Document:

Exhibit 10.4

  

   

  

  
    TRIDENT BRANDS INCORPORATED

      2019 STOCK OPTION PLAN

     

    This 2019 Stock Option Plan (the "Plan") provides for the grant of options to acquire common shares
        (the "Common Shares") in the capital of Trident Brands Incorporated, a corporation formed under the laws of the State of Nevada (the "Corporation").  Stock options granted under this Plan that qualify under Section 422 of the Internal Revenue Code
        of 1986, as amended (the "Code") are referred to in this Plan as "Incentive Stock Options" and stock options that do not qualify under Section 422 of the Code are referred to as "Non-Qualified Stock Options".  Incentive Stock Options and
        Non-Qualified Stock Options granted under this Plan are collectively referred to as "Options".

    
      	
              1.

            	
              PURPOSE

            

    

     

    1.1 The purpose of this Plan is to retain the services of valued key employees and consultants of the Corporation and such other persons as the Plan Administrator shall select in accordance with Section 3 below, and to
        encourage such persons to acquire a greater proprietary interest in the Corporation, thereby strengthening their incentive to achieve the objectives of the shareholders of the Corporation, and to serve as an aid and inducement in the hiring of new
        employees and to provide an equity incentive to consultants and other persons selected by the Plan Administrator.

     

    1.2 This Plan shall at all times be subject to all legal requirements relating to the administration of stock option plans, if any, under applicable corporate laws, applicable United States federal and state securities
        laws, the Code, the rules of any applicable stock exchange or stock quotation system, and the rules of any foreign jurisdiction applicable to Options granted to residents therein (collectively, the "Applicable Laws").

    
      	
              2.

            	
              ADMINISTRATION

            

    

     

    2.1 This Plan shall be administered initially by the Board of Directors of the Corporation (the "Board"), except that the Board may, in its discretion, establish a committee composed of two (2) or more members of the
        Board or two (2) or more other persons to administer the Plan, which committee (the "Committee") may be an executive, compensation or other committee, including a separate committee especially created for this purpose.  The Board or, if applicable,
        the Committee is referred to herein as the "Plan Administrator".

     

    2.2 If and so long as the Common Stock is registered under Section 12(b) or 12(g) of the Securities Exchange Act
        of 1934, as amended (the "Exchange Act") and the Corporation wishes to grant Incentive Stock Options, then the Board shall consider in selecting the Plan Administrator and the membership of any Committee, with respect to any persons subject or
        likely to become subject to Section 16 of the Exchange Act, the provisions regarding (a) "outside directors" as contemplated by Section 162(m) of the Code, and (b) "Non-Employee Directors" as contemplated by Rule 16b‐3 under the Exchange Act.

     

    2.3 The Committee shall have the powers and authority vested in the Board hereunder (including the power and authority to interpret any provision of the Plan or of any Option).  The members of any such Committee shall
        serve at the pleasure of the Board.  A majority of the members of the Committee shall constitute a quorum, and all actions of the Committee shall be taken by a majority of the members present.  Any action may be taken by a written instrument signed
        by all of the members of the Committee and any action so taken shall be fully effective as if it had been taken at a meeting.

     

    2.4 Subject to the provisions of this Plan and any Applicable Laws, and with a view to effecting the purpose of the Plan, the Plan Administrator shall have sole authority, in its absolute discretion, to:

     

      

    
      
        

    

    
    
      	
              (a)

            	
              construe and interpret this Plan;

            

    

    
      	
              (b)

            	
              define the terms used in the Plan;

            

    

    
      	
              (c)

            	
              prescribe, amend and rescind the rules and regulations relating to this Plan;

            

    

    
      	
              (d)

            	
              correct any defect, supply any omission or reconcile any inconsistency in this Plan;

            

    

    
      	
              (e)

            	
              grant Options under this Plan;

            

    

    
      	
              (f)

            	
              determine the individuals to whom Options shall be granted under this Plan and whether the Option is granted
                  as an Incentive Stock Option or a Non-Qualified Stock Option;

            

    

    
      	
              (g)

            	
              determine the time or times at which Options shall be granted under this Plan;

            

    

    
      	
              (h)

            	
              determine the number of Common Shares subject to each Option, the exercise price of each Option, the duration
                  of each Option and the times at which each Option shall become exercisable;

            

    

    
      	
              (i)

            	
              determine all other terms and conditions of the Options; and

            

    

    
      	
              (j)

            	
              make all other determinations and interpretations necessary and advisable for the administration of the Plan.

            

    

     

    2.5 All decisions, determinations and interpretations made by the Plan Administrator shall be binding and conclusive on all participants in the Plan and on their legal representatives, heirs and beneficiaries.

    
      	
              3.

            	
              ELIGIBILITY

            

    

     

    3.1 Incentive Stock Options may be granted to any individual who, at the time the Option is granted, is an employee of the Corporation or any Related Corporation (as defined below) ("Employees").

     

    3.2 Non-Qualified Stock Options may be granted to Employees and to such other persons who are not Employees as the Plan Administrator shall select, subject to any Applicable Laws.

     

    3.3 Options may be granted in substitution for outstanding Options of another corporation in connection with the merger, consolidation, acquisition of property or stock or other reorganization between such other
        corporation and the Corporation or any subsidiary of the Corporation.  Options also may be granted in exchange for outstanding Options.

     

    3.4 Any person to whom an Option is granted under this Plan is referred to as an "Optionee".  Any person who is the owner of an Option is referred to as a "Holder".

     

    3.5 As used in this Plan, the term "Related Corporation" shall mean any corporation (other than the Corporation) that is a "Parent Corporation" of the Corporation or "Subsidiary Corporation" of the Corporation, as
        those terms are defined in Sections 424(e) and 424(f), respectively, of the Code (or any successor provisions) and the regulations thereunder (as amended from time to time).

     

      

    
      2

      
        

    

    
      	
              4.

            	
              STOCK

            

    

     

    4.1 The Plan Administrator is authorized to grant Options to acquire up to a total of 4,845,000 Common Shares.  The number of Common Shares with respect to which Options may be granted hereunder is subject to
        adjustment as set forth in Section 5.1(m) hereof.  In the event that any outstanding Option expires or is terminated for any reason, the Common Shares allocable to the unexercised portion of such Option may again be subject to an Option granted to
        the same Optionee or to a different person eligible under Section 3 of this Plan; provided however, that any cancelled Options will be counted against the maximum number of shares with respect to which Options may be granted to any particular
        person as set forth in Section 3 hereof.

    
      	
              5.

            	
              TERMS AND
                      CONDITIONS OF OPTIONS

            

    

     

    5.1 Each Option granted under this Plan shall be evidenced by a written agreement approved by the Plan Administrator (each, an "Agreement").  Agreements may contain such provisions, not inconsistent with this Plan or
        any Applicable Laws, as the Plan Administrator in its discretion may deem advisable.  All Options also shall comply with the following requirements:

    
      	
              (a)

            	
              Number of Shares and Type of Option

            

    

     

    Each Agreement shall state the number of Common Shares to which it pertains and whether the Option is
        intended to be an Incentive Stock Option or a Non-Qualified Stock Option; provided that:

    
      	
              (i)

            	
              the number of Common Shares that may be reserved pursuant to the exercise of Options granted to any person
                  shall not exceed 5% of the issued and outstanding Common Shares of the Corporation;

            

    

    
      	
              (ii)

            	
              in the absence of action to the contrary by the Plan Administrator in connection with the grant of an Option,
                  all Options shall be Non-Qualified Stock Options;

            

    

    
      	
              (iii)

            	
              the aggregate fair market value (determined at the Date of Grant, as defined below) of the Common Shares with
                  respect to which Incentive Stock Options are exercisable for the first time by the Optionee during any calendar year (granted under this Plan and all other Incentive Stock Option plans of the Corporation, a Related Corporation or a
                  predecessor corporation) shall not exceed U.S.$100,000, or such other limit as may be prescribed by the Code as it may be amended from time to time (the "Annual Limit"); and

            

    

    
      	
              (iv)

            	
              any portion of an Option which exceeds the Annual Limit shall not be void but rather shall be a Non-Qualified
                  Stock Option.

            

    

    
      	
              (b)

            	
              Date of Grant

            

    

     

    Each Agreement shall state the date the Plan Administrator has deemed to be the effective date of the
        Option for purposes of this Plan (the "Date of Grant").

     

      

    
      3

      
        

    

    
      	
              (c)

            	
              Option Price

            

    

     

    Each Agreement shall state the price per Common Share at which it is exercisable.  The Plan
        Administrator shall act in good faith to establish the exercise price in accordance with Applicable Laws; provided that:

    
      	
              (i)

            	
              the per share exercise price for an Incentive Stock Option or any Option granted to a "covered employee" as
                  such term is defined for purposes of Section 162(m) of the Code shall not be less than the fair market value per Common Share at the Date of Grant as determined by the Plan Administrator in good faith;

            

    

    
      	
              (ii)

            	
              with respect to Incentive Stock Options granted to greater-than-ten percent (>10%) shareholders of the
                  Corporation (as determined with reference to Section 424(d) of the Code), the exercise price per share shall not be less than one hundred ten percent (110%) of the fair market value per Common Share at the Date of Grant as determined by
                  the Plan Administrator in good faith; and

            

    

    
      	
              (iii)

            	
              Options granted in substitution for outstanding options of another corporation in connection with the merger,
                  consolidation, acquisition of property or stock or other reorganization involving such other corporation and the Corporation or any subsidiary of the Corporation may be granted with an exercise price equal to the exercise price for the
                  substituted option of the other corporation, subject to any adjustment consistent with the terms of the transaction pursuant to which the substitution is to occur.

            

    

    
      	
              (d)

            	
              Duration of Options

            

    

     

    At the time of the grant of the Option, the Plan Administrator shall designate, subject to
        Section 5.1(g) below, the expiration date of the Option, which date shall not be later than five (5) years from the Date of Grant; provided,
        that the expiration date of any Incentive Stock Option granted to a greater-than-ten percent (>10%) shareholder of the Corporation (as determined with reference to Section 424(d) of the Code) shall not be later than five (5) years from the Date
        of Grant.  In the absence of action to the contrary by the Plan Administrator in connection with the grant of a particular Option, and except in the case of Incentive Stock Options as described above, all Options granted under this Section 5 shall
        expire five (5) years from the Date of Grant.

    
      	
              (e)

            	
              Vesting Schedule

            

    

     

    No Option shall be exercisable until it has vested.  The vesting schedule for each Option shall be
        specified by the Plan Administrator at the time of grant of the Option prior to the provision of services with respect to which such Option is granted.

     

    The Plan Administrator may specify a vesting schedule for all or any portion of an Option based on
        the achievement of performance objectives established in advance of the commencement by the Optionee of services related to the achievement of the performance objectives.  Performance objectives shall be expressed in terms of objective criteria,
        including but not limited to, one or more of the following:  return on equity, return on assets, share price, market share, sales, earnings per share, costs, net earnings, net worth, inventories, cash and cash equivalents, gross margin or the
        Corporation's performance relative to its internal business plan.  Performance objectives may be in respect of the performance of the Corporation as a whole (whether on a consolidated or unconsolidated basis), a Related Corporation, or a
        subdivision, operating unit, product or product line of either of the foregoing.  Performance objectives may be absolute or relative and may be expressed in terms of a progression or a range.  An Option that is exercisable (in full or in part) upon
        the achievement of one or more performance objectives may be exercised only following written notice to the Optionee and the Corporation by the Plan Administrator that the performance objective has been achieved.

     

      

    
      4

      
        

    

    
      

      

      
        	
                (a)

              	
                Acceleration of Vesting

              

      

       

      The vesting of one or more outstanding Options may be accelerated by the Plan Administrator at such
          times and in such amounts as it shall determine in its sole discretion.

      
        	
                (b)

              	
                Term of Option

              

      

      
        	
                (i)

              	
                Vested Options shall terminate, to the extent not previously exercised, upon the occurrence of the first of
                    the following events:

              

      

      
        	
                A.

              	
                the expiration of the Option, as designated by the Plan Administrator in accordance with Section 5.1(d)
                    above;

              

      

      
        	
                B.

              	
                the date of an Optionee's termination of employment or contractual relationship with the Corporation or any
                    Related Corporation for cause (as determined by the Plan Administrator, acting reasonably);

              

      

      
        	
                C.

              	
                the expiration of three (3) months from the date of an Optionee's termination of employment or contractual
                    relationship with the Corporation or any Related Corporation for any reason whatsoever other than cause, death or Disability (as defined below) unless, in the case of a Non-Qualified Stock Option, the exercise period is extended by the
                    Plan Administrator until a date not later than the expiration date of the Option; or

              

      

      
        	
                D.

              	
                the expiration of one year (1) from termination of an Optionee's employment or contractual relationship by
                    reason of death or Disability (as defined below) unless, in the case of a Non-Qualified Stock Option, the exercise period is extended by the Plan Administrator until a date not later than the expiration date of the Option.

              

      

      
        	
                (ii)

              	
                Notwithstanding Section 5.1(g)(i) above, any vested Options which have been granted to the Optionee in the
                    Optionee's capacity as a director of the Corporation or any Related Corporation shall terminate upon the occurrence of the first of the following events:

              

      

      
        	
                A.

              	
                the event specified in Section 5.1(g)(i)A above;

              

      

      
        	
                B.

              	
                the event specified in Section 5.1(g)(i)D above; and

              

      

      
        	
                C.

              	
                the expiration of three (3) months from the date the Optionee ceases to serve as a director of the
                    Corporation or Related Corporation, as the case may be unless, in the case of a Non-Qualified Stock Option, the exercise period is extended by the Plan Administrator until a date not later than the expiration date of the Option.

              

      

       

       

      

      
        5

        
          

        

      

    

    

    
      
        	

              	(iii)	
                Upon the death of an Optionee, any vested Options held by the Optionee shall be exercisable only by the person or persons to whom such Optionee's rights under
                    such Option shall pass by the Optionee's will or by the laws of descent and distribution of the Optionee's domicile at the time of death and only until such Options terminate as provided above.

              

      

    

    

    

    
      
        	

              	(iv)	
                For purposes of the Plan, unless otherwise defined in the Agreement, "Disability" shall mean medically determinable physical or mental impairment which has
                    lasted or can be expected to last for a continuous period of not less than twelve (12) months or that can be expected to result in death.  The Plan Administrator shall determine whether an Optionee has incurred a Disability on the basis
                    of medical evidence acceptable to the Plan Administrator.  Upon making a determination of Disability, the Plan Administrator shall, for purposes of the Plan, determine the date of an Optionee's termination of employment or contractual
                    relationship.

              

      

    

    

    

    
      
        	

              	(v)	
                Unless accelerated in accordance with Section 5.1(f) above, unvested Options shall terminate immediately upon termination of employment of the Optionee by the
                    Corporation for any reason whatsoever, including death or Disability.

              

      

    

    

    

    
      
        	

              	(vi)	
                For purposes of this Plan, transfer of employment between or among the Corporation and/or any Related Corporation shall not be deemed to constitute a
                    termination of employment with the Corporation or any Related Corporation.  Employment shall be deemed to continue while the Optionee is on military leave, sick leave or other bona fide leave of absence (as determined by the Plan Administrator).  The foregoing notwithstanding, employment shall not be deemed to continue beyond the first ninety (90) days of
                    such leave, unless the Optionee's re-employment rights are guaranteed by statute or by contract.

              

      

    

    

    

    
      
        	

              	(h)	
                Exercise of Options

              

      

    

    

    

    
      
        	

              	(i)	
                Options shall be exercisable, in full or in part, at any time after vesting, until termination.  If less than all of the Common Shares included in the vested
                    portion of any Option are purchased, the remainder may be purchased at any subsequent time prior to the expiration of the Option term. Only whole Common Shares may be issued pursuant to an Option, and to the extent that an Option covers
                    less than one (1) share, it is unexercisable.

              

      

    

    

    

    
      
        	

              	(ii)	
                Options or portions thereof may be exercised by giving written notice to the Corporation, which notice shall specify the number of Common Shares to be
                    purchased, and be accompanied by payment in the amount of the aggregate exercise price for the Common Shares so purchased, which payment shall be in the form specified in Section 5.1(i) below.  The Corporation shall not be obligated to
                    issue, transfer or deliver a certificate representing Common Shares to the Holder of any Option, until provision has been made by the Holder, to the satisfaction of the Corporation, for the payment of the aggregate exercise price for
                    all Common Shares for which the Option shall have been exercised and for satisfaction of any tax withholding obligations associated with such exercise.  During the lifetime of an Optionee, Options are exercisable only by the Optionee.

              

      

    

    

    

    
      6

      
        

      

    

    (i) Payment upon Exercise of Option

    

    

    Upon the exercise of any Option, the aggregate exercise price shall be paid to the Corporation in cash
        or by certified or cashier's check.  In addition, if pre-approved in writing by the Plan Administrator who may arbitrarily withhold consent, the Holder may pay for all or any portion of the aggregate exercise price by complying with one or more of
        the following alternatives:

    

    

    
      
        	

              	(iii)	
                by delivering a properly executed exercise notice together with irrevocable instructions to a broker promptly to sell or margin a sufficient portion of the
                    Common Shares and deliver directly to the Corporation the amount of sale or margin loan proceeds to pay the exercise price; or

              

      

    

    

    

    
      
        	

              	(iv)	
                by complying with any other payment mechanism approved by the Plan Administrator at the time of exercise.

              

      

    

    

    

    
      
        	

              	(j)	
                No Rights as a Shareholder

              

      

    

    

    

    A Holder shall have no rights as a shareholder of the Corporation with respect to any Common Shares
        covered by an Option until such Holder becomes a record holder of such Common Shares, irrespective of whether such Holder has given notice of exercise.  Subject to the provisions of Section 5.1(m) hereof, no rights shall accrue to a Holder and no
        adjustments shall be made on account of dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions or other rights declared on, or created in, the Common Shares for which the record date is prior to the
        date the Holder becomes a record holder of the Common Shares covered by the Option, irrespective of whether such Holder has given notice of exercise.

    

    

    
      
        	

              	(k)	
                Non-transferability of Options

              

      

    

    

    

    Options granted under this Plan and the rights and privileges conferred by this Plan may not be
        transferred, assigned, pledged or hypothecated in any manner (whether by operation of law or otherwise) other than by will, by applicable laws of descent and distribution, and shall not be subject to execution, attachment or similar process.  Upon
        any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of any Option or of any right or privilege conferred by this Plan contrary to the provisions hereof, or upon the sale, levy or any attachment or similar process upon the
        rights and privileges conferred by this Plan, such Option shall thereupon terminate and become null and void.

    

    

    
      
        	

              	(l)	
                Securities Regulation and Tax Withholding

              

      

    

    

    

    
      
        	

              	(i)	
                Common Shares shall not be issued with respect to an Option unless the exercise of such Option and the issuance and delivery of such Common Shares shall
                    comply with all Applicable Laws, and such issuance shall be further subject to the approval of counsel for the Corporation with respect to such compliance, including the availability of an exemption from prospectus and registration
                    requirements for the issuance and sale of such Common Shares.  The inability of the Corporation to obtain from any regulatory body the authority deemed by the Corporation to be necessary for the lawful issuance and sale of any Common
                    Shares under this Plan, or the unavailability of an exemption from prospectus and registration requirements for the issuance and sale of any Common Shares under this Plan, shall relieve the Corporation of any liability with respect to
                    the non-issuance or sale of such Common Shares.

              

      

    

    

    

    
      7

      
        

      

    

    
      

      

      
        
          	

                	(ii)	As a condition to the exercise of an Option, the Plan Administrator may require the Holder to
                    represent and warrant in writing at the time of such exercise that the Common Shares are being purchased only for investment and without any then-present intention to sell or distribute such Common Shares.  If necessary under Applicable
                    Laws, the Plan Administrator may cause a stop-transfer order against such Common Shares to be placed on the stock books and records of the Corporation, and a legend indicating that the Common Shares may not be pledged, sold or otherwise
                    transferred unless an opinion of counsel is provided stating that such transfer is not in violation of any Applicable Laws, may be stamped on the certificates representing such Common Shares in order to assure an exemption from
                    registration.  The Plan Administrator also may require such other documentation as may from time to time be necessary to comply with applicable securities laws.  THE CORPORATION HAS NO OBLIGATION TO UNDERTAKE REGISTRATION OF OPTIONS OR
                    THE COMMON SHARES ISSUABLE UPON THE EXERCISE OF OPTIONS.

        

      

    

    

    

    
      
        	

              	(iii)	
                The Holder shall pay to the Corporation by certified or cashier's check, promptly upon exercise of an Option or, if later, the date that the amount of such
                    obligations becomes determinable, all applicable federal, state, local and foreign withholding taxes that the Plan Administrator, in its discretion, determines to result upon exercise of an Option or from a transfer or other disposition
                    of Common Shares acquired upon exercise of an Option or otherwise related to an Option or Common Shares acquired in connection with an Option.  Upon approval of the Plan Administrator, a Holder may satisfy such obligation by complying
                    with one or more of the following alternatives selected by the Plan Administrator:

              

      

    

    

    

    
      
        	

              	A.	
                by delivering to the Corporation Common Shares previously held by such Holder or by the Corporation withholding Common Shares otherwise deliverable pursuant
                    to the exercise of the Option, which Common Shares received or withheld shall have a fair market value at the date of exercise (as determined by the Plan Administrator) equal to any withholding tax obligations arising as a result of
                    such exercise, transfer or other disposition; or

              

      

    

    

    

    
      
        	

              	B.	
                by complying with any other payment mechanism approved by the Plan Administrator from time to time.

              

      

    

    

    

    
      
        	

              	(iv)	
                The issuance, transfer or delivery of certificates representing Common Shares pursuant to the exercise of Options may be delayed, at the discretion of the
                    Plan Administrator, until the Plan Administrator is satisfied that the applicable requirements of all Applicable Laws and the withholding provisions of the Code have been met and that the Holder has paid or otherwise satisfied any
                    withholding tax obligation as described in Section 5.1(l)(iii) above.

              

      

    

    

    

    
      8

      
        

      

    

    

    (m) Adjustments Upon Changes In Capitalization

    

    

    
      
        	

              	(i)	
                The aggregate number and class of shares for which Options may be granted under this Plan, the number and class of shares covered by each outstanding Option,
                    and the exercise price per share thereof (but not the total price), and each such Option, shall all be proportionately adjusted for any increase or decrease in the number of issued Common Shares of the Corporation resulting from:

              

      

    

    

    

    
      
        	

              	A.	
                a subdivision or consolidation of Common Shares or any like capital adjustment, or

              

      

    

    

    

    
      
        	

              	B.	
                the issuance of any Common Shares, or securities exchangeable for or convertible into Common Shares, to the holders of all or substantially all of the
                    outstanding Common Shares by way of a stock dividend (other than the issue of Common Shares, or securities exchangeable for or convertible into Common Shares, to holders of Common Shares pursuant to their exercise of options to receive
                    dividends in the form of Common Shares, or securities convertible into Common Shares, in lieu of dividends paid in the ordinary course on the Common Shares).

              

      

    

    

    

    
      
        	

              	(ii)	
                Except as provided in Section 5.1(m)(iii) hereof, upon a merger (other than a merger of the Corporation in which the holders of Common Shares immediately
                    prior to the merger have the same proportionate ownership of common shares in the surviving corporation immediately after the merger), consolidation, acquisition of property or stock, separation, reorganization (other than a mere
                    re-incorporation or the creation of a holding Corporation) or liquidation of the Corporation, as a result of which the shareholders of the Corporation, receive cash, shares or other property in exchange for or in connection with their
                    Common Shares, any Option granted hereunder shall terminate, but the Holder shall have the right to exercise such Holder's Option immediately prior to any such merger, consolidation, acquisition of property or shares, separation,
                    reorganization or liquidation, and to be treated as a shareholder of record for the purposes thereof, to the extent the vesting requirements set forth in the Option agreement have been satisfied.

              

      

    

    

    

    
      
        	

              	(iii)	
                If the shareholders of the Corporation receive shares in the capital of another corporation ("Exchange Shares") in exchange for their Common Shares in any
                    transaction involving a merger (other than a merger of the Corporation in which the holders of Common Shares immediately prior to the merger have the same proportionate ownership of Common Shares in the surviving corporation immediately
                    after the merger), consolidation, acquisition of property or shares, separation or reorganization (other than a mere re-incorporation or the creation of a holding Corporation), all Options granted hereunder shall be converted into
                    options to purchase Exchange Shares unless the Corporation and the corporation issuing the Exchange Shares, in their sole discretion, determine that any or all such Options granted hereunder shall not be converted into options to
                    purchase Exchange Shares but instead shall terminate in accordance with, and subject to the Holder's right to exercise the Holder's Options pursuant to, the provisions of Section 5.1(m)(ii).  The amount and price of converted options
                    shall be determined by adjusting the amount and price of the Options granted hereunder in the same proportion as used for determining the number of Exchange Shares the holders of the Common Shares receive in such merger, consolidation,
                    acquisition or property or stock, separation or reorganization.  Unless accelerated by the Board, the vesting schedule set forth in the option agreement shall continue to apply to the options granted for the Exchange Shares.

              

      

    

    

    

    

    

    

    

    
      9

      
        

      

    

    

      
        
          	

                	(iv)	In the event of any adjustment in the number of Common Shares covered by any Option, any fractional
                    shares resulting from such adjustment shall be disregarded and each such Option shall cover only the number of full shares resulting from such adjustment.

        

      

    

    

    

    
      
        	

              	(v)	
                All adjustments pursuant to Section 5.1(m) shall be made by the Plan Administrator, and its determination as to what adjustments shall be made, and the extent
                    thereof, shall be final, binding and conclusive.

              

      

    

    

    

    
      
        	

              	(vi)	
                The grant of an Option shall not affect in any way the right or power of the Corporation to make adjustments, reclassifications, reorganizations or changes of
                    its capital or business structure, to merge, consolidate or dissolve, to liquidate or to sell or transfer all or any part of its business or assets.

              

      

    

    

    

    
      
        	6.	
                EFFECTIVE DATE; AMENDMENT; SHAREHOLDER APPROVAL

              

      

    

    

    

    6.1 Options may be granted by the Plan Administrator from time to time on or after the date on which this Plan is adopted by the Board (the "Effective Date").

    

    

    6.2 Unless sooner terminated by the Board, this Plan shall terminate on the tenth anniversary of the Effective Date.  No Option may be granted after such termination or during any
        suspension of this Plan.

    

    

    6.3 Any Incentive Stock Options granted by the Plan Administrator prior to the ratification of this Plan by the shareholders of the Corporation shall be granted subject to approval
        of this Plan by the holders of a majority of the Corporation's outstanding voting shares, passed without meeting pursuant the Nevada General Corporation Law or by voting either in person or by proxy at a duly held shareholders' meeting within
        twelve (12) months before or after the Effective Date.  If such shareholder approval is sought and not obtained, all Incentive Stock Options granted prior thereto and thereafter shall be considered Non-Qualified Stock Options and any Options
        granted to Covered Employees will not be eligible for the exclusion set forth in Section 162(m) of the Code with respect to the deductibility by the Corporation of certain compensation.

    

    

    
      
        	7.	
                NO OBLIGATIONS TO EXERCISE OPTION

              

      

    

    

    

    7.1 The grant of an Option shall impose no obligation upon the Optionee to exercise such Option.

    

    

    
      
        	8.	
                NO RIGHT TO OPTIONS OR TO EMPLOYMENT

              

      

    

    

    

    8.1 Whether or not any Options are to be granted under this Plan shall be exclusively within the discretion of the Plan Administrator, and nothing contained in this Plan shall be
        construed as giving any person any right to participate under this Plan.  The grant of an Option shall in no way constitute any form of agreement or understanding binding on the Corporation or any Related Corporation, express or implied, that the
        Corporation or any Related Corporation will employ or contract with an Optionee for any length of time, nor shall it interfere in any way with the Corporation's or, where applicable, a Related Corporation's right to terminate Optionee's employment
        at any time, which right is hereby reserved.

    

    

    
      10

      
        

      

    

    

    

    
      
        	9.	
                APPLICATION OF FUNDS

              

      

    

    

    

    9.1 The proceeds received by the Corporation from the sale of Common Shares issued upon the exercise of Options shall be used for general corporate purposes, unless otherwise
        directed by the Board.

    

    

    
      
        	10.	
                INDEMNIFICATION OF PLAN ADMINISTRATOR

              

      

    

    

    

    10.1 In addition to all other rights of indemnification they may have as members of the Board, members of the Plan Administrator shall be indemnified by the Corporation for all
        reasonable expenses and liabilities of any type or nature, including attorneys' fees, incurred in connection with any action, suit or proceeding to which they or any of them are a party by reason of, or in connection with, this Plan or any Option
        granted under this Plan, and against all amounts paid by them in settlement thereof (provided that such settlement is approved by independent legal counsel selected by the Corporation), except to the extent that such expenses relate to matters for
        which it is adjudged that such Plan Administrator member is liable for willful misconduct; provided, that within fifteen (15) days after the institution of any such action, suit or proceeding, the Plan Administrator member involved therein shall,
        in writing, notify the Corporation of such action, suit or proceeding, so that the Corporation may have the opportunity to make appropriate arrangements to prosecute or defend the same.

    

    

    
      
        	11.	
                AMENDMENT OF PLAN

              

      

    

    

    

    11.1 The Plan Administrator may, at any time, modify, amend or terminate this Plan or modify or amend Options granted under this Plan, including, without limitation, such
        modifications or amendments as are necessary to maintain compliance with the Applicable Laws.  The Plan Administrator may condition the effectiveness of any such amendment on the receipt of shareholder approval at such time and in such manner as
        the Plan Administrator may consider necessary for the Corporation to comply with or to avail the Corporation and/or the Optionees of the benefits of any securities, tax, market listing or other administrative or regulatory requirements.

    

    

    Effective Date: June 12, 2019

    

    

    

    

  

  11EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is made and entered into by and between Charah, LLC, a Kentucky limited
liability company (the “Company”), and Roger Shannon (“Employee”) effective as of June 17, 2019 (the “Effective Date”). Charah Solutions, Inc., a Delaware corporation and
parent of the Company (the “Parent”), enters into this Agreement for the limited purposes of acknowledging and agreeing to Section 3(c). 

1. Employment. During the Employment Period (as defined in Section 4), the Company shall employ
Employee, and Employee shall serve, as Chief Financial Officer and Treasurer of the Company and the Parent and in such other position or positions as may be assigned from time to time by the Company. 

2. Duties and Responsibilities of Employee. 

(a) During the Employment Period, Employee shall devote Employee’s best efforts and full business time and attention to the businesses of
the Parent and its direct and indirect subsidiaries as may exist from time to time, including the Company (collectively, the Parent and its direct and indirect subsidiaries are referred to as the “Company Group”) as may be
requested by the Company from time to time. Employee’s duties and responsibilities shall include those normally incidental to the position(s) identified in Section 1, as well as such additional duties as may be
assigned to Employee by the Company from time to time, which duties and responsibilities may include providing services to other members of the Company Group in addition to the Company. Employee may, without violating this
Section 2(a): (i) as a passive investment, own publicly traded securities in such form or manner as will not require any services by Employee in the operation of the entities in which such securities are owned;
(ii) engage in charitable and civic activities; or (iii) with the prior written consent of the board of directors (the “Board”) of the Parent, engage in other personal and passive investment activities, in each
case, so long as such ownership, interests or activities do not interfere with Employee’s ability to fulfill Employee’s duties and responsibilities under this Agreement and are not inconsistent with Employee’s obligations to any
member of the Company Group or competitive with the business of any member of the Company Group. 
 (b) Employee hereby represents and
warrants that Employee is not the subject of, or a party to, any employment agreement, non-competition, non-solicitation, restrictive covenant or non-disclosure agreement, or any other agreement, obligation, restriction, or understanding that would prohibit Employee from executing this Agreement or fully performing each of Employee’s duties and
responsibilities hereunder, or would in any manner, directly or indirectly, limit or affect any of the duties and responsibilities that may now or in the future be assigned to Employee hereunder. Employee expressly acknowledges and agrees that
Employee is strictly prohibited from using or disclosing any confidential information belonging to any prior employer in the course of performing services for any member of the Company Group, and Employee promises that Employee shall not do so.
Employee shall not introduce documents or other materials containing confidential information of any prior employer to the premises or property (including computers and computer systems) of any member of the Company Group. 

 (c) Employee owes each member of the Company Group fiduciary duties (including
(i) duties of loyalty and disclosure and (ii) such fiduciary duties that an officer of the Parent owes under the laws of the State of Delaware), and the obligations described in this Agreement are in addition to, and not in lieu of, the
obligations Employee owes each member of the Company Group under statutory and common law. 
 3. Compensation. 

(a) Base Salary. During the Employment Period, the Company shall pay to Employee an annualized base salary of $415,000 (the
“Base Salary”) in consideration for Employee’s services under this Agreement, payable in substantially equal installments in conformity with the Company’s customary payroll practices for similarly situated employees
as may exist from time to time, but no less frequently than monthly. 
 (b) Short-Term Incentive Awards. Employee shall be eligible
for discretionary short-term incentive compensation with a target short-term incentive award equal to 70% of Employee’s Base Salary for each calendar year that Employee is employed by the Company hereunder (the “STI
Award”); provided, however, that the STI Award for the 2019 calendar year shall be at least $145,250. The performance targets that must be achieved in order to be eligible for certain short-term incentive levels shall be
established by the Board (or a committee thereof) annually, in its sole discretion, and communicated to Employee within the first ninety (90) days of the applicable calendar year (the “STI Year”). Each STI Award, if any,
shall be paid as soon as administratively feasible after the Board (or a committee thereof) certifies whether the applicable performance targets for the applicable STI Year have been achieved, but in no event later than March 15 following the
end of such STI Year. Notwithstanding anything in this Section 3(b) to the contrary, no STI Award, if any, nor any portion thereof, shall be payable for any STI Year unless Employee remains continuously employed by the
Company from the Effective Date through the date on which such STI Award is paid. 
 (c) Annual Equity Awards. During the Employment
Period, Employee shall be eligible to receive annual awards under the Parent’s 2018 Omnibus Incentive Plan or such other equity incentive plan of the Parent as may be in effect from time to time (the “Incentive Plan”) in
such amounts generally consistent with the Company’s equity award guidelines as in effect from time to time. The target value (assuming all applicable performance levels are met or exceeded) of Employee’s 2019 award under the Incentive
Plan will be approximately $415,000. All Awards granted to Employee under the Incentive Plan, if any, shall be in such amounts and on such terms and conditions as the Board or a committee thereof shall determine from time to time, and shall be
subject to and governed by the terms and provisions of the Incentive Plan as in effect from time to time and the award agreements evidencing such awards. Nothing herein shall be construed to give Employee any rights to any amount or type of grant or
award except as provided in an award agreement and authorized by the Board or a committee thereof. 
 4. Term of Employment.
The initial term of Employee’s employment under this Agreement shall be for the period beginning on the Effective Date and ending on the third (3rd) anniversary of the Effective Date
(the “Initial Term”). On the third (3rd) anniversary of the Effective Date and on each subsequent anniversary thereafter, the term of Employee’s employment under this
Agreement shall automatically renew and extend for a period of twelve (12) months 

  
 2 

 
(each such twelve (12)-month period being a “Renewal Term”) unless written notice of non-renewal is delivered by either party to
the other not less than sixty (60) days prior to the expiration of the then-existing Initial Term or Renewal Term, as applicable. Notwithstanding any other provision of this Agreement, Employee’s employment pursuant to this Agreement may
be terminated at any time in accordance with Section 6(b). The period from the Effective Date through the expiration of this Agreement or, if sooner, the termination of Employee’s employment pursuant to this Agreement,
regardless of the time or reason for such termination, shall be referred to herein as the “Employment Period.” 
 5.
Business Expenses; Relocation. 
 (a) Business Expenses. Subject to Section 23, the Company
shall reimburse Employee for Employee’s reasonable out-of-pocket business-related expenses actually incurred in the performance of Employee’s duties under this
Agreement so long as Employee timely submits all documentation for such expenses, as required by Company policy in effect from time to time. Any such reimbursement of expenses shall be made by the Company upon or as soon as practicable following
receipt of such documentation (but in any event not later than the close of Employee’s taxable year following the taxable year in which the expense is incurred by Employee). In no event shall any reimbursement be made to Employee for any
expenses incurred after the date of Employee’s termination of employment with the Company. 
 (b) Relocation. 

(i) The Company shall provide Employee with a lump sum cash payment equal to the sum of: (A) $20,000 (the
“Relocation Allowance”) and (B) the Additional Relocation Allowance (as defined below), which Relocation Allowance and Additional Relocation Allowance (collectively, the “Relocation Payment”) will
be paid in two installments as follows: 25% of the Relocation Payment will be paid on July 12, 2019 and the remaining 75% of the Relocation Payment will be paid on October 4, 2019, in each case, so long as Employee remains continuously
employed by the Company hereunder through the applicable payment date. As used herein, “Additional Relocation Allowance” means an amount such that after payment by Employee of all federal, state and local income taxes (based
solely on an assumed rate of 37%) and Medicare hospital insurance taxes (based solely on an assumed rate of 1.45%) imposed on the Relocation Allowance, Employee retains an amount of the Relocation Gross-Up
Amount equal to all federal, state, and local income taxes (based solely on an assumed rate of 37%) and Medicare hospital insurance taxes (based solely on an assumed rate of 1.45%) imposed on the Relocation Allowance. 

(ii) Subject to Section 23, the Company shall reimburse Employee for the reasonable costs (as
determined by the Company) attendant to: (A) up to ten (10) days of hotel costs beginning two (2) days prior to the Effective Date; (B) housing expenses up to $1,500 per month for the period beginning July 1, 2019 and ending
June 30, 2020; (C) mileage and meals for up to six (6) round trips between Louisville, Kentucky and Brownsboro, Alabama; (D) two (2) hotel rooms and meals on the day Employee moves to Louisville, Kentucky; and (E) mileage and
meals for Employee’s one-way trip from Brownsboro, Alabama to Louisville, Kentucky on the date Employee moves to Louisville, Kentucky (the reimbursement of the reasonable costs set forth in the preceding
clauses (A) through (E) are collectively referred to herein as the “Relocation Benefits”). 

  
 3 

 (iii) If either (A) Employee’s employment hereunder terminates
pursuant to Sections 7(a) or 7(e) prior to the first anniversary of the Effective Date, or (B) Employee does not complete his relocation to Louisville, Kentucky prior to August 31, 2021, then Employee shall be required to,
and expressly promises to, repay to the Company the Relocation Allowance previously paid to Employee, which repayment shall be paid in a cash lump sum no later than 30 days following the earlier of the Termination Date (as defined below) or
August 31, 2021. 
 6. Benefits. 

(a) During the Employment Period, Employee shall be eligible to participate in the same benefit plans and programs in which other similarly
situated Company employees are eligible to participate, subject to the terms and conditions of the applicable plans and programs in effect from time to time. The Company shall not, however, by reason of this Section 6, be
obligated to institute, maintain, or refrain from changing, amending, or discontinuing, any such plan or policy, so long as such changes are similarly applicable to similarly situated Company employees generally. 

(b) During the Employment Period, Employee shall be eligible to take paid time off in accordance with the Company’s paid time off policy
as in effect from time to time. Unless otherwise provided for in any such paid time off policy, Employee shall forfeit (and shall not be entitled to any payment in respect of) any accrued but unused paid time off entitlement at the end of each
calendar year or the end of the Employment Period. 
 7. Termination of Employment. 

(a) Company’s Right to Terminate Employee’s Employment for Cause. The Company shall have the right
to terminate Employee’s employment hereunder at any time for Cause. For purposes of this Agreement, “Cause” shall mean: 

(i) Employee’s material breach of this Agreement or any other written agreement between Employee and one or more members
of the Company Group, including Employee’s breach of any representation, warranty or covenant made under any such agreement; 

(ii) Employee’s material breach of any law applicable to the workplace or employment relationship, or Employee’s
material breach of any policy or code of conduct established by a member of the Company Group and applicable to Employee; 

(iii) Employee’s gross negligence, willful misconduct, breach of fiduciary duty, fraud, theft or embezzlement; 

(iv) the commission by Employee of, or conviction or indictment of Employee for, or plea of nolo contendere by Employee
to, any felony (or state law equivalent) or any crime involving moral turpitude; or 

  
 4 

 (v) Employee’s willful failure or refusal, other than due to
Disability, to perform Employee’s obligations pursuant to this Agreement or to follow any lawful directive from the Company, as determined by the Company; provided, however, that if Employee’s actions or omissions as set
forth in this Section 7(a)(v) are of such a nature that the Company determines that they are curable by Employee, such actions or omissions must remain uncured thirty (30) days after the Company first provided Employee
written notice of the obligation to cure such actions or omissions. 
 (b) Company’s Right to Terminate for
Convenience. The Company shall have the right to terminate Employee’s employment for convenience at any time and for any reason, or no reason at all, upon written notice to Employee. 

(c) Employee’s Right to Terminate for Good Reason. Employee shall have the right to terminate Employee’s
employment with the Company at any time for Good Reason. For purposes of this Agreement, “Good Reason” shall mean: 

(i) a material diminution in Employee’s Base Salary; 

(ii) a material breach by the Company of any of its obligations under this Agreement; or 

(iii) the relocation of the geographic location of Employee’s principal place of employment by more than seventy-five
(75) miles from the location of Employee’s principal place of employment as of the Effective Date. 
 Notwithstanding the foregoing provisions of
this Section 7(c) or any other provision of this Agreement to the contrary, any assertion by Employee of a termination for Good Reason shall not be effective unless all of the following conditions are satisfied:
(A) the condition described in Section 7(c)(i), (ii) or (iii) giving rise to Employee’s termination of employment must have arisen without Employee’s consent; (B) Employee must provide
written notice to the Board of the existence of such condition(s) within thirty (30) days after the initial occurrence of such condition(s); (C) the condition(s) specified in such notice must remain uncorrected for thirty (30) days
following the Board’s receipt of such written notice; and (D) the date of Employee’s termination of employment must occur within sixty (60) days after end of the period referenced in clause (C). 

(d) Death or Disability. Upon the death or Disability of Employee, Employee’s employment with Company shall automatically (and
without any further action by any person or entity) terminate. For purposes of this Agreement, a “Disability” shall exist if either (i) the Board determines that Employee is unable to perform the essential
functions of Employee’s position (after accounting for reasonable accommodation, if applicable and required by applicable law), due to physical or mental impairment that continues, or can reasonably be expected to continue, for a period in
excess of one hundred-twenty (120) consecutive days or one hundred-eighty (180) days, whether or not consecutive (or for any longer period as may be required by applicable law), in any twelve (12)-month period or (ii) Employee becomes
eligible to receive benefits under the Company’s long-term disability plan, as in effect from time to time. 

  
 5 

 (e) Employee’s Right to Terminate for Convenience. In addition to
Employee’s right to terminate Employee’s employment for Good Reason, Employee shall have the right to terminate Employee’s employment with the Company for convenience at any time and for any other reason, or no reason at all, upon
thirty (30) days’ advance written notice to the Company; provided, however, that if Employee has provided notice to the Company of Employee’s termination of employment, the Company may determine, in its sole discretion,
that such termination shall be effective on any date prior to the effective date of termination provided in such notice (and, if such earlier date is so required, then it shall not change the basis for Employee’s termination of employment nor
be construed or interpreted as a termination of employment pursuant to Section 7(b)). 
 (f) Effect of
Termination. 
 (i) Death or Disability. If Employee’s employment hereunder is terminated upon the
death or Disability of Employee, then so long as (and only if) Employee (or Employee’s guardian or the executor or other authorized representative of Employee’s estate): (A) executes on or before the Release Expiration Date (as defined
below), and does not revoke within any time provided by the Company to do so, a release of all claims in a form acceptable to the Company (the “Release”), which Release shall release each member of the Company Group and their
respective affiliates, and the foregoing entities’ respective shareholders, members, partners, officers, managers, directors, fiduciaries, employees, representatives, agents and benefit plans (and fiduciaries of such plans) from any and all
claims, including any and all causes of action arising out of Employee’s employment with the Company and any other member of the Company Group or the termination of such employment, but excluding all claims to severance payments Employee may
have under this Section 6(b) (the “Release Requirement”); and (B) does not violate the terms of Sections 9, 10 and 11, then the Company shall pay Employee the STI
Award, if any, for the STI Year that includes the date on which Employee’s employment terminates (the “Termination Date”), determined based on actual performance and paid on the date short-term incentive awards for such
STI Year are paid to other executives of the Company. 
 (ii) Termination without Cause; Resignation for Good Reason.
If Employee’s employment hereunder is terminated prior to the expiration of the then-existing Initial Term or Renewal Term, as applicable, (i) by the Company without Cause pursuant to Section 7(b) or (ii) by
Employee for Good Reason pursuant to Section 7(c), then so long as (and only if) Employee: (A) satisfies the Release Requirement; and (B) abides by the terms of each of Sections 9, 10 and 11,
then the Company shall provide Employee with the payments and benefits set forth in Sections 7(f)(ii)(A), (B) and (C) below: 

(A) The Company shall pay severance to Employee in a total amount equal to (x) the Applicable Severance Multiple (as
defined below), multiplied by (y) the sum of Employee’s Base Salary and target STI Award for the year in which the Termination Date occurs (such total severance amount being referred to as the “Severance
Payment”). The Severance Payment will be divided into substantially equal installments paid over the twelve (12)-month period 

  
 6 

 
following the Termination Date; provided, however, that if the Termination Date is within a CIC Protection Period (as defined below), then the Severance Payment will be paid to
Employee in a single lump sum on the First Payment Date (as defined below). Subject to Section 23(d), if the Termination Date is not within a CIC Protection Period, then, on the First Payment Date, the Company shall pay to
Employee, without interest, a number of such installments equal to the number of such installments that would have been paid during the period beginning on the Termination Date and ending on the First Payment Date had the installments been paid on
the Company’s regularly scheduled pay dates on or following the Termination Date, and each of the remaining installments shall be paid on the Company’s regularly scheduled pay dates during the remainder of such twelve (12)-month period.

 (B) During the portion, if any, of the twelve (12)-month period following the Termination Date (or, if the
Termination Date is during a CIC Protection Period, the eighteen (18)-month period following the Termination Date) (as applicable, the “Reimbursement Period”) that Employee elects to continue coverage for Employee and
Employee’s spouse and eligible dependents, if any, under the Company’s group health plans pursuant to Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company shall promptly reimburse Employee
on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage and the employee contribution amount that similarly situated employees of the Company pay for the same or similar coverage under such group
health plans (the “COBRA Benefit”). Each payment of the COBRA Benefit shall be paid to Employee on the Company’s first regularly scheduled pay date in the calendar month immediately following the calendar month in which
Employee submits to the Company documentation of the applicable premium payment having been paid by Employee, which documentation shall be submitted by Employee to the Company within thirty (30) days following the date on which the applicable
premium payment is paid. Employee shall be eligible to receive such reimbursement payments until the earliest of: (x) the last day of the Reimbursement Period; (y) the date Employee is no longer eligible to receive COBRA continuation
coverage; and (z) the date on which Employee becomes eligible to receive coverage under a group health plan sponsored by another employer (and any such eligibility shall be promptly reported to the Company by Employee); provided,
however, that the election of COBRA continuation coverage and the payment of any premiums due with respect to such COBRA continuation coverage shall remain Employee’s sole responsibility, and the Company shall not assume any obligation for
payment of any such premiums relating to such COBRA continuation coverage. Notwithstanding the foregoing, if the provision of the benefits described in this paragraph cannot be provided in the manner described above without penalty, tax or other
adverse impact on the Company or any other member of the Company Group, then the Company and Employee shall negotiate in good faith to determine an alternative manner in which the Company may provide substantially equivalent benefits to Employee
without such adverse impact on the Company or such other member of the Company Group. 

  
 7 

 (C) The Company shall pay Employee a
pro-rata portion of the STI Award for the STI Year in which the Termination Date occurs (the “Pro-Rata STI Award”), which shall be equal to
(x) the STI Award, if any, earned for the STI Year in which the Termination Date occurs based on actual performance (or, if the Termination Date occurs during a CIC Protection Period, the greater of target or actual performance), multiplied
by (y) a fraction, the numerator of which is the number of days that have elapsed from the beginning of such STI Year through the Termination Date and the denominator of which is the total number of days in such STI Year. The Pro-Rata STI Award, if any, will be paid on the date short-term incentive awards for such STI Year are paid to other executives of the Company. 

The payments and benefits described in Section 7(f)(ii)(A), (B) and (C) above are collectively
referred to herein as the “Termination Benefits.” 
 (iii) For the avoidance of doubt, neither the
Termination Benefits nor any portion thereof shall be payable if Employee’s employment hereunder terminates: (A) pursuant to any of the circumstances described in Sections 7(a), 7(d) or 7(e) above, or (B) upon the
expiration of the then-existing Initial Term or Renewal Term, as applicable, as a result of a non-renewal of the term of Employee’s employment under this Agreement by the Company or Employee pursuant to
Section 4. 
 (iv) If the Release is not executed and returned to the Company on or before the
Release Expiration Date, and the required revocation period has not fully expired without revocation of the Release by Employee, then Employee shall not be entitled to any portion of the STI Award under Section 7(f)(i) or
any of the Termination Benefits, as applicable. As used herein, the “Release Expiration Date” is that date that is twenty-one (21) days following the date upon which the Company
delivers the Release to Employee (which shall occur no later than seven (7) days after the Termination Date) or, in the event that such termination of employment is “in connection with an exit incentive or other employment termination
program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is forty-five (45) days following such delivery date. 

(v) As used herein, (A) “Applicable Severance Multiple” means one (1); provided, however,
that if the Termination Date occurs during a CIC Protection Period, Applicable Severance Multiple means one and a half (1.5); (B) “Change in Control” has the meaning given to such term in the Charah Solutions, Inc. 2018
Omnibus Incentive Plan; (C) “CIC Protection Period” means the date on which a Change in Control occurs and the twenty-four (24) month period immediately thereafter; and (D) “First Payment Date”
means the Company’s first regularly scheduled pay date that is on or after the date that is sixty (60) days after the Termination Date. 

(g) Severance Clawback. Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that
Employee is eligible to receive the Termination Benefits pursuant to Section 7(f) but, after such determination, the Company subsequently acquires evidence or determines that: (i) Employee has failed to abide by the
terms of Sections 9, 10 or 11; or (ii) a Cause condition existed prior to the Termination Date that, had 

  
 8 

 
the Company been fully aware of such condition, would have given the Company the right to terminate Employee’s employment pursuant to Section 7(a), then the Company
shall have the right to cease the payment of any future installments of the Severance Payment and the COBRA Benefit and any Pro-Rata STI Award, and Employee shall promptly return to the Company all
installments of the Severance Payment and the COBRA Benefit and any Pro-Rata STI Award received by Employee prior to the date that the Company determines that the conditions of this
Section 7(g) have been satisfied. 
 8. Disclosures. Promptly (and in any event, within three
(3) business days) upon becoming aware of (a) any actual or potential Conflict of Interest or (b) any lawsuit, claim or arbitration filed against or involving Employee or any trust or vehicle owned or controlled by Employee, in each
case, Employee shall disclose such actual or potential Conflict of Interest or such lawsuit, claim or arbitration to the Board. A “Conflict of Interest” shall exist when Employee engages in, or plans to engage in, any
activities, associations, or interests that conflict with, or create an appearance of a conflict with, Employee’s duties, responsibilities, authorities, or obligations for and to any member of the Company Group. 

9. Confidentiality. In the course of Employee’s employment with the Company and the performance of Employee’s duties on
behalf of the Company Group hereunder, Employee will be provided with, and have access to, Confidential Information (as defined below). In consideration of Employee’s receipt and access to such Confidential Information, and as a condition of
Employee’s employment hereunder, Employee shall comply with this Section 9. 
 (a) Both during the Employment
Period and thereafter, except as expressly permitted by this Agreement or by directive of the Board, Employee shall not disclose any Confidential Information to any person or entity and shall not use any Confidential Information except for the
benefit of the Company Group. Employee acknowledges and agrees that Employee would inevitably use and disclose Confidential Information in violation of this Section 9 if Employee were to violate any of the covenants set
forth in Section 10. Employee shall follow all Company Group policies and protocols regarding the security of all documents and other materials containing Confidential Information (regardless of the medium on which
Confidential Information is stored). The covenants of this Section 9(a) shall apply to all Confidential Information, whether now known or later to become known to Employee during the period that Employee is employed by or
affiliated with the Company or any other member of the Company Group. 
 (b) Notwithstanding any provision of
Section 9(a) to the contrary, Employee may make the following disclosures and uses of Confidential Information: 

(i) disclosures to other employees of a member of the Company Group who have a need to know the information in connection with
the businesses of the Company Group; 
 (ii) disclosures to customers and suppliers when, in the reasonable and good faith
belief of Employee, such disclosure is in connection with Employee’s performance of Employee’s duties under this Agreement and is in the best interests of the Company Group; 

  
 9 

 (iii) disclosures and uses that are approved in writing by the Board; or

 (iv) disclosures to a person or entity that has (x) been retained by a member of the Company Group to provide
services to one or more members of the Company Group and (y) agreed in writing to abide by the terms of a confidentiality agreement. 

(c) Upon the expiration of the Employment Period, and at any other time upon request of the Company, Employee shall promptly surrender and
deliver to the Company all documents (including electronically stored information) and all copies thereof and all other materials of any nature containing or pertaining to all Confidential Information and any other Company Group property (including
any Company Group-issued computer, mobile device or other equipment) in Employee’s possession, custody or control and Employee shall not retain any such documents or other materials or property of the Company Group. Within five (5) days of
any such request, Employee shall certify to the Company in writing that all such documents, materials and property have been returned to the Company. 

(d) All trade secrets, non-public information, designs, ideas, concepts, improvements, product
developments, discoveries and inventions, whether patentable or not, that are or have been conceived, made, developed or acquired by or disclosed to Employee, individually or in conjunction with others, during the period that Employee is or has been
employed by or affiliated with the Company or any other member of the Company Group (whether during business hours or otherwise and whether on the Company’s premises or otherwise) that relate to any member of the Company Group’s businesses
or properties, products or services (including all such information relating to corporate opportunities, operations, future plans, methods of doing business, business plans, strategies for developing business and market share, research, financial
and sales data, pricing terms, evaluations, opinions, interpretations, acquisition prospects, the identity of customers or acquisition targets or their requirements, the identity of key contacts within customers’ organizations or within the
organization of acquisition prospects, or marketing and merchandising techniques, prospective names and marks) is defined as “Confidential Information.” Moreover, all documents, videotapes, written presentations, brochures,
drawings, memoranda, notes, records, files, correspondence, manuals, models, specifications, computer programs, e-mail, voice mail, electronic databases, maps, drawings, architectural renditions, models and
all other writings or materials of any type including or embodying any of such information, ideas, concepts, improvements, discoveries, inventions and other similar forms of expression are and shall be the sole and exclusive property of the Company
or the other applicable member of the Company Group and be subject to the same restrictions on disclosure applicable to all Confidential Information pursuant to this Agreement. For purposes of this Agreement, Confidential Information shall not
include any information that (i) is or becomes generally available to the public other than as a result of a disclosure or wrongful act of Employee or any of Employee’s agents; (ii) was available to Employee on a non-confidential basis before its disclosure by a member of the Company Group; or (iii) becomes available to Employee on a non-confidential basis from a source other than
a member of the Company Group; provided, however, that such source is not bound by a confidentiality agreement with, or other obligation with respect to confidentiality to, a member of the Company Group. 

  
 10 

 (e) Notwithstanding the foregoing, nothing in this Agreement shall prohibit or restrict
Employee from lawfully: (i) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by, any governmental authority (including the
U.S. Securities and Exchange Commission) regarding a possible violation of any law; (ii) responding to any inquiry or legal process directed to Employee from any such governmental authority; (iii) testifying, participating or otherwise
assisting in any action or proceeding by any such governmental authority relating to a possible violation of law; or (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable law. Additionally,
pursuant to the federal Defend Trade Secrets Act of 2016, an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (1) in confidence to
a federal, state or local government official, either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting or investigating a suspected violation of law; (B) is made to the individual’s attorney in
relation to a lawsuit for retaliation against the individual for reporting a suspected violation of law; or (C) is made in a complaint or other document filed in a lawsuit or proceeding, if such filing is made under seal. Nothing in this
Agreement requires Employee to obtain prior authorization before engaging in any conduct described in this paragraph, or to notify the Company that Employee has engaged in any such conduct. 

10. Non-Competition; Non-Solicitation; Non-Disparagement. 
 (a) The Company shall provide Employee access to Confidential Information for
use only during the Employment Period, and Employee acknowledges and agrees that the Company Group will be entrusting Employee, in Employee’s unique and special capacity, with developing the goodwill of the Company Group, and as an express
incentive for the Company to enter into this Agreement and employ Employee hereunder, Employee has voluntarily agreed to the covenants set forth in this Section 10. Employee agrees and acknowledges that the limitations and
restrictions set forth herein, including geographical and temporal restrictions on certain competitive activities, are reasonable in scope and purpose in all respects, do not interfere with public interests, will not cause Employee undue hardship,
and are material and substantial parts of this Agreement intended and necessary to prevent unfair competition and to protect the Company Group’s Confidential Information, goodwill and legitimate business interests. 

(b) During the Prohibited Period, Employee shall not, without the prior written approval of the Board, directly or indirectly, for Employee or
on behalf of or in conjunction with any other person or entity of any nature: 
 (i) engage in or participate within the
Market Area in competition with any member of the Company Group in any aspect of the Business, including by directly or indirectly: (A) owning, managing, operating, or being an officer or director of, any business that competes with any member
of the Company Group in the Market Area, or (B) joining, becoming an employee or consultant of, or otherwise being affiliated with, any person or entity engaged in, or planning to engage in, the Business in the Market Area in competition, or
anticipated competition, with any member of the Company Group in any capacity (with respect to this clause (B)) in which Employee’s duties or responsibilities are the same as or similar to the duties or responsibilities that Employee had on
behalf of any member of the Company Group; 

  
 11 

 (ii) appropriate any Business Opportunity of, or relating to, any member of
the Company Group located in the Market Area; 
 (iii) solicit, canvass, approach, encourage, entice or induce any customer
or supplier of any member of the Company Group to cease or lessen such customer’s or supplier’s business with any member of the Company Group; or 

(iv) solicit, canvass, approach, encourage, entice or induce any employee or contractor of any member of the Company Group to
terminate his, her or its employment or engagement with any member of the Company Group. 
 (c) Because of the difficulty of measuring
economic losses to the Company Group as a result of a breach or threatened breach of the covenants set forth in Section 9 and in this Section 10, and because of the immediate and irreparable damage
that would be caused to the members of the Company Group for which they would have no other adequate remedy, the Company and each other member of the Company Group shall be entitled to enforce the foregoing covenants, in the event of a breach or
threatened breach, by injunctions and restraining orders from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting
any bond or other security. The aforementioned equitable relief shall not be the Company’s or any other member of the Company Group’s exclusive remedy for a breach but instead shall be in addition to all other rights and remedies available
to the Company and each other member of the Company Group at law and equity. 
 (d) The covenants in this
Section 10, and each provision and portion hereof, are severable and separate, and the unenforceability of any specific covenant (or portion thereof) shall not affect the provisions of any other covenant (or portion
thereof). Moreover, in the event any arbitrator or court of competent jurisdiction shall determine that the scope, time or territorial restrictions set forth are unreasonable, then it is the intention of the parties that such restrictions be
enforced to the fullest extent which such arbitrator or court deems reasonable, and this Agreement shall thereby be reformed. 
 (e) The
following terms shall have the following meanings: 
 (i) “Business” shall mean the
business and operations that are the same or similar to those performed by the Company and any other member of the Company Group during the Employment Period, which business and operations include: (A) coal ash management and recycling,
environmental remediation and outage maintenance services; (B) the design and implementation of solutions for complex environmental projects (such as ash pond closures) and coal ash recycling (and facilitation thereof, including through
byproduct sales and other beneficial use services); (C) byproduct sales for power generation customers (including sale and recycling of coal combustion residuals); and (D) maintenance and technical services for fossil services and nuclear
services clients (including management of coal ash for coal-fired power generation facilities) and providing services with respect to maintenance, outage services, facility maintenance and staffing solutions for nuclear and fossil power generation
facilities. 

  
 12 

 (ii) “Business Opportunity” shall mean
any commercial, investment or other business opportunity relating to the Business.  
 (iii) “Market
Area” shall mean: (A) the geographic area within a 250-mile radius of any office or other facility of the Company or any other member of the Company Group or any work site (including any
project site, customer office or any other facility owned, operated, serviced or managed by a member of the Company Group) where Participant worked or for which Participant had direct or indirect responsibility during the period of
Participant’s employment with the Company or any other member of the Company Group; and (B) those geographic areas set forth on Exhibit A hereto. 

(iv) “Prohibited Period” shall mean the period during which Employee is employed by any member of the
Company Group and continuing for a period of twelve (12) months following the date that Employee is no longer employed by any member of the Company Group. 

(f) Subject to Section 9(e) above, Employee agrees that during the period from and after the Effective Date, Employee
will not, and will cause Employee’s affiliates to not, make, publish, or communicate any disparaging or defamatory comments regarding any member of the Company Group or any of their respective current or former directors, officers, members,
managers, partners, executives or direct or indirect owners (including equityholders). 
 11. Ownership of Intellectual
Property. Employee agrees that the Company shall own, and Employee shall (and hereby does) assign, all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark
rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designs,
know-how, ideas and information authored, created, contributed to, made or conceived or reduced to practice, in whole or in part, by Employee during the period in which Employee is or has been employed by or
affiliated with the Company or any other member of the Company Group that either (a) relate, at the time of conception, reduction to practice, creation, derivation or development, to any member of the Company Group’s businesses or actual
or anticipated research or development, or (b) were developed on any amount of the Company’s or any other member of the Company Group’s time or with the use of any member of the Company Group’s equipment, supplies, facilities or
trade secret information (all of the foregoing collectively referred to herein as “Company Intellectual Property”), and Employee shall promptly disclose all Company Intellectual Property to the Company. All of Employee’s
works of authorship and associated copyrights created during the period in which Employee is employed by or affiliated with the Company or any other member of the Company Group and in the scope of Employee’s employment or engagement shall be
deemed to be “works made for hire” within the meaning of the Copyright Act. Employee shall perform, during and after the period in which Employee is or has been employed by or affiliated with the Company or any other member of the Company
Group, all acts deemed necessary by the Company to assist each member of the Company Group, at the Company’s expense, in obtaining and enforcing its rights throughout the world in the Company Intellectual Property. Such acts may include
execution of documents and assistance or cooperation (i) in the filing, prosecution, registration, and memorialization of assignment of any applicable patents, copyrights, mask work, or other applications, (ii) in the enforcement of any
applicable patents, copyrights, mask work, moral rights, trade secrets, or other proprietary rights, and (iii) in other legal proceedings related to the Company Intellectual Property. 

  
 13 

 12. Arbitration. 

(a) Subject to Section 12(b), any dispute, controversy or claim between Employee and any member of the Company Group
arising out of or relating to this Agreement or Employee’s employment or engagement with any member of the Company Group will be finally settled by arbitration in Louisville, Kentucky in accordance with the then-existing American Arbitration
Association (“AAA”) Employment Arbitration Rules. The arbitration award shall be final and binding on both parties. Any arbitration conducted under this Section 12 shall be private, and shall be
heard by a single arbitrator (the “Arbitrator”) selected in accordance with the then-applicable rules of the AAA. The Arbitrator shall expeditiously hear and decide all matters concerning the dispute. Except as expressly
provided to the contrary in this Agreement, the Arbitrator shall have the power to (i) gather such materials, information, testimony and evidence as the Arbitrator deems relevant to the dispute before him or her (and each party will provide
such materials, information, testimony and evidence requested by the Arbitrator), and (ii) grant injunctive relief and enforce specific performance. All disputes shall be arbitrated on an individual basis, and each party hereto hereby foregoes
and waives any right to arbitrate any dispute as a class action or collective action or on a consolidated basis or in a representative capacity on behalf of other persons or entities who are claimed to be similarly situated, or to participate as a
class member in such a proceeding. The decision of the Arbitrator shall be reasoned, rendered in writing, be final and binding upon the disputing parties and the parties agree that judgment upon the award may be entered by any court of competent
jurisdiction. 
 (b) Notwithstanding Section 12(a), either party may make a timely application for, and obtain,
judicial emergency or temporary injunctive relief to enforce any of the provisions of Sections 9 through 11 provided, however, that the remainder of any such dispute (beyond the application for emergency or temporary
injunctive relief) shall be subject to arbitration under this Section 12. 
 (c) By entering into this Agreement
and entering into the arbitration provisions of this Section 12, THE PARTIES EXPRESSLY ACKNOWLEDGE AND AGREE THAT THEY ARE KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVING THEIR RIGHTS TO A JURY TRIAL. 

(d) Nothing in this Section 12 shall prohibit a party to this Agreement from (i) instituting litigation to
enforce any arbitration award, or (ii) joining the other party to this Agreement in a litigation initiated by a person or entity that is not a party to this Agreement. Further, nothing in this Section 12 precludes
Employee from filing a charge or complaint with a federal, state or other governmental administrative agency. 
 13. Defense of
Claims. During the Employment Period and thereafter, upon request from the Company, Employee shall cooperate with the Company Group in the defense of any claims or actions that may be made by or against any member of the Company Group
that relate to Employee’s actual or prior areas of responsibility. In making any such request for cooperation following the Termination Date, the Company will take into consideration Employee’s then-existing personal and professional
obligations, as applicable. The Company shall reimburse Employee for Employee’s reasonable and documented out-of-pocket expenses incurred by Employee following the
Termination Date to comply with Employee’s obligations under this Section 13. 

  
 14 

 14. Withholdings; Deductions. The Company may withhold and deduct from
any benefits and payments made or to be made pursuant to this Agreement (a) all federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling and (b) any deductions consented to in
writing by Employee. 
 15. Title and Headings; Construction. Titles and headings to Sections hereof are for the purpose
of reference only and shall in no way limit, define or otherwise affect the provisions hereof. Any and all Exhibits or Attachments referred to in this Agreement are, by such reference, incorporated herein and made a part hereof for all purposes.
Unless the context requires otherwise, all references to laws, regulations, contracts, documents, agreements and instruments refer to such laws, regulations, contracts, agreements and instruments as they may be amended from time to time, and
references to particular provisions of laws or regulations include a reference to the corresponding provisions of any succeeding law or regulation. All references to “dollars” or “$” in this Agreement refer to United States
dollars. The words “herein”, “hereof”, “hereunder” and other compounds of the word “here” shall refer to the entire Agreement, including all Exhibits attached hereto, and not to any particular provision
hereof. The word “or” is not exclusive. Wherever the context so requires, the masculine gender includes the feminine or neuter, and the singular number includes the plural and conversely. All references to “including” shall be
construed as meaning “including without limitation.” Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under any rule of construction or otherwise. On the
contrary, this Agreement has been reviewed by each of the parties hereto and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the parties hereto. 

16. Applicable Law; Submission to Jurisdiction. This Agreement shall in all respects be construed according to the laws of the
Commonwealth of Kentucky without regard to its conflict of laws principles that would result in the application of the laws of another jurisdiction. With respect to any claim or dispute related to or arising under this Agreement, the parties hereby
consent to the arbitration provisions of Section 12 and recognize and agree that should any resort to a court be necessary and permitted under this Agreement, then they consent to the exclusive jurisdiction, forum and venue
of the state and federal courts (as applicable) located in Louisville, Kentucky. 
 17. Entire Agreement and Amendment.
This Agreement contains the entire agreement of the parties with respect to the matters covered herein and supersedes all prior and contemporaneous agreements and understandings, oral or written, between Employee and any member of the Company
Group concerning the subject matter hereof (including that certain employment offer letter dated May 13, 2019); provided, however, that the provisions of this Agreement are in addition to and complement (and do not replace or
supersede) any other written agreement(s) or parts thereof between Employee and any member of the Company Group that create restrictions on Employee with respect to confidentiality, non-disclosure, non-competition, non-solicitation or non-disparagement. This Agreement may be amended only by a written instrument executed by both
parties hereto. 

  
 15 

 18. Waiver of Breach. Any waiver of this Agreement must be executed by
the party to be bound by such waiver. No waiver by either party hereto of a breach of any provision of this Agreement by the other party, or of compliance with any condition or provision of this Agreement to be performed by such other party,
will operate or be construed as a waiver of any subsequent breach by such other party or any similar or dissimilar provision or condition at the same or any subsequent time. The failure of either party hereto to take any action by reason of any
breach will not deprive such party of the right to take action at any time. 
 19. Assignment. This Agreement is
personal to Employee, and neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise transferred by Employee. The Company may assign this Agreement without Employee’s consent, including to any member of the
Company Group and to any successor to or acquirer of (whether by merger, purchase or otherwise) all or substantially all of the equity, assets or businesses of the Company. 

20. Notices. Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly received
(a) when delivered in person, (b) when sent by electronic mail (with confirmation of receipt) on a business day to the e-mail address set forth below, if applicable; provided, however,
that if a notice is sent by facsimile transmission after normal business hours of the recipient or on a non-business day, then it shall be deemed to have been received on the next business day after it is
sent, (c) on the first business day after such notice is sent by express overnight courier service, or (d) on the second business day following deposit with an internationally-recognized second-day
courier service with proof of receipt maintained, in each case, to the following address, as applicable: 
 If to the Company, addressed
to: 
 Charah, LLC 

Attention: Vice President of Legal Affairs 

12601 Plantside Drive 

Louisville, Kentucky 40299 

E-mail: sbrehm@charah.com 
 If
to the Parent, addressed to: 
 Charah Solutions, Inc. 

Attention: Vice President of Legal Affairs 

12601 Plantside Drive 

Louisville, Kentucky 40299 

E-mail: sbrehm@charah.com 
 If
to Employee, addressed to Employee’s last known address on file with the Company. 
 21. Counterparts. This
Agreement may be executed in any number of counterparts, including by electronic mail or facsimile, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.
Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one party, but together signed by both parties hereto. 

  
 16 

 22. Deemed Resignations. Except as otherwise determined by the Board or
as otherwise agreed to in writing by Employee and any member of the Company Group prior to the termination of Employee’s employment with the Company or any member of the Company Group, any termination of Employee’s employment shall
constitute, as applicable, an automatic resignation of Employee: (a) as an officer of the Company and each member of the Company Group; (b) from the Board; and (c) from the board of directors or board of managers (or similar governing
body) of any member of the Company Group and from the board of directors or board of managers (or similar governing body) of any corporation, limited liability entity, unlimited liability entity or other entity in which any member of the Company
Group holds an equity interest and with respect to which board of directors or board of managers (or similar governing body) Employee serves as such Company Group member’s designee or other representative. 

23. Section 409A.  

(a) Notwithstanding any provision of this Agreement to the contrary, all provisions of this Agreement are intended to comply with
Section 409A of the Internal Revenue Code of 1986 (the “Code”), and the applicable Treasury regulations and administrative guidance issued thereunder (collectively,
“Section 409A”) or an exemption therefrom and shall be construed and administered in accordance with such intent. Any payments under this Agreement that may be excluded from Section 409A
either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under
this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of Employee’s employment shall only be made if such termination of employment constitutes a “separation from
service” under Section 409A. 
 (b) To the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes nonqualified deferred compensation (within the meaning of Section 409A), (i) any such expense reimbursement shall be made by the Company no later than the last day of
Employee’s taxable year following the taxable year in which such expense was incurred by Employee, (ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange
for another benefit, and (iii) the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause shall not be violated with regard to expenses reimbursed under any arrangement covered by
Section 105(b) of the Code solely because such expenses are subject to a limit related to the period in which the arrangement is in effect. 

(c) Notwithstanding any provision in this Agreement to the contrary, if any payment or benefit provided for herein would be subject to
additional taxes and interest under Section 409A if Employee’s receipt of such payment or benefit is not delayed until the earlier of (i) the date of Employee’s death or (ii) the date that is six (6) months after the
Termination Date (such date, the “Section 409A Payment Date”), then such payment or benefit shall not be provided to Employee (or Employee’s estate, if applicable) until the
Section 409A Payment Date. 

  
 17 

 
Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement are exempt from, or compliant with, Section 409A and in no
event shall any member of the Company Group be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance with
Section 409A. 
 (d) To the extent that the aggregate amount of the installments of the Severance Payment that would otherwise be paid
pursuant to the provisions of Section 7(f)(ii)(A) after March 15 of the calendar year following the calendar year in which the Termination Date occurs (the “Applicable
March 15”) exceeds the maximum exemption amount under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A), then such excess shall be paid to Employee in a lump
sum on the Applicable March 15 (or the first business day preceding the Applicable March 15 if the Applicable March 15 is not a business day) and the installments of the Severance Payment payable after the Applicable March 15
shall be reduced by such excess (beginning with the installment first payable after the Applicable March 15 and continuing with the next succeeding installment until the aggregate reduction equals such excess). 

24. Certain Excise Taxes. Notwithstanding anything to the contrary in this Agreement, if Employee is a “disqualified
individual” (as defined in Section 280G(c) of the Code), and the payments and benefits provided for in this Agreement, together with any other payments and benefits which Employee has the right to receive from the Company or any of its
affiliates, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided for in this Agreement shall be either (a) reduced (but not below zero) so that the present
value of such total amounts and benefits received by Employee from the Company or any of its affiliates shall be one dollar ($1.00) less than three times Employee’s “base amount” (as defined in Section 280G(b)(3) of the Code) and
so that no portion of such amounts and benefits received by Employee shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in full, whichever produces the better net
after-tax position to Employee (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes). The reduction of payments and benefits hereunder, if
applicable, shall be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and
continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a similar order. The
determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary shall be made by the Company in good faith. If a reduced payment or benefit is made or provided and through error or
otherwise that payment or benefit, when aggregated with other payments and benefits from the Company or any of its affiliates used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three times
Employee’s base amount, then Employee shall immediately repay such excess to the Company upon notification that an overpayment has been made. Nothing in this Section 24 shall require any member of the Company
Group to be responsible for, or have any liability or obligation with respect to, Employee’s excise tax liabilities under Section 4999 of the Code. 

  
 18 

 25. Clawback. To the extent required by applicable law or any
applicable securities exchange listing standards, or as otherwise determined by the Board (or a committee thereof), amounts paid or payable under this Agreement shall be subject to the provisions of any applicable clawback policies or procedures
adopted by any member of the Company Group, which clawback policies or procedures may provide for forfeiture and/or recoupment of amounts paid or payable under this Agreement. Notwithstanding any provision of this Agreement to the contrary,
each member of the Company Group reserves the right, without the consent of Employee, to adopt any such clawback policies and procedures, including such policies and procedures applicable to this Agreement with retroactive effect. 

26. Indemnification. If Employee is made a party or is threatened to be made a party to or is involved in any action, suit or
proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that Employee is or was an employee, director or officer of any member of the Company Group or is or was serving at the request of the Company as a director,
officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans (other than, in each case, any action, suit or proceeding initiated by Employee
or any member of the Company Group or any of its affiliates or any of their respective directors, officers, managers, members, partners or employees related to any contest or dispute between Employee and any member of the Company Group or any of its
affiliates or any of their respective directors, officers, managers, members, partners or employees with respect to this Agreement or Employee’s employment, engagement or any termination thereof), Employee shall be indemnified and held harmless
by the Company to the fullest extent authorized by the Company’s organizational and governing documents and by applicable laws against all liabilities and losses (including reasonable attorneys’ fees, judgments, fines or penalties)
incurred or suffered by Employee in connection therewith; provided, however, that if Employee is seeking indemnification in connection with a proceeding (or part thereof) initiated by Employee, the Company shall indemnify Employee with
respect to such proceeding (or part thereof) only if such proceeding (or part thereof) was authorized by the Board. 
 27. Effect of
Termination. The provisions of Sections 6(b), 9-14 and 22 and those provisions necessary to interpret and enforce them, shall survive any termination of this Agreement and any termination of the employment
relationship between Employee and the Company. 
 28. Third-Party Beneficiaries. Each member of the Company Group that is not a
signatory to this Agreement shall be a third-party beneficiary of Employee’s obligations under Sections 8, 9, 10, 11, 12, 16 and 22 and shall be entitled to enforce such obligations as if a party
hereto. 
 29. Severability. If an arbitrator or court of competent jurisdiction determines that any provision of this
Agreement (or portion thereof) is invalid or unenforceable, then the invalidity or unenforceability of that provision (or portion thereof) shall not affect the validity or enforceability of any other provision of this Agreement, and all other
provisions shall remain in full force and effect. 
 [Remainder of Page Intentionally Blank; 

Signature Page Follows] 

  
 19 

 IN WITNESS WHEREOF, Employee and the Company each have caused this Agreement to be
executed and effective as of the Effective Date. 
  

					
	EMPLOYEE
	
	 /s/ Roger Shannon

	Roger Shannon
	
	CHARAH, LLC
		
	By:	 	 /s/ Scott Sewell

		 	Name:	 	Scott Sewell
		 	Title:	 	President and Chief Executive Officer
	
	Solely for purposes of Section 3(c):
	
	CHARAH SOLUTIONS, INC.
		
	By:	 	 /s/ Scott Sewell

		 	Name:	 	Scott Sewell
		 	Title:	 	President and Chief Executive Officer

 SIGNATURE PAGE TO 

EMPLOYMENT AGREEMENT 

 EXHIBIT A 

The following parishes within the State of Louisiana: 

Acadia, Allen, Ascension, Assumption, Avoyelles, Beauregard, Bienville, Bossier, Caddo, Calcasieu, Caldwell, Cameron, Catahoula, Claiborne, Concordia, DeSoto,
East Baton Rouge, East Carroll, East Feliciana, Evangeline, Franklin, Grant, Iberia, Iberville, Jackson, Jefferson, Jefferson Davis, Lafayette, Lafourche, LaSalle, Lincoln, Livingston, Madison, Morehouse, Natchitoches, Orleans, Ouachita,
Plaquemines, Pointe Coupee, Rapides, Red River, Richland, Sabine, St. Bernard, St. Charles, St. Helena, St. James, St. John, St. Landry, St. Martin, St. Mary, St. Tammany, Tangipahoa, Tensas, Terrebonne, Union, Vermilion, Vernon, Washington,
Webster, West Baton Rouge, West Carroll, West Feliciana, and Winn 
 EXHIBIT A

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]