Document:

EX-10.2

 Exhibit 10.2 

SEPARATION AND RELEASE AGREEMENT 

This Separation and Release Agreement (collectively, the “Agreement”) dated as of April 30, 2022 (the “Effective
Date”) is made by and between U.S. Well Services, Inc. (the “Company”) and Matt Bernard (“Bernard”). Bernard and the Company together are referred to as the “Parties.” 

Preamble 
  

	 	1.	 Bernard has been employed by the Company as the Chief Administrative Officer pursuant to an Employment
Agreement entered into on July 13, 2018 (as amended, the “Employment Agreement”); 

  

	 	2.	 On the Effective Date, Bernard is resigning from his position as the Chief Administrative Officer of the
Company and from any and all other positions of employment with the Company without Good Reason (as defined in the Employment Agreement); and 

  

	 	3.	 Following his resignation, Bernard will continue to serve the Company as a consultant. 

NOW THEREFORE in consideration of the mutual promises exchanged in this Agreement, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties agree as follows: 
 Agreement 

Definition. When used in this Agreement, “Company and/or its Affiliates” means and includes U.S. Well Services, Inc.
and all of its predecessors, successors, parents, subsidiaries, divisions and other affiliated companies, partners, partnerships, assigns, and all of their respective present and former officers, directors, employees, shareholders or equity holders,
board members, agents and insurers, whether in their individual or official capacities. 
 1. Resignation Date. As of the Effective
Date, Bernard has voluntarily resigned without Good Reason from employment with the Company and from any and all positions ever held as an officer, manager, director or similar position with any subsidiary of the Company, other than as a member of
the Board, and Bernard agrees he shall execute all documents necessary to effect such resignations. 
 2. Accrued Obligations and Employee
Equity Grants. 
 (a) Bernard and the Company acknowledge that Bernard is not entitled to any severance payments under the terms of the
Employment Agreement in connection with his resignation and that the Employment Agreement is terminated on the Effective Date, and no amounts will be payable under the Employment Agreement after the Effective Date, provided, however, that Article VI
of the Employment Agreement shall continue in effect. The Company agrees to provide Bernard with the following amounts: (i) payment of his current base salary through the Effective Date; (ii) reimbursement of expenses in accordance with
past practices and (iii) payment of his accrued, unused vacation. Such base salary will be paid in accordance with the Company’s normal payroll schedule. 

 (b) Equity Grants. Bernard has received multiple equity awards
(“Awards”) under the Amended and Restated U. S. Well Services 2018 Stock Incentive Plan (the “Stock Incentive Plan”). All of such Awards shall be subject to their terms and conditions and settled or paid, if any, in
accordance with their terms and conditions. Nothing in this Agreement is intended to modify the Awards. 
 3. Indemnification. Subject
to applicable law, the Company will provide indemnification to the Bernard to the maximum extent permitted by the General Corporation Law of Delaware, the Company’s Bylaws and Certificate of Incorporation, including coverage, if applicable,
under any indemnity agreement with the Company and any directors and officers insurance policies, with such indemnification determined by the Board or any of its committees in good faith based on principles consistently applied (subject to such
limited exceptions as the Board may approve in cases of hardship) and on terms no less favorable than those provided to any other Company executive officer or director. 

4. Release by Bernard.  

(a) General Release. 
 (i)
In exchange for the consideration contained herein, Bernard, on behalf of himself, and his agents, spouse, heirs, executors, successors and assigns, unconditionally, fully and forever waives, releases, discharges, agrees to hold harmless, and
promises not to sue the Company and/or its Affiliates, from and for any claim, demand, judgment, right, fee, damage, debt, obligation, liability, action or right of any sort, known or unknown (collectively, “Claims”), arising
on or before the Effective Date, for (A) any compensation of any kind, any wages, salary, bonuses, equity interests, compensation, sick time, vacation time, paid leave or other remuneration of any kind or any claim for additional or different
compensation or benefits of any sort, including phantom equity, fringe benefits, reimbursements, any benefits under any employee benefit plan, policy or program, severance payments or benefits or compensation pursuant to the Employment Agreement,
any equity awards under the Stock Incentive Plan or otherwise, or any other agreement, or additional or different compensation or benefits related to his resignation or termination of employment with the Company, (B) any and all claims arising
under tort, contract, and quasi-contract law, including but not limited to claims of breach of an express or implied contract, tortious interference with contract or prospective business advantage, breach of the covenant of good faith and fair
dealing, promissory estoppel, detrimental reliance, invasion of privacy, nonphysical injury, personal injury or sickness or any other harm, wrongful or retaliatory discharge, fraud, defamation, slander, libel, false imprisonment, and negligent or
intentional infliction of emotional distress, or (C) any and all claims under Title VII of the Civil Rights Act of 1964 (Title VII), the Americans with Disabilities Act (ADA), the Family and Medical Leave Act (FMLA) (regarding existing but not
prospective claims), the Fair Labor Standards Act (FLSA), the Equal Pay Act, the Employee Retirement Income Security Act (ERISA) (regarding unvested benefits), the Civil Rights Act of 1991, Section 1981 of U.S.C. Title 42, the Fair Credit
Reporting Act (FCRA), the Worker Adjustment and Retraining Notification (WARN) Act, and 

  
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the Age Discrimination in Employment Act (ADEA), Older Workers Benefit Protection Act (“OWBPA”), all including any amendments and their respective implementing regulations, and any
other federal, state, local, or foreign law (statutory, regulatory, or otherwise) that may be legally waived and released; however, the identification of specific statutes is for purposes of example only, and the omission of any specific statute or
law shall not limit the scope of this general release in any manner; provided, however, that Bernard does not waive, release or otherwise discharge (i) any claim or cause of action to enforce any of Bernard’s rights under this Agreement,
(ii) COBRA rights, (iii) unsubmitted or unpaid medical and dental insurance benefits accrued prior to the Effective Date, subject to the terms of the relevant insurance plans, (iv) coverage, if any, under the Company’s insurance
policies in effect as of the Effective Date, subject to the terms thereof, (v) any vested benefits under the Company’s tax-qualified 401(k) plan, subject to the terms thereof, (vi) any rights
Bernard may possess as a shareholder of the Company to own or vote Bernard’s shares or to receive dividends, if any, or (vii) Bernard’s rights to indemnification as described in Section 3. 

(b) Specific Release of ADEA Claims. In further consideration of the payments and benefits provided to Bernard in this Agreement,
Bernard hereby irrevocably and unconditionally fully and forever waives, releases, and discharges the Company and/or its Affiliates from any and all Claims, whether known or unknown, from the beginning of time through the date of the Bernard’s
execution of this Agreement, arising under the Age Discrimination in Employment Act (ADEA), as amended, and its implementing regulations. By signing this Agreement, Bernard hereby acknowledges and confirms that: 

(i) Bernard has fully read, understands and voluntarily enters into this Agreement including the release set forth in this
Section 4 and that (i) rights and claims under the ADEA and the OWBPA are among the rights and claims against Company and/or its Affiliates that Bernard is releasing, and (ii) Bernard is not releasing any rights
or claims arising after he signs the Agreement ; 
 (ii) by this Agreement, Bernard is hereby advised that he should consult with
independent legal counsel prior to executing this Agreement regarding the consequences to him from execution and delivery of this Agreement. Bernard further acknowledges that he has had an opportunity to consult with an attorney of his choice before
signing this Agreement; and 
 (iii) Bernard knowingly, freely, and voluntarily agrees to all of the terms and conditions set out in this
Agreement including, without limitation, the waiver, release, and covenants contained in it. 
 (c) Bernard is signing this Agreement,
including the waiver and release, in exchange for good and valuable consideration in addition to anything of value to which Bernard is otherwise entitled. 

(d) Bernard acknowledges that he was given at least 21 days to consider the terms of this Agreement and consult with an attorney of his choice,
although Bernard may sign it sooner if desired and changes to this Agreement, whether material or immaterial, do not restart the running of the 21 -day period. 

  
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 (e) Bernard understands that he has seven (7) days after signing this Agreement to
revoke the release in this paragraph by delivering notice of revocation to [NAME] at the Company, [EMAIL] or 1360 Post Oak Boulevard, Suite 1800, Houston, TX 77056 by email or overnight delivery before the end of this
seven-day period. If Bernard elects to revoke the Agreement, all of the provisions of the Agreement shall be void and unenforceable. If Brossard does not revoke this Agreement, the Agreement shall become
effective at the expiration of the seven (7) day revocation period (i.e., on the eighth day after Bernard signs the Agreement) (the “Effective Date”). 

(f) Nothing in this Agreement prevents Bernard from filing a claim with the Equal Opportunity Commission (“EEOC”) or other
applicable law or participating in any investigation or proceeding conducted by the EEOC or other applicable law; provided, however, Bernard understands and agrees that he is waiving any and all rights to recover any monetary or
personal relief or recovery as a result of such proceeding or subsequent legal action. 
 5. Continued Obligations. Bernard
acknowledges and agrees that he previously agreed to be bound by certain ongoing and post-employment obligations pursuant to Article VI of the Employment Agreement (the “Continued Obligations”), which are hereby incorporated herein
by reference. 
 6. Cooperation. The Parties agree that certain matters in which Bernard has been involved during Bernard’s
employment may need Bernard’s cooperation with the Company in the future. Upon reasonable request, Bernard agrees to cooperate with the Company and all individuals employed by the Company in any and all matters relating to the Company,
including cooperation in any transition of his duties as Chief Administrative Officer. 
 7.
Non-Disparagement. Bernard agrees not to disparage, either orally or in writing, the Company and/or its Affiliates or their businesses, operations, officers, directors, employees or shareholders. 

8. No knowledge of Wrongdoing or Matters Requiring Disclosure. Bernard represents that he has no knowledge of (a) any wrongdoing by
the Company and/or its Affiliates; or (b) any matters regarding the Company and/or its Affiliates requiring disclosure to any private or government agency. 

9. Enforcement. 
 (a)
Arbitration. 
 (i) The Parties agree that any and all disputes, claims or controversies arising out of, relating to, or in
connection with this Agreement or Bernard’s resignation, including the execution, performance, and termination of this Agreement and related documents, that are not resolved by their mutual agreement shall be resolved by final and binding
confidential arbitration as the exclusive remedy. Bernard understands that by entering into this Agreement, Bernard is waiving any right he may have to file a lawsuit or other civil action or proceeding, and Bernard is waiving any right he may have
to resolve disputes through trial by judge or jury. 

  
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 (ii) Either Party may commence the arbitration process by filing a written demand for
arbitration with the American Arbitration Association (“AAA”) and sending a copy by personal delivery or certified mail to the other party. The Parties agree that, except as provided in this Agreement, the arbitration shall be in
accordance with the AAA’s then–current rules Commercial Arbitration Rules. The arbitration shall be conducted by one arbitrator (“Arbitrator”) admitted to practice law in Texas for at least ten (10) years who is a
former judge, selected pursuant to the selection procedures provided by AAA or by an arbitrator mutually selected by the parties. Proceedings to enforce, confirm, modify, set aside or vacate an award or decision rendered by the Arbitrator will be
controlled by and conducted in conformity with the Federal Arbitration Act, 9 U.S.C. § 1 et seq., or applicable state law. The arbitration shall be final and binding upon the parties. The Parties will be responsible for paying their own costs
and attorney’s fees except as otherwise provided by the arbitration rules. Any arbitration proceeding shall take place in Harris County, Texas. The arbitration proceeding and all related documents will be confidential, unless disclosure is
required by law. 
 (iii) THE PARTIES HEREBY WAIVE THEIR RIGHT TO TRIAL BY JURY AND AGREE TO HAVE ANY AND ALL DISPUTES RESOLVED IN
ARBITRATION IN ACCORDANCE WITH THIS SECTION. 
 10. Notices. Any notices provided under this Agreement shall be effective if
provided concurrently by both email and federal express (overnight delivery) as follows: 
  

	 	(a)	 If to Bernard: 

  

	 	(i)	 Matt Bernard 

403 Rue De La Mosaique 

Broussard, LA 70518 
 Email:
mbernard@uswellservices.com 
  

	 	(b)	 If to the Company: 

  

	 	(i)	 To U.S. Well Services, Inc. 

1360 Post Oak Boulevard, Suite 1800, Houston, TX 77056 

Attn: Kyle O’Neill. 

Email: koneill@uswellservices.com 
  

	 	(ii)	 With a courtesy copy (which does not constitute notice) to: 

Adam K. Nalley 
 Porter Hedges
LLP 
 1000 Main St., 36th Floor, Houston, TX 77002 

Email: analley@porterhedges.com 

  
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 11. Authority. The Parties warrant that they or their undersigned representatives are
legally competent and fully authorized to execute and deliver this Agreement. Bernard additionally warrants that he has not heretofore assigned or transferred, or purported to have assigned or transferred, to any firm, entity, or person, any dispute
released herein. 
 12. Entire Agreement. This Agreement, together with the Continued Obligations, embody the entire agreement between
the Parties relating to the subject matter hereof, and may be amended or modified only by an instrument in writing executed jointly by the Parties. 

13. Choice of Law. This Agreement is made and shall be enforced pursuant to the laws of the State of Delaware. It is the intent of the
Parties that this Agreement may be disclosed to a court of law and that the terms of the Agreement are binding upon the Parties in a court of law. 

14. No Admission. The Parties acknowledge that this Agreement is the result of a compromise and shall never be construed as, or said by
either of them to be, an admission by the other of any liability, wrongdoing, or responsibility. The Parties expressly disclaim any such liability, wrongdoing, fault, or responsibility. 

15. Other Representations. By executing this Agreement and as a condition precedent to any obligations or liabilities of the Parties,
Bernard expressly acknowledges, represents, and warrants that Bernard (i) is not relying upon any statements, understandings, representations, expectations, or agreements other than those expressly set forth in this Agreement; (ii) was
represented by legal counsel of his own choosing; (iii) has made his own investigation of the facts, have had a full opportunity to review the terms of this Agreement, and has and is relying solely upon his own knowledge and the advice of his
own legal counsel; (iv) has carefully read and understood all of the provisions of this Agreement; (v) knowingly waives any claim that this Agreement was induced by any misrepresentation, omission, or nondisclosure and any right to rescind
or avoid this Agreement based upon presently existing facts, known or unknown; and (vi) he is the lawful owner of the claims released herein and has not assigned, transferred, sold, pledged, or in any manner whatsoever conveyed any right,
title, interest, or claim in or to any claim released by this Agreement. Bernard stipulates that the Company is relying upon these representations and warranties in entering into this Agreement. These representations and warranties shall survive the
execution of this Agreement. 
 16. Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable
under any present or future laws or public policies, such provisions shall be fully severable and shall in no way affect the validity or enforceability of this Agreement or any other provision herein. 

17. Waiver. The provisions of this Agreement may only be waived with the prior written consent of the Company and Bernard, and no course
of conduct or failure or delay in enforcing the provisions of this Agreement shall be construed as a waiver of such provisions or affect the validity, binding effect, or enforceability of this Agreement or any provision herein. 

18. Agreement Jointly Drafted. The Parties agree that this Agreement shall be construed as if the Parties jointly prepared this
Agreement and that this Agreement shall not be construed against any Party on the ground that such Party drafted the Agreement. 

  
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 19. Voluntary Execution. Bernard further acknowledges that he has had sufficient time
to consider this Agreement, that he was represented by counsel of his choosing in negotiating this Agreement, and that Bernard is signing this Agreement knowingly and voluntarily for purposes of receiving additional, valuable compensation beyond
what Bernard would otherwise be entitled to. 
 [SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as follow: 

 

	
	 /s/ Matt Bernard

	Matt Bernard
	
	Date: 4/30/2022

  
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	U.S. Well Services, Inc.
	
	 /s/ Kyle O’Neill

	Name: Kyle O’Neill
	Title: President & Chief Executive Officer
	Date: April 30, 2022

  
 9EX-10.3

 Exhibit 10.3 

U.S. WELL SERVICES, INC. 

GRANT NOTICE FOR 2018 STOCK INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD 
 FOR GOOD AND
VALUABLE CONSIDERATION, U.S. Well Services, Inc. (the “Company”), hereby grants to the Participant named below the number of restricted stock units (the “Restricted Stock Units” or “RSUs”) whereby each Restricted Stock
Unit represents the right to receive one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), as specified below (the “Award”), upon the terms and subject to the conditions set
forth in this Grant Notice, the U.S. Well Services, Inc. Amended and Restated 2018 Stock Incentive Plan (as amended, the “Plan”) and the Terms and Conditions for Restricted Stock Unit attached hereto (the “Terms and Conditions”)
promulgated under such Plan, each as amended from time to time. This Award is granted pursuant to the Plan and is subject to and qualified in its entirety by the Terms and Conditions. Notwithstanding anything to the contrary herein, the right of the
Participant to receive shares of Common Stock in payment of the Award is conditioned upon the Company receiving stockholder approval of certain amendments to the Plan as may be required in order to permit the transactions contemplated by the Award
and similar awards granted to other Company personnel (“Stockholder Approval”). 
  

			
	Name of Participant:	  	Joel Broussard
		
	Grant Date:	  	April 30, 2022
		
	Number of Restricted Stock Units:	  	1,142,514, subject to adjustment as set forth in the Plan.
		
	Restricted Periods:	  	 Six months from the Grant Date with respect to one-half (1/2) of the Award (“First Restricted
Period”); and
  
 Eighteen (18) moths from the Grant Date with respect to one-half (1/2) of the Award (“Second Restricted Period” and, together with the First Restricted Period, a “Restricted Period”).

 
 Subject to the Participant’s Continuous Service, the First Restricted Period and
Second Restricted Period shall lapse upon the expiration of such period, respectively.
  

	  	 Subject to the Participant’s Continuous Service, the First Restricted Period and Second Restricted Period shall lapse upon the
expiration of such period, respectively.
  

	  	 Upon a termination of the Participant’s Continuous Service due to the Participant’s death or Disability during either the First
Restricted Period or Second Restricted Period, such Restricted Period shall fully lapse.
  

Upon a termination of the Participant’s Continuous Service by the Company for Cause, the entire Award, whether or not then vested, shall be immediately
forfeited and canceled as of the date of such termination of Continuous Service.
  

Upon a termination of the Participant’s Continuous Service for any other reason (other than due to the Participant’s death, Disability or by the
Company for Cause) prior to the lapse of the applicable Restricted Period, the portion of the Award that has not vested as of the date of termination shall be forfeited and canceled as of such date.

			
	Restricted Stock Unit Settlement:	  	 No shares of Common Stock shall be issued to the Participant in respect of the RSUs granted pursuant to any portion of the Award prior to the
date on which such portion of the Award becomes vested and the applicable Restricted Period with respect to such portion of the Award lapses, in accordance with the terms hereof. On the date a portion of the Award becomes vested and subject to
obtaining Stockholder Approval, the Company will issue to Participant a number of shares of Common Stock equal to such portion of the Award.
  

If, on the date a portion of the Award becomes vested, the Company has not received Stockholder Approval, then the portion of the Award that has become vested
will be settled in solely cash and calculated as follows: the number of shares of Common Stock equal to the portion of the Award vesting on such date multiplied by the closing price of the Common Stock as reported on the Nasdaq Capital Market (or
other applicable trading market or exchange) as of the trading day immediately preceding the vesting date.

		
	Stockholder Approval:	  	Notwithstanding anything to the contrary herein, the right of the Participant to receive shares of Common Stock in settlement of the Award is conditioned upon the Company receiving Stockholder Approval, and in the event such
Stockholder Approval is not received and the Company lacks sufficient shares of Common Stock in the Total Share Reserve under the Plan to satisfy the Award in full, then the Awards will be solely settled in cash and no Common Stock will be issued to
Participant.

 [Signature page to follow] 

 By accepting this Grant Notice, the Participant acknowledges that he or she has received and read, and
agrees that this Award shall be subject to, the terms of this Grant Notice, the Plan and the Terms and Conditions. 
  

			
	U.S. WELL SERVICES, INC.
		
	By:	 	 /s/ Kyle O’Neill

		 	Name: Kyle O’Neill
		 	Title: Chief Financial Officer
	
	PARTICIPANT:
		
		 	 /s/ Joel Broussard

		 	Joel Broussard
		
		 	Address (please print):
		 	117 Oak Terrace Drive
		 	Lafayette, Louisiana 70508

 U.S. WELL SERVICES, INC. 

TERMS AND CONDITIONS FOR 

RESTRICTED STOCK UNITS 
 These Terms and
Conditions apply to the award of restricted stock units (the “Award” or the “Restricted Stock Units”) whereby each Restricted Stock Unit represents the right to receive one share of the Company’s Class A common
stock, par value $0.0001 (the “Common Stock”), as set forth in the Grant Notice provided herewith (the “Grant Notice”) and granted pursuant to the U.S. Well Services, Inc. 2018 Stock Incentive Plan (the “Plan”). In
addition to these Terms and Conditions, the Restricted Stock Units shall be subject to the terms of the Plan, which are incorporated into these Terms and Conditions by this reference. Capitalized terms not otherwise defined herein shall have the
meaning set forth in the Plan. 
  

	1.	 TERMS OF RESTRICTED STOCK UNITS 

U.S. Well Services, Inc. (the “Company”), has granted the Award to the Participant named in the Grant Notice. The Award is subject to
the conditions set forth in the Grant Notice, these Terms and Conditions, and the Plan, each as amended from time to time. For purposes of these Terms and Conditions and the Grant Notice, any reference to the Company shall include a reference to its
subsidiaries. 
  

	2.	 VESTING OF RESTRICTED STOCK UNITS 

The Award shall not be vested as of the Grant Date set forth in the Grant Notice and shall be forfeitable unless and until the applicable
Restricted Period lapses pursuant to the terms of the Grant Notice and these Terms and Conditions. After the Grant Date, subject to termination or acceleration as provided in the Grant Notice, these Terms and Conditions (as amended from time to
time) and the Plan, the applicable Restricted Period shall lapse as described in the Grant Notice with respect to that number of Restricted Stock Units as set forth in the Grant Notice. 

 

	3.	 NO RIGHTS AS STOCKHOLDER 

The Restricted Stock Units granted pursuant to the Award do not and shall not entitle the Participant to any rights of a holder of Common Stock
prior to the date that shares of Common Stock are issued to the Participant in settlement of the Award. The Participant’s rights with respect to the Restricted Stock Units shall remain forfeitable at all times prior to the date on which rights
become vested and the restrictions with respect to the Restricted Stock Units lapse in accordance with the Grant Notice. 
  

	4.	 CHANGE IN CONTROL 

For the purposes of the Award, “Change in Control” shall not have the meaning provided in the Plan, but rather, “Change in
Control” shall mean: 
 (a) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole, other than a transaction in which the Company’s voting
securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or
indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or
indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction; 

(b) the Incumbent Directors cease for any reason to constitute at least a majority of the Board; 

 (c) the consummation of a complete liquidation or dissolution of the
Company; 
 (d) the acquisition by any Person (excluding any Existing Major Holder (as defined below)) of Beneficial
Ownership of more than 50% (on a fully diluted basis) of either (i) the then outstanding shares of Common Stock of the Company, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or
warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then outstanding voting
securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this Plan, the following acquisitions shall not constitute a Change in
Control: (A) any acquisition by the Company or any Affiliate, (B) any acquisition by any employee benefit plan sponsored or maintained by the Company or any subsidiary, (C) any acquisition which complies with clauses, (i), (ii) and
(iii) of subsection (e) of this definition or (D) in respect of an Award held by a particular Participant, any acquisition by the Participant or any group of persons including the Participant (or any entity controlled by the
Participant or any group of persons including the Participant); 
 (e) the consummation of a reorganization, merger,
consolidation, statutory share exchange or similar form of corporate transaction involving the Company that requires the approval of the Company’s shareholders, whether for such transaction or the issuance of securities in the transaction (a
“Business Combination”), unless immediately following such Business Combination: (i) more than 50% of the total voting power of  (A) the entity resulting from such Business Combination (the “Surviving Company”), or
(B) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the members of the board of directors (or the analogous governing body) of the
Surviving Company (the “Parent Company”), is represented by the Outstanding Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which the
Outstanding Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power of the Outstanding Company Voting Securities
among the holders thereof immediately prior to the Business Combination; (ii) no Person (other than any Existing Major Holder or any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company) is or becomes the
Beneficial Owner, directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible to elect members of the board of directors of the Parent Company (or the analogous governing body) (or, if there is no
Parent Company, the Surviving Company); and (iii) at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the
consummation of the Business Combination were Board members at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination; or 

(f) the consummation of any sale of shares of Common Stock of the Company or any options, warrants, stock or debt convertible
or exchangeable into shares of Common Stock of the Company by any Person which as of the Grant Date has Beneficial Ownership of more than thirty-five percent (35%) (on a fully diluted basis) of the Outstanding Company Common Stock which results in
such Person having both (a) Beneficial Ownership of less than twelve and one-half percent (12.5%) (on a fully diluted basis) of the Outstanding Company Common Stock held by such Person as of the Grant
Date and (b) Beneficial Ownership of less than five (5%) (on a fully diluted basis) of the Outstanding Company Common Stock at the time of such sale. 

Notwithstanding anything herein to the contrary, in no event shall the Company’s initial business combination or the transactions
occurring in connection therewith constitute a Change in Control and, with respect to any Award (or portion of any Award) that provides for the deferral of compensation that is subject to Section 409A of the Code, an event shall not be
considered to be a Change in Control under the Plan for purposes of payment of such Award (or portion thereof) unless such event is also a “change in ownership,” a “change in effective control” or a “change in the ownership
of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code. 

 For the purposes hereof, an “Existing Major Holder” shall mean any Person which as
of the Grant Date has Beneficial Ownership of more than 10% (on a fully diluted basis) of the Outstanding Company Common Stock. 
  

	5.	 NO FRACTIONAL SHARES 

Fractional shares of Common Stock shall not be delivered upon the settlement of Restricted Stock Units. 

 

	6.	 TAXES 

The Company shall not deliver shares of Common Stock in respect of the settlement of any Restricted Stock Units unless and until the
Participant has made arrangements satisfactory to the Company to satisfy applicable withholding tax obligations. Subject to the discretion of the Committee, the Participant may satisfy any federal, state or local tax withholding obligation relating
to the acquisition of Common Stock under any Restricted Stock Units by any of the following means (in addition to the Company’s right to withhold from any compensation paid to the Participant by the Company) or by a combination of such means:
(a) tendering a cash payment; (b) authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock under the
Restricted Stock Units, provided, however, that no shares of Common Stock are withheld with a value exceeding the maximum amount of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered shares of
Common Stock of the Company. 
 Subject to the Participant’s election, if any, as permitted herein, the Company may require the
Participant to pay to the Company an amount the Company reasonably deems necessary to satisfy its current or future obligation to withhold federal, state or local income or other taxes that the Participant incurs as a result of the Award. With
respect to any required tax obligations, the Participant may shall deliver cash to the Company sufficient to satisfy its tax withholding obligations with respect to the Participant’s receipt of shares. 

The Participant has been advised and Participant hereby acknowledges that he has been advised to obtain independent legal and tax advice
regarding this Award, grant of the Restricted Stock Units, the vesting and payment, including, without limitation, under Section 409A of the Internal Revenue Code of 1986, as amended and the applicable notices, rules, and regulation thereunder
(the “Code”). The Participant acknowledges that none of the Company, its Affiliates, the Committee or any of their officers, directors, employees or agents guarantees or are otherwise responsible for any tax consequences to the Participant
in connection with this Award, the Restricted Stock Units, the Plan or the vesting or disposition of shares under any federal, state, local domestic or foreign law, including, without limitation, any income or excise taxes or interest or penalties
under Code Section 409A. 
 The intent of the parties is that this Award comply with Internal Revenue Code Section 409A and the
regulations and guidance promulgated thereunder to the extent it is applicable and, accordingly, this Award shall be interpreted to be in compliance therewith, and to the extent required the defined terms herein shall have the meaning required of
such term under Code Section 409A, and any provision that would violate Code Section 409A shall be null and void. Notwithstanding any provision to the contrary in this Award, payments under this Award that are subject to Code
Section 409A and are to be made hereunder upon a termination of employment shall only be made upon a “separation from service” (as defined in Treasury Regulation § 1.409A 1(h)) and, if the Participant is deemed on the date of
termination to be a “specified employee” within the meaning 

 
of that term under Code Section 409A(a)(2)(B), then with regard to any payment that constitutes “nonqualified deferred compensation” subject to Code Section 409A, such payment
or benefit shall be made or provided at the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date after the date of such “separation from service” of the Participant, and (B) the date
of the Participant’s death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this provision (whether they would have otherwise been payable in a single sum or in installments
in the absence of such delay) shall be paid or reimbursed to the Participant in a lump sum, and any remaining payments and benefits due under this Award shall be paid or provided in accordance with the normal payment dates specified for them herein.
Whenever a payment under this Award may be paid within a specified period, the actual date of payment within the specified period shall be within the sole discretion of the Company. In no event may the Participant, directly or indirectly, designate
the calendar year of any payment to be made under this Award. 
 This grant of Award is subject to all applicable federal, state and local
taxes and withholding requirements. 
  

	7.	 OTHER AGREEMENTS SUPERSEDED 

The Grant Notice, these Terms and Conditions and the Plan constitute the entire understanding between the Participant and the Company regarding
the Restricted Stock Units. Except as may otherwise be specifically set forth in any employment or severance agreement between the Participant and the Company, any prior agreements, commitments or negotiations concerning the Restricted Stock Units
are superseded. 
  

	8.	 LIMITATION OF INTEREST IN SHARES SUBJECT TO RESTRICTED STOCK UNITS 

Neither the Participant (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Participant
shall have any right, title, interest, or privilege in or to any shares of Common Stock allocated or reserved for the purpose of the Plan or subject to the Grant Notice or these Terms and Conditions except as to such shares of Common Stock, if any,
as shall have been issued to such person in connection with the Award. 
 Nothing in the Plan, in the Grant Notice, these Terms and
Conditions or any other instrument executed pursuant to the Plan shall confer upon the Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or shall affect the right of
the Company or an Affiliate to terminate the employment of the Participant with or without notice and with or without Cause. 
  

	9.	 SECURITIES LAW COMPLIANCE 

No shares of Common Stock shall be purchased or sold thereunder unless and until (a) any then applicable requirements of state or federal
laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel and (b) if required to do so by the Company, the Participant has executed and delivered to the Company a letter of investment intent
in such form and containing such provisions as the Committee may require. 
  

	10.	 GENERAL 

(a) In the event that any provision of these Terms and Conditions is declared to be illegal, invalid or otherwise unenforceable by a court of
competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of these Terms and Conditions shall not be affected except to the
extent necessary to reform or delete such illegal, invalid or unenforceable provision. 

 (b) The headings preceding the text of the sections hereof are inserted solely for
convenience of reference, and shall not constitute a part of these Terms and Conditions, nor shall they affect its meaning, construction or effect. 

(c) These Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs,
beneficiaries, successors and assigns. 
 (d) These Terms and Conditions shall be construed in accordance with and governed by the laws of
the State of Delaware, without regard to principles of conflicts of law. 
 (e) In the event of any conflict between the Grant Notice, these
Terms and Conditions and the Plan, the Grant Notice and these Terms and Conditions shall control. In the event of any conflict between the Grant Notice and these Terms and Conditions, the Grant Notice shall control. 

(f) All questions arising under the Plan, the Grant Notice or under these Terms and Conditions shall be decided by the Committee in its total
and absolute discretion. 
  

	11.	 ELECTRONIC DELIVERY 

By executing the Grant Notice, the Participant hereby consents to the delivery of information (including, without limitation, information
required to be delivered to the Participant pursuant to applicable securities laws) regarding the Company and its subsidiaries, the Plan, and the Restricted Stock Units via Company web site or other electronic delivery.

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