Document:

Exhibit 10.1

 

1

 

LONG-TERM
INCENTIVE PLAN

 

SONO GROUP N.V.

 

 

INTRODUCTION

 

		Article	1 

 

		1.1	This document sets out the Company's long-term incentive plan for (current or former) employees, officers
and other service providers who qualify as Eligible Participants.

 

		1.2	The main purposes of this Plan are:

 

		a.	to attract, retain and motivate Participants with the qualities, skills and experience needed to support
and promote the growth and sustainable success of the Company and its business; and

 

		b.	to incentivise Participants to perform at the highest level and to further the best interests of the Company,
its business and its stakeholders.

 

DEFINITIONS AND
INTERPRETATION

 

		Article	2 

 

		2.1	In this Plan the following definitions shall apply:

 

	 	Article	An article of this Plan.
	 	Award	A grant under this Plan in the form of one or more Options, SARs, Shares of Restricted Stock, RSUs, Other Awards, or a combination of the foregoing.
	 	Award Agreement	A written agreement between the Company and a Participant, substantially in the form of Annex A to this Plan, evidencing the grant of an Award to such Participant and containing such terms as the Committee may determine, consistent with and subject to the terms of this Plan.
	 	Bad Leaver	A Participant who ceases to be an Eligible Participant for Cause, including a situation where the Participant resigns and the Committee determines that an event has occurred with respect to that Participant which constitutes Cause.

 

     

    2 

    

 

	 	Cause	
    With respect to a Participant, "cause"
    as defined in such Participant's employment, service or consulting agreement with the Company or a Subsidiary, or if not so defined (and
    unless determined otherwise in the applicable Award Agreement or by the Committee):

     

    a.              such
    Participant's indictment for any crime which (i) constitutes a felony, (ii) has, or could reasonably be expected to have, an adverse impact
    on the performance of such Participant's services to the Company and/or any Subsidiary or (iii) has, or could reasonably be expected to
    have, an adverse impact on the business and/or reputation of the Company and/or any Subsidiary;

     

    b.              such
    Participant having been the subject of any order, judicial or administrative, obtained or issued by any governmental or regulatory body
    for any securities laws violation involving fraud, market manipulation, insider trading and/or unlawful dissemination of non-public price-sensitive
    information;

     

    c.              such
    Participant's wilful violation of the Company's code of business conduct and ethics, insider trading policy or other internal policies
    and regulations established by the Company and/or any Subsidiary, in each case to the extent applicable to the Participant concerned;

     

    d.
                 gross negligence or wilful misconduct in the performance of such Participant's duties for the Company and/or any Subsidiary or
    wilful or repeated failure or refusal to perform such duties;

     

    e.              material
    breach by such Participant of any employment, service, consulting or other agreement entered into between such Participant on the one
    hand and the Company and/or any Subsidiary on the other;

     

    f.               conduct
    by such Participant which should be considered as an urgent cause within the meaning of Section 7:678 DCC, irrespective of whether that
    provision applies to such Participant's relationship with the Company and/or any Subsidiary; and

     

    g.              such
    other acts or omissions to act by such Participant as reasonably determined by the Committee,

     

    provided that the occurrence of an event described
    in paragraphs c. through e. above shall only constitute Cause if and when such event has not been cured or remedied by the relevant Participant
    within thirty days after the Company has provided written notice to such Participant.

     

 

     

    3 

    

 

	 	Change of Control	
    The occurrence of any one or more of the following
    events:

     

    a.              the
    direct or indirect change in ownership or control of the Company effected through one transaction, or a series of related transactions
    within a twelve-month period, as a result of which any Person or group of Persons acting in concert, directly or indirectly acquires (i)
    beneficial ownership of more than half of the Company's issued share capital and/or (ii) the ability to cast more than half of the voting
    rights in the General Meeting;

     

    b.              at
    any time during a period of twelve consecutive months, individuals who at the beginning of such period constituted the Management Board
    and/or the Supervisory Board, as applicable, cease to constitute a majority of members of the Management Board and/or the Supervisory
    Board, as applicable, provided that any new Managing Director or Supervisory Director who was nominated for appointment by the Supervisory
    Board by a vote of at least a majority of the Supervisory Directors who either were Supervisory Directors at the beginning of such twelve-month
    period or whose nomination for appointment was so approved, shall be considered as though such individual were a Managing Director or
    Supervisory Director, as applicable, at the beginning of such twelve-month period;

     

    c.              the
    consummation of a merger, demerger or business combination of the Company or any Subsidiary with another Person, unless such transaction
    results in the shares in the Company's capital outstanding immediately prior to the consummation of such transaction continuing to represent
    (either by remaining outstanding or by being converted into, or exchanged for, voting securities of the surviving or acquiring Person
    or a parent thereof) at least half of the voting rights in the General Meeting or in the shareholders' meeting of such surviving or acquiring
    Person or parent outstanding immediately after the consummation of such transaction;

     

    d.              the
    consummation of any sale, lease, exchange or other transfer to any Person or group of Persons acting in concert, not being Subsidiaries,
    in one transaction or a series of related transactions within a twelve-month period, of all or substantially all of the business of the
    Company and its Subsidiaries; or

     

    e.              subject
    to Article 10, such other event which the Committee determines to constitute a change of control in respect of the Company.

     

	 	Committee	
    Any of the following bodies, as applicable:

     

    a.              the
    Management Board, to the extent the administration or operation of this Plan relates to the grant of Awards to Eligible Participants who
    are not Managing Directors or Supervisory Directors, as well as any other matter relating to such Awards;

     

    b.              the
    Supervisory Board, to the extent the administration or operation of this Plan relates to the grant of Awards to Eligible Participants
    who are members of the compensation committee established by the Supervisory Board, as well as any other matter relating to such Awards;
    or

     

    c.              the
    compensation committee established by the Supervisory Board for all other matters relating to the administration or operation of the Plan.

     

	 	Company	Sono Group N.V.
	 	Consultant	Any Person, other than a Managing Director, Supervisory Director, or Employee, who is an adviser or consultant engaged by the Company and/or a Subsidiary to render bona fide services to the Company and/or a Subsidiary.
	 	DCC	The Dutch Civil Code.
	 	Eligible Participant	Any Managing Director, Supervisory Director, Employee or Consultant.

 

     

    4 

    

 

 

	Employee	Any Person, other than a Managing Director or a Supervisory Director, who is an employee or officer of the Company and/or a Subsidiary or, at the discretion of the Committee, who is a former employee or officer of the Company and/or a Subsidiary.
	Exercise Date	The date on which an Award is duly exercised by or on behalf of the Participant concerned.
	Exercise Price	The exercise price applicable to an Award.
	FMV	The closing price of a Share on the relevant date (or, if there is no reported sale of Shares on such date, on the last preceding date on which any such reported sale occurred) on the principal stock exchange where Shares have been admitted for trading, unless determined otherwise by the Committee.
	General Meeting	The Company's general meeting of shareholders.
	Good Leaver	A Participant who ceases to be an Eligible Participant and who is not a Bad Leaver.
	Grant Date	The date on which the Committee decides to grant an Award, or such later effective date applicable to such Award as may be determined by the Committee.
	Management Board	The Company's management board.
	Managing Director	A member of the Management Board.
	Option	The right to subscribe for, or otherwise acquire, one Plan Share.
	Other Award	An Award which does not take the form of an Option, SAR, Share of Restricted Stock or RSU, and which may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares or factors which may influence the value of Shares, including cash-settled financial instruments and financial instruments which are convertible into or exchangeable for Plan Shares.
	Participant	The holder of an Award, including, as the context may require, the rightful heir(s) of a previous holder of such Award having acquired such Award as a result of the death of such previous holder.
	Performance Criteria	The performance criteria applicable to an Award.
	Person	A natural person, partnership, company, association, cooperative, mutual insurance society, foundation or any other entity or body which operates externally as an independent unit or organisation.
	Plan	This long-term incentive plan.

 

     

    5 

    

 

	Plan Share	A Share underlying an Award.
	Replacement Award	An Award granted in assumption of, or in substitution or exchange for, long-term incentive awards previously granted by a Person acquired (or whose business is acquired) by the Company or a Subsidiary or with which the Company or a Subsidiary merges or forms a business combination, as reasonably determined by the Committee.
	Restricted Stock	Plan Shares subject to such restrictions as the Committee may impose, including with respect to voting rights and the right to receive dividends or other distributions made by the Company.
	RSU	The right to receive, in cash, in assets, in the form of Plan Shares valued at FMV, or a combination thereof, the FMV of one Share on the Exercise Date.
	SAR	The right to receive, in cash, in assets, in the form of Plan Shares valued at FMV, or a combination thereof, the excess of the FMV of one Share on the applicable Exercise Date over the applicable Exercise Price.
	Section 409A IRC	Section 409A of the United States Internal Revenue Code of 1986, as amended, and the rules, regulations and guidance promulgated pursuant thereto (or any successor provision).
	Section 457A IRC	Section 457A of the United States Internal Revenue Code of 1986, as amended, and the rules, regulations and guidance promulgated pursuant thereto (or any successor provision).
	Share	An ordinary share in the Company's capital.
	Subsidiary	A subsidiary of the Company within the meaning of Section 2:24a DCC.
	Supervisory Board	The Company's supervisory board.
	Supervisory Director	A member of the Supervisory Board.

 

		2.2	References to statutory provisions are to those provisions as they are in force from time to time.

 

		2.3	Terms that are defined in the singular have a corresponding meaning in the plural.

 

		2.4	Words denoting a gender include each other gender.

 

		2.5	Except as otherwise required by law, the terms "written" and "in writing" include
the use of electronic means of communication.

 

     

    6 

    

 

ADMINISTRATION

 

		Article	3 

 

		3.1	This Plan shall be administered by the Committee. The Committee's powers and authorities under this Plan
include the authority to perform the following matters, in each case consistent with and subject to the terms of this Plan:

 

		a.	designating Persons to whom Awards are granted;

 

		b.	deciding to grant Awards;

 

		c.	determining the form(s) and type(s) of Awards being granted and setting the terms and conditions applicable
to such Awards, including:

 

		i.	the number of Plan Shares underlying Awards;

 

		ii.	the time(s) when Awards may be exercised or settled in whole or in part;

 

		iii.	whether, to which extent, and under which circumstances Awards may be exercised or settled in cash or
assets (including other Awards), or a combination thereof, in lieu of Plan Shares and vice versa;

 

		iv.	whether, to which extent and under which circumstances Awards may be cancelled or suspended;

 

		v.	whether, to which extent and under which circumstances a Participant may designate another Person owned
or controlled by him as recipient or beneficiary of his Awards;

 

		vi.	whether and to which extent Awards are subject to Performance Criteria and/or restrictive covenants (including
non-competition, non-solicitation, confidentiality and/or Share ownership requirements);

 

		vii.	the method(s) by which Awards may be exercised, settled or cancelled;

 

		viii.	whether, to which extent and under which circumstances, the exercise, settlement or cancellation of Awards
may be deferred or suspended;

 

		d.	amending or waiving the terms applicable to outstanding Awards (including Performance Criteria), subject
to the restrictions imposed by Article 9 and provided that no such amendment shall take effect without the consent of the affected Participant(s),
if such amendment would materially and adversely affect the rights of the Participant(s) under such Awards, except to the extent that
any such amendment is made to cause this Plan or the Awards concerned to comply with applicable law, stock exchange rules, accounting
principles or tax rules and regulations;

 

		e.	making any determination under, and interpreting the terms of, this Plan, any rules or regulations issued
pursuant to this Plan and any Award Agreement;

 

		f.	correcting any defect, supplying any omission or reconciling any inconsistency in the Plan or any Award
Agreement;

 

     

    7 

    

 

		g.	settling any dispute between the Company and any Participant (including any beneficiary of his Awards)
regarding the administration and operation of this Plan, any rules or regulations issued pursuant to this Plan, and any Award Agreement
entered into with such Participant; and

 

		h.	making any other determination or taking any other action which the Committee considers to be necessary,
useful or desirable in connection with the administration or operation of this Plan.

 

		3.2	The Committee may issue further rules and regulations for the administration and operation of this Plan,
consistent with and subject to the terms of this Plan.

 

		3.3	All decisions of the Committee shall be final, conclusive and binding upon the Company and the Participants
(including beneficiaries of Awards).

 

AWARDS

 

		Article	4 

 

		4.1	Awards can only be granted to:

 

		a.	Eligible Participants; and

 

		b.	any other Person who has been extended an offer of employment or other service, as a result of which the
Committee reasonably expects such Person to become an Eligible Participant within twelve months after the Grant Date, provided that Awards
granted to any such Person shall be treated as Awards held by a Bad Leaver if and when he has not become an Eligible Participant within
such twelve-month period.

 

		4.2	No Award is intended to confer any rights on the relevant Participant except as set forth in the applicable
Award Agreement. In particular, no Award should be construed as giving any Participant the right to remain employed by or to continue
to provide services for the Company or any Subsidiary.

 

		4.3	Awards shall be granted for no consideration or for such minimal cash consideration as may be required
by applicable law.

 

		4.4	Awards may be granted alone or in addition or in tandem with any other Award and/or any award under any
other plan of the Company or any Subsidiary. Awards granted in addition or in tandem with any other Award and/or any award under any other
plan of the Company or any Subsidiary may be granted simultaneously or at different times.

 

		4.5	Each Award shall be evidenced by an Award Agreement entered into between the Company and the Participant
concerned. Until an Award Agreement has been entered into between the Company and the relevant Participant, no rights can be derived from
the Awards concerned by such Participant.

 

		4.6	Plan Shares, including Awards in the form of Shares of Restricted Stock, shall be delivered in such form(s)
as may be determined by the Committee and shall be subject to such stop transfer orders and other restrictions as the Committee may deem
required or advisable. Furthermore, the Committee may determine that certificates for such Shares shall bear an appropriate legend referring to the terms, conditions
and restrictions applicable thereto.

 

     

    8 

    

 

		4.7	The terms and conditions applicable to Awards, including the time(s) when Awards vest in whole or in part
and any applicable Performance Criteria, shall be set by the Committee and may vary between Awards and between Participants, as the Committee
deems appropriate. The Committee may also determine whether and under which circumstances Awards shall be settled automatically upon vesting,
without being exercised by the Participant.

 

		4.8	The term of an Award shall be determined by the Committee, but shall not exceed ten years from the applicable
Grant Date. Unless determined otherwise by the Committee, if the exercise of an Award is prohibited by applicable law or the Company's
insider trading policy on the last business day of the term of such Award, such term shall be extended for a period of one month following
the end of such prohibition.

 

		4.9	Unless determined otherwise by the Committee, Awards cannot be transferred, pledged or otherwise encumbered,
except by testament or hereditary law as a result of death of the Participant concerned.

 

		4.10	If, as a result of changes in applicable law, accounting principles or tax rules and regulations, or due
to a variation of the composition of the Company's issued share capital (including a share split, reverse share split, redenomination
of the nominal value, or as a result of a dividend or other distribution, reorganisation, acquisition, merger, demerger, business combination
or other transaction involving the Company or a Subsidiary), an adjustment to this Plan, any Award Agreement and/or outstanding Awards
is necessary to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, the
Committee may adjust equitably any or all of:

 

		a.	the number of Plan Shares available under this Plan;

 

		b.	the number of Plan Shares underlying outstanding Awards; and/or

 

		c.	the Exercise Price or other terms applicable to outstanding Awards.

 

		4.11	Any rights, payments and benefits under any Award shall be subject to repayment and/or recoupment by the Company in accordance with
applicable law, stock exchange rules and such policies and procedures as the Company may adopt from time to time.

 

		4.12	The Company may withhold from any outstanding Award, any payment, issuance or transfer to be made under
such Award, or any other compensation or amount owed by the Company to the Participant holding such Award, an amount (in cash, in assets,
in the form of Shares or other Awards, or a combination thereof) equal to the withholding taxes and other costs due, or to be withheld,
by the Company or any Subsidiary in respect of the grant, exercise or settlement of such Award.

 

TYPES OF AWARDS

 

		Article	5 

 

		5.1	The Committee may grant Awards in the form of Options, SARs, Shares of Restricted Stock, RSUs, Other Awards or a combination of the foregoing.

 

     

    9 

    

 

		5.2	Upon the exercise or settlement of vested Options, the Company shall be obliged to deliver to the Participant
concerned (or the beneficiary of such Options, as applicable), the Plan Shares underlying such Options (unless otherwise set forth in
the Award Agreement).

 

		5.3	Upon the exercise or settlement of vested SARs, the Company shall be obliged to pay to the Participant
concerned (or the beneficiary of such SARs, as applicable) an amount equal to the number of Plan Shares underlying such SARs multiplied
by the excess, if any, of the FMV of one Share on the applicable Exercise Date over the applicable Exercise Price. The Company may satisfy
such payment obligation in cash, in assets, in the form of Shares valued at FMV, or a combination thereof, at the discretion of the Committee.

 

		5.4	The exercise by a Participant of his rights attached to Shares of Restricted Stock shall be subject to
such restrictions as the Committee may impose, including with respect to voting rights and the right to receive dividends or other distributions
made by the Company. Upon the vesting of Shares of Restricted Stock, any such restrictions and conditions shall lapse with respect to
those Shares. If an Award in the form of Shares of Restricted Stock is cancelled or otherwise terminated, the Participant shall be obliged
to transfer all of his unvested Shares of Restricted Stock to the Company promptly and for no consideration.

 

		5.5	Upon the exercise or settlement of vested RSUs, the Company shall be obliged to pay to the Participant
concerned (or the beneficiary of such RSUs, as applicable) an amount equal to the number of Plan Shares underlying such RSUs multiplied
by the FMV of one Share on the applicable Exercise Date. The Company may satisfy such payment obligation in cash, in assets, in the form
of Shares valued at FMV, or a combination thereof, at the discretion of the Committee (unless otherwise set forth in the Award Agreement).

 

		5.6	The Committee may determine that a Participant holding one or more RSUs is entitled to receive dividends
and other distributions made by the Company on the Shares, as if such Participant held the Plan Shares underlying such RSUs. The Committee
may impose restrictions with respect to such entitlement.

 

PERFORMANCE CRITERIA

 

		Article	6 

 

		6.1	The Committee may condition the right of a Participant to exercise one or more of his Awards, and the
timing thereof, upon the achievement or satisfaction of such Performance Criteria as may be determined by the Committee, within periods
specified by the Committee.

 

		6.2	If an Award is subject to Performance Criteria which must be achieved or satisfied within a period specified
by the Committee for that purpose, such Award can only be exercised or settled at or after the end of that period.

 

		6.3	Performance Criteria may be measured on an absolute or relative basis and may be established on a
                                                                    Company-wide basis or with respect to one or more business units, divisions, Subsidiaries and/or business segments. Relative
                                                                    performance may be measured against a group of peer companies determined by the Committee, financial market indices and/or other objective and quantifiable indices.
Performance Criteria may relate to performance by the Company and/or by the Participant concerned.

 

     

    10 

    

 

		6.4	If the Committee determines that a change in the business, operations, group structure or capital structure
of the Company, or other events or circumstances, render certain Performance Criteria applicable to outstanding Awards unsuitable or inappropriate,
the Committee may amend or waive such Performance Criteria, in whole or in part, as the Committee deems appropriate.

 

PLAN SHARES AVAILABLE
FOR AWARDS

 

		Article	7 

 

		7.1	Subject to Articles 4.10 and 7.2, the Plan Shares underlying Awards which are not Replacement Awards,
irrespective of whether such Awards have been exercised or settled, may not represent more than 10% of the Company's issued share capital
from time to time.

 

		7.2	Plan Shares underlying Awards, except for Replacement Awards, which expire, which are cancelled or otherwise
terminated, or which are exercised or settled in cash or assets in lieu of Plan Shares, shall again be available under this Plan and shall
not be counted towards the limit imposed by Article 7.1.

 

VESTING, EXERCISE
AND SETTLEMENT

 

		Article	8 

 

		8.1	Each Award Agreement shall contain the vesting schedule and, where relevant, delivery schedule (which
may include deferred delivery later than the vesting dates) for the relevant Awards.

 

		8.2	Only vested Awards may be exercised or settled in accordance with their terms. An Award can only be exercised
(to the extent it is not settled automatically) by or on behalf of the Participant holding such Award.

 

		8.3	An Award can only be exercised through the use of an electronic system or platform to be designated by
the Committee (if and when such system or platform has been set up by the Company), or otherwise by delivering written notice to the Company
in a form approved by the Committee.

 

		8.4	Subject to Article 9.1, the Committee shall determine the Exercise Price, provided that the Exercise Price
for an Award which can be exercised or settled in the form of Plan Shares shall not be less than the aggregate nominal value of such Plan
Shares.

 

		8.5	Upon the exercise of an Award, the applicable Exercise Price must immediately be paid in cash, wire transfer
of immediately available funds or by check payable to the order of the Company, provided that the Committee, subject to applicable law,
may allow such Exercise Price to be satisfied on a cashless or net settlement basis, applying any of the following methods (or a combination
thereof):

 

     

    11 

    

 

 

 

		a.	by means of an immediate sale by or on behalf of the relevant Participant of part of the Plan Shares underlying
the Award being exercised, with sale proceeds equal to the Exercise Price being remitted to the Company and any remaining net sale proceeds
(less applicable costs, if any) being paid to such Participant;

 

		b.	by means of the relevant Participant forfeiting his entitlement to receive part of the Plan Shares underlying
the Award being exercised at FMV on the Exercise Date and charging the aggregate nominal value of the remaining Plan Shares underlying
such Award against the Company's reserves;

 

		c.	by means of the relevant Participant surrendering his entitlement to receive part of the Plan Shares underlying
the Award being exercised at FMV on the Exercise Date, against the Company becoming due an equivalent amount to such Participant and setting
off that obligation against the Company's receivable with respect to payment of the applicable Exercise Price; or

 

		d.	by means of the relevant Participant surrendering and transferring Shares to the Company (which may include
Plan Shares underlying the Award being exercised) at FMV on the Exercise Date.

 

		8.6	The Company may withhold from any Award granted or any payment due or transfer made under any Award (or
under the Plan generally) or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other Awards, other
property, net settlement or any combination thereof) of applicable wage or withholding taxes due in respect of an Award, its exercise
or settlement or any payment or transfer under such Award (or under the Plan generally) and to take such other action, including providing
for elective payment of such amounts in cash or Shares by the Participant, as may be necessary in the option of the Company to satisfy
all obligations for the payment of such taxes. In addition, the Company may cause the sale by or on behalf of the relevant Participant
of part of the Plan Shares underlying any Award being exercised or settled, with sale proceeds equal to the applicable wage or withholding
taxes being remitted to the Company and any remaining net sale proceeds (less applicable costs, if any) being paid to such Participant.

 

		8.7	When an Award is exercised or settled in the form of Plan Shares, the Company shall, at the discretion
of the Committee, subject to applicable law and the Company's insider trading policy:

 

		a.	issue new Plan Shares to the relevant Participant; or

 

		b.	transfer existing Plan Shares held by the Company to the relevant Participant,

 

provided, in each
case, that Plan Shares may be delivered in the form of book-entry securities representing those Plan Shares (or beneficial ownership of
those Plan Shares entitling the holder to exercise or direct the exercise of voting rights attached thereto) credited to the securities
account designated by the relevant Participant. Furthermore, Plan Shares may be delivered as described in the previous sentence to a Person
designated by the relevant Participant, with the prior approval of the Committee, as beneficiary of his Award.

 

		8.8	If an Award is exercised or settled in the form of Plan Shares and such Award does not relate to a whole
number of Plan Shares, the number of Plan Shares underlying such Award shall be rounded down to the nearest
integer.

 

     

    12 

    

 

PRICING RESTRICTIONS
FOR OPTIONS AND SARS

 

		Article	9 

 

		9.1	Except for Replacement Awards, the Exercise Price for an Option or SAR shall not be less than the higher
of:

 

		a.	the FMV of a Plan Share on the applicable Grant Date and, in case of a SAR being granted in connection
with an Option, on the Grant Date of such Option; or

 

		b.	the nominal value of a Plan Share.

 

		9.2	Except as provided in Article 4.10, the Committee may not, without prior approval of the General Meeting,
seek to effect any re-pricing of any outstanding "underwater" Option or SAR by:

 

		a.	amending or modifying the terms of such Award to lower the Exercise Price;

 

		b.	cancelling such Award and granting in exchange either (i) replacement Options or SARs having a lower Exercise
Price, or (ii) Restricted Stock, RSUs or Other Awards; or

 

		c.	cancelling or repurchasing such Award for cash, assets or other securities.

 

		9.3	Options and SARs will be considered to be "underwater" within the meaning of Article 9.2 at
any time when the FMV of the Plan Shares underlying such Awards is less than the applicable Exercise Price.

 

U.S. PARTICIPANTS

 

		Article	10 

 

		10.1	With respect to any Award subject to Section 409A IRC and Section 457A IRC, this Plan and the applicable
Award Agreement are intended to comply with the requirements of Section 409A IRC and Section 457A IRC, the provisions of this Plan and
such Award Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A IRC and Section 457A IRC, and this
Plan shall be operated accordingly. If any provision of this Plan or any term or condition of any Award subject to Section 409A IRC and
Section 457A IRC would otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed
amended so as to avoid this conflict.

 

		10.2	Notwithstanding any provision of this Plan to the contrary or any Award Agreement, a termination of employment
shall not deemed to have occurred for purposes of any provision of an Award that is subject to Section 409A IRC providing for payment
upon or following a termination of a Participant's employment unless such termination is also a "separation from service" and,
for purposes of any such provision of such Award, references to a "termination", "termination of employment" or like
terms shall mean "separation from service".

 

     

    13 

    

 

		10.3	No Awards will be eligible for the payment of dividends or dividend equivalents, to the extent such Option
or SAR is subject to Section 409A IRC and Section 457A IRC.

 

		10.4	If all or part of any payments made, or other benefits conferred, under any Award subject to Section 409A
IRC constitutes deferred compensation for purposes of Section 409A IRC as a result of a "separation from service" of the relevant
Participant (other than due to his death) within the meaning of Section 409A IRC while such Participant is a "specified employee"
under Section 409A IRC, then such payment or benefit shall not be made or conferred until six months and one business day have elapsed
after the date of such "separation from service", except as permitted under Section 409A IRC.

 

		10.5	If an Award subject to Section 409A IRC includes a "series of installment payments" within the
meaning of Section 1.409A-2(b)(2)(iii) of the United States Treasury Regulations, the right of the relevant Participant to such series
of instalment payments shall be treated as a right to a series of separate payments and not as a right to a single payment, and if such
an Award includes "dividend equivalents" within the meaning of Section 1.409A-3(e) of the United States Treasury Regulations,
the right of the relevant Participant to such dividend equivalents shall be treated separately from the right to other amounts or other
benefits under such Award.

 

		10.6	For any Award subject to Section 409A IRC or Section 457A IRC that provides for accelerated distribution
on a Change of Control of amounts that constitute "deferred compensation" as defined in Section 409A IRC and Section 457A IRC,
if the event that constitutes such Change of Control does not also constitute a change in the ownership or effective control of the Company,
or in the ownership of a substantial portion of the Company's assets (in either case, as defined in Section 409A IRC), such amount shall
not be distributed on such Change of Control but instead shall vest as of the date of such Change of Control and shall be paid on the
scheduled payment date specified in the applicable Award Agreement, except to the extent that earlier distribution would not result in
the relevant Participant incurring any additional tax, penalty, interest or other expense under Section 409A IRC and Section 457A IRC.

 

		10.7	Notwithstanding the foregoing in this Article 10, the tax treatment of the benefits provided under this
Plan or any Award Agreement is not warranted or guaranteed, and in no event shall the Company be liable for all or any portion of any
taxes, penalties, interest or other expenses that may be incurred by a U.S. Participant on account of non-compliance with Section 409A
IRC and Section 457A IRC.

 

		10.8	Notwithstanding any provision of this Plan to the contrary or any Award Agreement, in the event the Committee
determines that any Award may be subject to Section 409A IRC or Section 457A IRC, the Committee may adopt such amendments to this Plan
and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive
effect), or take any other actions, that the Committee determined are necessary or appropriate to:

 

		a.	exempt the Award from Section 409A IRC or Section 457A IRC and/or preserve the intended tax treatment
of the benefits provided with respect to the Award; or

 

		b.	comply with the requirements of Section 409A IRC or Section 457A IRC and thereby avoid the application of any
adverse tax consequences under such Sections.

 

     

    14 

    

 

LEAVER

 

		Article	11 

 

		11.1	If a Participant becomes a Good Leaver, unless otherwise determined by the Committee or set forth in an
Award Agreement:

 

		a.	all vested Awards that have not yet been exercised or settled must be exercised or settled in accordance
with their terms within a period specified by the Committee and, if such Awards are not exercised or (through no fault of the Participant
concerned) not settled within such period, they shall be cancelled automatically without compensation for the loss of such Awards; and

 

		b.	all unvested Awards of such Participant shall be cancelled automatically without compensation for the
loss of such Awards, unless the Committee decides otherwise.

 

		11.2	If a Participant becomes a Bad Leaver, all vested Awards of such Participant which have not been exercised
or settled, as well as all unvested Awards of such Participant, shall be cancelled automatically without compensation for the loss of
such Awards.

 

CHANGE OF CONTROL

 

		Article	12 

 

		12.1	If long-term incentive awards are granted in assumption of, or in substitution or exchange for, outstanding
Awards in connection with a Change of Control and the Committee has determined that such awards are sufficiently equivalent to the outstanding
Awards concerned, then such outstanding Awards shall be cancelled and terminated upon the replacement awards being granted to the Participants
concerned.

 

		12.2	If, in connection with a Change of Control, outstanding Awards are not replaced by long-term incentive
awards as described in Article 12.1, or are replaced by long-term incentive awards which the Committee does not consider to be sufficiently
equivalent to such outstanding Awards, then such Awards shall immediately vest and, where relevant, settle in full, unless the Committee
decides otherwise.

 

		12.3	For purposes of this Article 12, awards shall not be considered to be "sufficiently equivalent"
to outstanding Awards, if the underlying securities are not widely held and publicly traded on a regulated national stock exchange.

 

LOCK-UP

 

		Article	13 

 

		13.1	In connection with any registration of the Company's securities under United States securities laws, to
the extent requested by the Company or the underwriters managing any offering of the Company's securities, and except as otherwise approved
by the Committee or pursuant to any exceptions approved
by such underwriters, Shares acquired by a Participant pursuant to the issuance, vesting, exercise or settlement of any Award may not
be sold, transferred, or otherwise disposed of prior to such period following the effective date of such registration as designated by
such underwriters, not to exceed 180 days following such registration.

 

     

    15 

    

 

		13.2	The Company may impose stop-transfer instructions with respect to the Shares subject to the restriction
stipulated by Article 13.1 until the end of the lock-up period referred to in that provision.

 

DATA PROTECTION

 

		Article	14 

 

		14.1	The Company may process personal data relating to the Participants in connection with the administration
and operation of this Plan. The personal data of the Participants which may be processed in this respect may include a copy of an identification
document, contact details and bank and securities account numbers. Each Participant's personal data shall be stored by the Company for
such time period as is necessary to administer such Participant's participation in the Plan or as otherwise permitted under applicable
law.

 

		14.2	Each Participant's personal data shall be handled by the Company in a proper and careful manner in accordance
with applicable law, including the General Data Protection Regulation (GDPR) and the rules and regulations promulgated pursuant thereto.
Participants have the right to lodge complaints with an applicable supervisory authority regarding the Company's processing of personal
data pursuant to this Plan.

 

		14.3	The Company shall implement technical and organisational measures designed to protect personal data processed
pursuant to Article 14.1. Personnel or third parties that have access to such personal data shall be bound by confidentiality obligations.

 

		14.4	The Company shall abide by any statutory rights the Participants may have regarding their respective personal
data processed pursuant to Article 14.1, which includes the right to access, rectification, erasure, restriction of processing, objection
to processing and portability of such personal data.

 

		14.5	In connection with the administration and operation of this Plan, the Company may transfer personal data
processed pursuant to Article 14.1 to one or more third parties, provided that there is a legitimate interest in doing so. Where such
third parties are located outside the European Economic Area in countries that are not considered to provide for an adequate level of
data protection, the Company shall ensure that sufficient data protection safeguards are put in place, failing which explicit consent
for such transfer shall be obtained from the Participant(s) concerned.

 

		14.6	The Company may establish one or more privacy policies providing further information on data protection
and applying to the processing of personal data of the Participants by the Company in connection with the administration and operation
of this Plan.

 

     

    16 

    

 

AMENDMENTS

 

		Article	15 

 

		15.1	Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award
Agreement, the Supervisory Board may amend, supplement, suspend or terminate this Plan (or any portion thereof) pursuant to a resolution
to that effect, provided that no such amendment, supplement, suspension or termination shall take effect without:

 

		a.	approval of the General Meeting, if such approval is required by applicable law or stock exchange rules;
and/or

 

		b.	the consent of the affected Participant(s), if such action would materially and adversely affect the rights
of such Participant(s) under any outstanding Award, except to the extent that any such amendment, supplement or termination is made to
cause this Plan to comply with applicable law, stock exchange rules, accounting principles or tax rules and regulations.

 

		15.2	Notwithstanding anything to the contrary in the Plan, the Committee may amend the Plan and/or any Award
Agreement in such manner as may be necessary or desirable to enable the Plan and/or such Award Agreement to achieve its stated purposes
in any jurisdiction in a tax-efficient manner and in compliance with local laws, rules and regulations to recognise differences in local
law, tax policy or custom. The Committee also may impose conditions on the exercise or vesting of Awards in order to minimise the Company's
obligation with respect to tax equalisation for Participants on assignments outside their home country.

 

GOVERNING LAW
AND JURISDICTION

 

		Article	16 

 

This Plan shall be governed
by and shall be construed in accordance with the laws of the Netherlands. Subject to Article 3.1 paragraph g., any dispute arising in
connection with these rules shall be submitted to the exclusive jurisdiction of the competent court in Amsterdam, the Netherlands.

 

     

    17 

    

 

Annex A - Template Award Agreement

 

AWARD AGREEMENT

 

THIS AGREEMENT IS MADE ON [DATE]
BETWEEN

 

		1.	Sono Group N.V., a public company with limited liability, having its corporate seat in Amsterdam
(address: Waldmeisterstrasse 76, 80935 Munich, Germany, trade register number: 80683568) (the "Company"); and

 

		2.	[details Participant] (the "Participant").

 

NOW HEREBY AGREE AS FOLLOWS

 

		1.1	Capitalised terms used herein have the meanings ascribed thereto in the Company's long-term incentive
plan (the "Plan").

 

		1.2	In the event of a conflict among the provisions of the Plan, this agreement and/or any descriptive materials
concerning the Award governed by this agreement provided to the Participant, the provisions of the Plan will prevail.

 

		1.3	The Participant has been granted an Award on the terms and subject to
the conditions set out in the Plan and below:

 

	 	Form of Award	:	[number] [Options] [SARs] [Shares of Restricted Stock] [RSUs] [Other Awards]
	 	 	 	 
	 	Grant Date	:	[date]
	 	 	 	 
	 	[Exercise Price]	:	[[FMV] [other price] per [Option] [SAR] [Share of Restricted Stock] [RSU] [Other Award]]
	 	 	 	 
	 	Automatic settlement	:	[Yes, on each vesting date] [No, exercised at the option of the Participant]
	 	 	 	 
	 	Expiration Date	:	[date]
	 	 	 	 
	 	Performance-based	:	[Yes, as specified below] [No]
	 	 	 	 
	 	Vesting schedule	:	Starting on [the Grant Date] [date], [percentage]% of the Award vests each anniversary of [the Grant Date] [such date][, subject to the applicable Performance Criteria specified below]
	 	 	 	 
	 	Delivery schedule	:	[Not applicable] [Within [one week] following each vesting date]
	 	 	 	 
	 	Good Leaver	:	In case of the Participant becoming a Good Leaver, all vested Awards that have not yet been exercised or settled must be exercised or settled in accordance with their terms within [period] after the Participant became a Good Leaver.

 

     

    18 

    

 

		1.4	[The following Performance Criteria relating to the Company's performance
apply with respect to this Award (determined on a consolidated basis):]

 

	Criteria	Measure	
    Vesting percentage of time-vested

    [Options] [SARs] [Restricted Stock]
    [RSUs] [Other Awards]

     

	0%	20%	40%	60%	80%	100%
	Adjusted EBITDA	Increase over financial year compared to prior financial year, determined as at the end of the financial year on the basis of the Company's [audited] [annual][last quarter] financial statements (in [basis points])	 	 	 	 	 	 
	VWAP	Increase over financial year compared to prior financial year, determined as at the end of the financial year by reference to Bloomberg screens (in [USD])	 	 	 	 	 	 
	EPS	Increase over financial year compared to prior financial year, determined as at the end of the financial year by reference to Bloomberg screens (in [USD])	 	 	 	 	 	 
	Adjusted FCF	Increase over financial year compared to prior financial year, determined as at the end of the financial year by reference to Bloomberg screens (in [USD])	 	 	 	 	 	 
	ROIC	Percentage for the financial year	 	 	 	 	 	 
	RoE	Percentage for the financial year	 	 	 	 	 	 
	Relative TSR	Percentage for the financial year	 	 	 	 	 	 
	[Other metrics or targets]	 	 	 	 	 	 	 

 

     

    19 

    

 

		1.5	[The following Performance Criteria relating to the Participant's performance
apply with respect to this Award:]

 

	Criteria	Measure	
    Vesting percentage of time-vested

    [Options] [SARs] [Restricted Stock]
    [RSUs] [Other Awards]

     

	0%	20%	40%	60%	80%	100%
	Strategic initiatives	Percentage of following achievements/milestones, as determined by the Committee: [describe achievements/milestones]	 	 	 	 	 	 
	CSR metrics	Percentage of following achievements/milestones, as determined by the Committee: [describe achievements/milestones]	 	 	 	 	 	 
	[Other metrics or targets]	 	 	 	 	 	 	 

 

		1.6	The Participant grants an irrevocable power of attorney to the Company, with full right of substitution,
to perform on the Participant's behalf all acts necessary for or conducive to the administration and operation of the Plan, including
the following matters (in each case consistent with and subject to the terms of this Plan):

 

		a.	delivery of Plan Shares underlying Awards upon the exercise or settlement of such Awards in accordance
with their terms;

 

		b.	effecting a cashless exercise of Awards; and

 

		c.	effecting a cancellation, termination and/or transfer to the Company of Awards in case the Participant
would become a Bad Leaver.

 

		1.7	The power of attorney granted above also extends to the performance of acts of disposition (beschikkingshandelingen).
The Company may act as counterparty of the Participant when acting under such power of attorney.

 

     

    20 

    

 

		1.8	This agreement shall be governed by and shall be construed in accordance
with the laws of the Netherlands. Any dispute arising in connection with this agreement
shall be resolved in accordance with the dispute resolution provisions of the Plan.

 

	Sono Group N.V.	 
	Name    :	 
	Title      :	 
	 	 
	[Participant]Exhibit 10.2

 

Sono
Group N.V.

 

Conversion
Stock Option Program 2020

 

December 12,
2020

 

-
Terms and Conditions -

 

     

     

    

 

Table
of Contents

 

	Table of Contents	2
	 	 	 
	Recitals 	3
	 	 	 
	§ 1	Effectiveness and Eligibility	4
	 	 	 
	§ 2	Grant of Conversion Stock Options	4
	 	 	 
	§ 3	Exercise Price	4
	 	 	 
	§ 4	Exercise Conditions	5
	 	 	 
	§ 5	Exercise	5
	 	 	 
	§ 6	Expiry Date of the Stock Options	5
	 	 	 
	§ 7	Limitation of Liability	5
	 	 	 
	§ 8	Taxes, Social Security and Costs	6
	 	 	 
	§ 9	Insider Trading, Black-Out Periods, Securities Law Requirements	7
	 	 	 
	§ 10	Form Requirements, Notices	8
	 	 	 
	§ 11	Data Protection	8
	 	 	 
	§ 12	Governing Law and Jurisdiction	9
	 	 	 
	§ 13	Final Provisions	9

 

    Page 2/9

     

    

 

Recitals

 

		(A)	In
                                            October 2017, Sono Motors GmbH (the “SM GmbH”) implemented a virtual employee
                                            stock option program (the “VESOP 2017”) to grant virtual shares to
                                            certain employees. The beneficiaries under the VESOP 2017 (the "Beneficiaries"
                                            and each a "Beneficiary") have a cash payment claim against SM GmbH of in
                                            aggregate up to 10% of the net proceeds in the event of a sale and transfer of more than
                                            95% of the shares in SM GmbH or a sale and transfer of all of the material assets of SM GmbH
                                            (each such event, an “Exit”) (the “Cash Payment Claim”).
                                            The share in the Cash Payment Claim of each individual beneficiary under the VESOP 2017
                                            is generally determined by the number of days such Beneficiary is in employment with SM GmbH
                                            at the time of the Exit (subject to certain exceptions on an individual basis in case of
                                            parental leave, sick leave etc.).

 

		(B)	On
                                            25 November 2020, all shares in SM GmbH were contributed to Sono Group N.V. (at that time:
                                            Sono Motors Finance B.V.) (the “Company” and together with SM GmbH and
                                            any other subsidiary of the Company or SM GmbH, the “Group”) in exchange
                                            for shares in the Company's capital. In connection with this reorganisation, the Company
                                            established a long-term investment plan (the “LTIP”).

 

		(C)	The
                                            Company is pursuing an underwritten initial public offering of its ordinary shares (“Shares”
                                            and each a “Share”), which the Company expects to complete in 2021 (the
                                            “IPO”). In order to align, in light of the IPO, the interests of the Beneficiaries
                                            with the interests of the Group, the Company intends to allow the Beneficiaries to participate
                                            in a new stock option program under the LTIP (the “Conversion Stock Option Program”)
                                            upon termination by SM GmbH of such Beneficiaries' Cash Payment Claims under the VESOP 2017.
                                            The Conversion Stock Option Program will facilitate a monetisation of the Beneficiaries'
                                            Cash Payment Claim following an IPO. Each eligible Beneficiary shall be granted fully vested
                                            options for Shares representing a value which corresponds to the Cash Payment Claim of such
                                            Beneficiary (the “Conversion Stock Options”, and each individually a “Conversion
                                            Stock Option”) in exchange for the cancellation and termination of his or her Cash
                                            Payment Claim.

 

		(D)	These
                                            terms and conditions (the “Rules”) and the LTIP together establish the
                                            rules of the Conversion Stock Option Program. These Rules, the LTIP and the applicable Grant
                                            Agreements (as defined below) together establish the terms and conditions of the Conversion
                                            Stock Options.

 

    Page 3/9

     

    

 

§
1

Effectiveness and Eligibility

 

		(1)	These Rules and the Conversion
Stock Option Program (including the grant of the Conversion Stock Options thereunder) shall become effective upon the closing of an IPO
or a business combination of the Company with a special purpose acquisition company that is listed at the time of announcement of such
business combination on an internationally recognized stock exchange, in each case
resulting in gross proceeds of at least $ 100,000,000.00 for the Company (such date, the “Closing Date”).

 

		(2)	Only those former Beneficiaries
who are employees of the Company or SM GmbH as of the Pricing Date (as defined below) are eligible to receive Conversion Stock Options
(each such employee, a “Participant”). The “Pricing Date” shall be the date on which the price
per Share to be paid by investors in the IPO (prior to underwriting commissions, discounts and other expenses) (the “Offer Price”)
on the Closing Date for the Shares purchased by them in the IPO is determined through the execution of the underwriting agreement (or
a pricing agreement) between the Company and the underwriters (or their representatives) in the IPO.

 

§
2

Program Volume and Grant of Stock Options

 

		(1)	The
                                            Conversion Stock Options are granted to each Participant subject to the occurrence of the
                                            Closing Date and the execution by such Participant of a grant agreement (a “Grant
                                            Agreement”). The number of Conversion Stock Options granted to a Participant under
                                            a Grant Agreement has been set taking into account the Cash Payment Claim of such Participant
                                            in a hypothetical Exit.

 

		(2)	The Closing Date shall be the
Grant Date, as defined in the LTIP, with respect to the Conversion Stock Options.

 

		(3)	Each Conversion Stock Option entitles
the Participant holding such Conversion Stock Option to acquire one (1) Share against payment of the Exercise Price (§ 3)
subject to the satisfaction of the Exercise Conditions (as defined below).

 

§
3

Exercise Price

 

The
exercise price of each Conversion Stock Option (the “Exercise Price”) shall be EUR 0.06. In the event of a share
split by the Company, the Exercise Price shall be divided by the ratio of share split. In the event of a reverse share split, the Exercise
Price shall be multiplied by the ratio of share split. In the event of a capital increase from own resources (including by issuing shares
in the Company where the payment obligation is charged against the Company’s profits or reserves), the Exercise Price shall be
adjusted accordingly, provided, however, that under no circumstance shall the Exercise Price be less than the nominal value per share
to be issued upon exercise of the Conversion Stock Option.

 

    Page 4/9

     

    

 

§
4

Exercise Conditions

 

Conversion
Stock Options must be exercised in accordance with the LTIP. In addition, any exercise of Conversion Stock Options by a Participant requires
satisfaction of all of the following conditions (the “Exercise Conditions”):

 

(a)              
 the execution by that Participant of the applicable Grant Agreement;

 

(b)              
the applicable Waiting Period (§ 5 (1)) has expired;

 

(c)              
the exercise has not been temporarily suspended in accordance with § 9; and

 

(d)              
the Expiry Date (§ 6 (1)) for the Conversion Stock Options to be exercised has not passed.

 

§
5

Exercise

 

The
waiting period after which the Conversion Stock Options may first be exercised is one (1) year commencing on the Closing Date (the
 “Waiting Period”).

 

Any
exercise of Conversion Stock Options must be conducted in compliance with all applicable Insider Trading Rules (as defined in §
9 (1) below) and only during a Trading Window as defined by the Company's Insider Trading Policy (a "Trading Window").

 

§
6

Expiry Date of the Stock Options

 

		(1)	All
                                            unexercised Conversion Stock Options will expire without compensation after a period of four
                                            (4)  years following the Closing Date (the “Expiry Date”), subject
                                            to paragraph (2) below.

 

		(2)	If the Expiry Date falls outside
a Trading Window, or during a Trading Window on a date which is less than five (5) Trading Days (as defined below) from the end of that
Trading Window, then the Expiry Date for such Conversion Stock Options shall be the date on which the next Trading Window ends. “Trading
Day” means a day other than a Saturday or Sunday or public holiday on which the primary stock exchange where the Shares are
listed is open for trading.

 

§
7

Limitation of Liability

 

		(1)	The Company (nor any of its managing
directors, supervisory directors, officers, employees, agents or advisors) does not:

 

		(a)	assume
                                            any responsibility or liability for the development of the value or market price of the Shares;

 

		(b)	warrant,
                                            assure or guarantee any increase in value of the Shares, in particular it is neither warranted,
                                            assured or guaranteed that a Participant will be able to sell his or her Shares with a profit
                                            in the future nor that no loss will be incurred; or

 

		(c)	warrant,
                                            assure or guarantee a profit of the Participant from the Conversion Stock Option Program.

 

    Page 5/9

     

    

 

		(2)	Each Participant declares with
his or her participation in the Conversion Stock Option Program that the participation is voluntary. Each Participant is aware of the
fact that he or she alone bears the risk of a decrease in or total loss of value of his or her investments. Each Participant accepts
the offer to participate in the Stock Option Program at his or her own risk and assumes any liability relating thereto.

 

		(3)	Each Participant is responsible
for obtaining legal, tax and any other necessary advice in connection with his or her participation in the Conversion Stock Option Program
and for evaluating the tax effects connected with the Conversion Stock Option Program. Each Participant accepts and declares that he
or she has not been advised by or on behalf of the Company or its managing directors, supervisory directors, officers, employees, agents
or advisors with respect to his or her participation in the Conversion Stock Option Program (in particular, regarding legal and tax issues
of such participation).

 

§
8

Taxes, Social Security and Costs

 

		(1)	All taxes (including payroll taxes),
social security contributions, further duties and costs accrued by the Participant in connection with his or her participation in the
Conversion Stock Option Program, including the cancellation and termination of his or her Cash Payment Claim, shall be borne by that
Participant. Each Participant is obliged to pay taxes relating to the respective Conversion Stock Options granted/exercised under the
Conversion Stock Option Program, or relating to a transfer of such options by the Participant to a third party (to the extent allowed
under the LTIP), to the competent tax authorities. Each Participant shall fully indemnify the Company in respect of all such liabilities
and obligations against tax authorities.

 

		(2)	The employer of the Participant
is entitled, if required by statutory law, to withhold payroll tax or any other taxes or duties or social security contributions to be
paid by (or on behalf and account of) the Participant. This applies even after termination of the employment of the Participant with
the Company. The Company is entitled to demand the full co-operation of the Participant even after his or her termination of employment
with respect to the withholding of taxes, social security contributions, other duties and costs in connection with the Conversion Stock
Option Program. Each Participant undertakes to fully co-operate with the Company.

 

		(3)	Withholdings mentioned above do
not release the Participant from his or her responsibility and obligation to pay all taxes, social contributions, further duties and
costs being due and accruing in connection with his or her participation in the Conversion Stock Option Program or the grant, exercise
or transfer of any Conversion Stock Options.

 

    Page 6/9

     

    

 

§
9

Insider Trading, Black-Out Periods, Securities Law Requirements

 

		(1)	Any
                                            exercise of, or any other transaction in, the Conversion Stock Options (each a “Transaction”)
                                            must be conducted in compliance with (i) all applicable insider trading laws and regulations,
                                            and (ii) all provisions of any insider trading rules established by a Group company, including
                                            the Company's Insider Trading Policy ((i) and (ii) together the “Insider Trading
                                            Rules”). Each Participant is personally responsible for informing himself about,
                                            and acting in full compliance with, all applicable Insider Trading Rules. Any individual
                                            non-compliance with applicable Insider Trading Rules may lead to the imposition of civil
                                            and criminal penalties (as the case may be).

 

		(2)	The obligation of the Company
to issue any securities and to settle any awards under the Conversion Stock Option Program shall be subject to all applicable laws, rules,
and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any grant
to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell
or selling, any securities unless such securities have been properly registered pursuant to the U.S. Securities Act or unless the Company
is satisfied that such securities may be offered or sold without such registration pursuant to an available exemption therefrom and the
terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under
the U.S. Securities Act any of the securities to be offered or sold under the Conversion Stock Option Program. The Company may restrict
the transfer of securities issued pursuant to the Conversion Stock Option Program in such a manner as it deems advisable to ensure the
availability, or facilitate compliance with, of any exemption from the registration requirements the U.S. Securities Act or any other
applicable laws.

 

		(3)	The Company or the Third Party
Service Provider (as defined below in § 11 (1)), as the case may be, may cancel a grant under the Conversion Stock Option
Program or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions and/or blockage and/or
other market considerations would make the Company’s acquisition of securities from the public markets, the Company’s issuance
of securities to the Participant, the Participant’s acquisition of securities from the Company and/or the Participant’s sale
of securities to the public markets, illegal, impracticable or inadvisable. If the Company or the Third Party Service Provider, as the
case may be, determines to cancel all or any portion of a grant in accordance with the foregoing, the Company shall pay to the Participant
an amount equal to the excess of (A) the aggregate fair market value of the securities subject to such grant or portion thereof
cancelled (determined by the Company as of the applicable exercise date, or the date that the securities would have been vested or delivered,
as applicable), over (B) the aggregate Exercise Price or base amount or any amount payable as a condition of delivery of securities.
Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such grant or portion thereof.

 

		(4)	Notwithstanding any provision
of the Conversion Stock Option Program to the contrary, in no event shall a Participant be permitted to exercise a Conversion Stock Option
in a manner that the Company or the Third Party Service Provider, as the case may be, determines would violate the United States Sarbanes-Oxley
Act of 2002, or any other applicable law or the applicable rules and regulations of the U.S. Securities Exchange Commission or the applicable
rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or
traded.

 

    Page 7/9

     

    

 

§
10

Form Requirements, Notices

 

		(1)	Any exercise notice to be delivered
to the Company in connection with the Conversion Stock Option Program shall be addressed by mail to Sono Group N.V., and sent by email
(attached as pdf-copy) to legal@sonomotors.com.

 

The
Company shall communicate changes in the e-mail address set forth in the previous sentence as soon as possible to the Participants. In
the absence of such communication, the address stated above shall remain in place.

 

		(2)	Any notice to be given to a Participant
in connection with the Conversion Stock Option Program may be served by being handed to him or her personally or by being sent to him
or her at his or her home address or by e-mail to the e-mail address on record with the Company or SM GmbH. The Participant shall communicate
changes in his or her home address or e-mail address as soon as possible to the Company.

 

§
11

Data Protection

 

		(1)	The
                                            collection, storage, usage, transfer and processing of personal information provided by the
                                            Participant to the Company or a third party employed or contracted by the Company or an affiliated
                                            company is required to administer or assist with the administration or implementation of
                                            the Conversion Stock Option Program (the “Third Party Service Provider”),
                                            solely for all purposes relating to the implementation, operation and administration of the
                                            Conversion Stock Option Program. These include, but are not limited to:

 

		(a)	administering
                                            and maintaining Participants’ records;

 

		(b)	providing
                                            information about the Participant to a Third Party Service Provider; and

 

		(c)	transferring
                                            information about the Participant to a Company’s or a Third Party Service Provider’s
                                            premises in a country or territory that may not provide the same statutory protection for
                                            the information as the Participant’s home country to the extent such transfer is required
                                            to implement, operate or administer the Conversion Stock Option Program.

 

		(2)	The Participant is entitled to
a copy of the personal information held about him or her and information about the purpose of the collection, storage, usage, transfer
and processing of the personal information. The Participant has the right to have the personal information corrected in case of any inaccurateness.
Any rights of the Participant pursuant to the General Data Protection Regulation (Regulation EU 2016/679 of the European Parliament and
of the Council of 27 April 2016) remain unaffected.

 

    Page 8/9

     

    

 

§
12

Governing Law and Jurisdiction

 

		(1)	The Conversion Stock Option Program,
any Conversion Stock Options granted thereunder and these Rules shall be exclusively governed by, and be construed in accordance with,
the laws of the Netherlands, without regard to principles of conflicts of laws.

 

		(2)	Any dispute, controversy or claim
arising from or in connection with the Conversion Stock Option Program, any Conversion Stock Options granted thereunder or these Rules
or their validity shall be settled in accordance with the jurisdiction clause contained in the LTIP.

 

§
13

Final Provisions

 

		(1)	All provisions in these Rules
shall be subject to the terms and conditions of the LTIP. In case of an inconsistency between these Rules and the LTIP, the LTIP shall
prevail.

 

		(2)	In these Rules, the headings are
inserted for convenience only and shall not affect the interpretation of these Rules; where a German term has been inserted in quotation
marks and/or italics it alone (and not the English term to which it relates) shall be authoritative for the purpose of the interpretation
of the relevant English term in these Rules. The terms “including” and “in particular” shall always mean “including,
without limitation” and “in particular, without limitation”, respectively. Any reference made in these Rules to any
clauses without further indication of a law, an agreement or another document shall mean clauses of these Rules.

 

		(3)	In the event that one or more
provisions of these Rules shall, or shall be deemed to, be invalid or unenforceable, the validity and enforceability of the other provisions
of this Agreement shall not be affected thereby. In such case, the Company and the Participant agree to recognize and give effect to
such valid and enforceable provision or provisions, which correspond as closely as possible with the commercial intent of the Parties.
The same shall apply in the event that these Rules contain any unintended gaps.

 

Munich, December 12,
2020

 

Sono Group N.V.

 

    Page 9/9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}]]