Document:

Exhibit
10.1

 

Form
of

 

DIRECTOR
AND OFFICER INDEMNIFICATION AGREEMENT

 

This
Director and Officer Indemnification Agreement, dated as of July 23, 2021 (this “Agreement”), is made by and among
Microvast Holdings, Inc., a Delaware corporation (the “Company”), ________________ (“Indemnitee”).

 

Recitals:

 

A.
Section 141 of the Delaware General Corporation Law provides that the business and affairs of a corporation shall be managed by or under
the direction of its board of directors.

 

B.
Pursuant to Sections 141 and 142 of the Delaware General Corporation Law, significant authority with respect to the management of the
Company has been delegated to the officers of the Company.

 

C.
By virtue of the managerial prerogatives vested in the directors and officers of a Delaware corporation, directors and officers act as
fiduciaries of the corporation and its stockholders.

 

D.
Thus, it is critically important to the Company and its stockholders that the Company be able to attract and retain the most capable
persons reasonably available to serve as directors and officers of the Company.

 

E.
In recognition of the need for corporations to be able to induce capable and responsible persons to accept positions in corporate management,
Delaware law authorizes (and in some instances requires) corporations to indemnify their directors and officers, and further authorizes
corporations to purchase and maintain insurance for the benefit of their directors and officers.

 

F.
The Delaware courts have recognized that indemnification by a corporation serves the dual policies of (1) allowing corporate officials
to resist unjustified lawsuits, secure in the knowledge that, if vindicated, the corporation will bear the expense of litigation and
(2) encouraging capable women and men to serve as corporate directors and officers, secure in the knowledge that the corporation will
absorb the costs of defending their honesty and integrity.

 

G.
The number of lawsuits challenging the judgment and actions of directors and officers of Delaware corporations, the costs of defending
those lawsuits, and the threat to directors’ and officers’ personal assets have all materially increased over the past several
years, chilling the willingness of capable women and men to undertake the responsibilities imposed on corporate directors and officers.

 

H.
Federal legislation and rules adopted by the Securities and Exchange Commission and the national securities exchanges have imposed additional
disclosure and corporate governance obligations on directors and officers of public companies and have exposed such directors and officers
to new and substantially broadened civil liabilities.

 

    

     

    

 

I.
These legislative and regulatory initiatives have also exposed directors and officers of public companies to a significantly greater
risk of criminal proceedings, with attendant defense costs and potential criminal fines and penalties.

 

J.
Under Delaware law, a director’s or officer’s right to be reimbursed for the costs of defense of criminal actions, whether
such claims are asserted under state or federal law, does not depend upon the merits of the claims asserted against the director or officer
and is separate and distinct from any right to indemnification the director or officer may be able to establish, and indemnification
of the director or officer against criminal fines and penalties is permitted if the director or officer satisfies the applicable standard
of conduct.

 

K.
Indemnitee is a director or officer of the Company and his or her willingness to serve in such capacity is predicated, in substantial
part, upon the Company’s willingness to indemnify him or her in accordance with the principles reflected above, to the fullest
extent permitted by the laws of the state of Delaware, and upon the other undertakings set forth in this Agreement.

 

L.
Therefore, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure
Indemnitee’s continued service as a director or officer of the Company and to enhance Indemnitee’s ability to serve the Company
in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective
of, among other things, any amendment to the Company’s certificate of incorporation or bylaws (collectively, the “Constituent
Documents”), any change in the composition of the Company’s Board of Directors (the “Board”) or any
change-in-control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the
indemnification of and the advancement of Expenses (as defined in Section 1(f)) to Indemnitee as set forth in this Agreement and
for the continued coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies.

 

M.
In light of the considerations referred to in the preceding recitals, it is the Company’s intention and desire that the provisions
of this Agreement be construed liberally, subject to their express terms, to maximize the protections to be provided to Indemnitee hereunder.

 

Agreement:

 

NOW,
THEREFORE, the parties hereby agree as follows:

 

1.
Certain Definitions. In addition to terms defined elsewhere herein, the following terms have the following meanings when used
in this Agreement with initial capital letters:

 

(a)
Change in Control:

 

(i)
  the acquisition following the date hereof by any individual, entity or group (a “person”), including any “person”
within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (A) the then outstanding
shares of common stock of the Company (the “Outstanding Common Stock”) or (B) the combined voting power of the then
outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Voting Securities”);
excluding, however, the following: (1) any acquisition directly from the Company (excluding any acquisition resulting from the exercise
of an exercise, conversion or exchange privilege unless the security being so exercised, converted or exchanged was acquired directly
from the Company), (2) any acquisition by the Company, (3) any acquisition by an employee benefit plan (or related trust) sponsored or
maintained by the Company or any corporation controlled by the Company, or (4) any acquisition by any corporation pursuant to a transaction
which complies with clauses (A), (B) and (C) of subsection (iii) of this Section 1(a); provided further, that for purposes of
clause (2), if any person (other than the Company or any employee benefit plan (or related trust) sponsored or maintained by the Company
or any corporation controlled by the Company) shall become the beneficial owner of 20% or more of the Outstanding Common Stock or 20%
or more of the Outstanding Voting Securities by reason of an acquisition by the Company, and such person shall, after such acquisition
by the Company, become the beneficial owner of any additional shares of the Outstanding Common Stock or any additional Outstanding Voting
Securities and such beneficial ownership is publicly announced, such additional beneficial ownership shall constitute a Change in Control;
or

 

    2

     

    

 

(ii)
the cessation of Incumbent Directors to comprise at least a majority of the Board; or

 

(iii)
the consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets
of the Company (a “Corporate Transaction”); excluding, however, a Corporate Transaction pursuant to which (A) all
or substantially all of the individuals or entities who are the beneficial owners, respectively, of the Outstanding Common Stock and
the Outstanding Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more
than 50% of, respectively, the outstanding shares of common stock, and the combined voting power of the outstanding securities entitled
to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including,
without limitation, a corporation which as a result of such transaction owns, directly or indirectly, the Company or all or substantially
all of the Company’s assets) in substantially the same proportions relative to each other as their ownership, immediately prior
to such Corporate Transaction, of the Outstanding Common Stock and the Outstanding Voting Securities, as the case may be, (B) no person
(other than: the Company; any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled
by the Company; the corporation resulting from such Corporate Transaction; and any person which beneficially owned, immediately prior
to such Corporate Transaction, directly or indirectly, 20% or more of the Outstanding Common Stock or the Outstanding Voting Securities,
as the case may be) will beneficially own, directly or indirectly, 20% or more of, respectively, the outstanding shares of common stock
of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding securities of such corporation
entitled to vote generally in the election of directors and (C) Incumbent Directors will constitute at least a majority of the members
of the board of directors of the corporation resulting from such Corporate Transaction; or

 

(iv)
the consummation of a plan of complete liquidation or dissolution of the Company.

 

(b)
“Claim” means (i) any threatened, asserted, pending or completed claim, demand, arbitration, action, suit or proceeding,
whether civil, criminal, administrative, arbitrative, investigative or other, including any appeal therefrom, and whether made pursuant
to federal, state or other law; and (ii) any threatened, pending or completed inquiry or investigation, whether made, instituted or conducted
by the Company or any other person, including any federal, state or other governmental entity, that Indemnitee determines might lead
to the institution of any such claim, demand, action, suit or proceeding.

 

(c)
“Controlled Affiliate” means any corporation, limited liability company, partnership, joint venture, trust or other
entity or enterprise, whether or not for profit, that is directly or indirectly controlled by the Company. For purposes of this definition,
“control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of an entity or enterprise, whether through the ownership of voting securities, through other voting rights, by contract or
otherwise; provided that direct or indirect beneficial ownership of capital stock or other interests in an entity or enterprise entitling
the holder to cast 20% or more of the total number of votes generally entitled to be cast in the election of directors (or persons performing
comparable functions) of such entity or enterprise shall be deemed to constitute control for purposes of this definition.

 

(d)
“Disinterested Director” means a director of the Company who is not and was not a party to the Claim in respect of
which indemnification is sought by Indemnitee.

 

(e)
“ERISA Losses” means any taxes, penalties or other liabilities under the Employee Retirement Income Security Act of
1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended.

 

(f)
“Expenses” means attorneys’ and experts’ reasonable fees and expenses and all other reasonable costs and
expenses paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or
preparing to investigate, defend, be a witness in or participate in (including on appeal), any Claim.

 

(g)
“Incumbent Directors” means the individuals who, as of the date hereof, are directors of the Company and any individual
becoming a director subsequent to the date hereof whose election, nomination for election by the Company’s stockholders, or appointment,
was approved in accordance with the terms of the Constituent Documents; provided, however, that an individual shall not be an Incumbent
Director if such individual’s election or appointment to the Board occurs as a result of an actual or threatened election contest
(as described in Rule 14a-12(c) of the Exchange Act) with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a person other than the Board.

 

    3

     

    

 

(h)
“Indemnifiable Claim” means any Claim based upon, arising out of or resulting from (i) any actual, alleged or suspected
act or failure to act by Indemnitee in his or her capacity as a director, officer, employee or agent of the Company or as a director,
officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture,
trust or other entity or enterprise, whether or not for profit (including any employee benefit plan or related trust), as to which Indemnitee
is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent, (ii) any actual,
alleged or suspected act or failure to act by Indemnitee in respect of any business, transaction, communication, filing, disclosure or
other activity of the Company or any other entity or enterprise referred to in clause (i) of this sentence, or (iii) Indemnitee’s
status as a current or former director, officer, employee or agent of the Company or as a current or former director, officer, employee,
member, manager, trustee or agent of any other entity or enterprise referred to in clause (i) of this sentence or any actual, alleged
or suspected act or failure to act by Indemnitee in connection with any obligation or restriction imposed upon Indemnitee by reason of
such status. In addition to any service at the actual request of the Company, for purposes of this Agreement, Indemnitee shall be deemed
to be serving or to have served at the request of the Company as a director, officer, employee, member, manager, trustee or agent of
another entity or enterprise if Indemnitee is or was serving as a director, officer, employee, member, manager, trustee or agent of such
entity or enterprise and (x) such entity or enterprise is or at the time of such service was a Controlled Affiliate, (y) such entity
or enterprise is or at the time of such service was an employee benefit plan (or related trust) sponsored or maintained by the Company
or a Controlled Affiliate, or (z) the Company or a Controlled Affiliate directly or indirectly caused or authorized Indemnitee to be
nominated, elected, appointed, designated, employed, engaged or selected to serve in such capacity.

 

(i)
“Indemnifiable Losses” means any and all Losses relating to, arising out of or resulting from any Indemnifiable Claim.

 

(j)
“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law
and neither presently is, nor in the past five years has been, retained to represent (i) the Company (or any Subsidiary) or Indemnitee
in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other
indemnitees under similar indemnification agreements) or (ii) any other named (or, as to a threatened matter, reasonably likely to be
named) party to the Indemnifiable Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term
“Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing,
would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights
under this Agreement.

 

(k)
“Losses” means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal
or other), ERISA Losses and amounts paid in settlement, including all interest, assessments and other charges paid or payable in connection
with or in respect of any of the foregoing.

 

(l)
“Payment Obligations” means, collectively, all indemnification obligations, advancements of expenses, legal fees and
expenses and other payment obligations of the Company under and pursuant to this Agreement.

 

(m)
“Subsidiary” means an entity in which the Company directly or indirectly beneficially owns 50% or more of the outstanding
Voting Stock.

 

(n)
“Voting Stock” means securities entitled to vote generally in the election of directors (or similar governing bodies).

 

    4

     

    

 

2.
Indemnification Obligation. Subject to Section 8, the Company shall indemnify, defend and hold harmless Indemnitee, to
the fullest extent permitted or required by the laws of the State of Delaware in effect on the date hereof or as such laws may from time
to time hereafter be amended to increase the scope of such permitted or required indemnification, against any and all Indemnifiable Claims
and Indemnifiable Losses; provided,
however, that (a) except as provided in Sections 4 and 22, Indemnitee shall not
be entitled to indemnification pursuant to this Agreement in connection with any Claim initiated by Indemnitee against the Company or
any director or officer of the Company unless the Company has joined in or consented to the initiation of such Claim and (b) no repeal
or amendment of any law of the State of Delaware shall in any way diminish or adversely affect the rights of Indemnitee pursuant to this
Agreement in respect of any occurrence or matter arising prior to any such repeal or amendment.

 

3.
Advancement of Expenses. Indemnitee shall have the right to advancement by the Company prior to the final disposition of any Indemnifiable
Claim of any and all Expenses relating to, arising out of or resulting from any Indemnifiable Claim paid or incurred by Indemnitee or
which Indemnitee determines are reasonably likely to be paid or incurred by Indemnitee. Indemnitee’s right to such advancement
is not subject to the satisfaction of any standard of conduct and is not conditioned upon any prior determination that Indemnitee is
entitled to indemnification under this Agreement with respect to the Indemnifiable Claim or the absence of any prior determination to
the contrary. Without limiting the generality or effect of the foregoing, within 20 days after any request by Indemnitee, the Company
shall, in accordance with such request (but without duplication), (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee
funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses; provided
that Indemnitee shall repay without interest any amounts actually advanced to Indemnitee that, at the
final disposition of the Indemnifiable Claim to which the advance related, were in excess of amounts paid or payable by Indemnitee in
respect of Expenses relating to, arising out of or resulting from such Indemnifiable Claim. In connection with any such payment, advancement
or reimbursement, if delivery of an undertaking is a legally required condition precedent to such payment, advance or reimbursement,
Indemnitee shall execute and deliver to the Company an undertaking in the form attached hereto as Exhibit A (subject to Indemnitee
filling in the blanks therein and selecting from among the bracketed alternatives therein), which need not be secured and shall be accepted
without reference to Indemnitee’s ability to repay the Expenses. In no event shall Indemnitee’s right to the payment, advancement
or reimbursement of Expenses pursuant to this Section 3 be conditioned upon any undertaking that is less favorable to Indemnitee
than, or that is in addition to, the undertaking set forth in Exhibit A.

 

4.
Indemnification for Additional Expenses. Without limiting the generality or effect of the foregoing, the Company shall indemnify
and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within
20 days of such request, any and all Expenses paid or incurred by Indemnitee or which Indemnitee determines are reasonably likely to
be paid or incurred by Indemnitee in connection with any Claim made, instituted or conducted by Indemnitee for (a) indemnification or
payment, advancement or reimbursement of Expenses by the Company under any provision of this Agreement, or under any other agreement
or provision of the Constituent Documents now or hereafter in effect relating to Indemnifiable Claims, and/or (b) recovery under any
directors’ and officers’ liability insurance policies maintained by the Company, regardless in each case of whether Indemnitee
ultimately is determined to be entitled to such indemnification, reimbursement, advance or insurance recovery, as the case may be; provided,
however, that Indemnitee shall return, without interest, any such advance of Expenses (or portion thereof)
which remains unspent at the final disposition of the Claim to which the advance related.

 

    5

     

    

 

5.
Contribution. To the fullest extent permissible under applicable law in effect on the date hereof or as such law may from time
to time hereafter be amended to increase the scope of permitted or required indemnification, if the indemnification provided for in this
Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to
the payment of any and all Indemnifiable Claims or Indemnifiable Losses, in such proportion as is fair and reasonable in light of all
of the circumstances in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s)
and/or transaction(s) giving cause to such Indemnifiable Claim or Indemnifiable Loss and/or (ii) the relative fault of the Company (and
its other directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s); provided
that such contribution shall not be required where it is determined, pursuant to a final disposition
of such Indemnifiable Claim or Indemnifiable Loss in accordance with Section 8, that Indemnitee is not entitled to indemnification
by the Company with respect to such Indemnifiable Claim or Indemnifiable Loss.

 

6.
Partial Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some
or a portion of any Indemnifiable Loss, but not for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee
for the portion thereof to which Indemnitee is entitled.

 

7.
Procedure for Notification. To obtain indemnification under this Agreement in respect of an Indemnifiable Claim or Indemnifiable
Loss, Indemnitee shall submit to the Company a written request therefor, including a brief description (based upon information then available
to Indemnitee) of such Indemnifiable Claim or Indemnifiable Loss. If, at the time of the receipt of such request, the Company has directors’
and officers’ liability insurance in effect under which coverage for such Indemnifiable Claim or Indemnifiable Loss is potentially
available, the Company shall give prompt written notice of such Indemnifiable Claim or Indemnifiable Loss to the applicable insurers
in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice
delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the
Indemnifiable Claim or Indemnifiable Loss, in each case substantially concurrently with the delivery or receipt thereof by the Company.
The failure by Indemnitee to timely notify the Company of any Indemnifiable Claim or Indemnifiable Loss shall not relieve the Company
from any liability hereunder unless, and only to the extent that, the Company did not otherwise learn of such Indemnifiable Claim or
Indemnifiable Loss and such failure results in forfeiture by the Company of substantial defenses, rights or insurance coverage.

 

8.
Determination of Right to Indemnification.

 

(a)
To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Indemnifiable Claim or any portion
thereof or in defense of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against
Indemnifiable Losses relating to, arising out of or resulting from such Indemnifiable Claim in accordance with Section 2 and no
Standard of Conduct Determination (as defined in Section 8(c)) shall be required.

 

    6

     

    

 

(b)
After a Change in Control (other than a Change in Control approved by a majority of the Board (including a majority of Incumbent Directors)),
the determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware law that is a legally required
condition precedent to indemnification of Indemnitee hereunder shall be made by Independent Counsel, selected by the Board, subject to
the consent of Indemnitee, which consent shall only be withheld if Independent Counsel selected by the Board does not meet the requirements
set forth in the definition of “Independent Counsel.” With respect to all matters arising from such a Change in Control
concerning the rights of the Indemnitee to indemnity payments and Expense advances under this agreement or any other agreement or under
applicable law or the Constituent Documents now or hereafter in effect relating to indemnification for purported Indemnifiable Claims,
the Company shall seek legal advice only from Independent Counsel. Such counsel, among other things, shall render its written opinion
to the Board and Indemnitee as to whether and to what extent the Indemnitee should be indemnified under applicable law.

 

(c)
To the extent that the provisions of Section 8(a) and Section 8(b) are inapplicable to an Indemnifiable Claim that shall
have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware
law that is a legally required condition precedent to indemnification of Indemnitee hereunder against Indemnifiable Losses relating to,
arising out of or resulting from such Indemnifiable Claim (a “Standard of Conduct Determination”) shall be made as
follows: (i) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board; (ii) if such Disinterested Directors
so direct, by a majority vote of a committee of Disinterested Directors designated by a majority vote of all Disinterested Directors;
or (iii) if there are no such Disinterested Directors or if Indemnitee so requests, by Independent Counsel selected by the Indemnitee
and approved by the Board (such approval not to be unreasonably withheld, delayed or conditioned), in a written opinion addressed to
the Board, a copy of which shall be delivered to Indemnitee. Indemnitee will cooperate with the person or persons making such Standard
of Conduct Determination, including providing to such person or persons, upon reasonable advance request, any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. The Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse
Indemnitee for, or advance to Indemnitee, within 20 days of such request, any and all costs and expenses (including Expenses) incurred
by Indemnitee in so cooperating with the person or persons making such Standard of Conduct Determination.

 

(d)
The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under Section 8(c) to
be made as promptly as practicable. If (i) the person or persons empowered or selected under Section 8(c) to make the Standard
of Conduct Determination shall not have made a determination within 30 days after the later of (A) receipt by the Company of written
notice from Indemnitee advising the Company of the final disposition of the applicable Indemnifiable Claim (the date of such receipt
being the “Notification Date”) and (B) the selection of an Independent Counsel, if such determination is to be made
by Independent Counsel, and (ii) Indemnitee shall have fulfilled his or her obligations set forth in the second sentence of Section
8(c), then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that upon written notice
to the Indemnitee such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person or persons
making such determination in good faith requires such additional time for the obtaining or evaluation or documentation and/or information
relating thereto.

 

(e)
If (i) Indemnitee shall be entitled to indemnification hereunder against any Indemnifiable Losses pursuant to Section 8(a), (ii)
no determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware law is a legally required condition
precedent to indemnification of Indemnitee hereunder against any Indemnifiable Losses, or (iii) Indemnitee has been determined or deemed
pursuant to Section 8(c) or (d) to have satisfied any applicable standard of conduct under Delaware law which is a legally
required condition precedent to indemnification of Indemnitee hereunder against any Indemnifiable Losses, then the Company shall pay
to Indemnitee, within 20 days after the later of (x) the Notification Date in respect of the Indemnifiable Claim or portion thereof to
which such Indemnifiable Losses are related, out of which such Indemnifiable Losses arose or from which such Indemnifiable Losses resulted,
and (y) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) above shall have been satisfied, an
amount equal to the amount of such Indemnifiable Losses.

 

    7

     

    

 

9.
Presumption of Entitlement. 

 

(a)
In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied
the applicable standard of conduct, and the Company may overcome such presumption only by its adducing a preponderance of the evidence
to the contrary. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by Indemnitee in the Court of
Chancery of the State of Delaware. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee
has not satisfied any applicable standard of conduct shall be a defense to any Claim by Indemnitee for indemnification or reimbursement
or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of
conduct.

 

(b)
Without limiting the generality or effect of Section 9(a), (i) to the extent that any Indemnifiable Claim relates to any entity
or enterprise referred to in clause (i) of the first sentence of the definition of “Indemnifiable Claim,” Indemnitee
shall be deemed to have satisfied the applicable standard of conduct if Indemnitee acted in good faith and in a manner Indemnitee reasonably
believed to be in or not opposed to the interests of such entity or enterprise (or the owners or beneficiaries thereof, including in
the case of any employee benefit plan the participants and beneficiaries thereof) and, with respect to any criminal action or proceeding,
had no reasonable cause to believe that his or her conduct was unlawful, and (ii) in all cases, any belief of Indemnitee that is based
on the records or books of account of the Company, including financial statements, or on information supplied to Indemnitee by the directors
or officers of the Company in the course of their duties, or on the advice of legal counsel for the Company, its Board, any committee
of the Board or any director, or on information or records given or reports made to the Company, its Board, any committee of the Board
or any director by an independent certified public accountant or by an appraiser or other expert selected by or on behalf of the Company,
its Board, any committee of the Board or any director shall be deemed to be reasonable.

 

10.
No Adverse Presumption. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo
contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable
standard of conduct or that indemnification hereunder is otherwise not permitted.

 

11.
Non-Exclusivity. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent
Documents, or the substantive laws of the Company’s jurisdiction of incorporation, any other contract or otherwise (collectively,
“Other Indemnity Provisions“); provided,
however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification
under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change
is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as
of the date hereof, Indemnitee will be deemed to have such greater right hereunder. If the Indemnitee is entitled to indemnification
under certain agreements containing indemnity provisions with another entity or protections under the organization documents of such
other entity, the Company is still wholly liable for making any indemnification payments for all Indemnifiable Claims or Indemnifiable
Losses notwithstanding the payment obligation of such amounts by a third party to the Indemnitee. The Company will not adopt any amendment
to any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee’s right to indemnification
under this Agreement or any Other Indemnity Provision. 

 

12.
Liability Insurance and Funding. For the duration of Indemnitee’s service as a director and/or officer of the Company, and
thereafter for so long as Indemnitee shall be subject to any pending or possible Indemnifiable Claim, the Company shall use commercially
reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to cause to be maintained
in effect policies of directors’ and officers’ liability insurance providing coverage for directors and/or officers of the
Company that is at least substantially comparable in scope and amount to that provided by the Company’s current policies of directors’
and officers’ liability insurance. The Company shall, upon request, provide Indemnitee with a copy of all directors’ and
officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials, and shall
provide Indemnitee with a reasonable opportunity to review and comment on the same. Without limiting the generality or effect of the
two immediately preceding sentences, the Company shall not discontinue or significantly reduce the scope or amount of coverage from one
policy period to the next (a) without the prior approval thereof by a majority vote of the Incumbent Directors, even if less than a quorum,
or (b) if at the time that any such discontinuation or significant reduction in the scope or amount of coverage is proposed there are
no Incumbent Directors, without the prior written consent of Indemnitee. In all policies of directors’ and officers’ liability
insurance obtained by the Company, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights
and benefits, subject to the same limitations, as are accorded to the Company’s directors and officers most favorably insured by
such policy. The Company may, but shall not be required to, create a trust fund, grant a security interest or use other means, including
a letter of credit, to ensure the payment of such amounts as may be necessary to satisfy its obligations to indemnify and advance expenses
pursuant to this Agreement.

 

    8

     

    

 

13.
Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the related rights of recovery of Indemnitee against other persons or entities (other than Indemnitee’s successors), including
any entity or enterprise referred to in clause (i) of the definition of “Indemnifiable Claim” in Section 1(h).
Indemnitee shall execute all papers reasonably required to evidence such rights (all of Indemnitee’s reasonable Expenses, including
attorneys’ fees and charges, related thereto to be reimbursed by or, at the option of Indemnitee, advanced by the Company).

 

14.
No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect
of any Indemnifiable Losses to the extent Indemnitee has otherwise actually received payment (net of any Expenses incurred in connection
therewith and any repayment by Indemnitee made with respect thereto) under any insurance policy, the Constituent Documents and Other
Indemnity Provisions or otherwise (including from any entity or enterprise referred to in clause (i) of the definition of “Indemnifiable
Claim” in Section 1(h)) in respect of such Indemnifiable Losses otherwise indemnifiable hereunder.

 

15.
Defense of Claims. The Company shall be entitled to participate in the defense of any Indemnifiable Claim or to assume the defense
thereof, with counsel reasonably satisfactory to Indemnitee; provided
that if Indemnitee believes, after consultation with counsel selected by Indemnitee, that (a) the use
of counsel chosen by the Company to represent Indemnitee would present such counsel with an actual or potential conflict, (b) the named
parties in any such Indemnifiable Claim (including any impleaded parties) include both the Company and Indemnitee and Indemnitee shall
conclude that there may be one or more legal defenses available to him or her that are different from or in addition to those available
to the Company, or (c) any such representation by such counsel would be precluded under the applicable standards of professional conduct
then prevailing, the Indemnitee shall be entitled to retain separate counsel (but not more than one law firm plus, if applicable, local
counsel in respect of any particular Indemnifiable Claim) at the Company’s expense. The Company shall not be liable to Indemnitee
under this Agreement for any amounts paid in settlement of any threatened or pending Indemnifiable Claim effected without the Company’s
prior written consent, unless such settlement solely involves the payment of money and includes a complete and unconditional release
of Indemnitee from all liability on any claims that are the subject matter of such Indemnifiable Claim. The Company shall not, without
the prior written consent of Indemnitee, effect any settlement of any threatened or pending Indemnifiable Claim to which Indemnitee is,
or could have been, a party unless such settlement solely involves the payment of money and includes (i) a complete and unconditional
release of Indemnitee from all liability on any claims that are the subject matter of such Indemnifiable Claim and (ii) no admission
by the Indemnitee of any guilt or wrongdoing. Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed
settlement; provided that Indemnitee may withhold consent to any settlement that does not provide
a complete and unconditional release of Indemnitee.

 

16.
Liability of Company. Indemnitee agrees that neither the stockholders nor the directors nor any officer, employee, representative
or agent of the Company shall be personally liable for the satisfaction of the Company’s obligations under this Agreement and Indemnitee
shall look solely to the assets of the Company for satisfaction of any claims hereunder.

 

17.
Successors and Binding Agreement. 

 

(a)
The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise)
to all or substantially all of the business or assets of the Company, by agreement in form and substance satisfactory to Indemnitee and
his or her counsel, expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company would
be required to perform if no such succession had taken place. This Agreement shall be binding upon and inure to the benefit of the Company
and any successor to the Company, including any person acquiring directly or indirectly all or substantially all of the business or assets
of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed
the “Company” for purposes of this Agreement), but shall not otherwise be assignable or delegable by the Company.

 

    9

     

    

 

(b)
This Agreement shall inure to the benefit of and be enforceable by Indemnitee’s personal or legal representatives, executors, administrators,
heirs, distributees, legatees and other successors.

 

(c)
This Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign or delegate this
Agreement or any rights or obligations hereunder except as expressly provided in Sections 17(a) and 17(b). Without limiting
the generality or effect of the foregoing, Indemnitee’s right to receive payments hereunder shall not be assignable, whether by
pledge, creation of a security interest or otherwise, other than by a transfer by Indemnitee’s will or by the laws of descent and
distribution, and, in the event of any attempted assignment or transfer contrary to this Section 17(c), the Company shall have
no liability to pay any amount so attempted to be assigned or transferred.

 

18.
Notices. For all purposes of this Agreement, all communications, including notices, consents, requests or approvals, required
or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when hand delivered or on the date
sent if delivered by email so long as such communication is furnished to a nationally recognized overnight courier for next business
day delivery or five business days after having been mailed by United States registered or certified mail, return receipt requested,
postage prepaid or one business day after having been sent for next-day delivery by a nationally recognized overnight courier service,
addressed to the Company (to the attention of the secretary of the Company) and to Indemnitee at the applicable address shown on the
signature page hereto, or to such other address as any party may have furnished to the other in writing and in accordance herewith, except
that notices of changes of address will be effective only upon receipt.

 

19.
Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by and construed
in accordance with the substantive laws of the State of Delaware, without giving effect to the principles of conflict of laws of such
State. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the Chancery Court of the State of Delaware
for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action
instituted under this Agreement shall be brought only in the Chancery Court of the State of Delaware.

 

20.
Validity. If any provision of this Agreement or the application of any provision hereof to any person or circumstance is held
invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person
or circumstance shall not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal shall be reformed
to the extent, and only to the extent, necessary to make it enforceable, valid or legal. In the event that any court or other adjudicative
body shall decline to reform any provision of this Agreement held to be invalid, unenforceable or otherwise illegal as contemplated by
the immediately preceding sentence, the parties thereto shall take all such action as may be necessary or appropriate to replace the
provision so held to be invalid, unenforceable or otherwise illegal with one or more alternative provisions that effectuate the purpose
and intent of the original provisions of this Agreement as fully as possible without being invalid, unenforceable or otherwise illegal.

 

21.
Miscellaneous. No provision of this Agreement may be waived, modified or discharged unless such waiver, modification or discharge
is agreed to in writing signed by Indemnitee and the Company. No waiver by either party hereto at any time of any breach by the other
party hereto or compliance with any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver
of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral
or otherwise, expressed or implied with respect to the subject matter hereof have been made by either party that are not set forth expressly
in this Agreement. References to Sections are references to Sections of this Agreement.

 

    10

     

    

 

22.
Legal Fees and Expenses; Interest.

 

(a)
It is the intent of the Company that Indemnitee not be required to incur legal fees and/or other Expenses associated with the interpretation,
enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof
would substantially detract from the benefits intended to be extended to Indemnitee hereunder. Accordingly, without limiting the generality
or effect of any other provision hereof, if it should appear to Indemnitee that the Company has failed to comply with any of its obligations
under this Agreement (including its obligations under Section 3) or in the event that the Company or any other person takes or
threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding
designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, the Company
irrevocably authorizes Indemnitee from time to time to retain counsel of Indemnitee’s choice, at the expense of the Company as
hereafter provided, to advise and represent Indemnitee in connection with any such interpretation, enforcement or defense, including
the initiation or defense of any litigation or other legal action, whether by or against the Company or any director, officer, stockholder
or other person affiliated with the Company, in any jurisdiction. Notwithstanding any existing or prior attorney-client relationship
between the Company and such counsel, the Company irrevocably consents to Indemnitee’s entering into an attorney-client relationship
with such counsel, and in that connection the Company and Indemnitee agree that a confidential relationship shall exist between Indemnitee
and such counsel. Without respect to whether Indemnitee prevails, in whole or in part, in connection with any of the foregoing, the Company
will pay and be solely financially responsible for any and all attorneys’ and related fees and expenses incurred by Indemnitee
in connection with any of the foregoing to the fullest extent permitted or required by the laws of the State of Delaware in effect on
the date hereof or as such laws may from time to time hereafter be amended to increase the scope of such permitted or required payment
of such fees and expenses.

 

(b)
Any amount due to Indemnitee under this Agreement that is not paid by the Company by the date on which it is due will accrue interest
at the maximum legal rate under Delaware law from the date on which such amount is due to the date on which such amount is paid to Indemnitee.

 

23.
Certain Interpretive Matters. Unless the context of this Agreement otherwise requires, (a) “it” or “its”
or words of any gender include each other gender, (b) words using the singular or plural number also include the plural or singular number,
respectively, (c) the terms “hereof,” “herein,” “hereby” and derivative or similar words refer to
this entire Agreement, (d) the terms “Article,” “Section,” “Annex” or “Exhibit” refer
to the specified Article, Section, Annex or Exhibit of or to this Agreement, (e) the terms “include,” “includes”
and “including” will be deemed to be followed by the words “without limitation” (whether or not so expressed),
and (f) the word “or” is disjunctive but not exclusive. Whenever this Agreement refers to a number of days, such number will
refer to calendar days unless business days are specified and whenever action must be taken (including the giving of notice or the delivery
of documents) under this Agreement during a certain period of time or by a particular date that ends or occurs on a non-business day,
then such period or date will be extended until the immediately following business day. As used herein, “business day” means
any day other than Saturday, Sunday or a United States federal holiday. Any reference to a law shall include any amendment thereof or
any successor thereto and any rules and regulations promulgated thereunder. Any reference to a contract is a reference to it as amended,
modified and supplemented from time to time.

 

24.
Counterparts. This Agreement may be executed in counterparts, each of which will be deemed to be an original but all of which
together shall constitute one and the same agreement.

 

[Signature
Page Follows]

 

    11

     

    

 

IN
WITNESS WHEREOF, Indemnitee has executed and the Company has caused its duly authorized representatives to execute this Agreement as
of the date first above written.

 

	 	MICROVAST
    HOLDINGS, inc.
	 	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 
	 	Address:	 

 

	AGREED
    TO AND ACCEPTED BY:	 
	 	 	 
	INDEMNITEE	 
	 	 	 
	By:	                    	 
	Name:	 	 
	Address:	 	 
	Telephone:	 	 
	Email:	 	 

 

Microvast
Holdings, Inc.

Signature Page to Indemnification Agreement

 

     

     

    

 

EXHIBIT
A

 

UNDERTAKING

 

This
Undertaking is submitted pursuant to the Director and Officer Indemnification Agreement, dated as of ________________, _________ (the
“Indemnification Agreement”), between Microvast Holdings, Inc., a Delaware corporation (the “Company”),
and the undersigned. Capitalized terms used and not otherwise defined herein have the meanings ascribed to such terms in the Indemnification
Agreement.

 

The
undersigned hereby requests [payment], [advancement], [reimbursement] by the Company of Expenses which the undersigned
[has incurred] [reasonably expects to incur] in connection with ____________________ (the “Indemnifiable Claim”).

 

The
undersigned hereby undertakes to repay the [payment], [advancement], [reimbursement] of Expenses made by the Company
to or on behalf of the undersigned in response to the foregoing request if it is determined, following the final disposition of the Indemnifiable
Claim and in accordance with Section 8 of the Indemnification Agreement, that the undersigned is not entitled to indemnification by the
Company under the Indemnification Agreement with respect to the Indemnifiable Claim.

 

IN
WITNESS WHEREOF, the undersigned has executed this Undertaking as of this ________ day of ___________________, ______.

 

	 	 
	 	[Indemnitee]Exhibit 10.2

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (the “Agreement”), dated as of February 1, 2021, is by and between Microvast, Inc. (“Microvast”)
and Yang Wu (the “Executive”).

 

WHEREAS,
concurrently herewith, Tuscan Holdings Corp., a Delaware corporation (to be renamed Microvast Holdings, Inc. in connection with the Merger
(as defined below), the “Company”), has entered into an Agreement and Plan of Merger (the “Merger Agreement”)
with Microvast and TSCN Merger Sub, Inc. (“Merger Sub”), pursuant to which at the Effective Time (as defined in the
Merger Agreement) Merger Sub will merge with and into Microvast (the “Merger”), with Microvast surviving the Merger
as a wholly owned Subsidiary of the Company; and

 

WHEREAS,
the Executive currently provides services to Microvast as its Chief Executive Officer; and

 

WHEREAS,
the Microvast desires to continue the employment of Executive and the Executive desires to continue to provide services to the Company
and Microvast pursuant to the terms and conditions of this Agreement effective as of the Effective Time; and

 

WHEREAS,
Microvast and the Executive expect that this Agreement shall be assumed by the Company effective as of the Effective Time.

 

NOW,
THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

 

1.
Employment and Duties.

 

(a)
General. Subject to the terms and conditions hereof, the Executive shall serve as Chief Executive Officer of the Company,
reporting to the Board of Directors of the Company (the “Board”). The Executive shall have such duties
and responsibilities commensurate with those typically provided by a chief executive officer of a company that is required to file reports
with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (a “Public
Company”), as may be assigned to the Executive from time to time by the Board. The Executive’s principal places
of employment shall be the principal offices of Microvast, currently located in Stafford and Houston, Texas, and the Executive’s
home in Hawaii, subject to (i) remote working during the current pandemic; (ii) periodic travel to Microvast’s other worldwide
locations, and (iii) such other reasonable travel as the performance of the Executive’s duties and the business of the Company
may require.

 

(b) Exclusive
Services. For so long as the Executive is employed by any of the Company, Microvast and their subsidiaries (the
“Company Group”), the Executive shall devote the Executive’s full business working time to the
Executive’s duties hereunder, shall faithfully serve the Company Group, shall in all respects conform to and comply with the
lawful and good faith directions and instructions given to the Executive by the Board, and shall use the Executive’s best
efforts to promote and serve the interests of the Company Group. Further, the Executive shall not, directly or
indirectly, render material services to any other person or organization without the consent of the Company pursuant to authority
granted by the lead independent director of the Board or otherwise engage in activities that would interfere significantly with the
faithful performance of his duties hereunder. Notwithstanding the foregoing, the Executive may (i) serve on
corporate, civic or charitable boards provided that, on and after the Effective Time, the Executive provides the lead
independent director of the Board, in writing, with a list of such boards and receives the consent of the lead independent director
of the Board to serve on such boards and (ii) manage personal investments or engage in charitable activities, provided
that such activity does not contravene the first sentence of this Section 1(b). It is anticipated that the Executive shall
continue to be an employee of, and receive compensation under this Agreement from, Microvast or one of its subsidiaries.

 

     

     

    

 

2.
Term.

 

(a)
The Executive’s employment under this Agreement shall commence as of the Effective Time and shall, subject to earlier termination
of the Executive’s employment under this Agreement, continue until the third anniversary of the Effective Time (the “Initial
Term”). Unless a Non-Renewal Notice (as defined below) is given or the Executive’s employment is earlier terminated in
accordance with the terms of this Agreement, the period of the Executive’s employment shall, as of and following the expiration
of the Initial Term, be automatically extended for additional 12-month periods (individually, and collectively, the “Renewal
Term”). The period from the Effective Time until the termination of the Executive’s employment under this Agreement,
including the Initial Term, and, if applicable, the CIC Term (as defined below), and any Renewal Term or Post-CIC Renewal Term (as defined
below), is referred to as the “Term.”

 

(b)
Notwithstanding the foregoing, if a Change in Control (as defined in Section 5 below) occurs prior to the termination of the Executive’s
employment under this Agreement (including after providing a Non-Renewal Notice, which shall be deemed revoked and superseded by reason
of the occurrence of the Change in Control), the Term shall end not earlier than the second anniversary of the consummation of the Change
in Control unless the Executive experiences a termination of employment under this Agreement (the “CIC Term”). Unless
a Non-Renewal Notice is given as herein provided or Executive’s employment is earlier terminated in accordance with the terms of
this Agreement, the period of Executive’s employment shall, as of and following the expiration of the CIC Term, be automatically
extended for additional 12-month periods (individually, and collectively, the “Post-CIC Renewal Term”). The Company
or the Executive may elect to terminate the automatic extension of the Term by giving written notice of such election not less than (i)
one year prior to the end of the Initial Term or any Renewal Term, as applicable, or (ii) 90 days prior to the end of the CIC Term or
any Post-CIC Renewal Term, as applicable (the “Non-Renewal Notice”).

 

3.
Compensation and Other Benefits. Subject
to the provisions of this Agreement and a review of the compensation and other benefits as described in this Section 3 by the Company’s
compensation consultant as soon as practicable following the Effective Time, the Company Group shall pay and provide the following compensation
and other benefits to the Executive during the Term as compensation for services rendered hereunder:

 

(a) Base
Salary. The Company Group shall pay to the Executive an annual salary at the rate of $350,000 (the “Base
Salary”), payable in substantially equal installments at such intervals as may be determined by the Company Group in
accordance with its ordinary payroll practices as established from time to time. During the Term, the Compensation Committee of the
Board shall review the Executive’s Base Salary, not less often than annually, and may increase (but not decrease) the
Executive’s Base Salary in its sole discretion.

 

    1

     

    

 

(b)
Bonus. The Executive shall be entitled to participate in the Company Group’s annual incentive bonus plan for
senior executives in accordance with its terms as may be in effect from time to time and subject to such other terms as the Board may
approve. 

 

(c)
Long-Term Incentive Plan. The Executive shall be entitled to participate in the Company’s long-term incentive
plan in accordance with its terms that may be in effect from time to time and subject to such other terms as the Board, in its sole discretion,
may approve.

 

(d)
Benefit Plans. The Executive shall be entitled to participate in all employee benefit plans or programs of the Company
Group as are available to other similarly situated executives of the Company, in accordance with the terms of the plans, as may be amended
from time to time.

 

(e)
Expenses. The Company Group shall reimburse the Executive for reasonable travel and other business-related expenses
incurred by the Executive in the fulfillment of the Executive’s duties hereunder, upon presentation of written documentation thereof,
in accordance with the business expense reimbursement policies and procedures of the Company Group as in effect from time to time. Payments
with respect to reimbursements of expenses shall be made consistent with the Company Group’s reimbursement policies and procedures
and in no event later than the last day of the calendar year following the calendar year in which the relevant expense is incurred.

 

(f)
Vacation. The Executive shall be entitled to vacation time consistent with the applicable policies of the Company Group
for other similarly situated executives of the Company Group as in effect from time to time.

 

4.
Termination of Employment. Subject
to this Section 4, the Company shall have the right to terminate the Executive’s employment at any time, with or without Cause
(as defined in Section 5 below), and the Executive shall have the right to terminate the Executive’s employment at any time, with
or without Good Reason (as defined in Section 5 below).

 

(a)
Termination due to Death or Disability. The Executive’s employment under this Agreement will terminate upon the
Executive’s death, and upon the Executive’s Disability (as defined in Section 5 below) may be terminated by the Company upon
giving not less than 30 days’ written notice to the Executive. In the event of the Executive’s death or Disability,
the Company shall pay to the Executive (or the Executive’s estate, as applicable) the Executive’s accrued salary through
and including the date of termination and any bonus earned, but unpaid, for the year prior to the year in which the Separation from Service
(as defined in Section 4(b) below) occurs and any other amounts or benefits required to be paid or provided by law or under any plan,
program, policy or practice of the Company (“Other Accrued Compensation
and Benefits”), payable within 30 days of the Executive’s Separation from Service by reason of death or Disability.
In addition, the Executive or his estate, as applicable, shall be entitled to the following: (i) a pro rata bonus equal to (x) the annual
bonus the Executive would have earned for the fiscal year in which the death or Disability occurs based on performance as determined
by the Board, multiplied by (y) a fraction, the numerator of which is the number of days worked during the fiscal year in which the death
or Disability occurs and the denominator of which is 365, payable in a single lump sum upon certification to the Board of performance
for such fiscal year; (ii) with respect to any outstanding equity awards or other long-term incentive awards (excluding those described
in this Section 4(a)(iii)), such awards will be treated in accordance with the terms of the applicable plans and award agreements; and
(iii) with respect to any equity awards or other long-term incentive awards that are outstanding as of the Effective Time, such awards
will immediately vest in full in the event that the Executive’s death or Disability occurs within three years following the Effective
Time.

 

    2

     

    

 

(b)
Termination for Cause; Resignation without Good Reason. If, prior to the expiration of the Term, the Executive incurs
a “Separation from Service” within the meaning of Section 409A(a)(2)(A)(i) of the Internal Revenue Code of 1986,
as amended (the “Code”), by reason of the Company’s termination of the Executive’s employment for Cause
or if the Executive resigns from the Executive’s employment hereunder other than for Good Reason, the Executive shall only be entitled
to payment of the Executive’s Other Accrued Compensation and Benefits, payable in accordance with Company Group policies and practices
and in no event later than 30 days after the Executive’s Separation from Service. The Executive shall have no further
right to receive any other compensation or benefits after such termination or resignation of employment.

 

(c)
Termination without Cause; Resignation for Good Reason Prior to a Change in Control. If, prior to the expiration of
the Term, the Executive incurs a Separation from Service by reason of the Company’s termination of the Executive’s employment
without Cause or by the Executive’s resignation from the Executive’s employment for Good Reason, in either case prior to
a Change in Control, the Executive shall receive the Other Accrued Compensation and Benefits and, subject to Section 4(e), shall be entitled
to: (i) an amount equal to two and a half (2.5) times the sum of (x) the Executive’s then-current Base Salary plus (y) the
greater of (A) the average amount of the annual bonus paid to the Executive for each of the three fiscal years immediately prior to the
fiscal year in which the Separation from Service occurs or (B) target annual bonus for the fiscal year in which the Separation from Service
occurs, payable in substantially equal monthly installments over a period of 30 months beginning 60 days following the Executive’s
Separation from Service (the “Severance Period”); (ii) with respect to any outstanding equity awards or other long-term
incentive awards (excluding those described in this Section 4(c)(iii)), such awards will be treated in accordance with the terms of the
applicable plans and award agreements; and (iii) with respect to any equity awards or other long-term incentive awards that are outstanding
as of the Effective Time, immediately vest in full in the event that the Executive incurs a Separation from Service by reason of the
Company’s termination of the Executive’s employment without Cause or the Executive’s resignation for Good Reason, in
either case prior to a Change in Control, occurs within three years following the Effective Time; provided, however, that
if a “change in the effective control of a corporation,” as such term is defined in Treasury Regulation §1.409A-3(i)(5),
occurs with respect to the Company following the Executive’s Separation from Service, any unpaid amounts hereunder shall be paid
in a single lump sum within 10 days following the consummation of such change in the effective control. If, during the Severance Period,
the Executive breaches any of the Executive’s then applicable obligations under this Agreement (including, but not limited to,
Sections 7 through 10) or such other agreement between the Company and the Executive, the Company may, upon written notice to the Employee,
terminate the Severance Period and cease to make any payments of severance hereunder.

 

    3

     

    

 

(d)
Termination without Cause or Resignation for Good Reason Occurring on or Following a Change in Control. If, prior to
the expiration of the CIC Term, the Executive incurs a Separation from Service on or following the consummation of a Change in Control
by reason of either (i) the Company’s termination of the Executive’s employment without Cause, or (ii) the Executive’s
resignation from the Executive’s employment for Good Reason, then the Executive shall receive the Other Accrued Compensation and
Benefits and, subject to Section 4(e), shall be entitled to the following:

 

	 	(i)	an amount equal to three times
    the sum of (i) the Executive’s then-current Base Salary plus (ii) the greater of (x) the average amount of the annual
    bonus paid to the Executive for each of the three fiscal years immediately prior to the fiscal year in which the Separation from
    Service occurs or (y) target annual bonus for the fiscal year in which the Separation from Service occurs, payable in a single lump
    sum within 75 days thereafter;

 

	 	(ii)	a pro rata bonus equal to (x)
    the greater of (i) the average amount of the annual bonus paid to the Executive for each of the three fiscal years immediately prior
    to the fiscal year in which the Separation from Service occurs or (ii) the annual bonus the Executive would have earned for the fiscal
    year in which the Separation from Service occurs based on performance as determined through the date of the Separation from Service,
    multiplied by (y) a fraction, the numerator of which is the number of days worked during the fiscal year in which the Separation
    from Service occurs and the denominator of which is 365, payable in a single lump sum within 75 days thereafter; provided,
    however, that if such Separation from Service occurs in the same fiscal year as the Change in Control and the Executive is
    paid an annual bonus for such year in connection with the Change in Control, the fraction shall be adjusted so that the numerator
    reflects the number of days worked during the fiscal year following the Change in Control and the denominator reflects the number
    of days in the fiscal year following the Change in Control; and

 

	 	(iii)	all outstanding equity-based
    awards, including but not limited to stock options, restricted stock and restricted stock unit awards, granted by the Company to
    the Executive pursuant to any of the Company’s long-term incentive plans shall fully and immediately vest to the extent not
    already vested. In addition, all outstanding performance share, performance share unit and other equivalent awards granted
    by the Company to the Executive pursuant to any of the Company’s long-term incentive plans shall immediately vest at their
    respective target performance levels to the extent not already vested.

 

    4

     

    

 

Notwithstanding
anything to the contrary in this Agreement, any termination without Cause that occurs prior to a Change in Control but which the Executive
reasonably demonstrates (x) was at the request of a third party, or (y) arose in connection with or in anticipation of a Change in Control
which actually occurs, shall constitute a termination without Cause occurring on such Change in Control for purposes of this Agreement.

 

(e)
Execution and Delivery of Release. The Company shall not be required to make the payments and provide the benefits
provided for under Section 4(c) or 4(d) unless the Executive executes and delivers to the Company, within 60 days following the Executive’s
Separation from Service, a general waiver and release of claims in a form substantially similar to the form attached hereto as Exhibit
A and the release has become effective and irrevocable in its entirety. The Executive’s failure or refusal to sign
the release (or the Executive’s revocation of such release in accordance with applicable laws) shall result in the forfeiture of
the payments and benefits under Sections 4(c) and 4(d).

 

(f)  
Notice of Termination. Any termination of employment by the Company or the Executive shall be communicated by a written
“Notice of Termination” to the other party hereto given in accordance with Section 25 of this Agreement, except that
the Company may waive the requirement for such Notice of Termination by the Executive. In the event of a resignation by the
Executive without Good Reason, the Notice of Termination shall specify the date of termination, which date shall not be less than 30 days
after the giving of such notice, unless the Company agrees to waive any notice period by the Executive.

 

(g)
Resignation from Directorships and Officerships. The termination of the Executive’s employment for any reason
shall constitute the Executive’s resignation from (i) any director, officer or employee position the Executive has with the
Company Group and (ii) all fiduciary positions (including as a trustee) the Executive may hold with respect to any employee benefit
plans or trusts established by the Company Group. The Executive agrees that this Agreement shall serve as written notice of
resignation in this circumstance.

 

5.
Definitions.

 

(a)
Cause. For purposes of this Agreement, “Cause” shall mean the termination of the Executive’s
employment because of:

 

	 	(i)	the Executive’s indictment
    for any crime, whether such crime is a felony or misdemeanor, that materially impairs the Executive’s ability to function as
    Chief Executive Officer of the Company and such crime involves the purchase or sale of any security, mail or wire fraud, theft, embezzlement,
    moral turpitude, or Company property;

 

	 	(ii)	the Executive’s repeated
    willful neglect of the Executive’s duties; or

 

	 	(iii)	the Executive’s willful
    material misconduct in connection with the performance of the Executive’s duties (including a willful material breach of Company
    policies regarding legal compliance, ethics or workplace conduct) or other willful material breach of this Agreement;

 

    5

     

    

 

provided,
however, that no act or omission on the Executive’s part shall be considered “willful” if it is done by the
Executive in good faith and with a reasonable belief that Executive’s conduct was in the best interest of the Company and provided
further that no event or condition described in clause (ii) or (iii) shall constitute Cause unless (w) the Company gives the
Executive written notice of termination of employment for Cause and the grounds for such termination within 180 days of the Board first
becoming aware of the event giving rise to such Cause, (x) such grounds for termination are not corrected by the Executive within
30 days of the Executive’s receipt of such notice, (y) if the Executive fails to correct such event or condition, the Company
gives the Executive at least 15 days’ prior written notice of a special Board meeting called to make a determination that the Executive
should be terminated for Cause and the Executive and the Executive’s legal counsel are given the opportunity to address such meeting
prior to a vote of the Board, and (z) a determination that Cause exists is made and approved by 75% of the Board.

 

(b)
Change in Control. For purposes of this Agreement, “Change in Control” shall have the meaning set
forth in the Company’s 2021 Equity Incentive Plan or the successor plan pursuant to which the Executive was, prior to the relevant
transaction, most recently granted long-term incentive awards.

 

(c)
Disability. For purposes of this Agreement, “Disability” shall be defined in the same manner as
such term or a similar term is defined in the Company long-term disability plan applicable to the Executive.

 

(d)
Good Reason. For purposes of this Agreement, “Good Reason” shall mean termination of employment
by the Executive because of the occurrence of any of the following events:

 

	 	(i)	a failure by the Company Group
    to pay compensation or benefits due and payable to the Executive in accordance with the terms of this Agreement;

 

	 	(ii)	a material change in the duties
    or responsibilities performed by the Executive as a chief executive officer of a Public Company;

 

	 	(iii)	a material change to the location(s)
    of the Executive’s principal places of employment, including a (1) decision by the Company, without the Executive’s consent,
    to prohibit the Executive from using the Executive’s home in Hawaii as the Executive’s principal place of employment
    or (2) relocation of the Company’s principal office by more than 30 miles from Stafford, Texas, without the Executive’s
    consent;

 

	 	(iv)	a failure by the Company to
    obtain agreement by a successor to assume this Agreement in accordance with Section 17(b);

 

	 	(v)	the Company’s material
    breach of this Agreement;

 

	 	(vi)	the Company’s delivery
    of a Non-Renewal Notice; or

 

	 	(vii)	the Company’s failure
    to assume this Agreement as of the Effective Time;

 

    6

     

    

 

provided,
however, that no event or condition described in clause (i), (ii) or (v) shall constitute Good Reason unless (x) the Executive
gives the Company written notice of the Executive’s intention to terminate the Executive’s employment for Good Reason and
the grounds for such termination within 180 days of the Executive first becoming aware of the event giving rise to such Good Reason and
(y) such grounds for termination are not corrected by the Company within 30 days of its receipt of such notice.

 

6.
Limitations on Severance Payment and Other Payments
or Benefits.

 

(a)
Payments. Notwithstanding any provision of this Agreement, if any portion of the severance payments or any other payment
under this Agreement, or under any other agreement with the Executive or plan or arrangement of the Company Group (in the aggregate,
“Total Payments”), would constitute an “excess parachute payment” and would, but for this Section 6, result
in the imposition on the Executive of an excise tax under Code Section 4999, then the Total Payments to be made to the Executive shall
either be (i) delivered in full or (ii) delivered in the greatest amount such that no portion of such Total Payment would be subject
to the Excise Tax, whichever of the foregoing results in the receipt by the Executive of the greatest benefit on an after-tax basis (taking
into account the Executive’s actual marginal rate of federal, state and local income taxation and the Excise Tax).

 

(b)
Determinations. Within 30 days following the Executive’s termination of employment or notice by one party to
the other of its belief that there is a payment or benefit due the Executive that will result in an excess parachute payment, the Company,
at the Company Group’s expense, shall select a nationally recognized certified public accounting firm (which may be the Company’s
independent auditors) (“Accounting Firm”) reasonably acceptable to the Executive to determine (i) the Base Amount
(as defined below), (ii) the amount and present value of the Total Payments, (iii) the amount and present value of any excess parachute
payments determined without regard to any reduction of Total Payments pursuant to Section 6(a), and (iv) the net after-tax proceeds to
the Executive, taking into account the tax imposed under Code Section 4999 if (x) the Total Payments were reduced in accordance with
Section 6(a) or (y) the Total Payments were not so reduced. If the Accounting Firm determines that Section 6(a)(ii) above
applies, then the Termination Payment hereunder or any other payment or benefit determined by such Accounting Firm to be includable in
Total Payments shall be reduced or eliminated so that there will be no excess parachute payment. In such event, payments or
benefits included in the Total Payments shall be reduced or eliminated by applying the following principles, in order: (1) the payment
or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date;
and (2) cash payments shall be reduced prior to non-cash benefits; provided that if the foregoing order of reduction or elimination
would violate Code Section 409A, then the reduction shall be made pro rata among the payments or benefits included in the Total Payments
(on the basis of the relative present value of the parachute payments).

 

    7

     

    

 

(c) Definitions
and Assumptions. For purposes of this Agreement: (i) the terms “excess parachute payment” and
“parachute payments” shall have the meanings assigned to them in Code Section 280G and such “parachute
payments” shall be valued as provided therein; (ii) present value shall be calculated in accordance with Code Section
280G(d)(4); (iii) the term “Base Amount” means an amount equal to the Executive’s “annualized
includible compensation for the base period” as defined in Code Section 280G(d)(1); (iv) for purposes of the determination by
the Accounting Firm, the value of any non-cash benefits or any deferred payment or benefit shall be determined in accordance with
the principles of Code Sections 280G(d)(3) and (4); and (v) the Executive shall be deemed to pay federal income tax and employment
taxes at his actual marginal rate of federal income and employment taxation, and state and local income taxes at his actual marginal
rate of taxation in the state or locality of the Executive’s domicile (determined in both cases in the calendar year in which
the termination of employment or notice described in Section 6(b) above is given, whichever is earlier), net of the maximum
reduction in federal income taxes that may be obtained from the deduction of such state and local taxes. The
covenants set forth in Sections 7, 8 and 9 of this Agreement have substantial value to the Company and a portion of
any Total Payments made to the Executive are in consideration of such covenants.  For purposes of calculating
the “excess parachute payment” and the “parachute payments,” the parties intend that an amount equal to
not less than the Executive’s highest annual base salary during the 12-month period immediately prior to his termination of
employment shall be in consideration of the covenants in Sections 7, 8 and 9 below. The Accounting Firm shall
consider all relevant factors in appraising the fair value of such covenants and in determining the amount of the Total Payments
that shall not be considered to be a “parachute payment” or “excess parachute payment.” The
determination of the Accounting Firm shall be addressed to the Company and the Executive and such determination shall be binding
upon the Company and the Executive.

 

(d)
Amendment. This Section 6 shall be amended to comply with any amendment or successor provision to Sections 280G or
4999 of the Code.

 

7.
Confidentiality.

 

(a)
Confidential Information.

 

		(i)	The
Executive agrees that during his employment with the Company for any reason and for a period of five years following his Separation from
Service, he will not at any time, except with the prior written consent of the Company or as required by law, directly or indirectly,
reveal to any person, entity or other organization (other than any member of the Company Group or its respective employees, officers,
directors, shareholders or agents) or use for the Executive’s own benefit any information deemed to be confidential by any member
of the Company Group (“Confidential Information”) relating to the assets, liabilities, employees, goodwill, business
or affairs of any member of the Company Group, including, without limitation, any information concerning customers, business plans, marketing
data or other confidential information known to the Executive by reason of the Executive’s employment by, shareholdings in or other
association with any member of the Company Group; provided that such Confidential Information does not include any information
which (x) is available to the general public or is generally available within the relevant business or industry other than as a result
of the Executive’s action or (y) is or becomes available to the Executive after his Separation from Service on a non-confidential
basis from a third-party source provided that such third-party source is not bound by a confidentiality agreement or any other
obligation of confidentiality. Confidential Information may be in any medium or form, including, without limitation, physical documents,
computer files or disks, videotapes, audiotapes, and oral communications.

 

    8

     

    

 

	 	(ii)	In the event that the Executive
    becomes legally compelled to disclose any Confidential Information, the Executive shall provide the Company with prompt written notice
    so that the Company may seek a protective order or other appropriate remedy. In the event that such protective order or
    other remedy is not obtained, the Executive shall furnish only that portion of such Confidential Information or take only such action
    as is legally required by binding order and shall exercise his reasonable efforts to obtain reliable assurance that confidential
    treatment shall be accorded any such Confidential Information. The Company Group shall promptly pay (upon receipt of invoices
    and any other documentation as may be requested by the Company) all reasonable expenses and fees incurred by the Executive, including
    attorneys’ fees, in connection with his compliance with the immediately preceding sentence.

 

	 	(iii)	The Executive understands and
    acknowledges that the Executive has the right under U.S. federal law to certain protections for cooperating with or reporting legal
    violations to the Securities and Exchange Commission and/or its Office of the Whistleblower, as well as certain other governmental
    entities. No provisions in this Agreement are intended to prohibit the Executive from disclosing this Agreement to, or from cooperating
    with or reporting violations to, the SEC or any other such governmental entity, and the Executive may do so without disclosure to
    the Company Group. The Company Group may not retaliate against the Executive for any of these activities. Further, nothing in this
    Agreement precludes the Executive from filing a charge of discrimination with the Equal Employment Opportunity Commission or a like
    charge or complaint with a state or local fair employment practice agency.

 

	 	(iv)	The Executive acknowledges
    that, pursuant to the Defend Trade Secrets Act of 2016, an individual may not be held liable under any criminal or civil federal
    or state trade secret law for disclosure of a trade secret (i) made in confidence to a government official, either directly or indirectly,
    or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, (ii) in a complaint or other
    document filed in a lawsuit or other proceeding, if such filing is made under seal, or (iii) made to his or her attorney or used
    in a court proceeding in an anti-retaliation lawsuit based on the reporting of a suspected violation of law, so long as any document
    containing the trade secret is filed under seal and the individual does not disclose the trade secret except pursuant to court order.

 

(b) Exclusive
Property. The Executive confirms that all Confidential Information is and shall remain the exclusive property of the
Company Group. All business records, papers and documents kept or made by the Executive relating to the business of the
Company Group shall be and remain the property of the Company Group. Upon the request and at the expense of the Company
Group, the Executive shall promptly make all disclosures, execute all instruments and papers, and perform all acts reasonably
necessary to vest and confirm in the Company Group, fully and completely, all rights created or contemplated by this
Section 7.

 

    9

     

    

 

8.
Noncompetition. The Executive agrees
that during his employment with the Company Group and for a period commencing on the Executive’s Separation from Service and ending
eighteen (18) months thereafter (the “Restricted Period”), the Executive shall not, without the prior written consent
of the Company, directly or indirectly, and whether as principal or investor or as an employee, officer, director, manager, partner,
consultant, agent or otherwise, alone or in association with any other person, firm, corporation or other business organization, carry
on a business competitive with the Company Group in any geographic area in which the Company Group has engaged in business, or is reasonably
expected to engage in business during such Restricted Period (including, without limitation, any area in which any customer of the Company
Group may be located); provided, however, that nothing herein shall limit the Executive’s right to own not more than
1% of any of the debt or equity securities of any business organization.

 

9.
Non-Solicitation. The Executive agrees
that, during his employment and for the Restricted Period, the Executive shall not, directly or indirectly, other than in connection
with the proper performance of his duties in his capacity as an executive of the Company, (a) interfere with or attempt to interfere
with any relationship between the Company Group and any of its employees, consultants, independent contractors, agents or representatives,
(b) employ, hire or otherwise engage, or attempt to employ, hire or otherwise engage, any current or former employee, consultant, independent
contractor, agent or representative of the Company Group in a business competitive with the Company Group, (c) solicit the business or
accounts of the Company Group, or (d) divert or attempt to direct from the Company Group any business or interfere with any relationship
between the Company Group and any of its clients, suppliers, customers or other business relations. As used herein, the term
“indirectly” shall include, without limitation, the Executive’s permitting the use of the Executive’s name by
any competitor of any member of the Company Group to induce or interfere with any employee or business relationship of any member of
the Company Group.

 

10.
Assignment of Developments. The Executive shall enter into an Employee Invention, Proprietary Information and Copyright Agreement
on or immediately following the Effective Time.

 

11. Full
Settlement. The Company Group’s obligation to pay the Executive the amounts required by this Agreement shall be absolute
and unconditional and shall not be affected by any circumstances, including, without limitation, any offset, counterclaim, recoupment,
defense or other right which the Company Group may have against the Executive or anyone else. All payments and benefits to which the
Executive is entitled under this Agreement shall be made and provided without offset, deduction or mitigation on account of income that
the Executive may receive from employment from the Company Group or otherwise. This Section 11 shall not be interpreted to
otherwise limit the remedies available to the Company Group, whether at law or in equity, in the event the Executive breaches any provision
of this Agreement.

 

    10

     

    

 

12. 
Certain Remedies.

 

(a)
Injunctive Relief. Without intending to limit the remedies available to the Company Group, the Executive agrees that
a breach of any of the covenants contained in Sections 7 through 10 of this Agreement may result in material and irreparable injury
to the Company Group for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries
precisely and that, in the event of such a breach or threat thereof, any member of the Company Group shall be entitled to seek a temporary
restraining order or a preliminary or permanent injunction, or both, without bond or other security, restraining the Executive from engaging
in activities prohibited by the covenants contained in Sections 7 through 10 of this Agreement or such other relief as may be required
specifically to enforce any of the covenants contained in this Agreement. Such injunctive relief in any court shall be available
to the Company Group in lieu of, or prior to or pending determination in, any arbitration proceeding.

 

(b)
Extension of Restricted Period. In addition to the remedies the Company may seek and obtain pursuant to this Section
12, the Restricted Period shall be extended by any and all periods during which the Executive shall be found by a court or arbitrator
possessing personal jurisdiction over the Executive to have been in violation of the covenants contained in Sections 8 and 9 of
this Agreement.

 

13. Section 409A
of the Code.

 

(a)
General. This Agreement is intended to meet the requirements of Section 409A of the Code, and shall be interpreted
and construed consistent with that intent.

 

(b)
Deferred Compensation. Notwithstanding any other provision of this Agreement, to the extent that the right to any payment
(including the provision of benefits) hereunder provides for the “deferral of compensation” within the meaning of Section 409A(d)(1)
of the Code, the payment shall be paid (or provided) in accordance with the following:

 

	 	(i)	If the Executive is a “Specified
    Employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date of the Executive’s “Separation
    from Service” within the meaning of Section 409A(a)(2)(A)(i) of the Code, then no such payment shall be made or commence
    during the period beginning on the date of the Executive’s Separation from Service and ending on the date that is six months
    following the Executive’s Separation from Service or, if earlier, on the date of the Executive’s death. The
    amount of any payment that would otherwise be paid to the Executive during this period shall instead be paid to the Executive on
    the fifteenth day of the first calendar month following the end of the period (“Delayed Payment Date”). If
    payment of an amount is delayed as a result of this Section 13(b)(i), such amount shall be increased with interest from the date
    on which such amount would otherwise have been paid to the Executive but for this Section 13(b)(i) to the day prior to the Delayed
    Payment Date. The rate of interest shall be compounded monthly, at the prime rate as published by Citibank NA for the
    month in which occurs the date of the Executive’s Separation from Service. Such interest shall be paid on the Delayed
    Payment Date.

 

    11

     

    

 

	 	(ii)	Payments with respect to reimbursements
    of expenses shall be made in accordance with Company policy and in no event later than the last day of the calendar year following
    the calendar year in which the relevant expense is incurred. The amount of expenses eligible for reimbursement during
    a calendar year may not affect the expenses eligible for reimbursement in any other calendar year.

 

14.
Source of Payments. All payments provided
under this Agreement, other than payments made pursuant to a plan which provides otherwise, shall be paid in cash from the general funds
of the Company Group, and no special or separate fund shall be established, and no other segregation of assets shall be made, to assure
payment. The Executive shall have no right, title or interest whatsoever in or to any investments which the Company Group
may make to aid the Company Group in meeting its obligations hereunder. To the extent that any person acquires a right to
receive payments from the Company Group hereunder, such right shall be no greater than the right of an unsecured creditor of the Company.

 

15.
Arbitration. Any dispute or controversy
arising under or in connection with this Agreement or otherwise in connection with the Executive’s employment by the Company Group
that cannot be mutually resolved by the parties to this Agreement and their respective advisors and representatives shall be settled
exclusively by arbitration in Houston, Texas, in accordance with the commercial rules of the American Arbitration Association before
one arbitrator of exemplary qualifications and stature, who shall be selected jointly by an individual to be designated by the Company
and an individual to be selected by the Executive, or if such two individuals cannot agree on the selection of the arbitrator, who shall
be selected by the American Arbitration Association, and judgment upon the award rendered may be entered in any court having jurisdiction
thereon.

 

16.
Attorney’s Fees. The Company
shall, from time to time, pay or reimburse the Executive, on an after-tax basis, for all reasonable legal fees and expenses (including
court costs) incurred by him as a result of any claim by him (or on his behalf) to enforce the terms of this Agreement or collect any
payments or benefits due to the Executive hereunder. Payments with respect to such legal fees and expenses shall be made in
advance of any final disposition and within ten business days after the Executive submits documentation of such fees to the Company in
accordance with the Company’s business expense reimbursement policies and procedures.

 

17.
Non-assignability; Binding Agreement.

 

(a)
By the Executive. This Agreement and any and all rights, duties, obligations or interests hereunder shall not be assignable
or delegable by the Executive.

 

(b) By
the Company. This Agreement and all of the Company’s rights and obligations hereunder shall not be assignable by the
Company except as incident to a reorganization, merger or consolidation, or transfer of all or substantially all of the
Company’s assets. If the Company shall be merged or consolidated with another entity, the provisions of this Agreement
shall be binding upon and inure to the benefit of the entity surviving such merger or resulting from such
consolidation. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the Company, by agreement in form and substance satisfactory
to the Executive, to expressly assume and agree to perform this Agreement in the same manner that the Company would be required to
perform it if no such succession had taken place. The provisions of this paragraph shall continue to apply to each
subsequent employer of the Executive hereunder in the event of any subsequent merger, consolidation, transfer of assets of such
subsequent employer or otherwise.

 

    12

     

    

 

(c)
Binding Effect. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto, any successors
to or assigns of the Company, and the Executive’s heirs and the personal representatives of the Executive’s estate.

 

18.
Withholding. Any payments made or
benefits provided to the Executive under this Agreement shall be reduced by any applicable withholding taxes or other amounts required
to be withheld by law or contract.

 

19.
Amendment; Waiver. This Agreement
may not be modified, amended or waived in any manner, except by an instrument in writing signed by both parties hereto. The
waiver by either party of compliance with any provision of this Agreement by the other party shall not operate or be construed as a waiver
of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement.

 

20.
Governing Law. All matters affecting
this Agreement, including the validity thereof, are to be subject to, and interpreted and construed in accordance with, the laws of the
State of Texas applicable to contracts executed in and to be performed in that State.

 

21.
Survival of Certain Provisions. The
rights and obligations set forth in this Agreement that, by their terms, extend beyond the Term shall survive the Term.

 

22.
Entire Agreement; Supersedes Previous Agreements. This
Agreement, the Assignment of Developments Agreement, and any outstanding equity award agreements entered into prior to the Effective
Time contain the entire agreement and understanding of the parties hereto with respect to the matters covered herein and supersede all
prior or contemporaneous negotiations, commitments, agreements and writings with respect to the subject matter hereof, all such other
negotiations, commitments, agreements and writings shall have no further force or effect, and the parties to any such other negotiation,
commitment, agreement or writing shall have no further rights or obligations thereunder.

 

23.
Counterparts. This Agreement may be
executed by either of the parties hereto in counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument.

 

24.
Headings. The headings of sections
herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions
of this Agreement.

 

    13

     

    

 

25.
Notices. All notices or communications
hereunder shall be in writing, addressed as follows:

 

To
Microvast or the Company:

 

12603
Southwest Freeway, Suite 210

Stafford,
Texas 77477

Attention: Yanzhuan
(Leon) Zheng

Email:
leonzheng@microvast.com

 

With
a copy to:

 

John
J. Cannon III

Shearman & Sterling LLP

599 Lexington Avenue

New York, NY 10022

Email: jcannon@shearman.com

 

To
the Executive:

 

Yang
Wu

ADDRESS:

Email:
wuyang@microvast.com

 

All
such notices shall be conclusively deemed to be received and shall be effective (i) if sent by hand delivery, upon receipt, or (ii) if
sent by electronic mail or facsimile, upon receipt by the sender of confirmation of such transmission; provided, however,
that any electronic mail or facsimile will be deemed received and effective only if followed, within 48 hours, by a hard copy sent by
certified United States mail.

 

[SIGNATURE
PAGE FOLLOWS]

 

    14

     

    

 

IN
WITNESS WHEREOF, Microvast has caused this Agreement to be signed by its officer pursuant to the authority of its Board, and the Executive
has executed this Agreement, as of the day and year first written above.

 

	 
	MICROVAST, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	EXECUTIVE
	 	 	 
	 	 	 
	 	 	Name: Yang Wu

 

    15

     

    

 

EXHIBIT
A

FORM OF WAIVER AND MUTUAL RELEASE

 

This
Waiver and Mutual Release, dated as of _____________, (this “Release”) by and between Yang Wu (the “Executive”)
and Microvast Holdings, Inc., a Delaware corporation (the “Company”).

 

WHEREAS,
the Executive and the Company are parties to an Employment Agreement, dated [●] (the “Employment Agreement”),
which provided for the Executive’s employment on the terms and conditions specified therein; and

 

WHEREAS,
pursuant to Section 4(e) of the Employment Agreement, the Executive has agreed to execute and deliver a release and waiver of claims
of the type and nature set forth herein as a condition to his entitlement to certain payments and benefits upon his termination of employment
with the Company effective as of _____________ (the “Effective Date”).

 

NOW,
THEREFORE, in consideration of the premises and mutual promises herein contained and for other good and valuable consideration received
or to be received in accordance with the terms of the Employment Agreement, the Executive and the Company agree as follows:

 

1.
Return of Property. On or prior to
the Effective Date, the Executive represents and warrants that he will return all property made available to him in connection with his
service to the Company, including, without limitation, credit cards, any and all records, manuals, reports, papers and documents kept
or made by the Executive in connection with his employment as an officer or employee of the Company and its subsidiaries and affiliates,
all computer hardware or software, cellular phones, files, memoranda, correspondence, vendor and customer lists, financial data, keys
and security access cards.

 

2.
Executive Release.

 

(a)
In consideration of the payments and benefits provided to the Executive under the Employment Agreement and after consultation with
counsel, the Executive and each of the Executive’s respective heirs, executors, administrators, representatives, agents,
successors and assigns (collectively, the “Executive Parties”) hereby irrevocably and unconditionally release and
forever discharge the Company and its subsidiaries and affiliates and each of their respective officers, employees, directors,
shareholders and agents (“Company Parties”) from any and all claims, actions, causes of action, rights,
judgments, obligations, damages, demands, accountings or liabilities of whatever kind or character (collectively,
“Claims”), including, without limitation, any Claims under any federal, state, local or foreign law, that the
Executive Parties may have, or in the future may possess, arising out of (i) the Executive’s employment relationship with
and service as an employee, officer or director of the Company, and the termination of such relationship or service, and
(ii) any event, condition, circumstance or obligation that occurred, existed or arose on or prior to the date hereof; provided, however,
that the Executive does not release, discharge or waive (i) any rights to payments and benefits provided under the Employment
Agreement that are contingent upon the execution by the Executive of this Release, (ii) any right the Executive may have to enforce
this Release or the Employment Agreement, (iii) the Executive’s eligibility for indemnification in accordance with the
Company’s certificate of incorporation, bylaws or other corporate governance document, or any applicable insurance policy,
with respect to any liability he incurred or might incur as an employee, officer or director of the Company, or (iv) any claims for
accrued, vested benefits under any long-term incentive, employee benefit or retirement plan of the Company subject to the terms and
conditions of such plan and applicable law including, without limitation, any such claims under the Employee Retirement Income
Security Act of 1974.

 

    A-1

     

    

 

(b)
Whistleblower Rights. The Executive understands and acknowledges that the Executive has the right under U.S. federal law to certain
protections for cooperating with or reporting legal violations to the Securities and Exchange Commission and/or its Office of the Whistleblower,
as well as certain other governmental entities. No provisions in this Release are intended to prohibit the Executive from disclosing
this Release to, or from cooperating with or reporting violations to, the SEC or any other such governmental entity, and the Executive
may do so without disclosure to the Company. The Company may not retaliate against Executive for any of these activities. Further, nothing
in this Release precludes the Executive from filing a charge of discrimination with the Equal Employment Opportunity Commission or a
like charge or complaint with a state or local fair employment practice agency. The Company may not retaliate against Executive for any
of these activities, and nothing in this Release would require Executive to waive any monetary award or other payment that Executive
might become entitled to from any such governmental entity.

 

(c)
DTSA. The Executive acknowledges that, pursuant to the Defend Trade Secrets Act of 2016, an individual may not be held liable
under any criminal or civil federal or state trade secret law for disclosure of a trade secret (i) made in confidence to a government
official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation
of law, (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal, or (iii) made
to his or her attorney or used in a court proceeding in an anti-retaliation lawsuit based on the reporting of a suspected violation of
law, so long as any document containing the trade secret is filed under seal and the individual does not disclose the trade secret except
pursuant to court order.

 

(d) Executive’s
Specific Release of ADEA Claims. In further consideration of the payments and benefits provided to the Executive
under the Employment Agreement, the Executive Parties hereby unconditionally release and forever discharge the Company Parties from
any and all Claims that the Executive Parties may have as of the date the Executive signs this Release arising under the Federal Age
Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations promulgated thereunder
(“ADEA”). By signing this Release, the Executive hereby acknowledges and confirms the
following: (i) the Executive was advised by the Company in connection with his termination to consult with an
attorney of his choice prior to signing this Release and to have such attorney explain to the Executive the terms of this Release,
including, without limitation, the terms relating to the Executive’s release of claims arising under ADEA, and the Executive
has in fact consulted with an attorney; (ii) the Executive was given a period of not fewer than 21 days to consider the terms
of this Release and to consult with an attorney of his choosing with respect thereto; and (iii) the Executive knowingly and
voluntarily accepts the terms of this Release. The Executive also understands that he has seven days following the date
on which he signs this Release (the “Revocation Period”) within which to revoke the release contained in
this paragraph by providing the Company a written notice of his revocation of the release and waiver contained in this
paragraph. No such revocation by the Executive shall be effective unless it is in writing and signed by the Executive and
received by the Company prior to the expiration of the Revocation Period.

 

    A-2

     

    

 

3.
Company Release. The Company for itself
and on behalf of the Company Parties hereby irrevocably and unconditionally releases and forever discharges the Executive Parties from
any and all Claims, including, without limitation, any Claims under any federal, state, local or foreign law, that the Company Parties
may have, or in the future may possess, arising out of (i) the Executive’s employment relationship with and service as an
employee, officer or director of the Company, and the termination of such relationship or service, and (ii) any event, condition,
circumstance or obligation that occurred, existed or arose on or prior to the date hereof, excepting any Claim which would constitute
or result from conduct by the Executive that would constitute a crime under applicable state or federal law; provided, however,
notwithstanding the generality of the foregoing, nothing herein shall be deemed to release the Executive Parties from (A) any rights
or claims of the Company arising out of or attributable to (i) the Executive’s actions or omissions involving or arising from fraud,
deceit, theft or intentional or grossly negligent violations of law, rule or statute while employed by the Company and (ii) the Executive’s
actions or omissions taken or not taken in bad faith with respect to the Company; and (B) the Executive or any other Executive Party’s
obligations under this Release or the Employment Agreement.

 

4.
No Assignment. The parties represent
and warrant that they have not assigned any of the Claims being released under this Release.

 

5.
Proceedings. The parties represent
and warrant that they have not filed, and they agree not to initiate or cause to be initiated on their behalf, any complaint, charge,
claim or proceeding against the other party before any local, state or federal agency, court or other body relating to the Executive’s
employment or the termination thereof, other than with respect to any claim that is not released hereunder including with respect to
the obligations of the Company to the Executive and the Executive to the Company under the Employment Agreement (each, individually,
a “Proceeding”), and each party agrees not to participate voluntarily in any Proceeding. The parties waive any
right they may have to benefit in any manner from any relief (whether monetary or otherwise) arising out of any Proceeding.

 

6.
Remedies.

 

(a)
Each of the parties understands that by entering into this Release such party will be limiting the availability of certain remedies that
such party may have against the other party and also limiting such party’s ability to pursue certain claims against the other party.

 

    A-3

     

    

 

(b)
Each of the parties acknowledge and agree that the remedy at law available to such party for breach of any of the obligations under
this Release would be inadequate and that damages flowing from such a breach may not readily be susceptible to being measured in
monetary terms. Accordingly, each of the parties acknowledge, consent and agree that, in addition to any other rights or
remedies that such party may have at law or in equity, such party shall be entitled to seek a temporary restraining order or a
preliminary or permanent injunction, or both, restraining the other party from breaching its obligations under this
Release. Such injunctive relief in any court shall be available to the relevant party, in lieu of, or prior to or pending
determination in, any arbitration proceeding.

 

7.
Cooperation. From and after the Effective
Date, the Executive shall cooperate in all reasonable respects with the Company and their respective directors, officers, attorneys and
experts in connection with the conduct of any action, proceeding, investigation or litigation involving the Company, including any such
action, proceeding, investigation or litigation in which the Executive is called to testify.

 

8.
Unfavorable Comments.

 

(a)
Public Comments by the Executive. The Executive agrees to refrain from making, directly or indirectly, now or at any
time in the future, whether in writing, orally or electronically: (i) any derogatory comment concerning the Company or any
of their current or former directors, officers, employees or shareholders, or (ii) any other comment that could reasonably be expected
to be detrimental to the business or financial prospects or reputation of the Company.

 

(b)
Public Comments by the Company.  The Company agrees to instruct its directors and employees to refrain from making, directly
or indirectly, now or at any time in the future, whether in writing, orally or electronically: (i) any derogatory comment
concerning the Executive, or (ii) any other comment that could reasonably be expected to be detrimental to the Executive’s business
or financial prospects or reputation.

 

9.
Severability Clause. In the event
any provision or part of this Release is found to be invalid or unenforceable, only that particular provision or part so found, and not
the entire Release, will be inoperative.

 

10.
Nonadmission. Nothing contained in
this Release will be deemed or construed as an admission of wrongdoing or liability on the part of the Company or the Executive.

 

11.
Governing Law. All matters affecting
this Release, including the validity thereof, are to be governed by, and interpreted and construed in accordance with, the laws of the
State of Texas applicable to contracts executed in and to be performed in that State.

 

12.
Arbitration. Any dispute or controversy
arising under or in connection with this Release shall be resolved in accordance with Section 15 of the Employment Agreement.

 

13.
Notices. All notices or communications
hereunder shall be made in accordance with Section 25 of the Employment Agreement:

 

THE
EXECUTIVE ACKNOWLEDGES THAT HE HAS READ THIS RELEASE AND THAT HE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT HE HEREBY
EXECUTES THE SAME AND MAKES THIS RELEASE AND THE RELEASES PROVIDED FOR HEREIN VOLUNTARILY AND OF HIS OWN FREE WILL.

 

    A-4

     

    

 

[SIGNATURE
PAGE FOLLOWS]

 

IN
WITNESS WHEREOF, the parties have executed this Release as of the date first set forth above.

 

	 
	MICROVAST HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	EXECUTIVE
	 	 	 
	 	By:	 
	 	 	Name:  Yang Wu

 

 

    A-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}]]