Document:

EX-10.2

 Exhibit 10.2 

ABPRO CORPORATION 
 Amended and
Restated 
 2014 Stock Incentive Plan 
  

	 	1.	Purpose. 

 The purpose of this Amended and Restated 2014 Stock Incentive Plan (the
“Plan”) is to secure for Abpro Corporation, a Delaware corporation (the “Company”) and its shareholders the benefits arising from capital stock ownership by employees, officers and directors of, and consultants or
advisors to, the Company and its parent and subsidiary corporations who are expected to contribute to the Company’s future growth and success. Under the Plan recipients may be awarded (i) Options (as defined in
Section 2(i)) to purchase the Company’s common stock, par value $0.01 per share (“Common Stock”), (ii) shares of Common Stock (“Restricted Stock Awards”), and (iii) Other
Stock-Based Awards (as defined in Section 2(iv)) (collectively, “Awards”). Except where the context otherwise requires, the term “Company” shall include any parent and all present and future
subsidiaries of the Company as defined in Sections 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended or replaced from time to time (the “Code”). Those provisions of the Plan which make express reference to
Section 422 of the Code shall apply only to Incentive Stock Options (as that term is defined below). Appendix A to this Plan shall apply only to participants in the Plan who are residents of the State of California. 

 

	 	2.	Types of Awards and Administration. 

 (i) Options. Options granted pursuant to the
Plan (“Options”) shall be authorized by action of the board of directors of the Company (the “Board”) and may be either incentive stock options (“Incentive Stock Options”) meeting the requirements
of Section 422 of the Code or non-statutory Options which are not intended to meet the requirements of Section 422. All Options when granted are intended to be
non-statutory Options, unless the applicable Option Agreement (as defined in Section 5) explicitly states that the Option is intended to be an Incentive Stock Option. The vesting of
Options may be conditioned upon the completion of a specified period of employment with the Company and/or such other conditions or events as the Board may determine. The Board may also provide that Options are immediately exercisable subject to
certain repurchase rights in the Company dependent upon the continued employment of the optionee and/or such other conditions or events as the Board may determine. 

(ii) Incentive Stock Options. Incentive Stock Options may only be granted to employees of the Company. For so long as the Code shall so
provide, Options granted to any employee under the Plan (and any other incentive stock option plans of the Company) which are intended to constitute Incentive Stock Options shall not constitute Incentive Stock Options to the extent that such
Options, in the aggregate, become exercisable for the first time in any one calendar year for shares of Common Stock with an aggregate fair market value (determined as of the respective date or dates of grant) of more than $100,000. If an Option is
intended to be an Incentive Stock Option, and if for any reason such Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as
a non-statutory Option appropriately granted under the Plan provided that such Option (or portion thereof) otherwise meets the Plan’s requirements relating to
non-statutory Options. 

 (iii) Restricted Stock Awards. The Board in its discretion may grant Restricted Stock
Awards, entitling the recipient to acquire, for a purchase price determined by the Board, shares of Common Stock subject to such restrictions and conditions as the Board may determine at the time of grant (“Restricted Stock”),
including continued employment and/or achievement of pre-established performance goals and objectives. 

(iv) Other Stock-Based Awards. The Board shall have the right to grant other awards based upon the Common Stock having such terms and
conditions as the Board may determine, including, without limitation, the grant of shares of Common Stock based upon certain conditions, the grant of securities convertible into Common Stock and the grant of warrants to purchase Common Stock, stock
appreciation rights, phantom stock awards or stock units (“Other Stock-Based Awards”). 
 (v) Administration. The
Plan shall be administered by the Board, whose construction and interpretation of the terms and provisions of the Plan shall be final and conclusive. The Board may in its sole discretion authorize issuance of Restricted Stock, the grant of Options
and the issuance of shares upon exercise of such Options as provided in the Plan. The Board shall have authority, subject to the express provisions of the Plan, to construe Award Agreements and the Plan, to prescribe, amend and rescind rules and
regulations relating to the Plan, to determine the terms and provisions of Award Agreements, and to make all other determinations in the judgment of the Board necessary or desirable for the administration of the Plan. The Board may correct any
defect or supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency. No
director or person acting pursuant to authority delegated by the Board shall be liable for any action or determination under the Plan made in good faith. The Board may, to the full extent permitted by or consistent with applicable laws or
regulations, delegate any or all of its powers under the Plan to a committee (the “Committee”) appointed by the Board, and if the Committee is so appointed, to the extent of such delegation, all references to the Board in the Plan
shall mean and relate to such Committee, other than references to the Board in this sentence and in Section 18 (as to amendment or termination of the Plan) and Section 22. 

 

	 	3.	Eligibility. 

 Awards may be granted or issued, to persons who are, at the time of such
grant or issuance, employees, officers or directors of, or consultants or advisors to, the Company; provided, that the class of persons to whom Incentive Stock Options may be granted shall be limited to employees of the Company. 

(i) 10% Shareholder. If any employee to whom an Incentive Stock Option is to be granted is, at the time of the grant of such Option, the
owner of stock possessing more than 10% of the total combined voting power of all classes of stock of the Company (after taking into account the attribution of stock ownership rules of Section 424(d) of the Code) (a “Greater Than 10%
Shareholder”), any Incentive Stock Option granted to such individual must: (i) have an exercise price per share of not less than 110% of the fair market value of one share of Common Stock at the time of grant; and (ii) expire by
its terms not more than five years from the date of grant. 
  

	 	4.	Stock Subject to Plan. 

 Subject to adjustment as provided in
Section 14 below, the maximum number of shares of Common Stock which may be issued under the Plan is 3,500,000 shares (the “Share Reserve”). Subject to the Share Reserve and adjustment as provided in
Section 14 below, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be a number of shares of Common Stock equal to two multiplied by the Share
Reserve. If an Option shall expire or terminate for any reason without having been exercised in full, the unpurchased shares subject to such Option shall again be available for subsequent Awards under the Plan. If shares of Restricted

 
Stock or shares of Common Stock subject to Other Stock-Based Awards are forfeited to, or otherwise repurchased by, the Company pursuant to an Award Agreement, such repurchased shares shall again
be available for subsequent Awards under the Plan. If shares issued upon exercise of an Option are tendered to the Company in payment of the exercise price of an Option, such tendered shares shall again be available for subsequent Awards under the
Plan. 
  

	 	5.	Forms of Award Agreements. 

 (i) Award Agreements. Each Award recipient shall
execute an agreement (“Award Agreement” and in the case of an Option holder, an “Option Agreement”) in such form not inconsistent with the Plan as may be approved by the Board. Such Award Agreements may differ among
recipients. 
 (ii) “Lock-Up” Agreement. Unless the Board specifies otherwise, each
Award Agreement shall provide that upon the request of the Company or the managing underwriter(s) of any offering of securities of the Company that is the subject of a registration statement filed under the United States Securities Act of 1933, as
amended from time to time (the “Act”), the Award recipient shall, in connection therewith, agree in writing (in such form as the Company or such managing underwriter(s) shall request) to the general effect that for a period of time
(not to exceed 180 days, plus such additional number of days (not to exceed 35) as may reasonably be requested to enable the underwriter(s) of such offering to comply with Rule 2711(f) of the Financial Industry Regulatory Authority or any amendment
or successor thereto) from the effective date of the registration statement under the Act for such offering, the holder or purchaser will not sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any
shares of the common stock of the Company owned or controlled by him or her. 
  

	 	6.	Purchase Price. 

 (i) General. The exercise, purchase or strike price of any
Awards shall be determined by the Board, provided, however, that in the case of any Option, the exercise price shall not be less than 100% of the fair market value of such stock, as determined by the Board, at the time of grant of such Option, or
less than 110% of such fair market value in the case of any Incentive Stock Option granted to a Greater Than 10% Shareholder. 
 (ii)
Payment of Purchase Price. Option Agreements may provide for the payment of the exercise price by delivery of cash or a check to the order of the Company in an amount equal to the exercise price of such Options, or, to the extent provided in
the applicable Option Agreement, by one of the following methods: 
 (a) with the consent of the Board, by delivery to the Company of shares
of Common Stock; such surrendered shares shall have a fair market value equal in amount to the exercise price of the Options being exercised, 

(b) with the consent of the Board, a personal recourse note issued by the optionee to the Company in a principal amount equal to such
aggregate exercise price and with such other terms, including interest rate and maturity, as the Company may determine in its discretion; provided, however, that the interest rate borne by such note shall not be less than the lowest applicable
federal rate, as defined in Section 1274(d) of the Code, 
 (c) with the consent of the Board, if the class of Common Stock is
registered under the Securities Exchange Act of 1934 at such time, subject to rules as may be established by the Board, by delivery to the Company of a properly executed exercise notice along with irrevocable instructions to a broker to promptly
deliver to the Company cash or a check payable and acceptable to the Company for the purchase price, 

 (d) with the consent of the Board, by reducing the number of Option shares otherwise issuable to
the optionee upon exercise of the Option by a number of shares of Common Stock having a fair market value equal to such aggregate exercise price, 

(e) with the consent of the Board, by any combination of such methods of payment. 

The fair market value of any shares of Common Stock or other non-cash consideration which may be
delivered upon exercise of an Option shall be determined by the Board. Award Agreements may provide for the payment of any purchase price in any manner approved by the Board at the time of authorizing the issuance thereof. 

 

	 	7.	Option Period. 

 Notwithstanding any other provision of the Plan or any Option Agreement,
each Option and all rights thereunder shall expire on the date specified in the applicable Option Agreement, provided that such date shall not be later than ten years after the date on which the Option is granted (or five years in the case of an
Incentive Stock Option granted to a Greater Than 10% Shareholder), and in either case, shall be subject to earlier termination as provided in the Plan or Option Agreement. 
  

	 	8.	Exercise of Options. 

 (i) General. Each Option shall be exercisable either in
full or in installments at such time or times and during such period as shall be set forth in the Option Agreement evidencing such Option, subject to the provisions of the Plan. To the extent not exercised, installments shall accumulate and be
exercisable, in whole or in part, at any time after becoming exercisable, but not later than the date the Option expires. 
 (ii) Notice
of Exercise. An Option may be exercised by the optionee by delivering to the Company on any business day a written notice specifying the number of shares of Common Stock the optionee then desires to purchase and specifying the address to which
the certificates for such shares are to be mailed (the “Notice”), accompanied by payment for such shares. In addition, the Company may require any individual to whom an Option is granted, as a condition of exercising such Option, to
give written assurances (the “Investment Letter”) in a substance and form satisfactory to the Company to the effect that such individual is acquiring the Common Stock subject to the Option for his or her own account for investment
and not with a view to the resale or distribution thereof, and to such other effects as the Company deems necessary or advisable in order to comply with any securities law(s). 

(iii) Delivery. As promptly as practicable after receipt of the Notice, the Investment Letter (if required) and payment, the Company
shall deliver or cause to be delivered to the optionee certificates for the number of shares with respect to which such Option has been so exercised, issued in the optionee’s name; provided, however, that such delivery shall be deemed effected
for all purposes when the Company or a stock transfer agent shall have deposited such certificates in the United States mail, addressed to the optionee, at the address specified in the Notice. 

 

	 	9.	Nontransferability of Options. 

 No Option shall be assignable or transferable by the
person to whom it is granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution. During the life of an optionee, an Option shall be exercisable only by the optionee. 

 10. Termination of Employment; Disability; Death. Except as may be otherwise expressly
provided in the terms and conditions of the Option Agreement, Options shall terminate on the earliest to occur of: 
  

	 	(i)	the date of expiration thereof; 

  

	 	(ii)	immediately after termination of the optionee’s employment with, or provision of services to, the Company by the Company for Cause (as hereinafter defined); 

 

	 	(iii)	90 days after the date of voluntary termination of the optionee’s employment with, or provision of services to, the Company by the optionee (other than for death or permanent disability as defined below); or

  

	 	(iv)	90 days after the date of termination of the optionee’s employment with, or provision of services to, the Company by the Company without Cause (other than for death or permanent disability as defined below).

 Until the date on which the Option so expires, the optionee may exercise that portion of his or her Option which is
exercisable at the time of termination of the employment or service relationship. 
 An employment or service relationship between the
Company and the optionee shall be deemed to exist during any period during which the optionee is employed by or providing services to the Company. Whether an authorized leave of absence or an absence due to military or government service shall
constitute termination of the employment relationship between the Company and the optionee shall be determined by the Board at the time thereof. 

For purposes of this Section 10, the term “Cause” shall mean (a) any material breach by the optionee
of any agreement to which the optionee and the Company are both parties, (b) any act (other than retirement) or omission to act by the optionee which may have a material and adverse effect on the Company’s business or on the
optionee’s ability to perform services for the Company, including, without limitation, the commission of any crime (other than minor traffic violations), or (c) any material misconduct or material neglect of duties by the optionee in
connection with the business or affairs of the Company. An optionee’s employment shall be deemed to have been terminated for Cause if the Company determines within thirty (30) days of the termination of employment (whether such termination
was voluntary or involuntary) that termination for Cause was warranted. 
 In the event of the permanent and total disability or death of an
optionee while in an employment or other relationship with the Company, any Option held by such optionee shall terminate on the earlier of the date of expiration of the Option or 180 days following the date of such disability or death. After
disability or death, the optionee (or in the case of death, his or her executor, administrator or any person or persons to whom this option may be transferred by will or by laws of descent and distribution) shall have the right, at any time prior to
such termination of an Option, to exercise the Option to the extent the optionee was entitled to exercise such Option as of the date of his or her disability or death. An optionee is permanently and totally disabled if he or she is unable to engage
in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than 12 months; permanent and total disability shall be determined in
accordance with Section 22(e)(3) of the Code and the regulations issued thereunder. 

 11. Rights as a Shareholder. The holder of an Option shall have no rights as a shareholder
with respect to any shares covered by the Option (including, without limitation, any rights to receive dividends or non-cash distributions with respect to such shares) until the date of issue of a stock
certificate to him or her for such shares. No adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued. 

12. Additional Provisions. The Board may, in its sole discretion, include additional provisions in Award Agreements, including, without
limitation, restrictions on transfer, rights of the Company to repurchase shares of Restricted Stock or shares of Common Stock acquired upon exercise of Options, commitments to pay cash bonuses, to make, arrange for or guaranty loans or to transfer
other property to optionees upon exercise of Options, or such other provisions as shall be determined by the Board; provided that such additional provisions shall not be inconsistent with any other term or condition of the Plan and such additional
provisions shall not be such as to cause any Incentive Stock Option to fail to qualify as an Incentive Stock Option within the meaning of Section 422 of the Code. 

13. Acceleration, Extension, Etc. The Board may, in its sole discretion, (i) accelerate the date or dates on which all or any
particular Option or Options may be exercised or (ii) extend the period or periods of time during which all, or any particular, Option or Options may be exercised. 
  

	 	14.	Adjustment Upon Changes in Capitalization 

 (i) No Effect of Awards upon Certain
Corporate Transactions. The existence of outstanding Awards shall not affect in any way the right or power of the Company to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s
capital structure or its business, or any merger or consolidation, or any issue of Common Stock, or any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or the rights thereof, or the dissolution
or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 

(ii) Adjustment Provisions. If, through or as a result of any merger, consolidation, sale of all or substantially all of the assets of
the Company, reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar transaction, (i) the outstanding shares of Common Stock are increased, decreased or exchanged for a different
number or kind of shares or other securities of the Company, or (ii) additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect
to such shares of Common Stock or other securities, an appropriate and proportionate adjustment shall be made in (a) the maximum number and kind of shares reserved for issuance under the Plan, (b) the number and kind of shares or other
securities subject to any then outstanding Awards, and (c) the price for each share or other security subject to any then outstanding Options, so that upon exercise of such Options, in lieu of the shares of Common Stock for which such Options
were then exercisable, the relevant optionee shall be entitled to receive, for the same aggregate consideration, the same total number and kind of shares or other securities, cash or property that the owner of an equal number of outstanding shares
of Common Stock immediately prior to the event requiring adjustment would own as a result of the event. If any such event shall occur, appropriate adjustment shall also be made in the application of the provisions of this
Section 14 and Section 15 with respect to Awards and the rights of holders of Awards after the event so that the provisions of such Sections shall be applicable after the event and be as nearly
equivalent as practicable in operation after the event as they were before the event. 

 (iii) No Adjustment in Certain Cases. Except as hereinbefore expressly provided, the issue
by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, for cash or property or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or
upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock then subject
to outstanding Awards. 
 (iv) Board Authority to Make Adjustments. Any adjustments under this Section 14
will be made by the Board, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive. No fractional shares will be issued under the Plan on account of any such adjustments. 

 

	 	15.	Effect of Certain Transactions 

 (i) General. Except as provided in any Award
Agreement to the contrary, if the Company is merged with or into or consolidated with another corporation under circumstances where the shareholders of the Company immediately prior to such merger or consolidation do not own after such merger or
consolidation shares representing at least fifty percent (50%) of the voting power of the Company or the surviving or resulting corporation, as the case may be, or if shares representing fifty percent (50%) or more of the voting power of the Company
are transferred to an Unrelated Third Party, as hereinafter defined, or if the Company is liquidated, or sells or otherwise disposes of all or substantially all its assets (each such transaction is referred to herein as a “Change in Control
Transaction”), the Board, or the board of directors of any corporation assuming the obligations of the Company, may, in its discretion, take any one or more of the following actions, as to some or all outstanding Awards (and need not take
the same action as to each such Award): (i) provide that such Options shall be assumed, or equivalent Options shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), provided that any such Options substituted for
Incentive Stock Options shall meet the requirements of Section 424(a) of the Code, (ii) upon written notice to the optionees, provide that all unexercised Options will terminate immediately prior to the consummation of the Change in
Control Transaction unless exercised by the optionee to the extent otherwise then exercisable within a specified period following the date of such notice, (iii) upon written notice to the grantees, provide that all unvested shares of Restricted
Stock shall be repurchased at cost, (iv) make or provide for a cash payment to the optionees equal to the difference between (A) the fair market value of the per share consideration (whether cash, securities or other property or any
combination of the above) the holder of a share of Common Stock will receive upon consummation of the Change in Control Transaction (the “Per Share Transaction Price”) times the number of shares of Common Stock subject to
outstanding vested Options (to the extent then exercisable at prices not equal to or in excess of the Per Share Transaction Price) and (B) the aggregate exercise price of such outstanding vested Options, in exchange for the termination of such
Options, or (v) provide that all or any outstanding Options shall become exercisable and all or any outstanding Awards shall vest in part or in full immediately prior to such event. To the extent that any Options are exercisable at a price
equal to or in excess of the Per Share Transaction Price, the Board may provide that such Options shall terminate immediately upon the consummation of the Change in Control Transaction without any payment being made to the holders of such Options.
“Unrelated Third Party” shall mean any person who is not, on the date of adoption of this Plan by the Board, a holder of stock of any class or preference or any stock option of the Company. 

(ii) Substitute Options. The Company may grant Options in substitution for options held by employees, officers or directors of, or
consultants or advisors to, another corporation who become employees, officers or directors of, or consultants or advisors to, the Company, as the result of a merger or consolidation of the employing corporation with the Company or as a result of
the acquisition by the Company, of property or stock of the employing corporation. The Company may direct that substitute Options be granted on such terms and conditions as the Board considers appropriate in the circumstances. 

 (iii) Restricted Stock. In the event of a business combination or other transaction of the
type detailed in Section 15.1, any securities, cash or other property received in exchange for shares of Restricted Stock shall continue to be governed by the provisions of any Award Agreement pursuant to which they were
issued, including any provision regarding vesting, and such securities, cash, or other property may be held in escrow on such terms as the Board may direct, to insure compliance with the terms of any such Award Agreement 

(iv) Other Stock-Based Awards. In the event of a business combination or other transaction of the type detailed in
Section 15.1, any securities, cash or other property received in exchange for Other Stock-Based Awards shall continue to be governed by the provisions of any Award Agreement pursuant to which they were issued, including any
provision regarding vesting, and such securities, cash, or other property may be held in escrow on such terms as the Board may direct, to insure compliance with the terms of any such Award Agreement. The Board, or the board of directors of any
corporation assuming obligations of the Company, may, in its discretion, (i) provide for the assumption or substitution of Other Stock-Based Awards by the acquiring or succeeding corporation (or an affiliate thereof) or (ii) cancel or
arrange for the cancellation of Other Stock-Based Awards, including any restricted stock units, to the extent not vested or not exercised prior to the effective time of the Change in Control Transaction, in exchange for such cash consideration
(including no consideration) as the Board, in its sole discretion, may consider appropriate 
 16. No Special Employment Rights.
Nothing contained in the Plan or in any Award Agreement shall confer upon any Award recipient any right with respect to the continuation of his or her employment by the Company or interfere in any way with the right of the Company at any time to
terminate such employment or to increase or decrease his or her compensation. 
 17. Other Employee Benefits. The amount of any
compensation deemed to be received by an employee as a result of any Award will not constitute compensation with respect to which any other employee benefits of such employee are determined, including, without limitation, benefits under any bonus,
pension, profit-sharing, life insurance or salary continuation plan, except as otherwise specifically determined by the Board. 
 18.
Amendment of the Plan. 
 The Board may at any time, and from time to time, modify or amend in any respect or terminate the Plan. If
shareholder approval is not obtained within twelve months after any amendment increasing the number of shares authorized under the Plan or changing the class of persons eligible to receive Options under the Plan, no Options granted pursuant to such
amendments shall be deemed to be Incentive Stock Options and no Incentive Stock Options shall be issued pursuant to such amendments thereafter. 

The termination or any modification or amendment of the Plan shall not, without the consent of the Award recipient, adversely affect his or
her rights under an Award previously granted to him or her. With the consent of the Award recipient affected, the Board may amend outstanding Award Agreements in a manner not inconsistent with the Plan. 

19. Withholding. The Company shall have the right to deduct from payments of any kind otherwise due to the Award recipient, any federal,
state or local taxes of any kind required by law to be withheld with respect to the Award. Prior to delivery of any Common Stock pursuant to the terms of this Plan, the Board has the right to require that the Award recipient remit to the Company an
amount sufficient to satisfy any minimum tax withholding obligation. Subject to the prior approval of the Company, which may be withheld by the Company in its sole discretion, the obligor may elect to satisfy any minimum withholding obligations, in
whole or in part, (i) by causing the Company to withhold shares 

 
of Common Stock otherwise issuable, (ii) by delivering to the Company a sufficient number of shares of Common Stock, or (iii) such other method as may be set forth in the Award
Agreement. The shares so withheld shall have a fair market value equal to such minimum withholding obligation. The fair market value of the shares used to satisfy such minimum withholding obligation shall be determined by the Company as of the date
that the amount of tax to be withheld is to be determined. A person who has made an election pursuant to this Section 19 may only satisfy his or her withholding obligation with shares of Common Stock which are not subject
to any repurchase, forfeiture, unfulfilled vesting or other similar restrictions. 
  

	 	20.	Effective Date and Duration of the Plan. 

 (i) Effective Date. The Plan shall
become effective when adopted by the Board. If shareholder approval is not obtained within twelve months after the date of the Board’s adoption of the Plan, no Options previously granted under the Plan shall be deemed to be Incentive Stock
Options and no Incentive Stock Options shall be granted thereafter. Amendments to the Plan not requiring shareholder approval shall become effective when adopted by the Board. Amendments requiring shareholder approval shall become effective when
adopted by the Board, but if shareholder approval is not obtained within twelve months of the Board’s adoption of such amendment, any Incentive Stock Options granted pursuant to such amendment shall be deemed to be non-statutory Options provided that such Options are authorized by the Plan. Subject to this limitation, Options may be granted under the Plan at any time after the effective date and before the date fixed for
termination of the Plan. 
 (ii) Termination. Unless sooner terminated by action of the Board, the Plan shall terminate upon the close
of business on the day next preceding the tenth anniversary of the date of its adoption by the Board. 
 21. Provision for Foreign
Participants. The Board may, without amending the Plan, modify the terms of Award Agreements to differ from those specified in the Plan with respect to participants who are foreign nationals or employed outside the United States to recognize
differences in laws, rules, regulations or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters. 

22. Requirements of Law. The Company shall not be required to sell or issue any shares under any Award if the issuance of such shares
shall constitute a violation by the Award recipient, or by the Company of any provision of any law or regulation of any governmental authority. In addition, in connection with the Act, the Company shall not be required to issue any shares upon
exercise of any Option unless the Company has received evidence satisfactory to it to the effect that the holder of such Option will not transfer such shares except pursuant to a registration statement in effect under the Act or unless an opinion of
counsel satisfactory to the Company has been received by the Company to the effect that such registration is not required in connection with any such transfer. Any determination in this connection by the Board shall be final, binding and conclusive.
In the event the shares issuable on exercise of an Option are not registered under the Act or under the securities laws of each relevant state or other jurisdiction, the Company may imprint on the certificate(s) appropriate legends that counsel for
the Company considers necessary or advisable to comply with the Act or any such state or other securities law. The Company may register, but in no event shall be obligated to register, any securities covered by the Plan pursuant to the Act; and in
the event any shares are so registered the Company may remove any legend on certificates representing such shares. The Company shall not be obligated to take any affirmative action in order to cause the exercise of an Option, the grant of any Award
or the issuance of shares pursuant thereto to comply with any law or regulation of any governmental authority. 

 23. Conversion of Incentive Stock Options into
Non-Qualified Options; Termination. The Board, with the consent of any optionee, may in its discretion take such actions as may be necessary to convert such optionee’s Incentive Stock Options (or any
installments or portions of installments thereof) that have not been exercised on the date of conversion into non-statutory Options at any time prior to the expiration of such Incentive Stock Options,
regardless of whether the optionee is an employee of the Company or a parent or subsidiary of the Company at the time of such conversion. At the time of such conversion, the Board (with the consent of the optionee) may impose such conditions on the
exercise of the resulting non-statutory Options as the Board in its discretion may determine, provided that such conditions shall not be inconsistent with this Plan. Nothing in this Plan shall be deemed to
give any optionee the right to have such optionee’s Incentive Stock Options converted into non-statutory Options, and no such conversion shall occur until and unless the Board takes appropriate action.
The Board, with the consent of the optionee, may also terminate any portion of any Incentive Stock Option that has not been exercised at the time of such termination. 

24. Non-Exclusivity of this Plan; Non-Uniform
Determinations. Neither the adoption of this Plan by the Board nor the approval of this Plan by the shareholders of the Company shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements
as it may deem desirable, including, without limitation, the granting of stock options otherwise than under this Plan, and such arrangements may be either applicable generally or only in specific cases. 

The determinations of the Board under this Plan need not be uniform and may be made by it selectively among persons who receive or are eligible
to receive Awards under this Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Board shall be entitled, among other things, to make non-uniform
and selective determinations, and to enter into non-uniform and selective Award Agreements, as to (a) the persons to receive Awards under this Plan, (b) the terms and provisions of Awards,
(c) the exercise by the Board of its discretion in respect of the exercise of Options pursuant to the terms of this Plan, and (d) the treatment of leaves of absence pursuant to Section 10 hereof. 

25. Governing Law. This Plan and each Award shall be governed by the laws of The Commonwealth of Massachusetts, without regard to its
principles of conflicts of law. 
  

	
	Originally Adopted: February 3, 2014
	
	Amended and Restated: March 21, 2018

 APPENDIX A 

TO ABPRO CORPORATION 2014 STOCK INCENTIVE PLAN 

FOR CALIFORNIA RESIDENTS ONLY 

This Appendix to the Abpro Corporation Amended and Restated 2014 Stock Incentive Plan (the “Plan”) shall have application
only to participants in the Plan who are residents of the State of California. Capitalized terms contained herein shall have the same meanings given to them in the Plan, unless otherwise provided in this Appendix. Notwithstanding any provision
contained in the Plan to the contrary and to the extent required by applicable law, the following terms and conditions shall apply to all Awards granted to residents of the State of California, until such time as the Common Stock becomes subject to
registration under the Securities Act of 1933: 
 1. Awards shall be nontransferable other than by will or the laws of descent and
distribution. Notwithstanding the foregoing, and to the extent permitted by Section 422 of the Code, the Board, in its discretion, may permit distribution of an Award to an inter vivos or testamentary trust in which the Award is to be passed to
beneficiaries upon the death of the trustor (settlor), or by gift to “immediate family” as that term is defined in Rule 16a-1(e) of the United States Exchange Act of 1934. 

2. Unless employment is terminated for Cause, the right to exercise an Option in the event of termination of employment, to the extent that the
optionee is otherwise entitled to exercise an Option on the date employment terminates, shall be 
  

	 	(a)	at least six months from the date of termination of employment if termination was caused by death or permanent disability; and 

  

	 	(b)	at least 30 days from the date of termination if termination of employment was caused by other than death or permanent disability; 

  

	 	(c)	but in no event later than the remaining term of the Option. 

 3. Any Award exercised before
shareholder approval is obtained shall be rescinded if shareholder approval is not obtained within 12 months of the Board’s adoption of the Plan.EX-10.3

 Exhibit 10.3 

ABPRO CORPORATION 

AMENDED AND RESTATED 2014 STOCK INCENTIVE PLAN 

Restricted Stock Unit Agreement 

This Restricted Stock Unit Agreement (“Agreement”) is made and entered into as of
[            ] (“Grant Date”) by and between Abpro Corporation (“Company”) and [            ]
(“Grantee”). 
 WHEREAS, the Company has adopted the Abpro Corporation Amended and Restated 2014 Stock Incentive Plan
(“Plan”) pursuant to which “Other Stock-Based Awards,” including awards of restricted stock units (“Restricted Stock Units”) may be granted (an “Award”); and 

WHEREAS, the Board has determined that it is in the best interests of the Company and its shareholders to grant the award of Restricted
Stock Units provided for herein. 
 NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows: 

1. Grant of Restricted Stock Units. 

1.1 Pursuant to the Plan, the Company hereby grants to the Grantee on the Grant Date an Award consisting of, in the aggregate,
[            ] Restricted Stock Units (“Restricted Stock Units”). Each Restricted Stock Unit represents the right to receive one share of Common Stock, subject to the terms and
conditions set forth in this Agreement and the Plan. Capitalized terms that are used but not defined herein have the meaning ascribed to them in the Plan. 

1.2 The Restricted Stock Units shall be credited to a separate account maintained for the Grantee on the books and records of the Company
(“Account”). All amounts credited to the Account shall continue for all purposes to be part of the general assets of the Company. 

2. Consideration. The grant of the Restricted Stock Units is made in consideration of the services to be rendered by the Grantee to
the Company. 
 3. Vesting. 

3.1 Except as otherwise provided herein, provided that the Grantee remains in continuous employment or other service (“Continuous
Service”) with the Company through the applicable vesting date, the Restricted Stock Units will vest in accordance with the following schedule (the period during which restrictions apply, the “Restricted Period”): 

 

			
	Vesting Date	  	Number of Restricted Stock Units That Vest
		
	[                    ]	  	[                ]

 Once vested, the Restricted Stock Units become “Vested Units.” 

3.2 If the Grantee’s Continuous Service terminates for any reason at any time before all of the Restricted Stock Units have vested, the
Grantee’s unvested Restricted Stock Units shall be automatically forfeited upon such termination of Continuous Service and the Company shall not have any further obligations to the Grantee under this Agreement. 

 4. Restrictions. Subject to any exceptions set forth in this Agreement or the Plan,
during the Restricted Period and until such time as the Restricted Stock Units are settled in accordance with Section 6, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or
otherwise transferred or encumbered by the Grantee. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such
attempt is made, the Restricted Stock Units will be forfeited by the Grantee and all of the Grantee’s rights to such units shall immediately terminate without any payment or consideration by the Company. 

5. Rights as Shareholder; Dividend Equivalents. 

5.1 The Grantee shall not have any rights of a shareholder with respect to the shares of Common Stock underlying the Restricted Stock Units
unless and until the Restricted Stock Units vest and are settled by the issuance of such shares of Common Stock. 
 5.2 Upon and following
the settlement of the Restricted Stock Units, the Grantee shall be the record owner of the shares of Common Stock underlying the Restricted Stock Units unless and until such shares are sold or otherwise disposed of, and as record owner shall be
entitled to all rights of a shareholder of the Company (including voting rights). 
 5.3 The Grantee shall not be entitled to any dividends
or dividend equivalents with respect to the Restricted Stock Units to reflect any dividends payable on shares of Common Stock. 
 6.
Settlement of Restricted Stock Units. Subject to Section 9 hereof, promptly following the vesting date, and in any event no later than March 15 of the calendar year following the calendar year in which such vesting occurs, the
Company shall (a) issue and deliver to the Grantee the number of shares of Common Stock equal to the number of Vested Units; and (b) enter the Grantee’s name on the books of the Company as the shareholder of record with respect to the
shares of Common Stock delivered to the Grantee. 
 7. No Right to Continued Service. Neither the Plan nor this Agreement shall
confer upon the Grantee any right to be retained in any position, as an employee, consultant or director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the
Grantee’s Continuous Service at any time, with or without Cause. 
 8. Adjustments. If any change is made to the outstanding
Common Stock or the capital structure of the Company, if required, the Restricted Stock Units shall be adjusted or terminated in any manner as contemplated by the Plan. 

  
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 9. Tax Liability and Withholding. 

9.1 The Grantee shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to the
Grantee pursuant to the Plan or otherwise, the amount of any required withholding taxes in respect of the Restricted Stock Units and to take all such other action as the Board deems necessary to satisfy all obligations for the payment of such
withholding taxes. The Board may permit the Grantee to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means: (i) tendering a cash payment; (ii) withholding from any
compensation otherwise payable to the Grantee by the Company or an affiliate; (iii) subject to the approval of the independent members of the Board, authorizing the Company to withhold shares of Common Stock from the shares of Common Stock
otherwise issuable or deliverable to the Grantee as a result of the vesting of the Restricted Stock Units; provided, however, that no shares of Common Stock shall be withheld with a value exceeding the minimum amount of tax required to be withheld
by law; (iv) delivering to the Company previously owned and unencumbered shares of Common Stock or (v) permitting or requiring the Grantee to enter into a “same day sale” commitment with a broker-dealer that is a member of the
Financial Industry Regulatory Authority (a “FINRA Dealer”) whereby the Grantee irrevocably elects to sell a portion of the shares to be delivered in connection with the Restricted Stock Units to satisfy the Withholding Taxes and whereby
the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the Withholding Taxes directly to the Company and/or its affiliates;. 

9.2 Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for
all Tax-Related Items is and remains the Grantee’s responsibility and the Company (a) makes no representation or undertakings regarding the treatment of
any Tax-Related Items in connection with the grant, vesting or settlement of the Restricted Stock Units or the subsequent sale of any shares; and (b) does not commit to structure the Restricted
Stock Units to reduce or eliminate the Grantee’s liability for Tax-Related Items. Unless the Tax-Related Items are satisfied by the Grantee, the Company
will have no obligation to deliver to the Grantee any Common Stock. If the Company’s obligation to withhold arises prior to the delivery to the Grantee of Common Stock or it is determined after the delivery of Common Stock to the Grantee that
the amount of the Company’s withholding obligation was greater than the amount withheld by the Company, the Grantee agrees to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount. 

10. Compliance with Law. The issuance and transfer of shares of Common Stock shall be subject to compliance by the Company and the
Grantee with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s shares of Common Stock may be listed. No shares of Common Stock shall be issued or
transferred unless and until any then applicable requirements of state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. 

11. Notices. Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the
Secretary of the Company at the Company’s principal corporate offices. Any notice required to be delivered to the Grantee under this Agreement shall be in writing and addressed to the Grantee at the Grantee’s address as shown in the
records of the Company. Either party may designate another address in writing (or by such other method approved by the Company) from time to time. 

  
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 12. Governing Law. This Agreement will be construed and interpreted in accordance
with the laws of the Commonwealth of Massachusetts, without giving effect to principles of conflicts of laws, and construed accordingly. 

13. Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Grantee or the Company to
the Board for review. The resolution of such dispute by the Board shall be final and binding on the Grantee and the Company. 

14. Restricted Stock Units Subject to Plan. This Agreement is subject to the Plan as approved by the Company’s shareholders.
The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable
terms and provisions of the Plan will govern and prevail. 
 15. Successors and Assigns. The Company may assign any of its rights
under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Grantee and the
Grantee’s beneficiaries, executors, administrators and the person(s) to whom the Restricted Stock Units may be transferred by will or the laws of descent or distribution. 

16. Severability. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity
or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law. 

17. No Contractual Right. The grant of the Restricted Stock Units in this Agreement does not create any contractual right or other
right to receive any Restricted Stock Units or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of
the terms and conditions of the Grantee’s employment with the Company. 
 18. Amendment. The Board has the right to amend,
alter, suspend, discontinue or cancel the Restricted Stock Units, prospectively or retroactively; provided that, any amendments that are deemed by the Board to be materially adverse to the Grantee and are not required as a matter of law may be made
only with the Grantee’s consent. 
 19. Section 409A. This Agreement is intended to comply with Section 409A of the
Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company
makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code 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 the Grantee on account of non-compliance with Section 409A of the Code. If the Grantee is deemed a “specified employee” within the meaning of

  
 4 

 
Section 409A of the Code, as determined by the Board, at a time when the Grantee becomes eligible for settlement of the Restricted Stock Units upon his “separation from service”
within the meaning of Section 409A of the Code, then to the extent necessary to prevent any accelerated or additional tax under Section 409A of the Code, such settlement will be delayed until the earlier of: (a) the date that is six
months following the Grantee’s separation from service and (b) the Grantee’s death. Each installment of shares that vests is a “separate payment” for purposes of Treasury Regulation
Section 1.409A-2(b)(2). 
 20. No Impact on Other Benefits. The value of the
Grantee’s Restricted Stock Units is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit. 

21. Unsecured Obligation. The Grantee’s award is unfunded, and as a holder of vested Restricted Stock Units, Grantee will be
considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares or other property pursuant to this Agreement. Grantee will not have voting or any other rights as a stockholder of the Company
with respect to the shares to be issued pursuant to this Agreement until such shares are issued to Grantee. Upon such issuance, Grantee will obtain full voting and other rights as a stockholder of the Company. Nothing contained in this Agreement,
and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between Grantee and the Company or any other person. 

22. Lock-Up Period. Grantee agrees that following receipt of the Common Stock underlying the
Restricted Stock Units, Grantee will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares of Common Stock
or other securities of the Company held by Grantee, for a period of one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters
or the Company will request to facilitate compliance with FINRA Rule 2711 or NYSE Member Rule 472 and similar rules and regulations (the “Lock-Up Period”); provided, however, that nothing contained
in this Section shall prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. Grantee also agrees to execute and deliver such other agreements as may be
reasonably requested by the Company and/or the underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. To enforce the foregoing covenant, the Company may impose stop-transfer instructions on
Grantee’s shares of Common Stock until the end of the Lock-Up Period. The underwriters of the Company’s stock are intended third-party beneficiaries of this Section and shall have the right, power
and authority to enforce the provisions hereof as though they were a party hereto. 
 23. Counterparts. This Agreement may be
executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in
portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

  
 5 

 24. Acceptance. The Grantee hereby acknowledges receipt of a copy of the Plan and
this Agreement. The Grantee has read and understands the terms and provisions thereof, and accepts the Restricted Stock Units subject to all of the terms and conditions of the Plan and this Agreement. The Grantee acknowledges that there may be
adverse tax consequences upon the vesting or settlement of the Restricted Stock Units or disposition of the underlying shares and that the Grantee has been advised to consult a tax advisor prior to such vesting, settlement or disposition. 

[SIGNATURE PAGE FOLLOWS] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written. 
  

			
	ABPRO CORPORATION

 
			
		
	By:  	 	 

 
			
	Name:	 	
	Title:	 	
	
	GRANTEE
	  

	Name:	 	

  
 7 

 NON-STATUTORY STOCK OPTION 

Granted by 
 Abpro Corporation (the
“Company”) 
 Under the 2014 Stock Incentive Plan 

This Option is and shall be subject in every respect to the provisions of the Company’s 2014 Stock Incentive Plan, as amended from time
to time (the “Plan”), which is incorporated herein by reference and made a part hereof. The holder of this Option (the “Holder”) hereby accepts this Option subject to all the terms and provisions of the Plan and
agrees that (a) in the event of any conflict between the terms hereof and those of the Plan, the latter shall prevail, and (b) all decisions under and interpretations of the Plan by the board of directors of the Company (the
“Board”) or a designated committee thereof shall be final, binding and conclusive upon the Holder and his or her heirs and legal representatives. 
  

	1.	Name of Holder:   

  

	2.	Date of Grant:      

  

	3.	Vesting Start Date:    

  

	4.	Maximum number of shares for which this Option is exercisable:   

  

	5.	Exercise (purchase) price per share: $_______ 

  

	6.	Method of Exercise: This Option may be exercised by the delivery of written notice to the Company setting forth the number of shares with respect to which the Option is to be exercised, together with payment by
one of the following methods: 

  

	 	•	 	cash or a personal, certified or bank check or postal money order payable to the order of the Company for an amount equal to the exercise price of the shares being purchased; or 

 

	 	•	 	with the consent of the Company, any of the other methods set forth in the Plan. 

 As an
additional condition to the exercise of this Option, the Holder shall deliver to the Company an investment letter in form and substance satisfactory to the Company and its counsel. No such investment letter shall be required as a condition to such
exercise at any time when there shall be an effective registration statement under the Securities Act of 1933, as amended (the “Act”) covering the shares for which this Option may be exercised. 

 

	7.	Expiration Date of Option:   

  

	8.	Vesting Schedule: This Option shall become exercisable . All vesting shall cease upon the date of termination of employment or provision of services to the Company. 

  
 8 

	9.	Termination of Employment. This Option shall terminate on the earliest to occur of: 

  

	 	(i)	the date of expiration hereof; 

  

	 	(ii)	immediately after termination of the Holder’s employment with, or provision of services to, the Company by the Company for Cause (as defined in the Plan); 

 

	 	(iii)	90 days after the date of voluntary termination of employment or provision of services by the Holder ( other than for death or permanent disability as defined in the Plan); or 

 

	 	(iv)	90 days after the date of termination of the Holder’s employment with, or provision of services to, the Company by the Company without Cause (other than for death or permanent disability as defined in the Plan).

  

	10.	Company’s Right of First Refusal. Prior to the effective date of a registration statement under the Act, any shares of stock issued pursuant to exercise of this Option shall be subject to the Company’s
right of first refusal as set forth at Appendix A. 

  

	11.	Lock-Up Agreement The Holder agrees that upon the request of the Company or the managing underwriter(s) of any offering of securities of the Company that is the subject of
a registration statement filed under the Act, for a period of time (not to exceed 180 days, plus such additional number of days (not to exceed 35) as may reasonably be requested to enable the underwriter(s) of such offering to comply with Rule
2711(f) of the Financial Industry Regulatory Authority or any amendment or successor thereto) from the effective date of the registration statement under the Act for such offering, the Holder will not sell, make any short sale of, loan, grant any
option for the purchase of, or otherwise dispose of any shares of Common Stock issued pursuant to the exercise of this Option, without the prior written consent of the Company and such underwriters. 

 

	12.	Tax Withholding. The Company’s obligation to deliver shares shall be subject to the Holder’s satisfaction of any applicable federal, state and local income and employment tax withholding requirements.

  

	13.	Notice Any notice to be given to the Company hereunder shall be deemed sufficient if addressed to the Company and delivered to the office of the Company, Abpro Corporation, 101 Hartwell Ave., Lexington, MA 02421,
attention of the President, or such other address as the Company may hereafter designate. 

 Any notice to be given to the
Holder hereunder shall be deemed sufficient if addressed to and delivered in person to the Holder at his or her address furnished to the Company or when deposited in the mail, postage prepaid, addressed to the Holder at such address. 

 

	14.	Survival of Provisions. Sections 10, 11, 12 and Appendix A shall survive the termination, expiration or exercise of this Option, as shall any other provisions which, by their terms, apply beyond the term of this
Option. 

  
 9 

 IN WITNESS WHEREOF, the parties have executed this Option, or caused this Option to be executed,
as of the Date of Grant. 
  

			
	ABRO CORPORATION

 
			
		
	By:	 	 
	Name:
	Title:

 The undersigned Holder hereby acknowledges receipt of a copy of the Plan and this Option (including Appendix A
hereto), and agrees to the terms of this Option and the Plan. 
  

			
	HOLDER
		
	 	 	 
	Name:	 	
		
	Address:	 	 
		
		 	 
		
		 	 

 - Signature Page to Abpro Corporation Non-Statutory Stock Option -

  
 10 

 APPENDIX A 

Right of First Refusal 
 1.
General. Prior to the effective date of a registration statement under the Securities Act of 1933, as amended (the “Act”), covering any shares of the Company’s Common Stock and until such time as the Company shall have
effected a public offering of its Common Stock registered under the Act, in the event that, at any time when the Holder (which term for purposes of this section shall mean the Holder and his or her executors, administrators and any other person to
whom this Option may be transferred by will or the laws of descent and distribution) is permitted to do so, the Holder desires to sell, assign or otherwise transfer any of the shares issued upon the exercise of this Option, the Holder shall first
offer such shares to the Company by giving written notice of the Holder’s desire so to sell, assign or transfer such shares. 
 2.
Notice of Intended Transfer. The notice shall state the number of shares offered, the name of the person or persons to whom it is proposed to sell, assign or transfer such shares and the price at which such shares are intended to be sold,
assigned or transferred. Such notice shall constitute an offer to the Company for the Company to purchase the number of shares set forth in the notice at a price per share equal to the price stated therein. 

3. Company to Accept or Decline Within 30 Days. The Company may accept the offer as to all, but not less than all, such shares by
notifying the Holder in writing within 30 days after receipt of such notice of its acceptance of the offer. If the offer is accepted, the Company shall have 60 days after such acceptance within which to purchase the offered shares at a price per
share as aforesaid. If within the applicable time periods the Holder does not receive notice of the Company’s intention to purchase the offered shares, or if payment in full of the purchase price is not made by the Company, the offer shall be
deemed to have been rejected and the Holder may transfer title to such shares within 90 days from the date of the Holder’s written notice to the Company of the Holder’s intention to sell, but such transfer shall be made only to the
proposed transferee and at the proposed price as stated in such notice and after compliance with any other provisions of this Option applicable to the transfer of such shares. 

4. Transferred Shares to Remain Subject to Right of First Refusal. Shares that are so transferred to such transferee shall remain
subject to the rights of the Company set forth in this Appendix A. As a condition to such transfer, such transferee shall execute and deliver all such documents as the Company may require to evidence the binding agreement of such transferee
so to remain subject to the rights of the Company. 
 5. Remedies of Company. No sale, assignment, pledge or other transfer of any of
the shares covered by this Option shall be effective or given effect on the books of the Company unless all of the applicable provisions of this Appendix A have been duly complied with, and the Company may inscribe on the face of any
certificate representing any of such shares a legend referring to the provisions of this Appendix A. If any transfer of shares is made or attempted in violation of the foregoing restrictions, or if shares are not offered to the Company as
required hereby, the Company shall have the right to purchase such shares from the owner thereof or his transferee at any time before or after the transfer, as herein provided. In addition to any other legal or equitable remedies which it may have,
the Company may enforce its rights by actions for 

  
 11 

 
specific performance (to the extent permitted by law) and may refuse to recognize any transferee as one of its stockholders for any purpose, including, without limitation, for purposes of
dividend and voting rights, until all applicable provisions hereof have been complied with. 
 6. Shares Subject to Right of First
Refusal. For purposes of the Right of First Refusal pursuant to this Appendix A, the term “shares” shall mean any and all new, substituted or additional securities or other property issued to the Holder, by reason of his
or her ownership of Common Stock pursuant to the exercise of this Option, in connection with any stock dividend, liquidating dividend, stock split or other change in the character or amount of any of the outstanding securities of the Company, or any
consolidation, merger or sale of all or substantially all of the assets of the Company. 
 7. Legends on Stock Certificates. Any
certificate representing shares of stock subject to the provisions of this Appendix A may have endorsed thereon one or more legends, substantially as follows: 
  

	 	(i)	“Any disposition of any interest in the securities represented by this certificate is subject to restrictions, and the securities represented by this certificate are subject to certain options, contained in a
certain agreement between the record holder hereof and the Company, a copy of which will be mailed to any holder of this certificate without charge upon receipt by the Company of a written request therefor.” 

 

	 	(ii)	“The shares of stock represented by this certificate have not been registered under the Securities Act of 1933 or under the securities laws of any state and may not be pledged, hypothecated, sold or otherwise
transferred unless such shares have been registered under the Act or unless the Company has received an opinion of counsel satisfactory to the Company, in form and substance satisfactory to the Company, that such registration is not required.”

 8. Right of First Refusal to Lapse Upon Registration. The restrictions imposed by this Appendix A shall
terminate in all respect upon the effective date of a registration statement under the Act covering any of the Company’s Common Stock. 

  
 12 

 INCENTIVE STOCK OPTION 

Granted by 
 Abpro Corporation (the
“Company”) 
 Under the 2014 Stock Incentive Plan 

This Option is and shall be subject in every respect to the provisions of the Company’s 2014 Stock Incentive Plan, as amended from time
to time (the “Plan”), which is incorporated herein by reference and made a part hereof. The holder of this Option (the “Holder”) hereby accepts this Option subject to all the terms and provisions of the Plan and
agrees that (a) in the event of any conflict between the terms hereof and those of the Plan, the latter shall prevail, and (b) all decisions under and interpretations of the Plan by the board of directors of the Company (the
“Board”) or a designated committee thereof shall be final, binding and conclusive upon the Holder and his or her heirs and legal representatives. 
  

	1.	Name of
Holder:                                       
               

  

	2.	Date of
Grant:                                       
                  

  

	3.	Vesting Start
Date:                                       
          

  

	4.	Maximum number of shares for which this Option is
exercisable:                                      
    

  

	5.	Exercise (purchase) price per share: $_______ 

  

	6.	Method of Exercise: This Option may be exercised by the delivery of written notice to the Company setting forth the number of shares with respect to which the Option is to be exercised, together with payment by
one of the following methods: 

  

	 	•	 	cash or a personal, certified or bank check or postal money order payable to the order of the Company for an amount equal to the exercise price of the shares being purchased; or 

 

	 	•	 	with the consent of the Company, any of the other methods set forth in the Plan. 

 As an
additional condition to the exercise of this Option, the Holder shall deliver to the Company an investment letter in form and substance satisfactory to the Company and its counsel. No such investment letter shall be required as a condition to such
exercise at any time when there shall be an effective registration statement under the Securities Act of 1933, as amended (the “Act”) covering the shares for which this Option may be exercised. 

 

	7.	Expiration Date of
Option:                                       
       

  

	8.	Vesting Schedule: This Option shall become exercisable
                                         
   . All vesting shall cease upon the date of termination of employment or provision of services to the Company. 

  
 13 

	9.	Termination of Employment. This Option shall terminate on the earliest to occur of: 

  

	 	(i)	the date of expiration hereof; 

  

	 	(ii)	immediately after termination of the Holder’s employment with, or provision of services to, the Company by the Company for Cause (as defined in the Plan); 

 

	 	(iii)	90 days after the date of voluntary termination of employment or provision of services by the Holder ( other than for death or permanent disability as defined in the Plan); or 

 

	 	(iv)	90 days after the date of termination of the Holder’s employment with, or provision of services to, the Company by the Company without Cause (other than for death or permanent disability as defined in the Plan).

  

	10.	Company’s Right of First Refusal. Prior to the effective date of a registration statement under the Act, any shares of stock issued pursuant to exercise of this Option shall be subject under the Act, any
shares of stock issued pursuant to exercise of this Option shall be subject to the Company’s right of first refusal as set forth at Appendix A. 

  

	11.	Lock-Up Agreement The Holder agrees that upon the request of the Company or the managing underwriter(s) of any offering of securities of the Company that is the subject of
a registration statement filed under the Act, for a period of time (not to exceed 180 days, plus such additional number of days (not to exceed 35) as may reasonably be requested to enable the underwriter(s) of such offering to comply with Rule
2711(f) of the Financial Industry Regulatory Authority or any amendment or successor thereto) from the effective date of the registration statement under the Act for such offering, the Holder will not sell, make any short sale of, loan, grant any
option for the purchase of, or otherwise dispose of any shares of Common Stock issued pursuant to the exercise of this Option, without the prior written consent of the Company and such underwriters. 

 

	12.	Incentive Stock Option; Disqualifying Disposition. Although this Option is intended to qualify as an incentive stock option under the Internal Revenue Code of 1986 (the “Code”), the Company makes
no representation as to the tax treatment upon exercise of this Option or sale or other disposition of the shares covered by this Option, and the Holder is advised to consult a personal tax advisor. Upon a Disqualifying Disposition of shares
received upon exercise of this Option, the Holder will forfeit the favorable income tax treatment otherwise available with respect to the exercise of this Option. A “Disqualifying Disposition” shall have the meaning specified in
Section 421(b) of the Code; as of the date of grant of this Option a Disqualifying Disposition is any disposition (including any sale) of such shares before the later of (a) the second anniversary of the date of grant of this Option
and (b) the first anniversary of the date on which the Holder acquired such shares by exercising this Option, provided that such holding period requirements terminate upon the death of the Holder. The Holder shall notify the Company in
writing immediately upon making a Disqualifying Disposition of any shares of Common Stock received pursuant to the exercise of this Option, and shall provide the Company with any information that the Company shall request concerning any such
Disqualifying Disposition. 

  
 14 

	13.	Notice Any notice to be given to the Company hereunder shall be deemed sufficient if addressed to the Company and delivered to the office of the Company, Abpro Corporation, 101 Hartwell Ave., Lexington, MA 02421,
attention of the President, or such other address as the Company may hereafter designate. 

 Any notice to be given to the
Holder hereunder shall be deemed sufficient if addressed to and delivered in person to the Holder at his or her address furnished to the Company or when deposited in the mail, postage prepaid, addressed to the Holder at such address. 

 

	14.	Survival of Provisions. Sections 10, 11 and Appendix A shall survive the termination, expiration or exercise of this Option, as shall any other provisions which, by their terms, apply beyond the term of
this Option. 

 IN WITNESS WHEREOF, the parties have executed this Option, or caused this Option to be executed, as of the
Date of Grant. 
  

			
	ABRO CORPORATION

 
			
		
	By:	 	 
	Name:
	Title:

 The undersigned Holder hereby acknowledges receipt of a copy of the Plan and this Option (including Appendix A
hereto), and agrees to the terms of this Option and the Plan. 
  

			
	HOLDER
		
	 	 	 
	Name:	 	
		
	Address:	 	 
		
		 	 
		
		 	 

  
 15 

 APPENDIX A 

Right of First Refusal 
 1.
General. Prior to the effective date of a registration statement under the Securities Act of 1933, as amended (the “Act”), covering any shares of the Company’s Common Stock and until such time as the Company shall have
effected a public offering of its Common Stock registered under the Act, in the event that, at any time when the Holder (which term for purposes of this section shall mean the Holder and his or her executors, administrators and any other person to
whom this Option may be transferred by will or the laws of descent and distribution) is permitted to do so, the Holder desires to sell, assign or otherwise transfer any of the shares issued upon the exercise of this Option, the Holder shall first
offer such shares to the Company by giving written notice of the Holder’s desire so to sell, assign or transfer such shares. 
 2.
Notice of Intended Transfer. The notice shall state the number of shares offered, the name of the person or persons to whom it is proposed to sell, assign or transfer such shares and the price at which such shares are intended to be sold,
assigned or transferred. Such notice shall constitute an offer to the Company for the Company to purchase the number of shares set forth in the notice at a price per share equal to the price stated therein. 

3. Company to Accept or Decline Within 30 Days. The Company may accept the offer as to all, but not less than all, such shares by
notifying the Holder in writing within 30 days after receipt of such notice of its acceptance of the offer. If the offer is accepted, the Company shall have 60 days after such acceptance within which to purchase the offered shares at a price per
share as aforesaid. If within the applicable time periods the Holder does not receive notice of the Company’s intention to purchase the offered shares, or if payment in full of the purchase price is not made by the Company, the offer shall be
deemed to have been rejected and the Holder may transfer title to such shares within 90 days from the date of the Holder’s written notice to the Company of the Holder’s intention to sell, but such transfer shall be made only to the
proposed transferee and at the proposed price as stated in such notice and after compliance with any other provisions of this Option applicable to the transfer of such shares. 

4. Transferred Shares to Remain Subject to Right of First Refusal. Shares that are so transferred to such transferee shall remain
subject to the rights of the Company set forth in this Appendix A. As a condition to such transfer, such transferee shall execute and deliver all such documents as the Company may require to evidence the binding agreement of such transferee
so to remain subject to the rights of the Company. 
 5. Remedies of Company. No sale, assignment, pledge or other transfer of any of
the shares covered by this Option shall be effective or given effect on the books of the Company unless all of the applicable provisions of this Appendix A have been duly complied with, and the Company may inscribe on the face of any
certificate representing any of such shares a legend referring to the provisions of this Appendix A. If any transfer of shares is made or attempted in violation of the foregoing restrictions, or if shares are not offered to the Company as
required hereby, the Company shall have the right to purchase such shares from the owner thereof or his transferee at any time before or after the transfer, as herein provided. In addition to any other legal

  
 16 

 
or equitable remedies which it may have, the Company may enforce its rights by actions for specific performance (to the extent permitted by law) and may refuse to recognize any transferee as one
of its stockholders for any purpose, including, without limitation, for purposes of dividend and voting rights, until all applicable provisions hereof have been complied with. 

6. Shares Subject to Right of First Refusal. For purposes of the Right of First Refusal pursuant to this Appendix A, the term
“shares” shall mean any and all new, substituted or additional securities or other property issued to the Holder, by reason of his or her ownership of Common Stock pursuant to the exercise of this Option, in connection with any
stock dividend, liquidating dividend, stock split or other change in the character or amount of any of the outstanding securities of the Company, or any consolidation, merger or sale of all or substantially all of the assets of the Company. 

7. Legends on Stock Certificates. Any certificate representing shares of stock subject to the provisions of this Appendix A may
have endorsed thereon one or more legends, substantially as follows: 
  

	 	(i)	“Any disposition of any interest in the securities represented by this certificate is subject to restrictions, and the securities represented by this certificate are subject to certain options, contained in a
certain agreement between the record holder hereof and the Company, a copy of which will be mailed to any holder of this certificate without charge upon receipt by the Company of a written request therefor.” 

 

	 	(ii)	“The shares of stock represented by this certificate have not been registered under the Securities Act of 1933 or under the securities laws of any state and may not be pledged, hypothecated, sold or otherwise
transferred unless such shares have been registered under the Act or unless the Company has received an opinion of counsel satisfactory to the Company, in form and substance satisfactory to the Company, that such registration is not required.”

 8. Right of First Refusal to Lapse Upon Registration. The restrictions imposed by this Appendix A shall
terminate in all respect upon the effective date of a registration statement under the Act covering any of the Company’s Common Stock. 

  
 17

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