Document:

Exhibit 10.15

 

Heliogen,
Inc.

 

EXECUTIVE EMPLOYMENT AGREEMENT

for

Bill
Gross

 

This Executive Employment
Agreement (“Agreement”) is entered into by and between William T. “Bill” Gross (“Executive”)
and Heliogen, Inc., a Delaware corporation (the “Employer”).

 

Whereas,
the Employer values Executive as a critical leader in Employer’s organization and desires to employ the Executive to provide services
to the Employer;

 

Whereas,
the Employer wishes to provide the Executive with certain compensation and benefits in return for Executive’s continued services
as set forth in this Agreement; and

 

Whereas,
the Executive wishes to be employed by the Employer and provide personal services to the Employer in return for certain compensation and
benefits as set forth in this Agreement;

 

Now,
Therefore, in consideration of the mutual promises and covenants contained herein, it is hereby agreed by and between the parties
hereto as follows:

 

1. Employment
by the Employer.

 

1.1 Position.
The Employer agrees to employ the Executive in the position of Chief Executive Officer (“CEO”) and the Executive
hereby accepts such employment effective as of November 29, 2021 (“Effective Date”). Subject to Section 4 below,
during the Executive’s employment with the Employer, the Executive will devote Executive’s best efforts and substantially
all of Executive’s business time and attention to the business of the Employer, except for vacation and other days off, as set forth
in the applicable Employer policy, and reasonable periods of illness or other incapacities permitted by the Employer’s general employment
policies, and the Employer’s Employee Handbook (collectively, “Employment Policies”). The Executive will
report directly to the Employer’s Board of Directors (the “Board”). The Employer reserves the right to
change the Executive’s position, duties, and work location, from time to time in its discretion.

 

1.2 Duties.
The Executive shall serve in an executive capacity and shall perform the customary duties of Executive’s position, such duties as
are assigned to the Executive from time to time, consistent with the Bylaws and Employment Policies of the Employer and as required by
the Board.

 

1.3 Location.
The Executive’s primary office location shall be Pasadena, California. The Employer reserves the right to reasonably require the
Executive to perform Executive’s duties at places other than its corporate headquarters from time to time, and to require reasonable
business travel, including international travel.

 

1.4 Policies
and Procedures. The employment relationship between the parties shall also be governed by the Employment Policies and practices of
the Employer, including those relating to protection of confidential information and assignment of inventions, except that when the terms
of this Agreement differ from or are in conflict with the Employment Policies or practices, this Agreement shall control.

 

1.5 Board
of Directors. The Executive acknowledges that the Executive has been appointed Chairman of the Board and the Executive agrees to serve
as a director of the Employer and Chairman of the Board for so long as Executive occupies the office of CEO. The Executive shall serve
in such capacities without additional compensation. The Executive agrees that in the event Executive is removed as CEO, or the Executive’s
employment with the Employer is terminated for any reason, either voluntarily or involuntarily, with or without Cause, the Executive shall
resign the Executive’s position as a member of the Board simultaneously with the removal or termination of the Executive’s
employment, as the case may be.

 

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2. Compensation.

 

2.1 Salary.
The Executive shall receive for services to be rendered hereunder a monthly base salary of $22,916.66 ($275,000 annualized), subject to
applicable payroll withholding and deductions, and payable in accordance with the Employer’s regular payroll schedule (“Base
Salary”). The Base Salary shall be increased to $33,333.33 monthly ($400,000 annualized) effective as of the Closing Date
(“Closing Date”) as defined in that certain Business Combination Agreement dated July 6, 2021, by and among
Athena Technology Acquisition Corp., HelioMax Merger Sub, Inc., and the Employer (the “Business Combination Agreement”).
The Base Salary shall be reviewed annually and is subject to increase in the discretion of the Board (or any authorized committee thereof).

 

2.2 Discretionary
Annual Incentive Bonus. Beginning as of the Closing Date, the Executive will be eligible to earn a discretionary annual incentive
bonus of up to one hundred percent (100%) of Base Salary, subject to applicable payroll deductions and withholdings (“Bonus”),
based upon the Board’s assessment of the Executive’s achievement of milestones determined by the Board during the applicable
year (each year to which a Bonus relates, a “Bonus Year”), and the Employer’s overall company performance during the
applicable Bonus Year. The Executive must remain an active employee through the end of the Bonus Year. Payment of any earned Bonus shall
be made in the year following the Bonus Year, on or before March 31 of such year. The Executive will not earn any Bonus for any applicable
Bonus Year if Executive’s employment terminates for any reason before the end of the Bonus Year. No Bonus is guaranteed, and no
prorated Bonus can be earned except for a Bonus prorated for the Executive’s service from the Closing Date through the end of the
Bonus Year in which the Closing Date occurs.

 

2.3 Benefits.
The Executive shall be entitled to all rights and benefits for which the Executive is eligible under the terms and conditions of the standard
Employer benefits and compensation practices which may be in effect from time to time and provided by the Employer to its employees generally.
The Executive will be eligible for any additional benefits provided to the Employer’s executive employees generally. The Employer
may change employee benefits from time to time in its discretion.

 

2.4 Equity
Compensation.

 

(i) Subject
to approval by the Board, the Employer shall grant the Executive an option to purchase 5,023,000 shares of the Employer’s common
stock (the “Option”). The Option shall have an exercise price equal to the fair market value of a share of the
Employer’s common stock on the grant date, as determined by the Board. Subject to approval of the Board, the Option shall be granted
prior to the Closing Date under the Employer’s 2013 Stock Incentive Plan (the “2013 Plan”), and the Option
shall be subject to the terms and conditions of the 2013 Plan and the applicable stock option grant notice and stock option agreement.
Except as otherwise provided in this Agreement, the Option shall vest over four (4) years at a rate of 1/48th of the total shares subject
to the Option each month following the Closing Date, subject to the Executive’s continuous service to the Employer as of each such
vesting date. In the event that the Business Combination Agreement is terminated pursuant to its terms or the transactions contemplated
thereby are not otherwise consummated, the Option shall automatically terminate and be forfeited by the Executive for no consideration.

 

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(ii) The
following provisions shall apply to any award granted to the Executive under the 2013 Plan, the Heliogen, Inc. 2021 Equity Incentive Plan
(the “2021 Plan”) or any successor plan (collectively, the “Equity Awards”) to the
extent the Equity Awards are assumed, continued or substituted by the surviving or acquiring entity (or its parent) in connection with
a “change in control” (as defined in the applicable plan) and the Executive continues to provide services to the Employer
or its successor following such change in control:

 

(A) except
as otherwise provided in the change in control transaction’s definitive agreement, the 2013 Plan, 2021 Plan or the applicable Equity
Award agreement (collectively, the “Equity Award Documents”), the Equity Awards subject to vesting solely on
account of completing periods of service (collectively, the “Time-Based Equity Awards”) shall accelerate
and become fully vested and exercisable or non-forfeitable in the event of a Qualifying Termination (as defined in Section 5.6) within
twelve (12) months following the consummation of such change in control; and

 

(B) all
other Equity Awards, including but not limited to performance stock units vesting based on achieving pre-established performance goals
(collectively, the “Performance-Based Equity Awards”), shall be governed by the terms of the applicable Equity
Award Documents.

 

2.5 Business
Expenses. The Employer will pay or reimburse the Executive for all reasonable business expenses incurred or paid by the Executive
in the performance of the Executive’s duties and responsibilities for the Employer, subject to such reasonable substantiation and
documentation as may be required by the Employer, and subject to any other reasonable restrictions on or policies governing such expenses
as set by the Employer from time to time. The Executive will be permitted to travel in business class on the airline of the Executive’s
choice for all Employer-related travel, at the Employer’s expense.

 

3. Proprietary
Information Obligations.

 

3.1 Confidentiality
Agreement. As a condition of Executive’s ongoing employment, the Executive agrees to execute and abide by the Employer’s
standard form of Employee Confidentiality & Non-Disclosure Agreement, a copy of which is attached hereto as Exhibit A.

 

3.2 Third
Party Agreements and Information. The Executive represents and warrants that the Executive’s employment by the Employer will
not conflict with any prior employment or consulting agreement or other agreement with any third party, and that the Executive will perform
Executive’s duties to the Employer without violating any such agreement. The Executive represents and warrants that the Executive
does not possess confidential information arising out of prior employment, consulting, or other third party relationships, which would
be used in connection with the Executive’s employment by the Employer, except as expressly authorized by that third party. During
the Executive’s employment by the Employer, the Executive will use in the performance of the Executive’s duties only information
which is generally known and used by persons with training and experience comparable to the Executive’s own, common knowledge in
the industry, otherwise legally in the public domain, or obtained or developed by the Employer or by the Executive in the course of the
Executive’s work for the Employer.

 

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4. Outside
Activities During Employment.

 

4.1 Exclusive
Employment. Executive shall devote Executive’s full-time best efforts and business time and attention to Executive’s duties
and responsibilities as CEO and Chairman of the Board. The foregoing notwithstanding, Executive may engage in activities on behalf of
the entities listed on Schedule 1 hereto, provided that (a) such activities do not materially interfere with the performance
of Executive’s duties hereunder, and (b) Executive’s activities on behalf of such entities remain subject to the restrictions
in Section 4.3 and Section 9.1 hereof. Otherwise, without the prior written consent of the Board, the Executive will not during employment
with the Employer undertake or engage in any other employment, occupation, business, civic, or not-for-profit enterprise.

 

4.2 No
Adverse Interests. Except as permitted by Section 4.3, the Executive agrees, during the Executive’s employment with the Employer,
not to acquire, assume or participate in, directly or indirectly, any position, investment or interest known by the Executive to be adverse
to the Employer, its business or prospects, financial or otherwise.

 

4.3 Noncompetition.
During the Executive’s employment by the Employer, except on behalf of the Employer, the Executive will not directly or indirectly,
whether as an officer, director, stockholder, member, manager, partner, proprietor, associate, representative, consultant, or in any capacity
whatsoever engage in, become financially interested in, or be employed by any other person, corporation, firm, partnership or other entity
whatsoever which were known by the Executive to compete directly with the Employer, throughout the world, in the solar renewable energy
area (the “Restricted Scope”). Anything above to the contrary notwithstanding, nothing in this Section 4.3 shall
prevent or restrict the Executive from: (a) any endeavors as of the date of this Agreement of the existing entities listed on Schedule
1 hereto, (b) pursuing through one of the existing entities listed on Schedule 1 hereto (including through employment or board service
with or consulting for any such entity) Specified Opportunities as defined below that the Board declined to direct the Employer to pursue;
(c) owning, as a passive investor, securities of or other interests in any competitor corporation, firm, partnership or other entity,
so long as the Executive’s direct holdings in any one such corporation, firm, partnership or other entity shall not in the aggregate
constitute more than three percent (3%) of the voting securities of such corporation, firm, partnership or other entity, (d) owning a
passive equity interest in a private debt or equity investment fund in which the Executive does not have the ability to control or influence
any investment decisions or exercise any managerial influence over such fund, or (e) managing the personal finances of the Executive or
Executive’s immediate family, or with respect to the trust and estate planning for the Executive or Executive’s immediate
family, subject to the restrictions set forth in clauses (c) or (d) above.

 

5. Termination
Of Employment.

 

5.1 At-Will
Relationship. The Executive’s employment relationship is at-will. Either the Executive or the Employer may terminate the employment
relationship at any time, with or without Cause, with or without Good Reason or advance notice.

 

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5.2 Wage
Payments upon Termination. Upon termination of the Executive’s employment for any reason, the Executive shall be paid all accrued
but unpaid Base Salary and any earned but unpaid Bonus (collectively, the “Accrued Payments”).

 

5.3 Qualifying
Termination. Upon a Qualifying Termination, the Executive will receive the Accrued Payments. In addition, the Executive will be eligible
for accelerated vesting such that that number of shares subject to any Time-Based Equity Award previously granted to the Executive that
would have vested, had the Executive’s employment or service continued for an additional twelve (12) months after the termination
date, shall vest in full (“Accelerated Vesting”). Accelerated Vesting shall take effect as of the earliest date
the Executive fulfills the Release Obligation, but shall be deemed effective as of the Executive’s employment termination date.

 

5.4 Termination
Due to Death or Disability. Upon termination of the Executive’s employment due to the Executive’s death or Disability,
as defined below, the Executive (or the Executive’s estate) will receive the Accrued Payments. The Executive (or the Executive’s
estate) shall receive an amount (“Bonus Amount”) equal to the target Bonus the Executive would have earned,
prorated for the portion of the Bonus year elapsed as of the termination date, paid subject to payroll withholding and deduction. In the
event the Executive’s termination is for Disability, the Executive must satisfy the Release Obligation in order to receive the Bonus
Amount.

 

5.5 Termination
for Cause or Without Good Reason. Upon termination of the Executive’s employment for Cause, or by the Executive without Good
Reason, each as defined below, the Executive will only receive the Accrued Payments.

 

5.6 Definitions.
For purposes of this Agreement, the following definitions shall apply:

 

(i) “Cause”:
shall mean (a) the Executive’s willful and continued failure substantially to perform duties (other than as a result of total or
partial Disability); (b) conviction of, including a plea of guilty or nolo contendere to, a felony or of a crime involving dishonesty
or moral turpitude, including, without limitation, any act or crime involving misappropriation or embezzlement of Employer assets or funds;
(c) willful malfeasance or willful misconduct in connection with the Executive’s duties hereunder; or (d) the Executive’s
material breach of any written agreement between the Executive and the Employer, including the Employer’s Employee Handbook, or
of the Executive’s duty of loyalty to the Employer or its stockholders; provided, that “Cause” pursuant
to the foregoing clauses (a), (c), or (d) shall exist only (i) if such Cause event results in or is likely to result in material damage
to the Employer and its subsidiaries, taken as a whole, and (ii) after the Employer (or its subsidiaries) provides the Executive with
written notice of the applicable Cause event (which specifically identifies, in reasonable detail, the basis for alleging a Cause event)
and the Executive fails to cure the same (to the extent capable of cure) within thirty (30) days after receipt of such notice. During
such notice period Executive may present facts and circumstances to show that the Cause event was done or omitted by the Executive in
good faith with reasonable belief that the Executive’s action or omission was in the best interests of the Employer and its subsidiaries.
The Board shall consider any such facts or circumstances, in its sole discretion.

 

(ii) “Disability”:
shall mean the Executive’s incapacity to perform the essential functions of the Executive’s job for a period of ninety (90)
consecutive calendar days, or for at least sixty-five (65) business days within a twelve (12)-month period, provided that the Board
shall terminate for Disability only in compliance with the Family Medical Leave Act, and the Americans with Disabilities Act.

 

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(iii) “Good
Reason” Good Reason shall exist for the Executive to terminate employment in the event of, without the Executive’s written
consent: (a) a diminution in the Executive’s title, duties, authorities, or responsibilities, provided, however, that the
acquisition of the Employer and subsequent conversion of the Employer to a division or unit of the acquiring company will not by itself
result in any such “material diminution”; (b) a change in the Executive’s reporting relationship such that the Executive
is no long reporting directly to the Board; (c) reduction in Base Salary, unless the salaries of other executive officers of the Employer
are reduced by the same percentage; or (d) requirement to relocate the Executive’s primary workplace that results in an increase
in the Executive’s one-way driving distance by more than twenty-five (25) miles from the Executive’s then-current principal
residence; in each case that is not cured within thirty (30) days of written notice to the Employer, and the Executive actually terminates
the Executive’s employment within ninety (90) days after the end of such thirty (30)-day cure period.

 

(iv) “Qualifying
Termination”: means (a) the Executive’s employment was terminated by the Employer without Cause or by Executive with Good
Reason; and (b) the Executive has met the requirements of the Release Obligation.

 

(v) “Release
Obligation”: means that (a) the Executive (or after termination because of a Disability, the Executive’s representative)
has signed a termination agreement that will be presented to Executive before the termination date, and which includes a general release
and waiver of claims in favor of the Employer and its affiliates that is substantially in the form of Exhibit B hereto, and other
standard provisions such as a mutual nondisparagement provision, and (b) the Executive has allowed the release and waiver to become fully
effective without revocation during any applicable revocation period.

 

6. Section
409A. The payments and benefits under this Agreement are intended to qualify for exemptions from the application of Section
409A of the Internal Revenue Code of 1986, as amended and the Treasury Regulations promulgated thereunder (collectively, “Section
409A”), and this Agreement will be construed to the greatest extent possible as consistent with those provisions. To the
extent not so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A to
the extent necessary to avoid adverse taxation under Section 409A. Notwithstanding anything to the contrary herein, to the extent required
to comply with Section 409A, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement
providing for the payment of amounts or benefits upon or following a termination of employment unless such termination is also a “separation
from service” within the meaning of Section 409A. The Executive’s right to receive any installment payments will be treated as a
right to receive a series of separate payments and, accordingly, each installment payment shall at all times be considered a separate
and distinct payment. Notwithstanding any provision to the contrary in this Agreement, if the Executive is deemed by the Employer at the
time of the Executive’s separation from service to be a “specified employee” for purposes of Section 409A, and if any of the
payments upon separation from service set forth herein and/or under any other agreement with the Employer are deemed to be “non-qualified
deferred compensation” subject to Section 409A, then, to the extent delayed commencement of any portion of such payments is required
in order to avoid a prohibited distribution under Section 409A and the related adverse taxation under Section 409A, such payments shall
not be provided to the Executive prior to the earliest of (a) the expiration of the six-month period measured from the date of separation
from service, (b) the date of the Executive’s death or (c) such earlier date as permitted under Section 409A without the imposition of
adverse taxation. With respect to payments to be made upon execution of an effective release, if the release revocation period spans two
calendar years, payments will be made in the second of the two calendar years to the extent necessary to avoid adverse taxation under
Section 409A. With respect to reimbursements or in-kind benefits provided to the Executive hereunder (or otherwise) that are not exempt
from Section 409A, the following rules shall apply: (x) the amount of expenses eligible for reimbursement, or in-kind benefits provided,
during any one of the Executive’s taxable years shall not affect the expenses eligible for reimbursement, or in-kind benefit to be provided
in any other taxable year, (y) in the case of any reimbursements of eligible expenses, reimbursement shall be made on or before the last
day of the Executive’s taxable year following the taxable year in which the expense was incurred and (z) the right to reimbursement or
in-kind benefits shall not be subject to liquidation or exchange for another benefit. Notwithstanding the foregoing, the Employer makes
no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are
determined to constitute non-qualified deferred compensation subject to Section 409A but do not satisfy an exemption from, or the conditions
of, such Section.

 

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7. Cooperation
with Employer.

 

7.1 Cooperation
Obligation. During and after the Executive’s employment, the Executive will reasonably cooperate with the Employer in responding
to the reasonable requests of the Employer’s Chairman of the Board, Chief Executive Officer, or General Counsel, in connection with
any and all existing or future litigation, arbitrations, mediations or investigations brought by or against the Employer, or its affiliates,
agents, officers, directors or employees, whether administrative, civil or criminal in nature, in which the Employer reasonably deems
the Executive’s cooperation necessary or desirable. In such matters, the Executive agrees to provide the Employer with reasonable
advice, assistance and truthful information, including offering and explaining evidence, providing sworn truthful statements, and participating
in discovery and trial preparation and testimony. The Executive also agrees to promptly send the Employer copies of all correspondence
(for example, but not limited to, subpoenas) received by the Executive in connection with any such legal proceedings, unless the Executive
is expressly prohibited by law from so doing.

 

7.2 Expenses
and Fees. The Employer will reimburse the Executive for reasonable out-of-pocket expenses (including, but not limited to, attorneys’
fees) incurred by the Executive as a result of the Executive’s cooperation with the obligations described in Section 7.1, within
thirty (30) days of the presentation of appropriate documentation thereof, in accordance with the Employer’s standard reimbursement
policies and procedures. The Employer will reasonably consider other commitments that the Executive may have at the time of the request,
and after termination of the Executive’s employment, the Employer will also pay the Executive a reasonable fee in the amount of
$195 per hour for the time the Executive devotes to matters as requested by the Employer under Section 7.1 (the “Fees”).
The Employer will not deduct or withhold any amount from the Fees for taxes, social security, or other payroll deductions, but will instead
issue an IRS Form 1099 with respect to the Fees. The Executive acknowledges that in cooperating in the manner described in Section 7.1
after any termination of the Executive’s employment with the Employer, the Executive will be serving as an independent contractor,
not an Employer employee, and the Executive will be entirely responsible for the payment of all income taxes and any other taxes due and
owing as a result of the payment of Fees.

 

8. Dispute
Resolution.

 

8.1 To
ensure the rapid and economical resolution of disputes that may arise in connection with the Executive’s employment with the Employer,
the Executive and the Employer agree that any and all disputes, claims, or causes of action, in law or equity, including but not limited
to statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation of this Agreement, the Executive’s
employment with the Employer, or the termination of the Executive’s employment, shall be resolved pursuant to the Federal Arbitration
Act, 9 U.S.C. §§ 1-16, to the fullest extent permitted by law, by final, binding and confidential arbitration conducted by JAMS
or its successor, under JAMS’ then applicable rules and procedures for employment disputes before a single arbitrator (available
upon request and also currently available at http://www.jamsadr.com/rules-employment-arbitration/), in Los Angeles, California. The
Executive acknowledges that by agreeing to this arbitration procedure, both the Executive and the Employer waive the right to resolve
any such dispute through a trial by jury or judge or administrative proceeding.

 

8.2 All
claims, disputes, or causes of action under this arbitration agreement, whether by the Executive or the Employer, must be brought in an
individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class or representative proceeding,
nor joined or consolidated with the claims of any other person or entity. The arbitrator may not consolidate the claims of more than one
person or entity, and may not preside over any form of representative or class proceeding. To the extent that the preceding sentences
regarding class claims or proceedings are found to violate applicable law or are otherwise found unenforceable, any claim(s) alleged or
brought on behalf of a class shall proceed in a court of law rather than by arbitration.

 

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8.3 This
arbitration agreement shall not apply to any action or claim that cannot be subject to mandatory arbitration as a matter of law, including,
without limitation, claims brought pursuant to the California Private Attorneys General Act of 2004, as amended, the California Fair Employment
and Housing Act, as amended, and the California Labor Code, as amended, to the extent such claims are not permitted by applicable law(s)
to be submitted to mandatory arbitration and the applicable law(s) are not preempted by the Federal Arbitration Act or otherwise invalid
(collectively, the “Excluded Claims”). In the event the Executive intends to bring multiple claims, including
one of the Excluded Claims listed above, the Excluded Claims may be filed with a court, while any other claims will remain subject to
mandatory arbitration. The Executive will have the right to be represented by legal counsel at any arbitration proceeding.

 

8.4 Questions
of whether a claim is subject to arbitration under this agreement shall be decided by the arbitrator. Likewise, procedural questions which
grow out of the dispute and bear on the final disposition are also matters for the arbitrator. The arbitrator shall: (a) have the authority
to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b)
issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each
claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based. The arbitrator
shall be authorized to award all relief that the Executive or the Employer would be entitled to seek in a court of law. The Employer shall
pay all JAMS arbitration fees in excess of the administrative fees that the Executive would be required to pay if the dispute were decided
in a court of law. Nothing in this arbitration agreement is intended to prevent either the Executive or the Employer from obtaining injunctive
relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any awards or orders in such arbitrations
may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction.

 

9. Other
Corporate Matters.

 

9.1 Corporate
Opportunities. Executive agrees that he will submit to the Board all business, commercial and investment opportunities presented in
writing to Executive that relate to the solar renewable energy field which Executive intends to pursue outside of Employer (“Specified
Opportunities”). In the event the Board declines to direct the Employer to pursue any such Specified Opportunity, the Executive
may pursue it outside of the Employer; provided such pursuit only involves an economic interest and does not include any employment, consulting
or board service except to the extent such employment, consulting or board service is described on Schedule 1 and/or otherwise permitted
by Section 4.3. Further, the Employer will waive, to the fullest extent permitted by law, any obligation for the Executive (in his capacity
as an officer, director or otherwise) to present corporate opportunities to the Employer that are not Specified Opportunities. Notwithstanding
the foregoing, this Section 9.1 shall not apply to purchases of publicly traded stock by Executive or any investment or other activity
permitted by Section 4.3.

 

9.2 Indemnification.
In addition to being indemnified under the Employer’s bylaws, the Executive and the Employer will promptly enter into an indemnification
agreement in substantially the same form provided to other similarly situated officers and directors of the Employer to the extent Executive
and the Employer have not already entered into such an agreement, and such agreement shall include indemnification of the Executive in
connection with any claims against the Executive in the Executive’s capacity as a director or officer of the Employer. The Executive
will be named as an insured on the director and officer liability insurance policy currently maintained by the Employer or as may be maintained
by the Employer from time to time.

 

9.3 Attorney’s
Fees. The Employer shall pay the Executive (or cause the Executive to be reimbursed), via wire transfer in immediately available funds
as promptly as practicable following receipt of reasonable substantiation and documentation, for all reasonable out-of-pocket expenses
(including attorneys’ fees), that the Executive incurred in connection with the execution, negotiation, and delivery of this Agreement,
any equity award agreement, and any ancillary documents, up to a total amount of $50,000.

 

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10. General
Provisions.

 

10.1 Notices.
Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of personal delivery (including personal
delivery by fax) or the next day after sending by overnight courier, to the Employer at its primary office location and to the Executive
at Executive’s address as listed on the Employer payroll.

 

10.2 Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule
in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but
this Agreement will be reformed, construed and enforced in such jurisdiction to the extent possible in keeping with the intent of the
parties.

 

10.3 Waiver.
If either party should waive any breach of any provisions of this Agreement, the party shall not thereby be deemed to have waived any
preceding or succeeding breach of the same or any other provision of this Agreement.

 

10.4 Complete
Agreement. This Agreement and its Exhibits constitute the entire agreement between the Executive and the Employer, and it is
the complete, final, and exclusive embodiment of their agreement with regard to this subject matter. It is entered into without reliance
on any promise or representation other than those expressly contained herein.

 

10.5 Modification.
Changes in the Executive’s employment terms, other than those changes expressly reserved to the Employer’s or Board’s
discretion in this Agreement, require a written modification approved by the Board and signed by a duly authorized officer of the Employer.

 

10.6 Counterparts.
This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all
of which taken together will constitute one and the same Agreement, and pdf or other facsimile signatures shall be equivalent to original
signatures.

 

10.7 Headings.
The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect
the meaning thereof.

 

10.8 Successors
and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by the Executive and the Employer,
and their respective successors, assigns, heirs, executors and administrators, except that the Executive may not assign any of Executive’s
rights, obligations, or duties hereunder without the written consent of the Employer, which shall not be withheld unreasonably.

 

10.9 Survival.
The Executive’s duties and obligations under the Employee Confidentiality & Non-Disclosure Agreement, and Sections 3, 7,
and 8, shall survive termination of the Executive’s employment with the Employer.

 

10.10 Remedies.
The Executive acknowledges that a remedy at law for any breach or threatened breach by the Executive of the provisions of the Employee
Confidentiality & Non-Disclosure Agreement, and Sections 3, 7, and 8, would be inadequate, and the Executive therefore agrees that
the Employer shall be entitled to injunctive relief in case of any such breach or threatened breach, in addition to any other remedies
available to the Employer.

 

10.11 Attorneys’
Fees. If either party hereto brings any action to enforce Executive’s or its rights hereunder, the party successful in enforcing
this Agreement shall be entitled to recover its reasonable attorneys’ fees and costs incurred in connection with such action.

 

10.12 Choice
of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the law of the
State of California, without giving effect to choice of law principles.

 

    9

     

    

 

In
Witness Whereof, the parties have executed this Agreement on the dates set forth below, to become effective as of the Effective
Date.

 

	 	HELIOGEN, INC.
	 	 	 
	 	By:	/s/ Jon Layman
	 	 	Jon Layman
	 	 	Director
	 	 	 
	 	Date: 	November 19, 2021

 

	Accepted and agreed this	 
	19th day of November, 2021.	 
	 	 
	BILL GROSS	 
	 	 
	/s/ Bill Gross	 

 

 

10EX-4.1.2

 Exhibit 4.1.2 

AMBARELLA, INC. 
 2021
EQUITY INCENTIVE PLAN 
 STOCK OPTION AGREEMENT 

NOTICE OF STOCK OPTION GRANT 

Unless otherwise defined herein, the terms defined in the Ambarella, Inc. 2021 Equity Incentive Plan (the “Plan”) shall
have the same defined meanings in this Stock Option Agreement, which includes the Notice of Stock Option Grant (the “Notice of Grant”), the Terms and Conditions of Stock Option Grant, attached hereto as Exhibit A, the Country
Addendum to the Stock Option Agreement attached hereto as Exhibit B, the Exercise Notice, attached hereto as Exhibit C, and all other exhibits, appendices, and addenda attached hereto (together, the “Option
Agreement”). 
 Participant Name: 

Address: 
 The
undersigned Participant has been granted an Option to purchase Ordinary Shares of the Company, subject to the terms and conditions of the Plan and this Option Agreement, as follows: 

 

			
	 Grant Number:
	  	_______________________________
		
	 Date of Grant:
	  	_______________________________
		
	 Vesting Commencement Date:
	  	_______________________________
		
	 Exercise Price per Share:
	  	$______________________________
		
	 Total Number of Shares Granted:
	  	_______________________________
		
	 Total Exercise Price:
	  	$______________________________
		
	 Type of Option:
	  	___ Incentive Stock Option
		
		  	___ Nonstatutory Stock Option
		
	 Term/Expiration Date:
	  	_______________________________

 Vesting Schedule: 

Subject to any acceleration provisions contained in the Plan, this Option Agreement or any other written agreement authorized by the
Administrator between Participant and the Company (or any Parent or Subsidiary, as applicable) governing the terms of this Option, this Option shall vest and be exercisable, in whole or in part, according to the following vesting schedule: 

 [Twenty-five percent (25%) of the Total Number of Shares Granted under the Option shall be
scheduled to vest on the one (1) year anniversary of the Vesting Commencement Date, and one forty-eighth (1/48th) of the Total Number of Shares Granted under the Option shall be scheduled to
vest each month thereafter on the same day of the month as the Vesting Commencement Date (and if there is no corresponding day in a particular month, on the last day of the month), subject to Participant continuing to be a Service Provider through
each such date.] 
 Termination Period: 

To the extent permitted under Applicable Laws, this Option shall be exercisable, to the extent vested, for ninety (90) days after
Participant ceases to be a Service Provider, unless such cessation is due to Participant’s death or Disability, in which case this Option shall be exercisable, to the extent vested, for twelve (12) months after Participant ceases to be a
Service Provider. Notwithstanding the foregoing sentence, in no event may this Option be exercised after the Term/Expiration Date as provided above and this Option may be subject to earlier termination as provided in Section 15 of the Plan.

 By clicking on the “I accept” button, Participant represents that Participant and the Company agree that this Option is granted
under and governed by the terms and conditions of the Plan and this Option Agreement, including the Notice of Grant, the Terms and Conditions of Stock Option Grant, attached hereto as Exhibit A, the Country Addendum to the Stock Option
Agreement attached hereto as Exhibit B, the Exercise Notice, attached hereto as Exhibit C, and all other exhibits, appendices and addenda attached hereto, all of which are made a part of this document. Participant
acknowledges receipt of a copy of the Plan. Participant has reviewed the Plan and this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to accepting this Option Agreement and fully understands all
provisions of the Plan and this Option Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and this Option Agreement.
Participant further agrees to notify the Company upon any change in the residence address. 
  

	
	 AMBARELLA, INC.

	
	 /s/ Michael Morehead

	 General Counsel and Corporate Secretary

  
 -2- 

 EXHIBIT A 

AMBARELLA, INC. 
 2021
EQUITY INCENTIVE PLAN 
 STOCK OPTION AGREEMENT 

TERMS AND CONDITIONS OF STOCK OPTION GRANT 

1. Grant of Option. 
 (a)
The Company hereby grants to the individual (“Participant”) named in the Notice of Stock Option Grant of this Option Agreement (the “Notice of Grant”), an option (the “Option”) to purchase the
number of Shares set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the “Exercise Price”), subject to all of the terms and conditions in this Option Agreement and the Plan, which is
incorporated herein by reference. Subject to Section 20 of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Option Agreement, the terms and conditions of the Plan shall prevail. 

(b) For U.S. taxpayers, if designated in the Notice of Grant as an Incentive Stock Option (“ISO”), this Option is intended to
qualify as an Incentive Stock Option as defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds the U.S.$100,000 rule of Code Section 422(d), this Option shall be treated as a Nonstatutory Stock Option
(“NSO”). Further, if for any reason this Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. In
no event shall the Administrator, the Company or any Parent or Subsidiary or any of their respective employees or directors have any liability to Participant (or any other person) due to the failure of the Option to qualify for any reason as an ISO.

 (c) For non-U.S. taxpayers, the Option is designated as an NSO. 

2. Vesting Schedule. Except as provided in Section 3, the Option awarded by this Option Agreement will vest in accordance with the
vesting provisions set forth in the Notice of Grant. Unless specifically provided otherwise in this Option Agreement or other written agreement authorized by the Administrator between Participant and the Company or any Parent or Subsidiary, as
applicable, Shares subject to this Option that are scheduled to vest on a certain date or upon the occurrence of a certain condition will not vest in accordance with any of the provisions of this Option Agreement, unless Participant will have been
continuously a Service Provider from the Date of Grant until the date such vesting occurs. 
 3. Administrator Discretion. The
Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the unvested Option at any time, subject to the terms of the Plan. If so accelerated, such Option will be considered as having
vested as of the date specified by the Administrator. 

 4. Exercise of Option. 

(a) Right to Exercise. This Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice of
Grant and with the applicable provisions of the Plan and this Option Agreement. 
 (b) Method of Exercise. This Option shall be
exercisable by delivery of an exercise notice (the “Exercise Notice”) in the form attached as Exhibit C to the Notice of Grant or in a manner and pursuant to such procedures as the Administrator may
determine, which shall state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by
the Company. The Exercise Notice shall be completed by Participant and delivered to the Company, accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, together with any applicable Withholding Obligations (as defined
below). This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price, together with any applicable Withholding Obligations. 

No Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise comply with Applicable Laws. Assuming
such compliance, for income tax purposes the Shares shall be considered transferred to Participant on the date on which the Option is exercised with respect to such Shares. 

5. Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the
election of Participant: 
 (a) cash; 

(b) check; 
 (c) consideration
received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or 
 (d) if
Participant is a Service Provider in the U.S., surrender of other Shares which (i) shall be valued at its fair market value on the date of surrender, and (ii) must be owned free and clear of any liens, claims, encumbrances or security
interests, if accepting such Shares, in the sole discretion of the Administrator, shall not result in any adverse accounting consequences to the Company. 

A non-U.S. resident’s methods of exercise may be restricted by the terms and conditions of any
appendix to this Option Agreement for Participant’s country (including the Country Addendum, as defined below). 
 6. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by
Participant. 
 7. Term of Option. This Option may be exercised only within the term set out in the Notice of Grant, and may be
exercised during such term only in accordance with the Plan and the terms of this Option Agreement. 

  
 -2- 

 8. Tax Obligations. 

(a) Responsibility for Taxes. Participant acknowledges that, regardless of any action taken by the Company or, if different,
Participant’s employer (the “Employer”) or any Parent or Subsidiary to which Participant is providing services (together, the “Service Recipients”), the ultimate liability for any income tax, and/or social
insurance liability obligations and requirements in connection with the Option, including, without limitation, (i) all U.S. and non-U.S. federal, state and local taxes (including but not limited to
Participant’s income, employment, U.S. Federal Insurance Contributions Act (FICA) obligations, social insurance, payroll tax, fringe benefits tax, payment on account or other payment of tax-related items
related to Participant’s participation in the Plan and legally applicable to Participant, (ii) Participant’s and, to the extent required by any Service Recipient, the Service Recipient’s fringe benefit tax liability, if any,
associated with the grant, vesting, or exercise of the Option or sale of Shares, and (iii) any other Service Recipient taxes the responsibility for which Participant has, or has agreed to bear, with respect to the Option (or exercise thereof or
issuance of Shares thereunder) (collectively, the “Tax Obligations”), is and remains Participant’s sole responsibility and may exceed the amount actually withheld, if any, by the applicable Service Recipient(s). Participant
further acknowledges that no Service Recipient (A) makes any representations or undertakings regarding the treatment of any Tax Obligations in connection with any aspect of the Option, including, but not limited to, the grant, vesting or
exercise of the Option, the subsequent sale of Shares acquired pursuant to such exercise and the receipt of any dividends or other distributions, and (B) makes any commitment to and is under any obligation to structure the terms of the grant or
any aspect of the Option to reduce or eliminate Participant’s liability for Tax Obligations or achieve any particular tax result. Further, if Participant is subject to Tax Obligations in more than one jurisdiction between the Date of Grant and
the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the applicable Service Recipient(s) (or former employer, as applicable) may be required to withhold or account for Withholding Obligations (as
defined below) in more than one jurisdiction. If Participant fails to make satisfactory arrangements for the payment of any required Tax Obligations hereunder at the time of the applicable taxable event, Participant acknowledges and agrees that the
Company may refuse to issue or deliver the Shares. 
 (b) Tax Withholding. Pursuant to such procedures as the Administrator may
specify from time to time, the applicable Service Recipient(s) will withhold the amount required to be withheld for the payment of Tax Obligations (the “Withholding Obligations”). The Administrator, in its sole discretion and
pursuant to such procedures as it may specify from time to time, may permit Participant to satisfy such Withholding Obligations, in whole or in part (without limitation), if permissible by applicable local law, by (i) paying cash,
(ii) electing to have the Company withhold otherwise deliverable Shares having a fair market value equal to the minimum amount that is necessary to meet the withholding requirement for such Withholding Obligations (or such greater amount as
Participant may elect if permitted by the Administrator, if such greater amount would not result in adverse financial accounting consequences), (iii) having the amount of such Withholding Obligations withheld from Participant’s wages or other
cash compensation paid to Participant by the applicable Service Recipient(s), (iv) delivering to the Company Shares that Participant owns and that have vested with a fair market value equal to such Withholding Obligations, or (v) selling a
sufficient number of such Shares otherwise deliverable to Participant through such means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the minimum amount that is necessary to meet the
withholding requirement for such Withholding Obligations (or such greater amount as Participant may elect if permitted by the Administrator, if such greater amount would not result in adverse financial accounting consequences). To the extent
determined appropriate by the Administrator in its discretion, the Administrator will have the right (but not the obligation) to satisfy any Withholding Obligations by reducing the number of Shares otherwise deliverable to Participant. 

  
 -3- 

 (c) Notice of Disqualifying Disposition of ISO Shares. If the Option granted to
Participant herein is an ISO, and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Date of Grant, or (ii) the date one
(1) year after the date of exercise, Participant shall immediately notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income
recognized by Participant. 
 (d) Section 409A. Under Section 409A, a stock right (such as the Option) that vests after
December 31, 2004 (or that vested on or prior to such date but which was materially modified after October 3, 2004), that was granted with a per share exercise price that is determined by the U.S. Internal Revenue Service (the
“IRS”) to be less than the fair market value of an underlying share on the date of grant (a “discount option”) may be considered “deferred compensation.” A stock right that is a “discount option”
may result in (i) income recognition by the recipient of the stock right prior to the exercise of the stock right, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The
“discount option” may also result in additional state income, penalty and interest tax to the recipient of the stock right. Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share
exercise price of this Option equals or exceeds the fair market value of a Share on the date of grant in a later examination. Participant agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less
than the fair market value of a Share on the date of grant, Participant shall be solely responsible for Participant’s costs related to such a determination. In no event will the Company or any of its Parent or Subsidiaries have any
responsibility, liability, or obligation to reimburse, indemnify, or hold harmless Participant (or any other person) in respect of this Option or any other Awards, for any taxes, penalties or interest that may be imposed on, or other costs incurred
by, Participant (or any other person) as a result of Section 409A, Section 457A or otherwise. 
 9. Rights as
Shareholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a shareholder of the Company in respect of any Shares deliverable hereunder unless and until such Shares are
issued and recorded on the records of the Company or its transfer agents or registrars (as evidenced by the appropriate entry in the Company’s Register of Members maintained by the registered office provider of the Company or a duly authorized
transfer agent or registrar of the Company). After such issuance and recordation, Participant will have all the rights of a shareholder of the Company with respect to, inter alia, voting such Shares and receipt of dividends and distributions
on such Shares, subject to the terms of the memorandum and articles of association of the Company and any terms of issue as resolved in the resolutions of the board of directors of the Company in respect of the issue of such Shares, and any return
of capital on a winding up or liquidation of the Company. 
 10. Entire Agreement; Governing Law; Venue. The Plan is incorporated
herein by reference. The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant
with respect to the subject matter hereof, and may not be modified adversely to Participant’s interest except by means of a writing signed by the Company and Participant. This Option Agreement is governed by the internal substantive laws but
not the choice of law rules of the State of California. For purposes of litigating any dispute that arises under this Award of Options or this Option Agreement, the parties hereby submit to and consent to the jurisdiction of the State of California,
and agree that such litigation will be conducted in the courts of Santa Clara County, California, or the federal courts for the United States for the Northern District of California, and no other courts, regardless of where this Option grant is made
and/or to be performed. 

  
 -4- 

 11. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE
VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER, WHICH UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAWS IS AT THE WILL OF THE APPLICABLE SERVICE RECIPIENT EMPLOYING) AND NOT THROUGH THE ACT
OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN
EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF ANY SERVICE RECIPIENT TO TERMINATE
PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER, SUBJECT TO APPLICABLE LAW, WHICH TERMINATION, UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAW, MAY BE AT ANY TIME, WITH OR WITHOUT CAUSE. 

12. Nature of Grant. In accepting the Option, Participant acknowledges, understands and agrees that: 

(a) the Plan is established voluntarily by the Company, it is discretionary in nature, and may be modified, amended, suspended or terminated by
the Company at any time, to the extent permitted by the Plan; 
 (b) the grant of this Option is exceptional, voluntary and occasional and
does not create any contractual or other right to receive future grants of options, or benefits in lieu of options, even if options have been granted in the past; 

(c) all decisions with respect to future option or other grants, if any, will be at the sole discretion of the Company; 

(d) Participant is voluntarily participating in the Plan; 

(e) this Option and any Shares acquired under the Plan, and the income from and value of same, are not intended to replace any pension rights
or compensation; 
 (f) this Option and any Shares acquired under the Plan, and the income from and value of same, are not part of normal or
expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses,
long-service awards, pension or retirement or welfare benefits or similar mandatory payments; 
 (g) the future value of the Shares
underlying this Option is unknown, indeterminable, and cannot be predicted with certainty; 
 (h) if the underlying Shares do not increase in
value, this Option will have no value; 
 (i) if Participant exercises this Option and acquires Shares, the value of such Shares may increase
or decrease in value, even below the Exercise Price; 

  
 -5- 

 (j) for purposes of the Option, Participant’s engagement as a Service Provider will be
considered terminated as of the date that Participant is no longer actively providing services to the Company or any Parent or Subsidiary (regardless of the reason for such termination and whether or not later found to be invalid or in breach of
employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s engagement or employment agreement, if any), and unless otherwise expressly provided in this Option Agreement (including by reference in
the Notice of Grant to other arrangements or contracts) or determined by the Administrator, (i) Participant’s right to vest in the Option under the Plan, if any, will terminate as of such date and will not be extended by any notice period
(e.g., Participant’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant is a Service Provider
or Participant’s engagement or employment agreement, if any, unless Participant is providing bona fide services during such time); and (ii) the period (if any) during which Participant may exercise the Option after termination of
Participant’s engagement as a Service Provider will commence on the date Participant ceases to actively provide services and will not be extended by any notice period mandated under employment laws in the jurisdiction where Participant is
employed or terms of Participant’s engagement agreement, if any; the Administrator shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of his or her Option grant (including
whether Participant may still be considered to be providing services while on a leave of absence); 
 (k) unless otherwise provided in the
Plan or by the Company in its discretion, this Option and the benefits evidenced by this Option Agreement do not create any entitlement to have this Option or any such benefits transferred to, or assumed by, another company nor to be exchanged,
cashed out or substituted for, in connection with any corporate transaction affecting the Shares; 
 (l) unless otherwise agreed with the
Company, this Option and any Shares acquired under the Plan, and the income from and value of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of a Subsidiary; and 

(m) in addition to subsections (a) through (l) above, the following provisions will also apply if Participant is providing services
outside the United States: 
 (i) this Option and any Shares acquired under the Plan and the income from and value of same, are not part of
normal or expected compensation or salary for any purpose; 
 (ii) neither the Company, the Service Recipient, nor any Parent or Subsidiary
shall be liable for any foreign exchange rate fluctuation between Participant’s local currency and the United States Dollar that may affect the value of this Option or of any amounts due to Participant pursuant to the exercise of this Option or
the subsequent sale of any Shares acquired upon exercise. 
 (iii) no claim or entitlement to compensation or damages shall arise from
forfeiture of the Option resulting from the termination of Participant’s engagement as a Service Provider (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant
is a Service Provider or the terms of Participant’s engagement or employment agreement, if any), and in consideration of the grant of this Option, Participant agrees not to institute any claim against the Company, any of its Subsidiaries or the
Service Recipient. 
 13. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is
the Company making any recommendations regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of the Shares underlying the Option. Participant is hereby advised to consult with his or her own personal tax,
legal and financial advisers regarding his or her participation in the Plan before taking any action related to the Plan. 

  
 -6- 

 14. Data Privacy. 

(a) Declaration of Consent. By accepting the Option via the Company’s acceptance procedure, Participant is declaring that he
or she agrees with the data processing practices described herein and consents to the collection, processing and use of Data by the Company and the transfer of Data to the recipients mentioned below, including recipients located in countries which
may not have a similar level of protection from the perspective of the data protection laws in Participant’s country. 

(b) Data Collection and Usage. The Company and the Service Recipient may collect, process and use certain personal information
about Participant, including, but not limited to, Participant’s name, home address and telephone number, email address, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any shares
or directorships held in the Company, details of all Options or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor (“Data”), for the purposes of implementing,
administering and managing the Plan. The legal basis, where required, for the processing of Data is Participant’s consent. 

(c) Stock Plan Administration Service Providers. The Company transfers Data, or parts thereof, to E*TRADE Financial Services, Inc.
and E*TRADE Securities LLC, independent service providers based in the United States, which assist the Company with the implementation, administration and management of the Plan. In the future, the Company may select different service providers and
may share Data with such different service providers that serve in a similar manner. Participant acknowledges and understands that the Company’s service providers will open an account for Participant to receive and trade Shares acquired under
the Plan and that Participant will be asked to agree on separate terms and data processing practices with the service providers, which is a condition of Participant’s ability to participate in the Plan. 

(d) International Data Transfers. The Company and its service providers, are based in the United States. Participant understands
that his or her country may have enacted data privacy laws that are different from the laws of the United States. For example, the European Commission has issued only a limited adequacy finding with respect to the United States that applies solely
if and to the extent that companies self-certify and remain self-certified under the EU/U.S. Privacy Shield program. As a result, in the absence of appropriate safeguards such as standard data protection clauses, the processing of Participant’s
Data in the United States or, as the case may be, other countries might not be subject to substantive data processing principles or supervision by data protection authorities. In addition, Participant might not have enforceable rights regarding the
processing of his or her Data in such countries. The Company’s legal basis for the transfer of Data is Participant’s consent. 

(e) Data Retention. The Company will hold and use the Data only as long as is necessary to implement, administer and manage
Participant’s participation in the Plan, or as required to comply with legal or regulatory obligations, including under tax and securities laws. 

(f) Voluntariness and Consequences of Consent Denial or Withdrawal. Participation in the Plan is voluntary and Participant is
providing the consents herein on a purely voluntary basis. Participant understands that he or she may withdraw consent at any time with future effect for any or no reason. If Participant does not consent, or if Participant later seeks to revoke his
or her consent, Participant’s salary from or employment and career with the Employer will not be affected; the only consequence of refusing or withdrawing consent is that the Company would not be able to offer Options to Participant or
administer or maintain Participant’s participation in the Plan. 

  
 -9- 

 (g) Data Subject Rights. Participant understands that data subject rights vary
depending on the applicable law and that, depending on where Participant is based and subject to the conditions set out in the applicable law, Participant may have, without limitation, the rights to (i) request access or copies of Data the
Company processes, (ii) rectification of incorrect Data, (iii) deletion of Data, (iv) restrictions on processing of Data, (v) portability of Data, (vi) lodge complaints with competent authorities in Participant’s
jurisdiction, and/or (vii) receive a list with the names and addresses of any potential recipients of Data. To receive clarification regarding these rights or to exercise these rights, Participant understands that he or she can contact
Participant’s local human resources representative. 

 

By clicking the “Accept” or similar button implemented into the relevant web page or platform, Participant
declares, without limitation, his or her consent to the data processing operations described in this Option Agreement. Participant understands and acknowledges that he or she may withdraw consent at any time with future effect for any or no reason
as described in sub-section (f) above. 

 15. Address for Notices. Any
notice to be given to the Company under the terms of this Option Agreement will be addressed to the Company at Ambarella, Inc., c/o Ambarella Corp., 3101 Jay Street, Santa Clara, California 95054, U.S.A., or at such other address as the Company may
hereafter designate in writing. 
 16. Successors and Assigns. The Company may assign any of its rights under this Option Agreement
to single or multiple assignees, and this Option Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restriction on transfer herein set forth, this Option Agreement shall be binding upon the executors,
administrators, heirs, successors and assigns of Participant. The rights and obligations of Participant under this Option Agreement may be assigned only with the prior written consent of the Company. 

17. Additional Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing,
registration, qualification or rule compliance of the Shares upon any securities exchange or under any state, federal or non-U.S. law, the tax code and related regulations or under the rulings or regulations
of the U.S. Securities and Exchange Commission or any other governmental regulatory body or the clearance, consent or approval of the U.S. Securities and Exchange Commission or any other governmental regulatory authority is necessary or desirable as
a condition to the exercise of the Options or the purchase by, or issuance of Shares, to Participant (or his or her estate) hereunder, such exercise, purchase or issuance will not occur unless and until such listing, registration, qualification,
rule compliance, clearance, consent or approval will have been completed, effected or obtained free of any conditions not acceptable to the Company. Subject to the terms of the Option Agreement and the Plan, the Company will not be required to issue
(or make any entry in the Company’s Register of Members or on the books of the Company or a duly authorized transfer agent or registrar of the Company with respect to) the Shares hereunder prior to the lapse of such reasonable period of time
following the date of exercise of the Option as the Administrator may establish from time to time for reasons of administrative convenience. 

  
 -8- 

 18. Language. Participant acknowledges that Participant is sufficiently proficient in
English or has consulted with an advisor who is sufficiently proficient in English, so as to allow Participant to understand the terms and conditions of this Option Agreement. If Participant has received this Option Agreement, the Plan or any other
document related to the Option or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control. 

19. Interpretation. The Administrator will have the power to interpret the Plan and this Option Agreement and to adopt such
rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Shares subject to the Option have
vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. Neither the Administrator nor any person acting
on behalf of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Option Agreement. 

20. Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to the
Option awarded under the Plan or future options that may be awarded under the Plan by electronic means or require Participant to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic
delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the Company. 

21. Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or
construction of this Option Agreement. 
 22. Option Agreement Severable. In the event that any provision in this Option
Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Option Agreement. 

23. Amendment, Suspension or Termination of the Plan. By accepting this Option, Participant expressly warrants that he or she
has received an Option under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan is discretionary in nature and may be amended, suspended or terminated by the Administrator at any time.

 24. Country Addendum. Notwithstanding any provisions in this Option Agreement, this Option shall be subject to any special
terms and conditions set forth in an appendix (if any) to this Option Agreement attached hereto as Exhibit B for any country whose laws are applicable to Participant and this Option (as determined by the Administrator in its sole discretion)
(the “Country Addendum”). Moreover, if Participant relocates to one of the countries included in the Country Addendum (if any), the special terms and conditions for such country will apply to Participant, to the extent the Company
determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Country Addendum (if any) constitutes a part of this Option Agreement. 

25. Insider Trading / Market Abuse Laws. Participant acknowledges that Participant may be subject to insider trading restrictions
and/or market abuse laws in applicable jurisdictions, including but not limited to the United States, Participant’s country, the broker’s country and the country or countries in which the Shares are listed, which may affect
Participant’s ability, directly or indirectly, to purchase or sell or attempt to sell Shares or rights to Shares (e.g., Options), or rights linked to the value of Shares, during such times as Participant is considered to have “inside
information” regarding the Company (as defined by the laws in the applicable jurisdiction or Participant’s country). Local insider trading laws and regulations 

  
 -9- 

 
prohibit the cancellation or amendment of orders Participant placed before possessing the inside information. Furthermore, Participant understands that he or she may be prohibited from
(i) disclosing the inside information to any third party, including fellow employees (other than on a “need to know” basis) and (ii) “tipping” third parties by sharing with them Company insider information, or otherwise
causing third parties to buy or sell Company securities Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. Participant
acknowledges that it is his or her responsibility to comply with any applicable restrictions, and Participant should speak to his or her personal advisor on this matter. 

26. Modifications to the Option Agreement. This Option Agreement constitutes the entire understanding of the parties on the
subjects covered. Participant expressly warrants that he or she is not accepting this Option Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Option Agreement or the Plan
can be made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Option Agreement, the Company reserves the right to revise this Option Agreement as it
deems necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Code Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A of the Code in
connection with the Option. 
 27. No Waiver. Either party’s failure to enforce any provision or provisions of this Option
Agreement shall not in any way be construed as a waiver of any such provision or provisions, nor prevent that party from thereafter enforcing each and every other provision of this Option Agreement. The rights granted both parties herein are
cumulative and shall not constitute a waiver of either party’s right to assert all other legal remedies available to it under the circumstances. 

28. Foreign Asset/Account Reporting; Exchange Control. Participant acknowledges that Participant’s country may have certain
foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant’s ability to acquire or hold Shares under the Plan or cash received from participating in the Plan (including from any dividends received
or sale proceeds arising from the sale of Shares) in a brokerage or bank account outside Participant’s country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in Participant’s
country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant’s participation in the Plan to Participant’s country through a designated bank or broker and/or within a certain time
after receipt. Participant further acknowledges that it is Participant’s responsibility to be compliant with such regulations, and that Participant should consult his or her personal legal advisor for any details. 

29. Tax Consequences. Participant has reviewed with his or her own tax advisers the U.S. federal, state, local and non-U.S. tax consequences of this investment and the transactions contemplated by this Option Agreement. With respect to such matters, Participant relies solely on such advisers and not on any statements or
representations of the Company or any of its agents, written or oral. Participant understands that Participant (and not the Company) shall be responsible for Participant’s own tax liability that may arise as a result of this investment or the
transactions contemplated by this Option Agreement. 
 * * * 

  
 -10- 

 EXHIBIT B 

AMBARELLA, INC. 
 2021
EQUITY INCENTIVE PLAN 
 COUNTRY ADDENDUM TO STOCK OPTION AGREEMENT 

Unless otherwise defined herein, capitalized terms used in this Country Addendum to Stock Option Agreement (the “Country Addendum”)
will be ascribed the same defined meanings as set forth in the Option Agreement of which this Country Addendum forms a part (or the Plan or other written agreement as specified in the Option Agreement). 

Terms and Conditions 
 This Country
Addendum includes additional terms and conditions that govern this Option awarded to Participant under the Plan if he or she resides and/or works in one of the countries listed below. If Participant is a citizen or resident (or is considered as such
for local law purposes) of a country other than the country in which Participant is currently residing and/or working, or if Participant relocates to another country after the Options is granted, the Company, in its discretion, shall determine to
what extent the terms and conditions contained herein shall apply to Participant. 
 Notifications 

This Country Addendum also may include information regarding exchange controls and certain other issues of which Participant should be aware
with respect to participation in the Plan. The information is based on the securities, exchange control, and other Applicable Laws in effect in the respective countries as of June 2021. Such Applicable Laws often are complex and change frequently.
As a result, the Company strongly recommends that Participant not rely on the information in this Country Addendum as the only source of information relating to the consequences of Participant’s participation in the Plan because the information
may be out of date at the time Participant vests in or exercises the Option or sells Shares acquired under the Plan. 
 In addition, the
information contained in this Country Addendum is general in nature and may not apply to Participant’s particular situation, and the Company is not in a position to assure Participant of a particular result. Participant should seek appropriate
professional advice as to how the Applicable Laws in Participant’s country may apply to his or her situation. 
 Finally, if
Participant is a citizen or resident of a country other than the one in which Participant currently is residing and/or working, transfers residence and/or employment to another country after this Option is awarded, or is considered a resident of
another country for local law purposes, the information in this Country Addendum may not apply to Participant in the same manner. 

 CHINA 

Terms and Conditions 
 The following terms
apply only to nationals of the People’s Republic of China (the “PRC”) residing in the PRC, unless otherwise determined by the Company or required by the State Administration of Foreign Exchange (“SAFE”): 

Post-Termination Exercise Period. Notwithstanding any provision of the Plan or the Option Agreement, this Option will expire on the earlier of
the following dates: (i) the Term/Expiration Date, (ii) the last day of any applicable post-termination exercise period set forth in the Termination Period in the Notice of Grant, or (iii) the ninety (90) day anniversary of the
date that Participant ceases to be a Service Provider. Any portion of a vested Option that is not exercised prior to expiration of the Option will be forfeited. 

Cashless Exercise Restriction. Notwithstanding anything to the contrary in the Option Agreement, due to legal restrictions in China, Participant may be
required to pay the Exercise Price by a cashless exercise through E*Trade Financial Services or such other designated broker as may be selected by the Company, such that all Shares subject to the exercised Option will be sold immediately upon
exercise (i.e. a “same day sale”) and the proceeds of sale, less the Exercise Price, any Tax Obligations and broker’s fees or commissions, will be remitted to Participant in accordance with applicable exchange control laws and
regulations including, but not limited to, the restrictions set forth in this Country Addendum for China below under “Exchange Control Restrictions.” The Company reserves the right to provide Participant with additional methods of exercise
depending on the development of local law.
 Exchange Control Restrictions. By accepting the Option, Participant understands and agrees that that
Participant will be required to immediately repatriate all proceeds due to Participant under the Plan, including any Share sale proceeds from the cashless exercise of Participant’s Option. Participant understands that such repatriation will
need to be effected through a special exchange control account established by the Company or a Parent or Subsidiary in the PRC, and Participant hereby consents and agrees that the proceeds may be transferred to such special account prior to being
delivered to Participant. The proceeds may be paid to Participant in U.S. dollars or in local currency, at the Company’s discretion. If the proceeds are paid in U.S. dollars, Participant understands that he or she will be required to set up a
U.S. dollar bank account in the PRC so that the proceeds may be deposited into this account. If the proceeds are paid in local currency, Participant acknowledges that neither the Company nor any Parent or Subsidiary is under an obligation to secure
any particular currency conversion rate and that the Company (or a Parent or Subsidiary) may face delays in converting the proceeds to local currency due to exchange control requirements in the PRC. Participant agrees to bear any currency
fluctuation risk between the time the Shares are sold and the time the proceeds are converted into local currency and distributed to Participant. Participant further agrees to comply with any other requirements that may be imposed by the Company in
the future to facilitate compliance with PRC exchange control requirements. 
 Notifications 

Foreign Asset/Account Reporting Information. Chinese residents may be required to report to the SAFE all details of their foreign financial assets and
liabilities, as well as details of any economic transactions conducted with non-Chinese residents. Under these rules, Participant may be subject to reporting obligations for the Option, any Shares acquired
under the Plan and any Plan-related transactions. 

  
 -2- 

 FRANCE 

Terms and Conditions 
 Options Not
French-qualified. The Options granted under this Option Agreement are not intended to qualify for specific tax and social security treatment pursuant to Sections L. 225-177 to L. 225-186-1 of the French Commercial Code, as amended. 
 Language Consent.
In accepting this Option, Participant confirms having read and understood the documents relating to this Option (the Plan and this Option Agreement), which were provided in English. Participant accepts the terms of these documents accordingly. 

Consentement relatif à la langue utilisée. En acceptant cette Option, le Participant confirme avoir lu et compris les documents
relatifs à cette Option (le Plan et la présente Convention), qui ont été fournis en anglais. Le participant accepte les termes de ces documents en conséquence. 

Notifications 
 Foreign Asset/Account
Reporting Notification. French residents may hold Shares acquired under the Plan outside France, provided that all foreign bank and/or brokerage accounts, including accounts closed during the tax year, are reported on his or her annual income
tax return. 
 GERMANY 
 Notifications

 Exchange Control Information. Participant must report any cross-border payments in excess of €12,500 to the German Federal Bank
(Bundesbank). In case of payments in connection with securities (including proceeds realized upon the sale of the Shares or the receipt of dividends), the report must be made by the 5th day of the month following the month in which the payment was
received. The form must be filed electronically and the form of report (“Allgemeine Meldeportal Statistik”) can be accessed via the Bundesbank’s website (www.bundesbank.de) and is available in both German and English.
Participant is responsible for complying with applicable reporting requirements. 
 Foreign Asset/Account Reporting Notification. If
Participant’s acquisition of Shares under the Plan leads to a “qualified participation” at any point during the calendar year, Participant may need to report the acquisition when he or she files a tax return for the relevant year. A
qualified participation occurs only if (i) Participant owns 1% or more of the Company and the value of the Shares acquired exceeds €150,000, or (ii) Participant holds Shares exceeding 10% of the Company’s total ordinary shares.
However, if the ordinary shares are listed on a recognized stock exchange (including Nasdaq) and Participant owns less than 1% of the Company, this requirement will not apply to Participant. 

HONG KONG 
 Terms and Conditions

 Sale of Shares. Participant agrees that, in the event that any portion of the Option becomes vested and is exercisable prior to the six-month anniversary of the Date of Grant, Participant will not sell any Shares acquired upon exercise of the Option prior to the six-month anniversary of the Date of Grant.

  
 -3- 

 Notifications 

Securities Law Information. WARNING: The Option and the Shares acquired upon exercise of the Option do not constitute a public offering of securities
under Hong Kong law and are available only to eligible Service Providers. The Option Agreement, the Plan and any other incidental communication materials distributed to Participant in connection with the Option (i) have not been
prepared in accordance with applicable securities legislation in Hong Kong and are not intended to constitute a “prospectus” for a public offering of securities under such legislation, (ii) have not been reviewed by any
regulatory authority in Hong Kong, and (iii) are intended only for the personal use of each Participant, and may not be distributed to any other person. If Participant is in any doubt about any of the meaning or intent of anything
contained in the Option Agreement, the Plan or any other incidental communication materials distributed to Participant in connection with the Option, Participant is advised to obtain independent professional advice. 

ITALY 
 Terms and Conditions

 Plan Document Acknowledgment. In accepting the grant of the Option, Participant acknowledges that he or she has received a copy of the
Plan and the Option Agreement and has reviewed the Plan and the Option Agreement, including this Country Addendum, in their entirety and fully understands and accepts all provisions of the Plan and the Option Agreement, including this Country
Addendum. 
 Participant further acknowledges that he or she has read and specifically and expressly approves the following sections of the Option
Agreement: “Vesting Schedule”; “Tax Obligations”; “No Guarantee of Continued Service”; “Nature of Grant”; “Data Privacy”’ “Non-Transferability of
Option”; “Additional Conditions to Issuance of Stock”; “Administrator Authority”; “Language”; “Electronic Delivery and Acceptance”; “Governing Law and Venue”; “Country Addendum”;
“Imposition of Other Requirements” and “Waiver”. 
 Notifications 

Foreign Asset/Account Reporting Information. Italian residents who, at any time during the fiscal year, hold investments abroad and/or foreign financial
assets (e.g. vested Options, Shares, cash) which may generate income taxable in Italy are required to report such investments and assets on their annual tax returns (UNICO Form, RW Schedule) or on a special form if no tax return is due. These
reporting obligations also apply to Italian residents who are the beneficial owners of the investments abroad or foreign financial assets under Italian money laundering provisions. 

Tax on Foreign Financial Assets. The value of any Shares (and certain other foreign assets) an Italian resident holds outside Italy may be subject to a
foreign financial assets tax. The taxable amount is equal to the fair market value of the Shares on December 31 or on the last day the Shares were held (the tax is levied in proportion to the number of days the Shares were held over the
calendar year). The value of financial assets held abroad must be reported in Form RM of the annual tax return. Participant should consult his or her personal tax advisor for additional information about the foreign financial assets tax. 

  
 -4- 

 JAPAN 

Notifications 
 Exchange Control
Information. If Participant acquires Shares valued at more than ¥100,000,000 in a single transaction, Participant must file a Securities Acquisition Report with the Ministry of Finance through the Bank of Japan within 20 days of the
transaction. 
 In addition, if Participant pays more than ¥30,000,000 in a single transaction for the purchase of Shares upon exercise of the Option,
Participant must file a Payment Report with the Ministry of Finance through the Bank of Japan or the bank carrying out the transaction. The precise reporting requirements vary depending on whether or not the relevant payment is made through a bank
in Japan. 
 A Payment Report is required independently from a Securities Acquisition Report. Therefore, if the total amount that Participant pays upon a one-time transaction for exercising the Option and purchasing Shares exceeds ¥100,000,000, then both a Payment Report and a Securities Acquisition Report must be filed. 

Foreign Asset / Account Reporting. Japanese residents are required to report details of any assets held outside of Japan as of December 31,
including Shares acquired under the Plan, to the extent such assets have a total net fair market value exceeding ¥50,000,000. Such report will be due by March 15th each year. Participant is responsible for complying with this reporting
obligation and Participant should consult his or her personal tax advisor in this regard. 
 SOUTH KOREA 

Notifications 
 Exchange Control
Information. In the event that Participant remits funds out of Korea in connection with the exercise of the Option, such remittance of funds must be “confirmed” by a foreign exchange bank in Korea. In order to receive the confirmation,
Participant will likely be required to submit documents evidencing the nature of remittance to the bank in Korea together with the confirmation application, including a copy of the Option Agreement, the Plan, Participant’s certificate of
employment with the Employer and any other information requested by the bank. No bank confirmation is necessary if no funds are remitted out of Korea in connection with the exercise of the Option (e.g., if Participant uses funds already
outside of Korea or exercises the Option using a cashless method of exercise). 
 Foreign Asset / Account Reporting Information. Korean residents
must declare all foreign financial accounts (e.g., non-Korean bank accounts, brokerage accounts holding Shares) to the Korean tax authority and file a report with respect to such accounts in June of the
immediately following year if the monthly balance of such accounts exceeds KRW 500 million (or an equivalent amount in foreign currency) on any month-end date during the calendar year. Participant is
responsible for complying with this reporting obligation and should consult his or her personal tax advisor to determine how to value Participant’s foreign accounts for such purposes and whether Participant is required to file a report with
respect to such accounts. 
 TAIWAN 

Notifications 
 Securities Law
Information. The offer of the Options and the Shares to be issued pursuant to the Plan are available only for eligible Service Providers. It is not a public offer of securities by a Taiwanese company; therefore, it is exempt from registration in
Taiwan. 

  
 -5- 

 Exchange Control Information. Taiwanese residents may acquire and remit foreign currency
(including funds to purchase or proceeds from the sale of Shares) into and out of Taiwan up to US$5 million per year without justification. When remitting funds for the purchase of Shares pursuant to the Plan, such remittances should be made
through an authorized foreign exchange bank. If the transaction amount is TWD$500,000 or more in a single transaction, Taiwanese residents are required to submit a foreign exchange transaction form and may be required to provide supporting
documentation to the satisfaction of the remitting bank. Participant is personally responsible for complying with exchange control restrictions in Taiwan 

UNITED KINGDOM (“UK”) 
 Terms
and Conditions 
 Tax Obligations. The following provision supplements Section 8 of the Option Agreement: 

Without limitation to Section 8 of the Option Agreement, Participant agrees to be liable for any Tax Obligations related to Participant’s
participation in the Plan and legally applicable to Participant and hereby covenants to pay any such Tax Obligations, as and when requested by the Company or, if different, the Employer or by Her Majesty’s Revenue & Customs
(“HMRC”) (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Company and, if different, the Employer against any Tax Obligations that they are required to pay or
withhold or have paid or will pay to HMRC (or any other tax authority or any other relevant authority) on Participant’s behalf. 
 Notwithstanding the
foregoing, if Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), Participant understands that Participant may not be able to indemnify the Company for the amount of any
income tax not collected from or paid by Participant within ninety (90) days of the end of the UK tax year in which the event giving rise to the Tax Obligations occurs as it may be considered to be a loan and therefore, it may constitute a
benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant understands that Participant will be responsible for reporting and paying any income tax due on this additional benefit directly
to HMRC under the self-assessment regime and for paying to the Company and/or the Employer (as appropriate) the amount of any national insurance contributions due on this additional benefit, which may also be recovered from Participant by any of the
means referred to in Section 8 of the Option Agreement. 
 Joint Election. If Participant is a tax resident in the UK, the Option grant is
conditional upon Participant’s agreement to accept liability for any secondary Class 1 national insurance contributions which may be payable by the Employer in connection with any event giving rise to tax liability in relation to the
Option (“Employer NICs”). The Employer NICs may be collected by the Company or the Employer using any of the methods described in Section 8 of the Option Agreement. Without prejudice to the foregoing, Participant agrees to enter into
a joint election with the Company or the Employer (a “Joint Election”), the form of such Joint Election being formally approved by HMRC, and any other consent or elections required to accomplish the transfer of the Employer NICs to
Participant. Participant further agrees to enter into such other elections as may be required by any successor to the Company and/or the Employer for the purpose of continuing the effectiveness of Participant’s Joint Election. If Participant
does not enter into the Joint Election prior to exercising the Option, or if approval of the Joint Election is withdrawn by HMRC and a new Joint Election is not entered into, Participant’s Option shall become null and void, without any
liability to the Company or its Subsidiaries. Participant must enter into the Joint Election attached to this Exhibit B, concurrent with the execution or electronic acceptance of this Option Agreement, or at such subsequent time as may be designated
by the Company. 

  
 -6- 

 AMBARELLA, INC. 

2021 EQUITY INCENTIVE PLAN 

Onscreen disclaimer 
 If
Participant is liable for National Insurance contributions (“NICs”) in the United Kingdom (“UK”) in connection with Participant’s participation in the Ambarella, Inc. 2021 Equity Incentive Plan (the “Plan”),
Participant is required to enter into an Election to transfer to Participant any liability for employer’s NICs that may arise in connection with his or her participation in the Plan. 

Clicking on the [“ACCEPT”] box indicates Participant’s acceptance of the Election. Participant should read the “Important Note on the
Election to Transfer Employer NICs” before accepting the Election. 
 Important Note on the Election to Transfer Employer
NICs  
 If Participant is liable for National Insurance contributions (“NICs”) in the United Kingdom (“UK”) in connection with
Participant’s participation in the 2021 Equity Incentive Plan (the “Plan”), Participant is required to enter into an Election to transfer to Participant any liability for employer’s NICs that may arise in connection with his or
her participation in the Plan. 
 By entering into the Election: 
  

	 	•	 	 Participant agrees that any employer’s NICs liability that may arise in connection with his or her
participation in the Plan will be transferred to Participant; 

  

	 	•	 	 Participant authorizes his or her employer to recover an amount sufficient to cover this liability by such
methods including, but not limited to, deductions from Participant’s salary or other payments due or the sale of sufficient Shares acquired pursuant to Participant’s awards; and 

 

	 	•	 	 Participant acknowledges that even if Participant has clicked on the [“ACCEPT”] box where indicated,
the Company or Participant’s employer may still require Participant to sign a paper copy of this Election (or a substantially similar form) if the Company determines such is necessary to give effect to the Election. 

Please read the Election carefully. 
 Participant Should
Print and Keep a Copy of this Election for his or her Records. 

  
 -7- 

 AMBARELLA, INC. 

2021 EQUITY INCENTIVE PLAN 

Election to Transfer the Employer’s National Insurance Liability to Participant 

This Election is between: 
  

	A.	 The individual who has obtained authorized access to this Election (the
“Participant”), who is employed by the company listed in the attached schedule (the “Employer”) and who is eligible to receive stock options and/or restricted stock units (“Awards”) pursuant to the
Ambarella, Inc. 2021 Equity Incentive Plan (the “Plan”), and 

 B. Ambarella, Inc., with its registered office at PO Box
309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the “Company”), which may grant Awards under the Plan and is entering into this Election on behalf of the Employer. 

 

	1.	 Introduction 

  

	1.1	 This Election relates to all Awards granted to Participant under the Plan up to the termination date of the
Plan. 

  

	1.2	 In this Election the following words and phrases have the following meanings: 

 

	 	(a)	 “Chargeable Event” means, in relation to the Awards: 

 

	 	(i)	 the acquisition of securities pursuant to the Awards (within section 477(3)(a) of ITEPA 2003);

  

	 	(ii)	 the assignment (if applicable) or release of the Awards in return for consideration (within section 477(3)(b)
of ITEPA 2003); 

  

	 	(iii)	 the receipt of a benefit in connection with the Awards, other than a benefit within (i) or (ii) above
(within section 477(3)(c) of ITEPA 2003); 

  

	 	(iv)	 post-acquisition charges relating to the Awards and/or shares acquired pursuant to the Awards (within section
427 of ITEPA 2003); and/or 

  

	 	(v)	 post-acquisition charges relating to the Awards and/or shares acquired pursuant to the Awards (within section
439 of ITEPA 2003). 

  

	 	(b)	 “ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003. 

 

	 	(c)	 “SSCBA” means the Social Security Contributions and Benefits Act 1992. 

 

	1.3	 This Election relates to the employer’s secondary Class 1 National Insurance contributions (the
“Employer’s Liability”) which may arise on the occurrence of a Chargeable Event in respect of the Awards pursuant to section 4(4)(a) and/or paragraph 3B(1A) of Schedule 1 of the SSCBA. 

  
 -8- 

	1.4	 This Election does not apply in relation to any liability, or any part of any liability, arising as a result of
regulations being given retrospective effect by virtue of section 4B(2) of either the SSCBA, or the Social Security Contributions and Benefits (Northern Ireland) Act 1992. 

 

	1.5	 This Election does not apply to the extent that it relates to relevant employment income which is employment
income of the earner by virtue of Chapter 3A of Part VII of ITEPA 2003 (employment income: securities with artificially depressed market value). 

  

	2.	 The Election 

Participant and the Company jointly elect that the entire liability of the Employer to pay the Employer’s Liability on the Chargeable
Event is hereby transferred to Participant. Participant understands that, by signing or electronically accepting this Election, he or she will become personally liable for the Employer’s Liability covered by this Election. This Election is made
in accordance with paragraph 3B(1) of Schedule 1 of the SSCBA. 
  

	3.	 Payment of the Employer’s Liability 

 

	3.1	 Participant hereby authorizes the Company and/or the Employer to collect the Employer’s Liability from
Participant at any time after the Chargeable Event: 

  

	 	(i)	 by deduction from salary or any other payment payable to Participant at any time on or after the date of the
Chargeable Event; and/or 

  

	 	(ii)	 directly from Participant by payment in cash or cleared funds; and/or 

 

	 	(iii)	 by arranging, on behalf of Participant, for the sale of some of the securities which Participant is entitled to
receive in respect of the Awards; and/or 

  

	 	(iv)	 by any other means specified in the applicable award agreement. 

 

	3.2	 The Company hereby reserves for itself and the Employer the right to withhold the transfer of any securities
related to the Awards to Participant until full payment of the Employer’s Liability is received. 

  

	3.3	 The Company agrees to procure the remittance by the Employer of the Employer’s Liability to Her
Majesty’s Revenue & Customs on behalf of Participant within 14 days after the end of the UK tax month during which the Chargeable Event occurs (or within 17 days after the end of the UK tax month during which the Chargeable Event
occurs if payments are made electronically). 

  

	4.	 Duration of Election 

 

	4.1	 Participant and the Company agree to be bound by the terms of this Election regardless of whether Participant
is transferred abroad or is not employed by the Employer on the date on which the Employer’s Liability becomes due. 

  

	4.2	 Any reference to the Company and/or the Employer shall include that entity’s successors in title and
assigns as permitted in accordance with the terms of the Plan and relevant award agreement. This Election will continue in effect in respect of any awards which replace the Awards in circumstances where section 483 of ITEPA 2003 applies.

  
 -9- 

	4.3	 This Election will continue in effect until the earliest of the following: 

 

	 	(i)	 Participant and the Company agree in writing that it should cease to have effect; 

 

	 	(ii)	 on the date the Company serves written notice on Participant terminating its effect; 

 

	 	(iii)	 on the date Her Majesty’s Revenue & Customs withdraws approval of this Election; or

  

	 	(iv)	 after due payment of the Employer’s Liability in respect of the entirety of the Awards to which this
Election relates or could relate, such that the Election ceases to have effect in accordance with its terms. 

  

	4.4	 This Election will continue in force regardless of whether Participant ceases to be an employee of the
Employer. 

 [Signature page follows] 

  
 -10- 

 Acceptance by Participant 

Participant acknowledges that, by clicking on the “ACCEPT” box, Participant agrees to be bound by the terms of this Election. 

Acceptance by the Company 
 The
Company acknowledges that, by signing this Election or arranging for the scanned signature of an authorized representative to appear on this Election, the Company agrees to be bound by the terms of this Election. 

 

			
	Signature for and on behalf of the Company	  	
		  	__________________________
	Position	  	
		  	__________________________

  
 -11- 

 Schedule of Employer Companies 

The employer companies to which this Election relates are: 
  

			
	Name	  	Ambarella Limited
	Registered Office:	  	 Unit 1204-5, 12/F., Nanyang Plaza

57 Hung To Road
 Kwun Tong, Kowloon

Hong Kong

	Company Registration Number:	  	1357688
	Corporation Tax Reference:	  	27/51068667
	PAYE Reference:	  	120/AB61129

  
 -12- 

 EXHIBIT C 

AMBARELLA, INC. 
 2021
EQUITY INCENTIVE PLAN 
 STOCK OPTION AGREEMENT 

EXERCISE NOTICE 
 Ambarella, Inc. 

c/o Ambarella Corp. 
 3101 Jay Street, CA 95054 

Attention: Stock Administration 
 1. Exercise
of Option. Effective as of today, ________________, ____, the undersigned (“Participant”) hereby elects to exercise Participant’s option (the “Option”) to purchase ________________ Ordinary Shares (the
“Shares”) of Ambarella, Inc. (the “Company”) under and pursuant to the 2021 Equity Incentive Plan (the “Plan”) and the Stock Option Agreement dated ______________, _____, including the Notice of Stock
Option Grant, and the Terms and Conditions of Stock Option Grant attached as Exhibit A thereto and other exhibits, appendices and addenda attached thereto (the “Option Agreement”). Unless otherwise defined herein, capitalized
terms used in this Exercise Notice will be ascribed the same defined meanings as set forth in the Option Agreement (or the Plan or other written agreement as specified in the Option Agreement). 

2. Delivery of Payment. Participant herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option
Agreement, and any Withholding Obligations to be paid in connection with the exercise of the Option. 
 3. Representations of
Participant. Participant acknowledges that Participant has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions. 

4. Rights as Shareholder. Until the issuance of the Shares (as evidenced by the appropriate entry in the Company’s Register of
Members or on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Ordinary Shares subject to the Option,
notwithstanding the exercise of the Option. The Shares so acquired shall be issued to Participant as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment shall be made for a dividend or other right
for which the record date is prior to the date of issuance except as provided in Section 15 of the Plan. 
 5. Tax Consultation.
Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems
advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company for any tax advice. 

  
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 6. Interpretation. Any dispute regarding the interpretation of this Exercise Notice
shall be submitted by Participant or by the Company forthwith to the Administrator, which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator shall be final and binding on all parties to the
maximum extent permitted by law. 
 7. Governing Law; Severability. This Exercise Notice is governed by the internal substantive
laws, but not the choice of law rules, of California. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice shall continue in full force and
effect. 
 8. Entire Agreement. The Plan and Option Agreement are incorporated herein by reference. The Plan and the Option Agreement
(including this Exercise Notice and any exhibits, appendices, and addenda attached to the Notice of Stock Option Grant of the Option Agreement) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in
their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to Participant’s interest except by means of a writing signed by the Company and
Participant. 
  

							
	Submitted by:	  	Accepted by:	  	            
	PARTICIPANT	  	AMBARELLA, INC.	  	
	  
	  	  
	  	
	Signature	  		  	By	  	
	  
	  	  
	  	
	Print Name	  		  	Print Name	  	
		  		  	  

		  	Title	  		  	
	Address:	  		  	Address:	  	
	  
	  	  
	  	
	  
	  	  
	  	
		  		  	  

		  		  	Date Received

  
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