases the benefits accruing to Participants under the Plan or reduces
the price at which shares of Common Stock may be purchased under the Plan, (iv) extends the term of the Plan, or (v) expands
the types of awards available for issuance under the Plan, but in each of (i) through (v) above only to the extent stockholder approval
is required by Applicable Laws.

 

(b)
Suspension or Termination. The Board may suspend or terminate the Plan at any time. No Purchase Rights may be granted under the
Plan while the Plan is suspended or after it is terminated.

 

(c)
No Impairment of Rights. Any benefits, privileges, entitlements, and obligations under any outstanding Purchase Rights granted
before an amendment, suspension, or termination of the Plan will not be materially impaired by any such amendment, suspension, or termination
except (i) with the consent of the person to whom such Purchase Rights were granted, (ii) as necessary to comply with any laws,
listing requirements, or governmental regulations (including, without limitation, the provisions of Section 423 of the Code and
the regulations and other interpretive guidance issued thereunder relating to Employee Stock Purchase Plans) including without limitation
any such regulations or other guidance that may be issued or amended after the date the Plan is adopted by the Board, or (iii) as
necessary to obtain or maintain any special tax, listing, or regulatory treatment. To be clear, the Board may amend outstanding Purchase
Rights without a Participant’s consent if such amendment is necessary to ensure that the Purchase Right or the 423 Component
complies with the requirements of Section 423 of the Code.

 

(d)
Corrections and Administrative Procedures. Notwithstanding anything in the Plan to the contrary, the Board will be entitled to:
(i) permit Contributions in excess of the amount designated by a Participant in order to adjust for mistakes in the Company’s
processing of properly completed Contribution elections; (ii) establish reasonable waiting and adjustment periods and/or accounting
and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond
with amounts withheld from the Participant’s Contributions; (iii) amend any outstanding Purchase Rights or clarify any ambiguities
regarding the terms of any Offering to enable the Purchase Rights to qualify under and/or comply with Section 423 of the Code; and
(iv) establish other limitations or procedures as the Board determines in its sole discretion advisable that are consistent with
the Plan. The actions of the Board pursuant to this paragraph will not be considered to alter or impair any Purchase Rights granted under
an Offering as they are part of the initial terms of each Offering and the Purchase Rights granted under each Offering.

 

    - 9 -

     

    

 

13. Tax
Matters.

 

(a)
Section 409A of the Code. Purchase Rights granted under the 423 Component are intended to be exempt from the application
of Section 409A of the Code under U.S. Treasury Regulation Section 1.409A-1(b)(5)(ii). Purchase Rights granted under the Non-423 Component
to U.S. taxpayers are intended to be exempt from the application of Section 409A of the Code under the short-term deferral exception
and any ambiguities will be construed and interpreted in accordance with such intent. Subject to Section 13(b) below, Purchase Rights
granted to U.S. taxpayers under the Non-423 Component will be subject to such terms and conditions that will permit such Purchase
Rights to satisfy the requirements of the short-term deferral exception available under Section 409A of the Code, including the
requirement that the shares subject to a Purchase Right be delivered within the short-term deferral period. Subject to Section 13(b)
below, in the case of a Participant who would otherwise be subject to Section 409A of the Code, to the extent the Board determines
that a Purchase Right or the exercise, payment, settlement, or deferral thereof is subject to Section 409A of the Code, the Purchase
Right will be granted, exercised, paid, settled, or deferred in a manner that will comply with Section 409A of the Code, including
U.S. Department of Treasury regulations and other interpretive guidance issued thereunder, including, without limitation, any such regulations
or other guidance that may be issued after the adoption of the Plan. Notwithstanding the foregoing, the Company will have no liability
to a Participant or any other party if the Purchase Right that is intended to be exempt from or compliant with Section 409A of the
Code is not so exempt or compliant or for any action taken by the Board with respect thereto.

 

(b)
No Guarantee of Tax Treatment. Although the Company may endeavor to (i) qualify a Purchase Right for special tax treatment
under the laws of the United States or jurisdictions outside of the United States, or (ii) avoid adverse tax treatment (e.g., under
Section 409A of the Code), the Company makes no representation to that effect and expressly disavows any covenant to maintain special
or to avoid unfavorable tax treatment, notwithstanding anything to the contrary in this Plan, including Section 13(a) above. The
Company will be unconstrained in its corporate activities without regard to the potential negative tax impact on Participants under the
Plan.

 

14. Tax
Withholding. The Participant will make adequate provision to satisfy any applicable withholding obligations of, and/or
contributions required to be remitted by, the Company and/or the applicable Designated Company related to Participant’s
Tax-Related Items which arise with respect to Participant’s participation in the Plan or upon the disposition of the shares of
Common Stock acquired pursuant to the Plan. The Company and/or the Designated Company may, but will not be obligated to, (i)
withhold from the Participant’s compensation or any other payments due to the Participant the amount necessary to meet such
withholding obligations and/or required contributions, (ii) withhold a sufficient whole number of shares of Common Stock issued upon
exercise of a Purchase Right having an aggregate value sufficient to satisfy such withholding obligations and/or required
contributions, (iii) withhold from the proceeds of the sale of shares of Common Stock, either through a voluntary sale or a
mandatory sale arranged by the Company, the amount necessary to meet any such withholding obligations and/or required contributions,
or (iv) employ any other method that the Company and/or the Designated Company deems appropriate to satisfy any such withholding
obligations and/or required contributions. The Company and/or the Designated Company will have the right to take such other action
as may be necessary in the opinion of the Company or a Designated Company to satisfy any such withholding obligations and/or
required contributions, or reporting obligations related to such Tax-Related Items. The Company shall not be required to issue any
shares of Common Stock under the Plan until such obligations are satisfied.

 

    - 10 -

     

    

 

15. Effective
Date of Plan. The Plan will become effective on the Effective Date. No Purchase Rights will be exercised unless and until the
Plan has been approved by the stockholders of the Company, which approval must be within twelve (12) months before or after the
date the Plan is adopted (or, if required under Section 12(a) above, amended) by the Board.

 

16. Miscellaneous
Provisions.

 

(a)
Proceeds from the sale of shares of Common Stock pursuant to Purchase Rights will constitute general funds of the Company.

 

(b)
A Participant will not be deemed to be the holder of, or to have any of the rights of a holder with respect to, shares of Common Stock
subject to Purchase Rights unless and until the Participant’s shares of Common Stock acquired on exercise of Purchase Rights are
recorded in the books of the Company (or its transfer agent).

 

(c)
The Plan and any Offering do not constitute an employment or service contract. Nothing in the Plan or in any Offering will in any way
alter the at-will nature of a Participant’s employment, if applicable, or be deemed to create in any way whatsoever any obligation
on the part of any Participant to continue his or her employment or service relationship with the Company, a Related Corporation, or
an Affiliate, or on the part of the Company, a Related Corporation, or an Affiliate to continue the employment or service of a Participant.

 

(d)
The provisions of the Plan will be governed by the laws of the State of Delaware without resort to that state’s conflicts of laws
rules. For purposes of litigating any dispute that may arise directly or indirectly from the Plan or any Offering, the parties hereby
submit and consent to the exclusive jurisdiction of the State of Delaware and agree that any such litigation shall be conducted only
in the courts of Delaware or the federal courts of the United States located in Delaware and no other courts.

 

(e)
If any particular provision of the Plan is found to be invalid or otherwise unenforceable, such provision will not affect the other provisions
of the Plan, but the Plan will be construed in all respects as if such invalid provision were omitted.

 

(f)
If any provision of the Plan does not comply with Applicable Laws, such provision will be construed in such a manner as to comply with
Applicable Laws.

 

    - 11 -

     

    

 

17. Definitions.
As used in the Plan, the following definitions will apply to the capitalized terms indicated below:

 

(a)
“423 Component” means the part of the Plan, which excludes the Non-423 Component, pursuant to which
Purchase Rights that satisfy the requirements for an Employee Stock Purchase Plan may be granted to Eligible Employees.

 

(b)
“Affiliate” means any entity, other than a Related Corporation, that, directly or indirectly through one or
more intermediaries, controls, or is controlled by, or is under common control with, the Company.

 

(c)
“Applicable Laws” means all applicable laws, rules, regulations and requirements, including, but not limited
to, all applicable U.S. federal or state laws, rules and regulations, the rules and regulations of any stock exchange or quotation system
on which the Common Stock is listed or quoted, and the applicable laws, rules and regulations of any other country or jurisdiction where
Purchase Rights are, or will be, granted under the Plan or Participants reside or provide services to the Company or any Related Corporation
or Affiliate, as such laws, rules, and regulations shall be in effect from time to time.

 

(d)
“Board” means the Board of Directors of the Company.

 

(e)
“Capitalization Adjustment” means, with respect to, the Common Stock subject to the Plan or subject to any
outstanding Purchase Right, a stock split, reverse stock split, stock dividend, combination, consolidation, recapitalization (including
a recapitalization through a large nonrecurring cash dividend) or reclassification of the Common Stock, subdivision of the Common Stock,
a rights offering, a reorganization, merger, spin-off, split-up, repurchase, or exchange of Common Stock or other securities of the Company
or other significant corporate transaction, or other change affecting the Common Stock occurs.

 

(f)
“Code” means the U.S. Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance
thereunder.

 

(g)
“Committee” means a committee of one or more members of the Board to whom authority has been delegated by the
Board in accordance with Section 2(c).

 

(h)
“Common Stock” means the Class A common stock of the Company.

 

(i)
“Company” means Volta Inc., a Delaware corporation.

 

(j)
“Contributions” means the payroll deductions or other payments specifically provided for in the Offering that
a Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account
if specifically provided for in the Offering, and then only if the Participant has not already contributed the maximum permitted amount
of payroll deductions and other payments during the Offering.

 

(k)
“Corporate Transaction” means the consummation, in a single transaction or in a series of related transactions,
of any one or more of the following events:

 

(i)
a transfer of all or substantially all of the Company’s assets;

 

    - 12 -

     

    

 

(ii)
a merger, consolidation or other capital reorganization or business combination transaction of the Company with or into another corporation,
entity or person; or

 

(iii)
the consummation of a transaction, or series of related transactions, in which any “person” (as such term is used in Sections 13(d)
and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or
indirectly, of more than 50% of the Company’s then outstanding capital stock.

 

(l)
“Designated 423 Corporation” means any Related Corporation selected by the Board as participating in the 423 Component.

 

(m)
“Designated Company” means any Designated Non-423 Corporation or Designated 423 Corporation, provided, however,
that at any given time, a Related Corporation participating in the 423 Component will not be a Related Corporation participating
in the Non-423 Component.

 

(n)
“Designated Non-423 Corporation” means any Related Corporation or Affiliate selected by the Board as participating
in the Non-423 Component.

 

(o)
“Director” means a member of the Board.

 

(p)
“Effective Date” means August 26, 2021.

 

(q)
“Eligible Employee” means an Employee who meets the requirements for eligibility to participate in any Offering
in the 423 Component as set forth in the document(s) governing the Offering, provided that such Employee also meets the requirements
for eligibility to participate set forth in the Plan.

 

(r)
“Eligible Service Provider” means a natural person other than an Employee or Director who (i) is designated
by the Committee to be an “Eligible Service Provider,” (ii) provides bonafide services to the Company and is not a U.S.
taxpayer or provides bonafide services to a Designated Non-423 Corporation, and (iii) meets the requirements set forth in the
document(s) governing the Offering for eligibility to participate in the Offering, provided that such person also meets the requirements
for eligibility to participate set forth in the Plan.

 

(s)
“Employee” means any person, including an Officer or Director, who is treated as an employee in the records
of the Company or a Related Corporation or Affiliate. However, service solely as a Director, or payment of a fee for such services, will
not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(t)
“Employee Stock Purchase Plan” means a plan that grants Purchase Rights intended to be options issued under
an “employee stock purchase plan,” as that term is defined in Section 423(b) of the Code.

 

(u)
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended and the rules and regulations promulgated
thereunder.

 

(v)
“Fair Market Value” means, as of any date, the value of the Common Stock determined as follows:

 

    - 13 -

     

    

 

(i)
If the Common Stock is listed on any established stock exchange or a national market system, its Fair Market Value will be the closing
sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the date of determination,
as reported in such source as the Board deems reliable;

 

(ii)
If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value
will be the mean of the closing bid and asked prices for the Common Stock on the date of determination, as reported in such source as
the Board deems reliable; or

 

(iii)
In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Board in
compliance with Applicable Laws and in a manner that complies with Sections 409A of the Code.

 

(w)
“Fiscal Year” means the fiscal year of the Company.

 

(x)
“New Purchase Date” means a new Purchase Date set by shortening any Offering then in progress.

 

(y)
“Non-423 Component” means the part of the Plan, which excludes the 423 Component, pursuant to which
Purchase Rights that are not intended to satisfy the requirements for an Employee Stock Purchase Plan may be granted to Eligible Employees
and Eligible Service Providers.

 

(z)
“Offering” means the grant to Eligible Employees or Eligible Service Providers of Purchase Rights, with the
exercise of those Purchase Rights automatically occurring at the end of one or more Purchase Periods during the Offering. The terms and
conditions of an Offering will generally be set forth in the “Offering Document” approved by the Board for
that Offering.

 

(aa)
“Offering Date” means a date selected by the Board for an Offering to commence.

 

(bb)
“Officer” means a person who is an officer of the Company or a Related Corporation or Affiliate within the
meaning of Section 16 of the Exchange Act.

 

(cc)
“Participant” means an Eligible Employee or Eligible Service Provider who holds an outstanding Purchase Right.

 

(dd)
“Plan” means this Volta Inc. 2021 Employee Stock Purchase Plan, including both the 423 Component and the
Non-423 Component, as amended from time to time.

 

(ee)
“Purchase Date” means one or more dates during an Offering selected by the Board on which Purchase Rights will
be exercised and on which purchases of shares of Common Stock will be carried out in accordance with such Offering.

 

(ff)
“Purchase Period” means a period of time specified within an Offering, generally beginning on the Offering
Date or on the first Trading Day following a Purchase Date, and ending on a Purchase Date. An Offering may consist of one or more Purchase
Periods.

 

    - 14 -

     

    

 

(gg)
“Purchase Right” means an option to purchase shares of Common Stock granted pursuant to the Plan.

 

(hh)
 “Related Corporation” means any “parent corporation” or “subsidiary corporation” of
the Company whether now or subsequently established, as those terms are defined in Sections 424(e) and (f), respectively, of the
Code.

 

(ii)
“Securities Act” means the U.S. Securities Act of 1933, as amended.

 

(jj)
“Tax-Related Items” means any income tax, social insurance, payroll tax, fringe benefit tax, payment on account
or other tax-related items arising in relation to a Participant’s participation in the Plan and legally applicable to a Participant.

 

(kk)
“Trading Day” means any day on which the exchange or market on which shares of Common Stock are listed is open
for trading.

 

 

o   O   o

 

    - 15 -Exhibit
10.9

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”), dated as of December 20, 2018 is entered into by and among Volta Industries,
Inc. (“Company”) and Scott Mercer (“Executive”).

 

Recitals:

 

WHEREAS,
Executive is currently employed as the Chief Executive Officer (“CEO”) of the Company and serves as a member of the Board
of Directors of the Company (the “Board”)];

 

WHEREAS,
the Board of expects that Executive will continue to make substantial contributions to the growth and prospects of Company;

 

WHEREAS,
the parties intend for this Agreement to be deemed effective as of September 30, 2018 (such date, the “Effective Date”);and

 

WHEREAS,
Executive is willing to enter into this Agreement in consideration of the benefits that Executive will receive under the terms hereof.

 

NOW,
THEREFORE, in consideration of the foregoing, the respective covenants and commitments of the parties hereto as set forth in this
Agreement and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree
as follows:

 

1.
Effectiveness; Term. Executive’s employment under this Agreement shall commence upon the Effective Date for an initial term
of one year and will thereafter automatically renew for sequential one-year terms unless Executive or Company shall give the other written
notice, at least 90 days prior to the expiration of the then-current term (the initial term together with any renewal terms, the “Term”),
of its decision not to renew (a “Non-Renewal Termination”). Notwithstanding the foregoing, Executive’s employment
shall at all times be “at will” and, subject to the provisions of Section 5 hereunder, Executive’s employment under
this Agreement may be terminated by the Company (as defined below) or Executive at any time and for any reason, with or without Cause
(as defined below), with or without prior notice.

 

2.
Positions and Duties.

 

		2.1	Position. Executive shall be employed by the Company as CEO and shall report to the Board.

 

		2.2	Duties. Executive shall have the duties, authority and responsibility customary for the position
                                            of CEO, including without limitation the authority to incur expenses and enter into contracts
                                            on behalf of the Company, and such other duties as shall be specified and designated from
                                            time to time in accordance with the directives of the Board. Executive shall devote substantially
                                            all of Executive’s business time and effort to the performance of the duties assigned
                                            to Executive hereunder; provided that the foregoing will not preclude Executive from devoting
                                            reasonable time to the supervision of Executive’s personal investments and businesses,
                                            and civic and charitable affairs, so long as such activities do not materially interfere
                                            with the performance of Executive’s duties hereunder. Executive agrees to refrain from
                                            engaging in any activity that does or could reasonably be expected to conflict with the best
                                            interests of Company.

 

     

     

    

 

3.
Location of Employment. Executive’s principal place of employment shall be at the Company’s current offices in San
Francisco, California, but shall involve travel as necessary to perform Executive’s role as Chief Executive Officer of the Company.

 

4.
Compensation and Benefits.

 

4.1
Base Salary. During Executive’s employment, the Company shall pay Executive an initial base salary at the rate of $275,000
per annum (as in effect from time to time, the “Base Salary”). The Base Salary shall be payable in regular installments
in accordance with the Company’s regular payroll practices and shall be subject to all applicable tax withholdings and deductions.
If Executive is still employed by the Company as of that time, then, on or after each anniversary of this Agreement, the Base Salary
shall be reviewed by the Board for any increase, provided that it shall automatically be increased by $25,000 as of such anniversary
date.

 

4.2
Annual Bonus. Executive will be eligible to earn a discretionary annual bonus equal to a percentage of Base Salary as set by the
Board for each full calendar year of the Term (“Annual Bonus”), it being understood that payment of such bonus, or
the amount if any of such bonus, shall not be guaranteed. As a condition to payment to Executive of any annual bonus Executive shall
be required to remain employed by the Company through the end of the applicable year of the Term for which the bonus is being paid. Any
Annual Bonus to which Executive becomes entitled for a year shall be paid no later than March 15 of the calendar year immediately following
the calendar year to which it relates.

 

4.3
Management Carveout Plan. Subject to the receipt of any applicable Board and stockholder consent, Executive shall be granted an
interest in the Management Carveout Plan (the “MCP”) attached hereto as Exhibit A, as set forth therein.

 

4.4
Equity Grant.

 

		4.4.1	Equity
                                            Grant. The Company shall request that the Board grant Executive an equity interest of
                                            1,348,024 shares of the Company’s Class A Common Stock (the “Equity Grant”).
                                            The Equity Grant will be fully vested as of the date of grant and will be subject to the
                                            terms and conditions of the Company’s 2013 Equity Incentive Plan and the applicable
                                            equity grant agreement thereunder, other than as set forth herein.

 

		4.4.2	Equity
                                            Structures. The Equity Grant shall be structured, at the discretion of the Executive,
                                            as (i) a stock option with the right to exercise for a full ten (10) years from the date
                                            of grant, to be designated as a non-qualified option or an incentive stock options up to
                                            the limits allowed by law or (ii) the purchase of restricted shares at the fair market value
                                            of such shares on the date of grant, to be purchased with a promissory note on terms as favorable
                                            as reasonably permitted under the tax laws or (iii) a grant of restricted stock.

 

4.5
Benefits. During Executive’s employment and subject to any contribution therefor generally required under the terms of the
applicable benefit plan, Executive shall be entitled to participate in any and all benefit plans from time to time in effect for the
Company’s senior executives, but the Company shall not be required to establish any such plan. Participation in Company’s
benefit plans and perquisite programs shall be subject in all cases to any requirements, conditions or limitations of such plans and
programs as adopted or amended from time to time. The Company may alter, modify, expand or terminate its benefit plans and perquisite
programs at any time as it, in its sole judgment, determines to be appropriate, without recourse by Executive.

 

    2

     

    

 

4.6
Vacation. During Executive’s employment, Executive will not earn or accrue vacation but will be permitted to take time
off as needed, subject to the requirements of Executive’s position.

 

4.7
Business Expenses. During Executive’s employment, the Company shall provide Executive with a credit card for business expenses
and reimburse Executive for all reasonable and necessary out-of-pocket expenses actually incurred and paid by Executive during Executive’s
employment for travel, lodging, meals, entertainment, and similar items that are incurred in connection with the performance of Executive’s
services under this Agreement and are consistent with such guidelines applicable to senior executives as the Company may from time to
time establish. All payments for reimbursement of such expenses shall be made to Executive only upon the presentation to the Company
of appropriate vouchers or receipts required in the then current expense reimbursement platform adopted by the Company (“Expense
Report”) and reimbursed according to then current practice, but in any case not later than the last day of the calendar year following
the calendar year in which the expense was incurred.

 

4.8
Anti-Harassment Provision. Executive agrees to promptly reimburse the Company for (and also agrees that the Company may offset
against, and deduct from, any amounts otherwise owed to Executive under this Agreement) any and all costs, expenses and liabilities paid
or incurred by or on behalf of the Company or its affiliates as a result of either (a) a claim or allegation of harassment (sexual or
otherwise) made against Executive that is substantiated by the Company either through an investigation at the direction of the Company,
or by other reasonable means; or (b) a claim or allegation of sexual harassment made against Executive, whether or not substantiated
or meritorious, if Executive has at any time entered into or solicited a romantic relationship with the person making the claim or allegation.
The obligation set forth in this Section 4.8 shall apply to, among other things, the costs of any settlement or other resolution of any
such claim or allegation, whether or not Executive has agreed to the settlement or resolution.

 

5.
Termination of Employment.

 

5.1
Executive’s employment hereunder may be terminated as follows:

 

5.1.1
Death or Disability. Executive’s employment shall terminate immediately upon the death of Executive, or, subject to applicable
law, at the option of the Company, as a result of Executive’s Disability, upon written notice from the Company. For purposes of
this Agreement, “Disability” means Executive’s inability, due to illness, accident, injury, physical or mental
incapacity or other disability, to carry out effectively Executive’s duties and obligations to the Company or any of its affiliates
or to participate effectively and actively in Executive’s position or relationship with the Company or any of its affiliates for
a period of at least 75 consecutive days or for shorter periods aggregating at least 90 days (whether or not consecutive) during any
consecutive 180-day period, as determined by the Company, unless a longer period of leave is required by applicable law. During any short-term
disability leave, Executive shall be eligible to receive short-term disability benefits pursuant to the terms of the Company’s
applicable short-term disability policy then in effect. Executive shall cooperate in all reasonable respects with the Company if a question
arises as to whether Executive has become disabled pursuant to the definition of “Disability” set forth herein (including,
without limitation, submitting to a reasonable examination by one or more medical doctors or other healthcare specialists selected by
the Company and authorizing such medical doctors and such other health care specialists to discuss Executive’s condition with the
Company).

 

    3

     

    

 

5.1.2
Termination by the Company for Cause. The Company shall have the right to terminate Executive’s employment for Cause immediately
upon delivery of notice of such termination. For purposes of this Agreement, “Cause” means that Executive (a) is convicted
of or indicted for, or pleads guilty or no contest to, a felony or crime involving moral turpitude; (b) commits any act of fraud, misappropriation
of funds, or embezzlement; (c) engages in illegal use of controlled substances that materially interferes with Executive’s performance
of Executive’s duties to the Company; (d) commits willful and dishonest misconduct in the performance of the duties to the Company;
(e) breaches any material provision of this Agreement or breaches any material provision of the Volta Industries, Inc. Confidential Information
and Invention Agreement (“Confidentiality Agreement”); (f) fails to follow any written directive of the Board; or
(g) engages in any conduct tending to bring Executive, the Company, or any of its affiliates into public disgrace or disrepute, including
without limitation any conduct giving rise to any claim or allegation of harassment (sexual or otherwise) as described in subparts (a)
or (b) of Section 4.8 above (in any such case, after notice to Executive of the same with a 30-day opportunity to cure with respect to
matters that, by their nature, are capable of being cured). With respect to clause (e) of this Section, if Executive does not remedy
or cure a Cause event within the applicable cure period (if any), Executive’s termination for Cause shall be effective on the day
immediately following such cure period (if any).

 

5.1.3 Termination
by the Company Without Cause, or for Death or Disability. The Company shall have the right to terminate Executive’s
employment without Cause, or for death or Disability immediately upon delivery of notice of such termination, subject to fulfillment
of any Severance obligations of the Company accruing in connection therewith.

 

5.1.4
Resignation By Executive For Good Reason or Without Good Reason. The Term and Executive’s employment hereunder may be terminated
by Executive for “Good Reason” or without “Good Reason”. For purposes of this Agreement, “Good
Reason” shall mean (a) a material reduction of Executive’s then current Base Salary; (b) a material reduction in Executive’s
authority or responsibilities from those described in Section 2; (c) a material change in the geographic location at which Executive
must perform services for the Company, which shall be defined as the relocation of Executive’s principal place of employment to
a location more than 100 miles from Executive’s principal place of employment on the Effective Date (it being understood that Executive
shall be regularly required to travel for business reasons as shall be reasonably requested by the Board); (d) a change in Executive’s
reporting relationship, such that Executive no longer reports to the Board; (e) removal of Executive from Executive’s position
as a member of the Board; or (f) any other action by the Company that constitutes a material breach of this Agreement; provided
that an event described in clauses (a), (b), (c), (d), (e) or (f) of this Section shall constitute “Good Reason” only
if (1) the event occurs without the Executive’s consent, (2) Executive provides written notice to the Company within sixty (60)
days of the initial occurrence of the purported Good Reason event, which notice shall describe in detail the basis and underlying facts
supporting Executive’s belief that a Good Reason event has occurred, (3) the Company fails to cure the purported Good Reason event
within thirty (30) days after its receipt of Executive’s written notice (the “Cure Period”), and (4) Executive
actually terminates employment within thirty (30) days after the expiration of the Cure Period. If Executive decides at any time to terminate
employment without Good Reason, Executive shall do so by giving written notice to the Company, and the effective date of any such termination
shall be two (2) weeks after the date of such notice, unless the parties mutually agree in writing to a different effective date.

 

5.2
Rights of Executive Upon Termination or Change of Control.

 

5.2.1
Accrued Rights Upon Any Termination. In the event that Executive’s employment terminates for any reason, Executive shall
be entitled to receive (A)(i) the Base Salary, and (ii) other benefits, in each case, that have been earned and accrued under this Agreement
prior to the effective date of termination of employment and (B) reimbursement under this Agreement for expenses incurred prior to such
date and timely reported thereafter (collectively, the “Accrued Rights”), payable as required by applicable law, and,
except as set forth in Section 5.2.2 below, Executive shall have no further rights to any other compensation or benefits hereunder on
or after the effective date of termination of employment.

 

    4

     

    

 

5.2.2
Severance Upon Change of Control, Termination Without Cause or due to Death or Disability, a Non-Renewal Termination Effected By Company,
a Resignation By Executive for Good Reason.

 

		5.2.2.1	Change
                                            of Control. In the event the Company consummates a Change of Control during the Term,
                                            Executive shall be entitled to receive, in addition to the Accrued Rights, acceleration of
                                            all outstanding then-unvested equity grants.

 

		5.2.2.2	Termination.
                                            In the event that, during the Term, the Company terminates Executive’s employment
                                            without Cause or for death or Disability or Executive resigns for Good Reason, Executive
                                            shall be entitled to receive, in addition to the Accrued Rights, and subject to Executive’s
                                            execution and delivery to the Company, within sixty (60) days following the effective date
                                            of the termination, of an effective and irrevocable general release of claims substantially
                                            in the form attached hereto as Exhibit A, the following severance payments and benefits (collectively,
                                            “Severance”): (i) continued payment of Executive’s Base Salary (at
                                            the rate in effect immediately prior to the effective date of the termination or, if Executive’s
                                            resignation is for Good Reason as defined in clause (a) of the second sentence of Section
                                            5.1.4, as in effect immediately prior to such reduction) for the lesser of the balance of
                                            the Term or six months following the effective date of the termination, (ii) acceleration
                                            of all outstanding then-unvested equity grants; (iii) any unpaid Annual Bonus for any year
                                            of the Term completed prior to the effective date of the termination, such Annual Bonus to
                                            be payable as a cash lump sum at the same time that Annual Bonuses in respect of such year
                                            are paid to other senior executives of the Company, and (iv) if Executive timely and properly
                                            elects to continue coverage under the Company’s group health plan pursuant to Section
                                            4980B(f) (“COBRA”) of the Internal Revenue Code of 1986, as amended (the “Code”),
                                            for Executive and Executive’s eligible spouse and dependents, the Company will reimburse
                                            Executive for (or will pay directly, in the discretion of the Company) any portion of the
                                            premium charged for such coverage that exceeds the amount paid for similar coverage by active
                                            employees for a period of twelve (12) months following the termination date or until Executive
                                            or his or her eligible spouse or dependents, as applicable, are no longer entitled to COBRA
                                            continuation coverage under the Company’s group health plan, whichever period is shorter;
                                            provided, however, that any Severance payable under clauses (i), (ii), or (iii) or
                                            any payment or reimbursement under clause (iv) that would otherwise be paid on or prior to
                                            the 60th day following the effective date of the termination shall be withheld and shall
                                            instead be paid in a lump sum on the first regular payroll date of the Company following
                                            such 60th day, with the remainder of the Severance payable under clause (i) and any payment
                                            or reimbursement of premiums under clause (iv) paid on the Company’s regular payroll
                                            schedule.

 

    5

     

    

 

		5.2.2.3	Change
                                            of Control. “Change of Control” means the consummation of the first to occur
                                            of: (a) a sale of the common stock or other securities of the Company following which the
                                            shareholders immediately prior to such sale own, directly or indirectly, 50% or less of the
                                            combined voting power of the outstanding voting securities of the Company; (b) a sale of
                                            all or substantially all of the assets of the Company and its subsidiaries taken as a whole;
                                            or (c) a plan of reorganization, recapitalization, merger or consolidation for financial
                                            consideration involving the Company (a “Reorganization Transaction”), except
                                            for a transaction following which the shareholders immediately prior to such Reorganization
                                            Transaction own, directly or indirectly, more than 50% of the combined voting power of the
                                            outstanding voting securities of the Company or any successor thereto or the person resulting
                                            from such Reorganization Transaction. Notwithstanding the forgoing, a Change of Control shall
                                            not include any transaction (for or without financial consideration) from one shareholder
                                            to another shareholder or transfers by a shareholder to a family member, trust for the benefit
                                            of a shareholder or family member or an entity owned or controlled by the shareholder, the
                                            shareholder’s family members or such a family member’s(s’) trust.

 

5.3 Cooperation.
From and after Executive’s termination of employment, Executive shall provide Executive’s reasonable cooperation in connection
with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive’s
employment hereunder; provided, that the Company shall, (i) subject to applicable law, compensate Executive at a reasonable rate
for time spent providing such reasonable cooperation and (ii) reimburse Executive for Executive’s reasonable costs and expenses
(including legal counsel selected by Executive and reasonably acceptable to the Company); provided, further, that such cooperation
shall not unreasonably burden Executive or unreasonably interfere with any subsequent employment that Executive may undertake.

 

6.
Miscellaneous.

 

6.1
Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally,
emailed, sent by facsimile transmission or sent by certified, registered or express mail, postage prepaid. Any such notice shall be deemed
given when so delivered personally, emailed or sent by facsimile transmission or, if mailed, on date of delivery as follows:

 

(a)
If to the Company, to:

 

155
De Haro St.,

San
Francisco, CA 94103

 

(b)
If to Executive, at Executive’s last residence shown on the records of the Company.

 

6.2
Entire Agreement. This Agreement and the Confidentiality Agreement collectively contain the entire agreement between the parties
with respect to the subject matter hereof and thereof and supersede all prior agreements, written or oral, with respect thereto.

 

    6

     

    

 

6.3
No Third-Party Beneficiaries; Waivers and Amendments. No provision of this Agreement may be modified, waived, discharged or amended
unless such modification, waiver, discharge or amendment is agreed to in writing and signed by the party against whom such modification,
waiver, discharge or amendment is asserted. No waiver by either party hereto of, or compliance with, any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same
or at any prior or subsequent time. Except as expressly set forth herein, this Agreement is not intended to, and shall not, convey any
rights on or inure to the benefit of any person or entity other than the parties hereto.

 

6.4
Governing Law.

 

6.4.1
This Agreement shall be governed by and construed in accordance with the Laws of the State of California without regard to any principles
of conflicts of law. Each party irrevocably agrees that any legal action, suit or proceeding against them arising out of or in connection
with this Agreement or the transactions contemplated by this Agreement or disputes relating hereto (whether for breach of contract, tortious
conduct or otherwise) or arising out of or related to Executive’s employment or termination of employment shall be brought exclusively
in a court of the United States or any state court, which in either case is located in the State of California and hereby irrevocably
accepts and submits to the exclusive jurisdiction and venue of the aforesaid courts in personam, with respect to any such action, suit
or proceeding.

 

6.4.2
Each party in any dispute, legal action, suit or proceeding arising under this Agreement shall be responsible for bearing its own expenses,
attorneys’ fees and other costs in such dispute, legal action, suit or proceeding.

 

6.5
Assignment. This Agreement, and Executive’s rights and obligations hereunder, may not be assigned by Executive; any purported
assignment by Executive in violation hereof shall be null and void. Company may assign this Agreement to any Affiliate, and in the event
of any sale, transfer or other disposition of all or substantially all of Company’s assets or business, whether by merger, consolidation
or otherwise, Company may assign this Agreement and its rights and obligations hereunder. Executive acknowledges and agrees that all
Executive’s covenants and obligations to Company, as well as the rights of Company and the Company, under this Agreement shall
run in favor of and will be enforceable by Company and its subsidiaries and successors and permitted assigns.

 

6.6
Withholding. The Company shall be entitled to withhold from any payments or deemed payments hereunder any amount of tax withholding
it determines to be required by law.

 

6.7
Survival. The rights and obligations of the Company, the Company and Executive under the provisions of this Agreement, including
without limitation Sections 5, 6 and 7, shall survive and remain binding and enforceable, notwithstanding any termination of Executive’s
employment with Company, to the extent necessary to preserve the intended benefits of such provisions.

 

6.8
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors,
permitted assigns, heirs, executors and legal representatives.

 

6.9
No Waiver. The provisions of this Agreement may be waived only in writing signed by the party or parties entitled to the benefit
thereof. A waiver or any breach or failure to enforce any provision of this Agreement shall not in any way affect, limit or waive a party’s
rights hereunder at any time to enforce strict compliance thereafter with every provision of this Agreement.

 

6.10
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts together shall constitute one and the same instrument. Each counterpart may
consist of two copies hereof each signed by one of the parties hereto.

 

    7

     

    

 

6.11
Existing Agreements. Executive represents that Executive is not subject or a party to any employment or consulting agreement,
non-competition covenant or other agreement, covenant or understanding that might prohibit Executive from executing this Agreement or
limit Executive’s ability to fulfill all responsibilities hereunder.

 

6.12
Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

6.13
Section 409A. Although the Company does not guaranty the tax treatment of any payments or benefits under this Agreement, the parties
hereto intend that this Agreement and the payments and benefits provided hereunder, including, without limitation, those provided pursuant
to Section 5.2 hereof, be exempt from the requirements of Code Section 409A and the regulations and other guidance promulgated thereunder
(“Section 409A”) to the maximum extent possible, whether pursuant to the short-term deferral exception described in
Treasury Regulation Section 1.409A-1(b)(4), the involuntary separation pay plan exception described in Treasury Regulation Section 1.409A-1(b)(9)(iii),
or otherwise. To the extent Section 409A is applicable to this Agreement, the parties intend that this Agreement and any payments and
benefits thereunder comply with the deferral, payout and other limitations and restrictions imposed under Section 409A. Notwithstanding
anything herein to the contrary, this Agreement shall be interpreted, operated and administered in a manner consistent with such intentions;
provided, however that in no event shall the Company or any of its affiliates be liable to Executive or any other person for any additional
tax, interest or penalty that may be imposed on Executive or any other person under, or as a result of, Section 409A or for any damages
incurred by Executive or any other person as a result of this Agreement’s (or the payments’ or benefits’ provided hereunder)
failure to comply with, or be exempt from, Section 409A. Without limiting the generality of the foregoing, and notwithstanding any other
provision of this Agreement to the contrary (other than the proviso in the immediately preceding sentence):

 

6.13.1
In light of the uncertainty with respect to the proper application of Section 409A, the Company reserves the right to make amendments
to this Agreement as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A; provided,
however, that the Company shall be under no obligation to make any such amendments.

 

6.13.2
With regard to any provision in this Agreement that provides for reimbursement of expenses or in-kind benefits, except for any expense,
reimbursement or in-kind benefit provided pursuant to this Agreement that does not constitute a “deferral of compensation,”
within the meaning of Treasury Regulation Section 1.409A-1(b), (a) the amount of expenses eligible for reimbursement, or in-kind benefits
provided, during any calendar year will not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any
other calendar year, (b) such reimbursements will be made on or before the last day of the calendar year following the calendar year
in which the expense was incurred, and (c) the right to reimbursement or in-kind benefits will not be subject to liquidation or exchange
for another benefit.

 

6.13.3
For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), the right
to receive payments in the form of installment payments shall be treated as a right to receive a series of separate and distinct payments
and, accordingly, each installment payment shall at all times be considered a separate and distinct payment. Whenever a payment under
this Agreement may be paid within a specified period, the actual date of payment within the specified period shall be within the sole
discretion of Company (as applicable).

 

    8

     

    

 

6.13.4
If, at the time of Executive’s separation from service (as defined in Section 409A), Executive is a “Specified Employee”,
then the Company will defer the payment or commencement of any nonqualified deferred compensation subject to Section 409A payable upon
separation from service (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date
that is six months following separation from service or, if earlier, the earliest other date as is permitted under Section 409A (and
any amounts that otherwise would have been paid during this deferral period will be paid in a lump sum on the day after the expiration
of the six-month period or such shorter period, if applicable). Executive will be a “Specified Employee” for purposes of
this Agreement if, on the date of Executive’s separation from service, Executive is an individual who is, under the method of determination
adopted by Company designated as, or within the category of executives deemed to be, a “Specified Employee” within the meaning
and in accordance with Treasury Regulation Section 1.409A-1(i). Company shall determine in its sole discretion all matters relating to
who is a “Specified Employee” and the application of and effects of the change in such determination.

 

6.13.5
Notwithstanding anything in this Agreement or elsewhere to the contrary, a termination of employment shall not be deemed to have occurred
for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that constitute “non-qualified
deferred compensation” within the meaning of Section 409A upon or following a termination of Executive’s employment unless
such termination is also a “separation from service” within the meaning of Section 409A and, for purposes of any such provision
of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation
from service” and the date of such separation from service shall be the effective date of the termination for purposes of any such
payment or benefits.

 

 

[remainder
of page intentionally left blank; signature page follows]

 

    9

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

	 	VOLTA
                                            INDUSTRIES, INC.
	 	 	 
		By:	/s/
                                                                                                                                                                                                                                                                                                             Christopher Wendel 
	 	 	Christopher
                                            Wendel
	 	 	President

 

 

	 	EXECUTIVE
	 	 
	 	/s/
  Scott Mercer
	 	Scott Mercer

 

    10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]