Document:

Exhibit 10.1

 

Execution Version

 

 

TWELFTH AMENDMENT TO CREDIT AGREEMENT

 

This Twelfth Amendment
to Credit Agreement (this “Amendment”) is entered into effective as of the 14th day of May, 2019,
by and among Gran Tierra Energy International Holdings Ltd., an exempted company incorporated with limited liability under the
laws of the Cayman Islands (the “Borrower”), Gran Tierra Energy Inc., a corporation duly formed and existing
under the laws of the State of Delaware (the “Parent”), The Bank of Nova Scotia, as administrative agent (the
 “Administrative Agent”) and the Lenders party hereto.

 

W I T N E S S E T H:

 

WHEREAS, the Borrower,
the Parent, the Administrative Agent, and Lenders are parties to that certain Credit Agreement dated as of September 18, 2015 (as
amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”) (unless otherwise
defined herein, all terms used herein with their initial letter capitalized shall have the meaning given such terms in the Credit
Agreement as amended by this Amendment);

 

WHEREAS, pursuant to
the Credit Agreement, the Lenders have made certain Loans to the Borrower and provided certain other credit accommodations to Borrower;

 

The parties desire to
enter into this Amendment to (i) permit any Credit Party to own and acquire future Oil and Gas Properties located in Ecuador and
(ii) make certain other amendments and modifications, in each case upon the terms and conditions set forth herein and in each case
to be effective as of the Twelfth Amendment Effective Date (as defined below).

 

WHEREAS, the Administrative
Agent, Borrower and the Lenders have agreed to enter into this Amendment to amend the Credit Agreement as more particularly set
forth herein;

 

NOW THEREFORE, for and
in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged and confessed, the Borrower, the Administrative Agent and the Lenders hereto hereby
agree as follows:

 

Section
1.      Amendments. In reliance on the representations,
warranties, covenants and agreements contained in this Amendment, and subject to the satisfaction of the conditions precedent set
forth in Section 2 hereof, the Credit Agreement and the schedules, annexes and the exhibits to the Credit Agreement
and the other Loan Documents are, effective as of the Twelfth Amendment Effective Date, hereby amended in the manner provided in
this Section 1.

 

1.1          
Amendments to Section 1.02.

 

(a)       Section
1.02 of the Credit Agreement is hereby amended to insert the following definitions in the appropriate alphabetical order:

 

    	 	1	 

     

    

 

“Ecuadorian
Oil and Gas Properties” means Oil and Gas Properties of the Credit Parties located in Ecuador.

 

“Twelfth
Amendment” means that certain Twelfth Amendment to Credit Agreement, dated as of the Twelfth Amendment Effective Date,
by and among the Borrower, the Parent and the Lenders party thereto.

 

“Twelfth Amendment Effective
Date” means May 14, 2019.

 

(b)       Section
1.02 of the Credit Agreement is hereby amended to amended and restate the following definition to read as follows:

 

“Available
Amount” means, at any date of determination, an aggregate amount equal to (a) the amount equal to the sum, determined
on a cumulative basis, of (i) the Available Amount Cap, plus (ii) the amount of (A) cash distributions received by the Parent,
the Borrower or any Restricted Subsidiary from any Unrestricted Subsidiary or any minority Investment, (B) cash repayment received
by the Parent, the Borrower or any Restricted Subsidiaries in respect of any Investment constituting a loan or advance, or (C)
cash receipts (whether as distributions or returns) or income, in either case, from any Investment made pursuant to clause (z)
of Section 9.05(l), in each case to the extent such distributions, repayments or income are, within 180 days from the date
of receipt thereof, invested in Investments permitted by Sections 9.05(h), (j) or (l); minus (b) the amount
of dollars used to make Investments to pursuant to Section 9.05(e)(ii) (exclusive of any amounts of such Investments in
which the Administrative Agent has a first priority perfected security interest) or ‎Section 9.05(l).

 

(c)       Section
1.02 of the Credit Agreement is hereby amended to amend the definition of “Consolidated Net Income” to (i) delete “and”
immediately before “(e)” therein and insert in lieu thereof “;” and (ii) insert “and (f) any net
income attributable to (including net income received as a result of the ownership of) Ecuadorian Oil and Gas Properties (other
than to the extent actually received in cash by the Parent or a Consolidated Restricted Subsidiary; provided that the Borrower
shall, together with the financial statements required pursuant to Section 8.01(d), provide a certificate executed by a
Responsible Officer certifying (i) as to such amount to be included in the calculation of Consolidated Net Income in such applicable
period and (ii) that such received amounts received by such Person are attributable to Ecuadorian Oil and Gas Properties and attaching
thereto supporting information reasonably acceptable to the Administrative Agent)” immediately before “; and provided”
therein.

 

(d)       Section
1.02 of the Credit Agreement is hereby amended to amend and restate clause (g) in the definition of “Oil and Gas Properties”
to read in its entirety as follows:

 

“(g)     all Properties,
rights, titles, interests and estates described or referred to above, including any and all Property, real or personal, now owned
or hereinafter acquired and situated upon, used, held for use or useful in connection with the operating, working or development
of any of such Hydrocarbon Interests or Property (excluding drilling rigs, automotive equipment, rental equipment or other personal
Property which may be on such premises for the purpose of drilling a well or for other similar temporary uses) and including any
and all oil wells, gas wells, injection wells or other wells, buildings, structures, fuel separators, liquid extraction plants,
plant compressors, pumps, pumping units, gathering systems, gathering lines, pipelines, tanks and tank batteries, fixtures, valves,
fittings, machinery and parts, engines, boilers, meters, apparatus, equipment, appliances, tools, implements, cables, wires, towers,
casing, tubing and rods, surface leases, rights-of-way, easements and servitudes together with all additions, substitutions, replacements,
accessions and attachments to any and all of the foregoing.”

 

    	 	2	 

     

    

 

1.2          
Amendment to Section 8.01(d). Section 8.01(d) of the Credit Agreement is hereby amended and restated in its entirety
to read in full as follows:

 

“(d)Certificate
of Financial Officer – Consolidating Information. If, at any time (a) all of the Consolidated Subsidiaries of the Parent
are not Consolidated Restricted Subsidiaries, then concurrently with any delivery of financial statements under Section 8.01(a)
or Section 8.01(b), a consolidated balance sheet and a consolidated income statement that each include only the consolidated
financial results of the Restricted Subsidiaries and exclude all financial results from any Unrestricted Subsidiaries or (b) either
the Parent or any Consolidated Subsidiary owns Ecuadorian Oil and Gas Properties and allocates expenses (including general and
administrative expenses) to, or receives cash (whether as distributions or returns on Investment) which is included in the Parent’s
Consolidated Net Income from, the ownership of any such Ecuadorian Oil and Gas Properties, then concurrently with any delivery
of financial statements under Section 8.01(a) or Section 8.01(b), a consolidated balance sheet and a consolidated
income statement that each include only the consolidated financial results of the Consolidated Subsidiaries excluding such cash
from, or expenses allocated to, the ownership of such Ecuadorian Oil and Gas Properties, together with supplemental financial information
necessary to eliminate such net income and expenses and in each case in form and substance reasonably acceptable to the Administrative
Agent.”

 

1.3          
Amendment to Section 8.14(b). Section 8.14(b) of the Credit Agreement is hereby amended to insert “or any Ecuadorian
Oil and Gas Property” immediately after “(as defined in the Guaranty Agreement)” therein.

 

1.4          
Amendment to Section 9.02(g). Section 9.02(g) of the Credit Agreement is hereby amended by changing the reference
to “$500,000,000” in clause (i) thereof to “$1,000,000,000”.

 

1.5          
Amendment to Section 9.05(h). Section 9.05(h) of the Credit Agreement is hereby amended and restated in its entirety
to read as follows:

 

“(h)
Investments in direct ownership interests in additional Oil and Gas Properties; provided that no Default shall have occurred
and be continuing or would result therefrom.”

 

1.6          
Amendment to Section 9.05(l). Section 9.05(l) of the Credit Agreement is hereby amended and restated in its entirety
to read as follows:

 

“(l)       Investments
in (x) Unrestricted Subsidiaries, (y) Persons that are not Subsidiaries and (z) Ecuadorian Oil and Gas Properties, in each case,
made with all or a portion of the Available Amount on the date that a Responsible Officer of the Parent elects to apply all or
a portion thereof to this Section 9.05(l); provided that in each case of the foregoing clauses (x) through (z), (i) after
giving effect to such Investment on a pro forma basis, the Senior Secured Leverage Ratio shall not be greater than 2.75 to 1.00
and (ii) after giving effect to any such Investment, the Borrowing Base Utilization Percentage shall not exceed seventy-five
percent (75%).”

 

    	 	3	 

     

    

 

1.7          
Amendment to Section 9.05. Section 9.05 of the Credit Agreement is hereby amended to insert the following sentence
at the end thereof:

 

“For
the avoidance of doubt, (a) Investments in Ecuadorian Oil and Gas Properties shall only be permitted pursuant to Section 9.05(l)
and (b) notwithstanding anything in this Agreement to the contrary, any acquisition of Ecuadorian Oil and Gas Properties, whether
by the direct ownership thereof, the execution of any lease or concession agreement therefor, the commitment to any work program
therefor or otherwise, shall be deemed to be an “Investment” for purposes of this Agreement.”

 

1.8          
Amendment to Section 9.06(c). Section 9.06(c) of the Credit Agreement is hereby amended by changing the reference
to “Colombia or Mexico” thereof to “Colombia, Mexico or Ecuador”.

 

Section
2.      Conditions Precedent. This Amendment
shall be effective on the date that each of the following conditions precedent is satisfied or waived in accordance with Section
12.02 of the Credit Agreement (the “Twelfth Amendment Effective Date”):

 

2.1          
Counterparts. Administrative Agent shall have received from the Lenders constituting at least the Majority
Revolving Credit Lenders, the Parent, the Borrower and Guarantors counterparts (in such number as may be requested by the Administrative
Agent) of this Amendment signed on behalf of such Persons.

 

2.2          
Officer’s Certificate. The Administrative Agent shall have received a certificate from a Responsible
Officer of the Borrower certifying that (i) on the date hereof, no Default or Borrowing Base Deficiency has occurred and is continuing,
and after the Borrower designates each of Vetra Southeast SLU (“VETRA-SLU”) and Southeast Investment Corporation
(“SIC”) as Unrestricted Subsidiaries, no Default or Borrowing Base Deficiency will occur, and (ii) such designation
described in clause (i) herein (x) is a permitted Investment pursuant to Section 9.05(l) of the Credit Agreement and (y)
is a disposition of assets pursuant to Section 9.11(d)(iii) of the Credit Agreement.

 

2.3          
Fees and Expenses. The Borrower shall have paid to the Administrative Agent all fees and expenses required
to be paid by the Borrower under Section 12.03 of the Credit Agreement.

 

2.4          
Representations and Warranties. Each representation and warranty of the Parent and the Borrower contained
in the Credit Agreement and the other Loan Documents is true and correct in all material respects (except to the extent any such
representation or warranty is qualified by materiality or Material Adverse Effect, in which case it shall be true and correct in
all respects) on the date hereof after giving effect to the amendments set forth herein, except to the extent any such representations
and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be
true and correct in all material respects (except to the extent any such representation or warranty is qualified by materiality
or Material Adverse Effect, in which case it shall be true and correct in all respects) as of such specified earlier date.

 

    	 	4	 

     

    

 

Section
3.      Representations and Warranties of Borrower.
To induce the Lenders and Administrative Agent to enter into this Amendment, each Credit Party hereby represents and warrants to
Lenders and Administrative Agent as follows:

 

3.1          
Reaffirmation of Loan Documents; Extension of Liens. Any and all of the terms and provisions of the Credit
Agreement and the other Loan Documents shall, except as amended hereby, remain in full force and effect. The Credit Parties hereby
extend the Liens securing the Secured Obligations until the Secured Obligations have been paid in full, and agrees that the amendments
and waivers herein contained shall in no manner affect or impair the Secured Obligations or the Liens securing payment and performance
thereof, all of which are ratified and confirmed.

 

3.2          
Reaffirm Existing Representations and Warranties. Each representation and warranty of such Credit Party contained
in the Credit Agreement and the other Loan Documents is true and correct in all material respects (except to the extent any such
representation or warranty is qualified by materiality or Material Adverse Effect, in which case it shall be true and correct in
all respects) on the date hereof after giving effect to the amendments set forth herein, except to the extent any such representations
and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be
true and correct in all material respects (except to the extent any such representation or warranty is qualified by materiality
or Material Adverse Effect, in which case it shall be true and correct in all respects) as of such specified earlier date.

 

3.3          
Due Authorization; No Conflict. The execution, delivery and performance by Borrower of this Amendment are
within such Credit Party’s organizational powers and have been duly authorized by all necessary corporate and, if required,
stockholder or shareholder action (including, without limitation, any action required to be taken by any class of directors of
such Credit Party or any other Person, whether interested or disinterested, in order to ensure the due authorization of this Amendment).
The execution, delivery and performance by such Credit Party of this Amendment (a) do not require any consent or approval of, registration
or filing with, or any other action by, any Governmental Authority or any other third Person (including shareholders or any class
of directors, whether interested or disinterested, of the Parent, such Credit Party or any other Person), nor is any such consent,
approval, registration, filing or other action necessary for the validity or enforceability of this Amendment, except such as have
been obtained or made and are in full force and effect other than those third party approvals or consents which, if not made or
obtained, would not cause a Default hereunder, could not reasonably be expected to have a Material Adverse Effect or do not have
an adverse effect on the enforceability of this Amendment, (b) will not violate any applicable law or regulation or the charter,
by-laws or other organizational documents of such Credit Party or any order of any Governmental Authority, (c) will not violate
or result in a default under any Material Document or any indenture, agreement or other instrument binding upon such Credit Party
or its Properties, or give rise to a right thereunder to require any payment to be made such Credit Party, and (d) will not result
in the creation or imposition of any Lien on any Property of any Credit Party (other than the Liens created by the Loan Documents).

 

3.4          
Validity and Enforceability. This Amendment constitutes a legal, valid and binding obligation of such Credit
Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered
in a proceeding in equity or at law.

 

    	 	5	 

     

    

 

3.5          
Acknowledgment of No Defenses. Such Credit Party acknowledges that it has no defense to (a) such Credit Party’s
obligation to pay the Obligations when due, or (b) the validity, enforceability or binding effect against such Credit Party of
the Credit Agreement or any of the other Loan Documents (to the extent a party thereto) or any Liens intended to be created thereby.

 

Section
4.      Miscellaneous.

 

4.1          
Reaffirmation of Loan Documents. Any and all of the terms and provisions of the Credit Agreement and the Loan
Documents shall, except as amended and modified hereby, remain in full force and effect. This Amendment shall not limit or impair
any Liens securing the Obligations, each of which are hereby ratified, affirmed and extended to secure the Obligations as it may
be increased pursuant hereto. This Amendment constitutes a Loan Document.

 

4.2          
Parties in Interest. All of the terms and provisions of this Amendment shall bind and inure to the benefit
of the parties hereto and their respective successors and assigns.

 

4.3          
Counterparts. This Amendment may be executed in counterparts, including, without limitation, by electronic
signature, and all parties need not execute the same counterpart; however, no party shall be bound by this Amendment until each
Credit Party, the Administrative Agent and the Lenders have executed a counterpart. Facsimiles or other electronic transmissions
(e.g. pdfs) of such executed counterparts shall be effective as originals.

 

4.4          
Complete Agreement. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES.

 

4.5          
Headings. The headings, captions and arrangements used in this Amendment are, unless specified otherwise,
for convenience only and shall not be deemed to limit, amplify or modify the terms of this Amendment, nor affect the meaning thereof.

 

4.6          
Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK.

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed by their respective authorized officers on the date and year first
above written.

 

 

 

[Signature pages to follow]

 

    	 	6	 

     

    

 

	BORROWER:	gran
    tierra energy international
	 	holdings
    ltd.
	 	 
	 	 
	 	By:	 	/s/ Manuel
    Antonio Buitrago Vives
	 	Name:	 	Manuel Antonio Buitrago
    Vives
	 	Title:	 	Director

 

 

	PARENT:	GRAN
    TIERRA ENERGY INC.
	 	 
	 	 
	 	By:	 	/s/
    Ryan Ellson
	 	Name:	 	Ryan Ellson
	 	Title:  	 	Chief Financial Officer

 

    
Signature Page – Twelfth Amendment

     

    

 

	ADMINISTRATIVE AGENT:	THE BANK OF NOVA SCOTIA,

 

 

	 	By:	 	/s/ Daniel
    Alexander Marino Gracian
	 	Name:	 	Daniel Alexander Marino
    Gracian
	 	Title:	 	Director, International
    Banking
	 	 	 	 
	 	 	 	 
	 	By:	 	/s/
Ana Cecilia Espinoza Milla
	 	Name:	 	Ana Cecilia Espinoza
    Milla
	 	Title:	 	Director, International
    Banking

 

    
Signature Page – Twelfth Amendment

     

    

  

LENDERS:

 

THE
BANK OF NOVA SCOTIA, as a Lender

 

	 	By:	 	/s/
    Daniel Alexander Marino Gracian
	 	Name:	 	Daniel Alexander Marino
    Gracian
	 	Title:    	 	Director, International
    Banking
	 	 	 	 
	 	 	 	 
	 	By:	 	/s/
    Ana Cecilia Espinoza Milla
	 	Name:  	 	Ana Cecilia Espinoza
    Milla
	 	Title:    	 	Director, International
    Banking

 

 

    
Signature Page – Twelfth Amendment

     

    

 

	 	SOCIÉTÉ
    GÉNÉRALE,
	 	as a Lender
	 	 
	 	 	 	 
	 	By:	 	/s/
    Max Sonnonstine                        
	 	Name:	 	Max Sonnonstine
	 	Title:	 	Director

 

    
Signature Page – Twelfth Amendment

     

    

 

	 	HSBC
    BANK CANADA,
	 	as a Lender
	 	 
	 	 	 	 
	 	By:	 	/s/
    Duncan Levy                                   
	 	Name:	 	Duncan Levy
	 	Title:	 	Director, Global Banking
	 	 	 	 
	 	 	 	 
	 	By:	 	/s/
    Jason Lang                                        
	 	Name:	 	Jason Lang
	 	Title:	 	Director, Global Banking

 

 

    
Signature Page – Twelfth Amendment

     

    

 

	 	EXPORT
    DEVELOPMENT CANADA,
	 	as a Lender
	 	 	 	 
	 	 	 	 
	 	By:	 	/s/
    Ashley Glen
	 	Name:	 	Ashley Glen
	 	Title:	 	Project Finance Manager
	 	 	 	Structured and Project
    Finance
	 	 	 	 
	 	 	 	 
	 	By:  	 	/s/
    Frank Kelly
	 	Name:	 	Frank Kelly
	 	Title:	 	Director, Extractive
    Industries
	 	 	 	Structured and Project
    Finance

 

    
Signature Page – Twelfth Amendment

     

    

 

	 	ROYAL
    BANK OF CANADA,
	 	as a Lender
	 	 	 	 
	 	 	 	 
	 	By:	 	/s/
    Maria E. Hushovd
	 	Name:	 	Maria E. Hushovd
	 	Title:	 	Authorized Signatory

 

 

    
Signature Page – Twelfth Amendment

     

    

 

 

	 	CANADIAN
    IMPERIAL BANK OF COMMERCE,
	 	as a Lender
	 	 	 	 
	 	 	 	 
	 	By:	 	/s/
    Ryan Shea
	 	Name:	 	Ryan Shea
	 	Title:	 	Director
	 	 	 	 
	 	 	 	 
	 	By:	 	/s/
    Graydon Falls
	 	Name:	 	Graydon Falls
	 	Title:	 	Executive Director

 

    
Signature Page – Twelfth AmendmentExhibit 10.1

 

AWARD FORFEITURE AGREEMENT

 

This
Award Forfeiture Agreement (the “Agreement”) is made and entered into as of April 4, 2019, by
and between, Ideal Power Inc., a Delaware corporation (the “Company”), and Lon E. Bell (the “Recipient”).

 

WHEREAS, on
January 2, 2014, the Company granted to Recipient an option to purchase up to 17,042 shares of the Company’s common stock
(an “Award”) under the Company’s Amended and Restated 2013 Equity Incentive Plan, as amended (the
 “Plan”).

 

WHEREAS, on
January 2, 2015, the Company granted to Recipient an option to purchase up to 12,834 shares of the Company’s common stock
(an “Award”) under the Plan.

 

WHEREAS, on
January 4, 2016, the Company granted to Recipient an option to purchase up to 12,646 shares of the Company’s common stock
(an “Award”) under the Plan.

 

WHEREAS, on
January 3, 2017, the Company granted to Recipient an option to purchase up to 27,875 shares of the Company’s common stock
(an “Award”) under the Plan.

 

WHEREAS, the
Company has determined it to be in its best interests and in the best interests of its stockholders to offer certain Company executives
and members of the Board of Directors of the Company (the “Board”) the opportunity to forfeit the aforementioned
Awards in order to replenish the Plan’s equity pool in exchange for the recommendation of future awards to be granted in
2019 (the “Voluntary Forfeiture”).

 

WHEREAS, in
connection with the Voluntary Forfeiture, the Company and the Recipient have mutually agreed that the Recipient shall surrender
and forfeit the Awards as of the date hereof, as more fully set forth below.

 

NOW, THEREFORE,
in consideration of the mutual promises and covenants herein, the parties hereto, each intending to be legally bound, hereby agree
as follows:

 

1.     
Surrender and Forfeiture of Awards. In exchange for the recommendation of giving Recipient an award in 2019, subject
to Board approval, Recipient hereby irrevocably surrenders and forfeits the Awards. Such forfeiture shall be effective automatically
and without further action on the part of the Recipient.

 

2.     
Representations and Warranties of Recipient. Recipient represents and warrants to the Company that:

 

(a)  
Recipient is the beneficial owner of the Awards described above, free and clear of any liens, encumbrances, taxes, security
interests, equities, claims or demands or any restrictions on transfer or forfeiture;

 

(b)  
Recipient has the absolute and unrestricted right, power and capacity to enter into this Agreement and to perform its obligations
hereunder; and

 

(c)  
this Agreement constitutes the legal, valid and binding obligation of Recipient, enforceable in accordance with its terms.

 

     

     

    

 

3.     
Tax Consequences. No party to this Agreement has made any representations regarding the tax consequences of any of
the transactions contemplated by this Agreement. Each party to this Agreement has had the opportunity to consult with his or its
own tax advisors regarding the consequences of the transactions contemplated by this Agreement.

 

4.     
Governing Law. This Agreement shall be construed in accordance with, and governed in all aspects by, the internal
laws of the State of Delaware (without giving effect to principles of conflicts of laws).

 

5.     
Successors and Assigns. This Agreement shall be binding upon the Company and its successors and assigns (if any),
and Recipient and his or her successors and assigns (if any).

 

6.     
Entire Agreement. This Agreement contains the entire agreement between the parties hereto as to the subject matter
of this Agreement. There are no representations, agreements, arrangements or understandings, oral or written, between the parties
relating to the subject matter of this Agreement which are not fully expressed herein. This Agreement may not be changed orally
but only by an Agreement in writing signed by the party against whom enforcement of any waiver, change, modification or discharge
is sought.

 

7.     
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original
but all of which together shall constitute one and the same instrument. This Agreement may be executed and delivered by facsimile
or other means of electronic delivery and upon such delivery the signature will be deemed to have the same effect as if the original
signature had been delivered to the other party.

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

    2 

     

    

 

In
Witness Whereof, the parties hereto have caused this Award Forfeiture Agreement to be executed and delivered as of the
date set forth above.

 

	RECIPIENT	 	IDEAL POWER INC.	 
	 	 	 	 
	/s/ Lon Bell	 	/s/ Tim Burns	 
	Signature	 	Signature 	 
	 	 	 	 
	Lon Bell	 	Tim Burns	 
	Print Name	 	Print Name	 
	 	 	 	 
	 	 	Chief Financial Officer	 
	 	 	Print Title	 

 

    SIGNATURE
                                         PAGE TO AWARD FORFEITURE AGREEMENT

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