Document:

Exhibit
4.2

 

Power
REIT

Stock
Option Grant Notice

(2020
Equity Incentive Plan)

 

Power
REIT (the “Company”), pursuant to its 2020 Equity Incentive Plan (the “Plan”),
has granted to you (“Optionholder”) an option to purchase the number of Common Shares set forth below
(the “Option”). Your Option is subject to all of the terms and conditions as set forth herein and in
the Plan, and the Stock Option Agreement and the Notice of Exercise, all of which are attached hereto and incorporated herein
in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Stock Option Agreement shall
have the meanings set forth in the Plan or the Stock Option Agreement, as applicable.

 

	Optionholder:	 
	Date of Grant:	 
	Vesting Commencement Date:	 
	Number of Common Shares Subject to Option:	 
	Exercise Price (Per Share):	 
	Total Exercise Price:	 
	Expiration Date:	 

 

	Type
    of Grant:	[Incentive
    Stock Option] OR [Nonstatutory Stock Option]
	 	 
	Exercise
    and 	 
	Vesting
    Schedule: 	Subject
    to the Optionholder’s Continuous Service through each applicable vesting date, the Option will vest as follows:
	 	 
	 	[1/4th
    of the shares vest and become exercisable one year after the Vesting Commencement Date; the balance of the shares vest
    and become exercisable in a series of thirty-six (36) successive equal monthly installments measured from the first anniversary
    of the Vesting Commencement Date on the same date of the month as the Vesting Commencement Date.]

 

Optionholder
Acknowledgements: By your signature below or by electronic acceptance or authentication in a form authorized by the Company,
you understand and agree that:

 

	 	●	The
    Option is governed by this Stock Option Grant Notice, and the provisions of the Plan and the Stock Option Agreement and the
    Notice of Exercise, all of which are made a part of this document. Unless otherwise provided in the Plan, this Grant Notice
    and the Stock Option Agreement (together, the “Option Agreement”) may not be modified, amended or
    revised except in a writing signed by you and a duly authorized officer of the Company. 
	 	 	 
	 	●	If
    the Option is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options granted to you) cannot be first
    exercisable for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000
    is a Nonstatutory Stock Option.
	 	 	 
	 	●	You
    consent to receive this Grant Notice, the Stock Option Agreement, the Plan, the Prospectus and any other Plan-related documents
    by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by
    the Company or another third party designated by the Company. 
	 	 	 
	 	●	You
    have read and are familiar with the provisions of the Plan, the Stock Option Agreement, the Notice of Exercise and the Prospectus.
    In the event of any conflict between the provisions in this Grant Notice, the Option Agreement, the Notice of Exercise, or
    the Prospectus and the terms of the Plan, the terms of the Plan shall control. 

 

    	 

    	 

    

 

	 	●	The
    Option Agreement sets forth the entire understanding between you and the Company regarding the acquisition of Common Shares
    and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception of
    other equity awards previously granted to you and any written employment agreement, offer letter, severance agreement, written
    severance plan or policy, or other written agreement between the Company and you in each case that specifies the terms that
    should govern this Option. 
	 	 	 
	 	●	Counterparts
    may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal
    ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart
    so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

	Power
    REIT	 	Optionholder:
	 	 	 	 
	By:		 	 	 
	 	Signature	 		Signature
	 	 	 	 	 
	Title:	 	 	Date:	 
	 	 	 	 	 
	Date:	 	 	 	 

 

Attachments:
Stock Option Agreement, 2020 Equity Incentive Plan, Notice of Exercise

 

    	 

    	 

    

 

Power
REIT

2020
Equity Incentive Plan

 

Stock
Option Agreement

 

As
reflected by your Stock Option Grant Notice (“Grant Notice”) Power REIT (the “Company”)
has granted you an option under its 2020 Equity Incentive Plan (the “Plan”) to purchase a number of
Common Shares of the Company at the exercise price indicated in your Grant Notice (the “Option”). Capitalized
terms not explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall have the meanings set forth in
the Grant Notice or Plan, as applicable. The terms of your Option as specified in the Grant Notice and this Stock Option Agreement
constitute your Option Agreement.

 

The
general terms and conditions applicable to your Option are as follows:

 

1.
Governing Plan Document. Your Option is subject to all the provisions of the
Plan. Your Option is further subject to all interpretations, amendments, rules and regulations, which may from time to time be
promulgated and adopted pursuant to the Plan. In the event of any conflict between the Option Agreement and the provisions of
the Plan, the provisions of the Plan shall control.

 

2.
Exercise.

 

(a)
You may generally exercise the vested portion of your Option for whole Common Shares at any time during its term by delivery
of payment of the exercise price and applicable withholding taxes and other required documentation to the Plan Administrator in
accordance with the exercise procedures established by the Plan Administrator, which may include an electronic submission. Please
review Section 2 of the Plan, which may restrict or prohibit your ability to exercise your Option during certain periods.

 

(b)
To the extent permitted by Applicable Law, you may pay your Option exercise price as follows:

 

(i)
cash, check, bank draft or money order;

 

(ii)
subject to Company and/or Committee consent at the time of exercise, pursuant to a “cashless exercise” program
as further described in Section 2 of the Plan if at the time of exercise the Common Shares is publicly traded;

 

(iii)
subject to Company and/or Committee consent at the time of exercise, by delivery of previously owned Common Shares as further
described in Section 2 of the Plan; or

 

(iv)
subject to Company and/or Committee consent at the time of exercise, if the Option is a Nonstatutory Stock Option, by a “net
exercise” arrangement as further described in Section 2 of the Plan.

 

    	1

    	 

    

 

3.
Term. You may not exercise your Option before the commencement of its term or
after its term expires. The term of your option commences on the Date of Grant and expires upon the earliest of the following:

 

(a)
immediately upon the termination of your Continuous Service for Cause;

 

(b)
three months after the termination of your Continuous Service for any reason other than Cause, Disability or death;

 

(c)
12 months after the termination of your Continuous Service due to your Disability;

 

(d)
18 months after your death if you die during your Continuous Service;

 

(e)
immediately upon a Corporate Transaction if the Board has determined that the Option will terminate in connection with a Corporate
Transaction,

 

(f)
the Expiration Date indicated in your Grant Notice; or

 

(g)
the day before the 10th anniversary of the Date of Grant.

 

Notwithstanding
the foregoing, if you die during the period provided in Section 3(b) or 3(c) above, the term of your Option shall not expire until
the earlier of (i) eighteen months after your death, (ii) upon any termination of the Option in connection with a Corporate Transaction,
(iii) the Expiration Date indicated in your Grant Notice, or (iv) the day before the tenth anniversary of the Date of Grant. Additionally,
the Post-Termination Exercise Period of your Option may be extended as provided in Section 2 of the Plan.

 

To
obtain the federal income tax advantages associated with an Incentive Stock Option, the Code requires that at all times beginning
on the date of grant of your Option and ending on the day three months before the date of your Option’s exercise, you must
be an employee of the Company or an Affiliate, except in the event of your death or Disability. If the Company provides for the
extended exercisability of your Option under certain circumstances for your benefit, your Option will not necessarily be treated
as an Incentive Stock Option if you exercise your Option more than three months after the date your employment terminates.

 

4.
Withholding Obligations. As further provided in Section 4 of the Plan: (a) you
may not exercise your Option unless the applicable tax withholding obligations are satisfied, and (b) at the time you exercise
your Option, in whole or in part, or at any time thereafter as requested by the Company, you hereby authorize withholding from
payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “cashless
exercise” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted
by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations, if any, which
arise in connection with the exercise of your Option in accordance with the withholding procedures established by the Company.
Accordingly, you may not be able to exercise your Option even though the Option is vested, and the Company shall have no obligation
to issue Common Shares subject to your Option, unless and until such obligations are satisfied. In the event that the amount of
the Company’s withholding obligation in connection with your Option was greater than the amount actually withheld by the
Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

 

    	2

    	 

    

 

5.
Incentive Stock Option Disposition Requirement. If your option is an Incentive
Stock Option, you must notify the Company in writing within 15 days after the date of any disposition of any of the shares of
the Common Shares issued upon exercise of your option that occurs within two years after the date of your option grant or within
one year after such Common Shares are transferred upon exercise of your option.

 

6.
Transferability. Except as otherwise provided in Section 2 of the Plan, your
Option is not transferable, except by will or by the applicable laws of descent and distribution, and is exercisable during your
life only by you.

 

7.
Corporate Transaction. Your Option is subject to the terms of any agreement
governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder
representative that is authorized to act on your behalf with respect to any escrow, indemnities and any contingent consideration.

 

8.
No Liability for Taxes. As a condition to accepting the Option, you hereby (a)
agree to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities
arising from the Option or other Company compensation and (b) acknowledge that you were advised to consult with your own personal
tax, financial and other legal advisors regarding the tax consequences of the Option and have either done so or knowingly and
voluntarily declined to do so. Additionally, you acknowledge that the Option is exempt from Section 409A only if the exercise
price is at least equal to the “fair market value” of the Common Shares on the date of grant as determined by the
Internal Revenue Service and there is no other impermissible deferral of compensation associated with the Option. Additionally,
as a condition to accepting the Option, you agree not make any claim against the Company, or any of its Officers, Directors, Employees
or Affiliates in the event that the Internal Revenue Service asserts that such exercise is less than the “fair market value”
of the Common Shares on the date of grant as subsequently determined by the Internal Revenue Service.

 

9.
Severability. If any part of this Option Agreement or the Plan is declared by
any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion
of this Option Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Option Agreement (or part of
such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the
terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid

 

10.
Other Documents. You hereby acknowledge receipt of or the right to receive a
document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Prospectus.
In addition, you acknowledge receipt of the Company’s Trading Policy.

 

11.
Questions. If you have questions regarding these or any other terms and conditions
applicable to your Option, including a summary of the applicable federal income tax consequences please see the Prospectus.

 

*
* * *

 

    	3

    	 

    

 

Attachment
II

 

2020
Equity Incentive Plan

 

    	 

    	 

    

 

POWER
REIT

2020
Equity Incentive Plan

 

NOTICE
OF EXERCISE

 

Power
REIT.

301
Winding Road

Old
Bethpage NY 119804

 

Date
of Exercise: _______________

 

This
constitutes notice to Power REIT (the “Company”) that I elect to purchase the below number of shares
of Common Stock of the Company (the “Shares”) by exercising my Option for the price set forth below.
Capitalized terms not explicitly defined in this Notice of Exercise but defined in the Grant Notice, Option Agreement or 2020
Equity Incentive Plan (the “Plan”) shall have the meanings set forth in the Grant Notice, Option Agreement
or Plan, as applicable. Use of certain payment methods is subject to Company and/or Committee consent and certain additional requirements
set forth in the Option Agreement and the Plan.

 

	Type
    of option (check one):	 	Incentive
    [  ]	 	Nonstatutory
    [  ]
	 	 	 	 	 
	Date
    of Grant:	 	_______________	 	 
	 	 	 	 	 
	Number
        of Shares as

        to
        which Option is

        exercised:
	 	_______________	 	 
	 	 	 	 	 
	Certificates
        to be

        issued
        in name of:
	 	_______________	 	 
	 	 	 	 	 
	Total
    exercise price:	 	$______________	 	 
	 	 	 	 	 
	Cash,
                                                         check, bank draft or 

                                                         money order delivered 

                                                         herewith:
	 	

                                                                           

                                                                           $______________
	 	 
	 	 	 	 	 
	Value
of ________ Shares 

                                                         delivered herewith:
	 	$______________	 	 
	 	 	 	 	 
	Regulation
T Program 

                                                         (cashless exercise)
	 	$_____________	 	 
	 	 	 	 	 
	Value
of _______ Shares 

                                                         pursuant to net exercise:
	 	$_____________	 	 

 

    	1

    	 

    

 

By
this exercise, I agree (i) to provide such additional documents as you may require pursuant to the terms of the Plan, (ii) to
satisfy the tax withholding obligations, if any, relating to the exercise of this Option as set forth in the Option Agreement,
and (iii) if this exercise relates to an incentive stock option, to notify you in writing within 15 days after the date of any
disposition of any of the Shares issued upon exercise of this Option that occurs within two years after the Date of Grant or within
one year after such Shares are issued upon exercise of this Option.

 

	 	Very
    truly yours,
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Printed
    Name

 

    	2Exhibit
4.3

 

Power
REIT

Restricted
Stock Unit Award Grant Notice

(2020
Equity Incentive Plan)

 

Power
REIT (the “Company”) has awarded to you (the “Participant”) the number of
restricted stock units specified below and on the terms set forth below in consideration of your services (the “RSU
Award”). Your RSU Award is subject to all of the terms and conditions as set forth herein and in the Company’s
2020 Equity Incentive Plan (the “Plan”) and the Award Agreement (the “Agreement”),
which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined
in the Plan or the Agreement shall have the meanings set forth in the Plan or the Agreement.

 

	Participant:	 	 
	Date
    of Grant:	 	 
	Vesting
    Commencement Date:	 	 
	Number
    of Restricted Stock Units:	 	 

 

	Vesting
    Schedule: 	[__________________________________________________________________].
	 	Notwithstanding
    the foregoing, vesting shall terminate upon the Participant’s termination of Continuous Service.

 

	Issuance
    Schedule:	One
    share of Common Share will be issued for each restricted stock unit which vests at the time set forth in Section 5 of the
    Agreement.

 

Participant
Acknowledgements: By your signature below or by electronic acceptance or authentication in a form authorized by the Company,
you understand and agree that:

 

	 	●	The
    RSU Award is governed by this RSU Award Grant Notice (the “Grant Notice”), and the provisions of
    the Plan and the Agreement, all of which are made a part of this document. Unless otherwise provided in the Plan, this Grant
    Notice and the Agreement (together, the “RSU Award Agreement”) may not be modified, amended or revised
    except in a writing signed by you and a duly authorized officer of the Company. 
	 	 	 
	 	●	You
    have read and are familiar with the provisions of the Plan, the RSU Award Agreement and the Prospectus. In the event of any
    conflict between the provisions in the RSU Award Agreement, or the Prospectus and the terms of the Plan, the terms of the
    Plan shall control. 
	 	 	 
	 	●	The
    RSU Award Agreement sets forth the entire understanding between you and the Company regarding the acquisition of Common Shares
    and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception of:
    (i) other equity awards previously granted to you, and (ii) any written employment agreement, offer letter, severance agreement,
    written severance plan or policy, or other written agreement between the Company and you in each case that specifies the terms
    that should govern this RSU Award.

 

	Power
    REIT	 	Participant:
	 	 	 	 	 
	By:
    	          	 	 	 
	 	Signature	 	 	Signature
	 	 	 	 	 
	Title:
    	 	 	Date:	                 
	 	 	 	 	 
	Date:	 	 	 	 

 

	Attachments:	Restricted
    Stock Unit Award Agreement, 2020 Equity Incentive Plan

 

    	 

     

    

 

Power
REIT

 

2020
Equity Incentive Plan

 

Restricted
Stock Unit Award Agreement (RSU Award)

 

As
reflected by your Restricted Stock Unit Grant Notice (“Grant Notice”) Power REIT (the “Company”)
has granted you a Restricted Stock Unit (RSU) Award under its 2020 Equity Incentive Plan (the “Plan”)
for the number of restricted stock units as indicated in your Grant Notice (the “RSU Award”). The terms
of your RSU Award as specified in this Award Agreement for your RSU Award (the “Agreement”) and the
Grant Notice constitute your “RSU Award Agreement”. Defined terms not explicitly defined in this Agreement
but defined in the Grant Notice or the Plan shall have the same definitions as in the Grant Notice or Plan, as applicable.

 

The
general terms applicable to your RSU Award are as follows:

 

1.
Governing Plan Document. Your RSU Award is subject to all the provisions of
the Plan. Your RSU Award is further subject to all interpretations, amendments, rules and regulations, which may from time to
time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the RSU Award Agreement and the provisions
of the Plan, the provisions of the Plan shall control.

 

2.
Grant of the RSU Award. This RSU Award represents your right to be issued on
a future date the number of shares of the Company’s Common Shares that is equal to the number of restricted stock units
indicated in the Grant Notice subject to your satisfaction of the vesting conditions set forth therein (the “Restricted
Stock Units”). Any additional Restricted Stock Units that become subject to the RSU Award pursuant to Capitalization
Adjustments as set forth in the Plan and the provisions of Section 3 below, if any, shall be subject, in a manner determined by
the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable
to the other Restricted Stock Units covered by your RSU Award.

 

3.
Dividends. You may become entitled to receive payments equal to any cash dividends
and other distributions paid with respect to a corresponding number of Common Shares to be issued in respect of the Restricted
Stock Units covered by your RSU Award. Any such dividends or distributions shall be subject to the same forfeiture restrictions
as apply to the Restricted Stock Units and shall be paid at the same time that the corresponding shares are issued in respect
of your vested Restricted Stock Units, provided, however that to the extent any such dividends or distributions are paid in Common
Shares, then you will automatically be granted a corresponding number of additional Restricted Stock Units subject to the RSU
Award (the “Dividend Units”), and further provided that such Dividend Units shall be subject to the
same forfeiture restrictions and restrictions on transferability, and same timing requirements for issuance of shares, as apply
to the Restricted Stock Units subject to the RSU Award with respect to which the Dividend Units relate.

 

    	 	1	 

    	 

    

 

4.
Withholding Obligations.

 

(a)
As further provided in Section 4 of the Plan, you hereby authorize withholding from payroll and any other amounts payable
to you, and otherwise agree to make adequate provision for, any sums required to satisfy the federal, state, local and foreign
tax withholding obligations, if any, which arise in connection with your RSU Award (the “Withholding Taxes”)
in accordance with the withholding procedures established by the Company. Unless the Withholding Taxes are satisfied, the Company
shall have no obligation to deliver to you any Common Shares in respect of the RSU Award. In the event the Withholding Obligation
of the Company arises prior to the delivery to you of Common Shares or it is determined after the delivery of Common Shares to
you that the amount of the Withholding Obligation was greater than the amount withheld by the Company, you agree to indemnify
and hold the Company harmless from any failure by the Company to withhold the proper amount.

 

5.
Date of Issuance. 

 

(a)
To the extent your RSU Award is exempt from application of Section 409A of the Code and any state law of similar effect (collectively
“Section 409A”), the Company will deliver to you a number of shares of the Company’s Common Shares
equal to the number of vested Restricted Stock Units subject to your RSU Award, including any additional Restricted Stock Units
received pursuant to Section 3 above that relate to those vested Restricted Stock Units on the applicable vesting date(s), or
if such date is not a business day, such delivery date shall instead fall on the next following business day (the “Original
Distribution Date”).

 

(b)
Notwithstanding the foregoing, in the event that you are prohibited from selling shares of the Company’s Common Shares
in the public market on the scheduled delivery date by the Trading Policy or otherwise, and the Company elects not to satisfy
its tax withholding obligations by withholding shares from your distribution, then such shares shall not be delivered on such
Original Distribution Date and shall instead be delivered on the first business day when you are not prohibited from selling shares
of the Company’s Common Shares in the open market, but in no event later than the fifteenth (15th) day of the third calendar
month of the calendar year following the calendar year in which the shares covered by the RSU Award vest. Delivery of the shares
pursuant to the provisions of Section 5 is intended to comply with the requirements for the short-term deferral exemption available
under Treasury Regulations Section 1.409A-1(b)(4) and shall be construed and administered in such manner. However, if and to the
extent the RSU Award is a Non-Exempt RSU Award, the provisions of Section 11 of the Plan shall apply in lieu of the provisions
in this Section 5.

 

6.
Transferability. Except as otherwise provided in the Plan, your RSU Award is
not transferable, except by will or by the applicable laws of descent and distribution

 

7.
Corporate Transaction. Your RSU Award is subject to the terms of any agreement
governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder
representative that is authorized to act on your behalf with respect to any escrow, indemnities and any contingent consideration.

 

    	 	2	 

    	 

    

 

8.
No Liability for Taxes. As a condition to accepting the RSU Award, you hereby
(a) agree to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax
liabilities arising from the RSU Award or other Company compensation and (b) acknowledge that you were advised to consult with
your own personal tax, financial and other legal advisors regarding the tax consequences of the RSU Award and have either done
so or knowingly and voluntarily declined to do so.

 

9.
Severability. If any part of this Agreement or the Plan is declared by any court
or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Agreement
or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such a Section) so declared to be
unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such Section or part of
a Section to the fullest extent possible while remaining lawful and valid.

 

10.
Other Documents. You hereby acknowledge receipt of or the right to receive a
document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Prospectus.
In addition, you acknowledge receipt of the Company’s Trading Policy.

 

11.
Questions. If you have questions regarding these or any other terms and conditions
applicable to your RSU Award, including a summary of the applicable federal income tax consequences please see the Prospectus.

 

    	 	3

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